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
Dollar General settles with Labor Department over workplace safety violations,https://www.cnbc.com/2024/07/11/dollar-general-labor-department-settle-over-safety-violations.html,2024-07-12T00:56:56+0000,"In this articleThe U.S. Department of Labor announced a settlement Thursday with Dollar General, requiring the retailer and its subsidiaries to pay $12 million in penalties and implement significant workplace safety improvements in its more than 19,000 stores nationwide. The new set of fines adds to the more than $21 million in fines from the federal Occupational Safety and Health Administration that the discounter has racked up since 2017 due to blocked fire exits, dangerous levels of clutter and other safety claims. Gun violence has also been an issue for Dollar General stores: 49 people have been killed and 172 people have been injured at Dollar General stores by gun violence, according to 2023 data from nonprofit Gun Violence Archive.A repeat offender with the Department of Labor, Dollar General became the first company to be added to OSHA's ""severe violators"" of workplace safety rules list in 2023 after the agency expanded the reach of its safety enforcement program.""This agreement commits Dollar General to making worker safety a priority by implementing significant and systematic changes in its operations to improve accountability and compliance, and it gives Dollar General employees essential input on ensuring their own health and safety,"" Assistant Secretary for Occupational Safety and Health Douglas Parker said in a press release.Under the new settlement, the Tennessee-based retailer is required to hire additional safety managers and significantly reduce its inventory and increase stocking efficiency to prevent blocked exits and clutter. It is also required to provide safety and health training to all employees and to develop a safety and health committee with employee participation.Dollar General has hired third-party consultants and auditors to identify hazards and perform unannounced annual compliance audits, created a new Safety Operations Center and maintained an anonymous hotline for employees and the public to report safety concerns.The third-party auditors were first commissioned as a response to a shareholder vote in May 2023 calling for one, a decision that the company opposed at the time.The settlement with the Department of Labor also requires Dollar General to monitor outcomes of those efforts and provide quarterly reports to OSHA.Under the agreement, Dollar General will be required to correct safety hazards such as blocked access to fire extinguishers and electrical panels and improper material storage at its stores within 48 hours and submit proof of correction. The discounter will be subject to additional fines of $100,000 a day up to $500,000 if it fails to do so.CNBC has reached out to Dollar General for additional comment.",CNBC,12/07/2024,"['In this articleThe U.S. Department of Labor announced a settlement Thursday with Dollar General, requiring the retailer and its subsidiaries to pay $12 million in penalties and implement significant workplace safety improvements in its more than 19,000 stores nationwide.', 'The new set of fines adds to the more than $21 million in fines from the federal Occupational Safety and Health Administration that the discounter has racked up since 2017 due to blocked fire exits, dangerous levels of clutter and other safety claims.', 'Gun violence has also been an issue for Dollar General stores: 49 people have been killed and 172 people have been injured at Dollar General stores by gun violence, according to 2023 data from nonprofit Gun Violence Archive.', 'A repeat offender with the Department of Labor, Dollar General became the first company to be added to OSHA\'s ""severe violators"" of workplace safety rules list in 2023 after the agency expanded the reach of its safety enforcement program.', '""This agreement commits Dollar General to making worker safety a priority by implementing significant and systematic changes in its operations to improve accountability and compliance, and it gives Dollar General employees essential input on ensuring their own health and safety,"" Assistant Secretary for Occupational Safety and Health Douglas Parker said in a press release.', 'Under the new settlement, the Tennessee-based retailer is required to hire additional safety managers and significantly reduce its inventory and increase stocking efficiency to prevent blocked exits and clutter.', 'It is also required to provide safety and health training to all employees and to develop a safety and health committee with employee participation.', 'Dollar General has hired third-party consultants and auditors to identify hazards and perform unannounced annual compliance audits, created a new Safety Operations Center and maintained an anonymous hotline for employees and the public to report safety concerns.', 'The third-party auditors were first commissioned as a response to a shareholder vote in May 2023 calling for one, a decision that the company opposed at the time.', 'The settlement with the Department of Labor also requires Dollar General to monitor outcomes of those efforts and provide quarterly reports to OSHA.Under the agreement, Dollar General will be required to correct safety hazards such as blocked access to fire extinguishers and electrical panels and improper material storage at its stores within 48 hours and submit proof of correction.', 'The discounter will be subject to additional fines of $100,000 a day up to $500,000 if it fails to do so.', 'CNBC has reached out to Dollar General for additional comment.']",0.2273865980421969,"""This agreement commits Dollar General to making worker safety a priority by implementing significant and systematic changes in its operations to improve accountability and compliance, and it gives Dollar General employees essential input on ensuring their own health and safety,"" Assistant Secretary for Occupational Safety and Health Douglas Parker said in a press release.","Gun violence has also been an issue for Dollar General stores: 49 people have been killed and 172 people have been injured at Dollar General stores by gun violence, according to 2023 data from nonprofit Gun Violence Archive.",0.2707282185554504,"Under the new settlement, the Tennessee-based retailer is required to hire additional safety managers and significantly reduce its inventory and increase stocking efficiency to prevent blocked exits and clutter.","The new set of fines adds to the more than $21 million in fines from the federal Occupational Safety and Health Administration that the discounter has racked up since 2017 due to blocked fire exits, dangerous levels of clutter and other safety claims.",2024-07-21
"Activist Elliott reportedly has a significant stake in Starbucks, in talks with management",https://www.cnbc.com/2024/07/19/elliott-starbucks-sbux-stake.html,2024-07-19T20:21:07+0000,"In this articleElliott Management has taken a significant stake in coffee chain Starbucks and is engaging with management to find ways to improve the company's share price, the Wall Street Journal reported Friday, citing people familiar with the matter.Representatives for Elliott declined to comment. The firm did not hold a Starbucks stake as of March 31, its most recent disclosure.A Starbucks spokesperson said the company does not comment on rumors and speculation. Starbucks shares jumped more than 6% Friday.Elliott is one of the most prolific activist investors and one of the largest hedge funds in the world. The firm has taken up a number of sizable positions in recent months, including stakes at Southwest, SoftBank, Johnson Controls and Texas Instruments.The Journal could not learn the size of Elliott's position nor its specific demands, but noted it was possible a settlement could be reached.Starbucks contended with an activist effort from its own workers unions earlier this year. That effort, off the back of an organization effort that began in 2021, ended with the Strategic Organizing Center withdrawing its candidates. Conversations between management and labor are ongoing.Starbucks has been facing challenges for several quarters and has undergone a series of leadership changes in recent years. In April, the company reported disappointing quarterly results, with U.S. same-store sales falling 3% and traffic dropping 7%. The coffee chain also cut its 2024 outlook.Starbucks reported rates of incomplete mobile app orders in the mid-teens and said occasional customers came in less often.CEO Laxman Narasimhan, now under heightened pressure, has mentioned the need to make improvements to stores.Narasimhan was hand-picked by returnee Starbucks CEO Howard Schultz to lead the company after his prior successor, Kevin Johnson, stepped down. Schultz recently weighed in on Starbuck's challenges, but has said he does not plan to return as CEO for a fourth stint.— CNBC's Amelia Lucas contributed to this report.Correction: This story has been updated to correct the Strategic Organizing Center withdrew its candidates for the Starbucks board of directors. A previous version mischaracterized the events.",CNBC,19/07/2024,"[""In this articleElliott Management has taken a significant stake in coffee chain Starbucks and is engaging with management to find ways to improve the company's share price, the Wall Street Journal reported Friday, citing people familiar with the matter."", 'Representatives for Elliott declined to comment.', 'The firm did not hold a Starbucks stake as of March 31, its most recent disclosure.', 'A Starbucks spokesperson said the company does not comment on rumors and speculation.', 'Starbucks shares jumped more than 6% Friday.', 'Elliott is one of the most prolific activist investors and one of the largest hedge funds in the world.', 'The firm has taken up a number of sizable positions in recent months, including stakes at Southwest, SoftBank, Johnson Controls and Texas Instruments.', ""The Journal could not learn the size of Elliott's position nor its specific demands, but noted it was possible a settlement could be reached."", 'Starbucks contended with an activist effort from its own workers unions earlier this year.', 'That effort, off the back of an organization effort that began in 2021, ended with the Strategic Organizing Center withdrawing its candidates.', 'Conversations between management and labor are ongoing.', 'Starbucks has been facing challenges for several quarters and has undergone a series of leadership changes in recent years.', 'In April, the companyreported disappointing quarterly results, with U.S. same-store sales falling 3% and traffic dropping 7%.', 'The coffee chain also cut its 2024 outlook.', 'Starbucks reported rates of incomplete mobile app orders in the mid-teens and said occasional customers came in less often.', 'CEO Laxman Narasimhan, now under heightened pressure, has mentioned the need to make improvements to stores.', 'Narasimhan was hand-picked by returnee Starbucks CEO Howard Schultz to lead the company after his prior successor, Kevin Johnson, stepped down.', ""Schultz recently weighed in on Starbuck's challenges, but has said he does not plan to return as CEO for a fourth stint.—"", ""CNBC's Amelia Lucas contributed to this report."", 'Correction: This story has been updated to correct the Strategic Organizing Center withdrew its candidates for the Starbucks board of directors.', 'A previous version mischaracterized the events.']",0.0593534871370079,"In this articleElliott Management has taken a significant stake in coffee chain Starbucks and is engaging with management to find ways to improve the company's share price, the Wall Street Journal reported Friday, citing people familiar with the matter.","In April, the companyreported disappointing quarterly results, with U.S. same-store sales falling 3% and traffic dropping 7%.",-0.0541959603627522,Starbucks shares jumped more than 6% Friday.,"In April, the companyreported disappointing quarterly results, with U.S. same-store sales falling 3% and traffic dropping 7%.",2024-07-21
Morgan Stanley tops estimates on stronger-than-expected trading and investment banking,https://www.cnbc.com/2024/07/16/morgan-stanley-ms-earnings-q2-2024.html,2024-07-16T20:28:27+0000,"In this articleMorgan Stanley said second-quarter profit and revenue topped analysts' estimates on stronger-than-expected trading and investment banking results.Here's what the company reported:The bank said profit surged 41% from the year-earlier period to $3.08 billion, or $1.82 per share, helped by a rebound in Wall Street activity. Revenue rose 12% to $15.02 billion.Shares of the bank had declined earlier in the session after the bank's wealth management division missed estimates on a decline in interest income. They were up less than 1% on Tuesday. Wealth management revenue rose 2% to $6.79 billion, below the $6.88 billion estimate, and interest income plunged 17% from a year earlier to $1.79 billion.Morgan Stanley said that's because its rich clients were continuing to shift cash into higher-yielding assets, thanks to the rate environment, resulting in lower deposit levels.Morgan Stanley investors value the more steady nature of the wealth management business versus the less predictable nature of investment banking and trading, and they will want to hear more about expectations for the business going forward.Still, the bank benefited from its Wall Street-centric business model in the quarter, as a rebound in trading and investment banking helped the bank's institutional securities division earn more revenue than its wealth management division, flipping the usual dynamic.Equity trading generated an 18% jump in revenue to $3.02 billion, exceeding the StreetAccount estimate by about $330 million. Fixed income trading revenue rose 16% to $1.99 billion, topping the estimate by $130 million.Investment banking revenue surged 51% to $1.62 billion, exceeding the estimate by $220 million, on rising fixed income underwriting activity. Morgan Stanley said that was primarily driven by non-investment-grade companies raising debt.""The firm delivered another strong quarter in an improving capital markets environment,"" CEO Ted Pick said in the release. ""We continue to execute on our strategy and remain well positioned to deliver growth and long-term value for our shareholders.""Last week, JPMorgan Chase, Wells Fargo and Citigroup each topped expectations for revenue and profit, a streak continued by Goldman Sachs on Monday, helped by a rebound in Wall Street activity.",CNBC,16/07/2024,"[""In this articleMorgan Stanley said second-quarter profit and revenue topped analysts' estimates on stronger-than-expected trading and investment banking results."", ""Here's what the company reported:The bank said profit surged 41% from the year-earlier period to $3.08 billion, or $1.82 per share, helped by a rebound in Wall Street activity."", 'Revenue rose 12% to $15.02 billion.', ""Shares of the bank had declined earlier in the session after the bank's wealth management division missed estimates on a decline in interest income."", 'They were up less than 1% on Tuesday.', 'Wealth management revenue rose 2% to $6.79 billion, below the $6.88 billion estimate, and interest income plunged 17% from a year earlier to $1.79 billion.', ""Morgan Stanley said that's because its rich clients were continuing to shift cash into higher-yielding assets, thanks to the rate environment, resulting in lower deposit levels."", 'Morgan Stanley investors value the more steady nature of the wealth management business versus the less predictable nature of investment banking and trading, and they will want to hear more about expectations for the business going forward.', ""Still, the bank benefited from its Wall Street-centric business model in the quarter, as a rebound in trading and investment banking helped the bank's institutional securities division earn more revenue than its wealth management division, flipping the usual dynamic."", 'Equity trading generated an 18% jump in revenue to $3.02 billion, exceeding the StreetAccount estimate by about $330 million.', 'Fixed income trading revenue rose 16% to $1.99 billion, topping the estimate by $130 million.', 'Investment banking revenue surged 51% to $1.62 billion, exceeding the estimate by $220 million, on rising fixed income underwriting activity.', 'Morgan Stanley said that was primarily driven by non-investment-grade companies raising debt.', '""The firm delivered another strong quarter in an improving capital markets environment,"" CEO Ted Pick said in the release. ""', 'We continue to execute on our strategy and remain well positioned to deliver growth and long-term value for our shareholders.', '""Last week, JPMorgan Chase,Wells Fargoand Citigroup each topped expectations for revenue and profit, a streak continued by Goldman Sachs on Monday, helped by a rebound in Wall Street activity.']",0.4182008956094056,"Still, the bank benefited from its Wall Street-centric business model in the quarter, as a rebound in trading and investment banking helped the bank's institutional securities division earn more revenue than its wealth management division, flipping the usual dynamic.",Morgan Stanley said that was primarily driven by non-investment-grade companies raising debt.,0.8341009815533956,Revenue rose 12% to $15.02 billion.,Shares of the bank had declined earlier in the session after the bank's wealth management division missed estimates on a decline in interest income.,2024-07-21
"Willow Bay, Bob Iger to take controlling stake in NWSL's Angel City FC at a $250 million valuation",https://www.cnbc.com/2024/07/17/nwsl-angel-city-fc-willow-bay-bob-iger-controlling-stake.html,2024-07-17T17:56:26+0000,"Willow Bay and Bob Iger will take a controlling stake in Angel City Football Club, the world's most valuable women's professional sports team.On Wednesday, Angel City of the National Women's Soccer League announced the couple had agreed to an investment of an undisclosed amount that values the team at $250 million. The club said Bay and Iger will invest an additional $50 million in the club's future growth.According to NWSL bylaws, controlling owners must own at least 35% of the team, which puts the pair's purchase agreement at a minimum of $87.5 million. Bay will serve on and have full control of the Angel City FC board, the team said.The sale comes as women's sports and the NWSL have seen explosive growth in viewership and attendance and drawn growing investment.Last year, Angel City FC generated the highest revenue of any women's team in the world. It was also No. 1 in NWSL attendance and sponsorship revenue.""We know they are the right partners to lead us into this new era – they are committed to further strengthening ACFC's position as a preeminent organization and brand in women's sports and to championing the team's broader mission, including the advancement of equity for athletes and women-founded businesses,"" the ACFC Board of Directors said in a statement.Angel City FC was founded in 2020 by actress Natalie Portman, venture capitalist Kara Nortman and entrepreneur Julie Uhrman.The ownership group also includes a long list of sports icons including Billie Jean King, Abby Wambach, Lindsey Vonn and 13 former players from the U.S. Women's National Team. The team has prioritized female ownership and equal pay for women.Reddit cofounder Alexis Ohanian had been the club's controlling owner.The unique ownership structure had brought tensions over finances and operations, reportedly one of the motivations for a sale.All of the existing owners will stay on with this new team structure, the club said Wednesday.Bay, a lifelong sports fan, who also serves as dean of the USC Annenberg School for Communication and Journalism, said she's committed to advancing the club's mission of driving equity on and off the field.""With this investment of resources and capital, we hope to accelerate the growth of the Club and the NWSL,"" she said in a statement.Correction: This story has been updated to correct the spelling of Julie Uhrman's name.",CNBC,17/07/2024,"[""Willow Bay and Bob Iger will take a controlling stake in Angel City Football Club, the world's most valuable women's professional sports team."", ""On Wednesday, Angel City of the National Women's Soccer League announced the couple had agreed to an investment of an undisclosed amount that values the team at $250 million."", ""The club said Bay and Iger will invest an additional $50 million in the club's future growth."", ""According to NWSL bylaws, controlling owners must own at least 35% of the team, which puts the pair's purchase agreement at a minimum of $87.5 million."", 'Bay will serve on and have full control of the Angel City FC board, the team said.', ""The sale comes as women's sports and the NWSL have seen explosive growth in viewership and attendance and drawn growing investment."", ""Last year, Angel City FC generated the highest revenue of any women's team in the world."", 'It was also No.', '1 in NWSL attendance and sponsorship revenue.', '""We know they are the right partners to lead us into this new era – they are committed to further strengthening ACFC\'s position as a preeminent organization and brand in women\'s sports and to championing the team\'s broader mission, including the advancement of equity for athletes and women-founded businesses,"" the ACFC Board of Directors said in a statement.', 'Angel City FC was founded in 2020 by actress Natalie Portman, venture capitalist Kara Nortman and entrepreneur Julie Uhrman.', ""The ownership group also includes a long list of sports icons including Billie Jean King, Abby Wambach, Lindsey Vonn and 13 former players from the U.S. Women's National Team."", 'The team has prioritized female ownership and equal pay for women.', ""Reddit cofounder Alexis Ohanian had been the club's controlling owner."", 'The unique ownership structure had brought tensions over finances and operations, reportedly one of the motivations for a sale.', 'All of the existing owners will stay on with this new team structure, the club said Wednesday.', ""Bay, a lifelong sports fan, who also serves as dean of the USC Annenberg School for Communication and Journalism, said she's committed to advancing the club's mission of driving equity on and off the field."", '""With this investment of resources and capital, we hope to accelerate the growth of the Club and the NWSL,"" she said in a statement.', ""Correction: This story has been updated to correct the spelling of Julie Uhrman's name.""]",0.1942550844635906,"""We know they are the right partners to lead us into this new era – they are committed to further strengthening ACFC's position as a preeminent organization and brand in women's sports and to championing the team's broader mission, including the advancement of equity for athletes and women-founded businesses,"" the ACFC Board of Directors said in a statement.","The unique ownership structure had brought tensions over finances and operations, reportedly one of the motivations for a sale.",0.7409164682030678,The sale comes as women's sports and the NWSL have seen explosive growth in viewership and attendance and drawn growing investment.,"The unique ownership structure had brought tensions over finances and operations, reportedly one of the motivations for a sale.",2024-07-21
Flights grounded and passengers warned of delays amid global IT outage,https://www.cnbc.com/2024/07/19/flights-grounded-passengers-to-see-delays-amid-unprecedented-it-outage.html,2024-07-19T21:00:49+0000,"Several airlines halted flights on Friday, while others warned of delays and service disruptions as an unprecedented IT outage impacted global operations.Early on Friday, cybersecurity giant CrowdStrike experienced a major disruption linked to a tech update. Organizations including Microsoft were left scrambling to restore apps and services used by a huge number of firms.Flight update and check-in monitors at airports around the world displayed the so-called blue screen of death, indicating a Microsoft system error. Images shared to social media showed a whiteboard displaying flight updates at Belfast International Airport in Northern Ireland, and a handwritten boarding pass for a flight with India's IndiGo.""It seems that for the first time we are facing a real global blackout. ... The disruption affected not only individual users, but especially large institutions such as banks (including central banks), stock exchanges, airports, paralysing operations during the peak holiday season and causing chaos in many other sectors,"" Grzegorz Drozdz, market analyst at Conotoxia, said in emailed comments.Over 38,000 flights had been delayed globally as of about 5 p.m. ET Friday, with roughly 9,200 of those delays within, into or out of the United States, according to FlightAware data. More than 4,200 flights had been canceled, with roughly 2,650 of them U.S. flights.U.S. Secretary of Transportation Pete Buttigieg said Friday on CNBC's ""Squawk on the Street"" that he expects the transportation delays to be smoothed out and ""resembling normal"" by Saturday.""The issue has been identified. It's really a matter of the kind of ripple or cascade effects as they get everything in their networks back to normal,"" Buttigieg said. ""These flights, they run so tightly, so back-to-back that even after a root cause is addressed, you can still be feeling those impacts throughout the day.""Airlines across Europe, the Middle East, the Americas and Asia issued updates outlining the suspected extent of the impact on their flight schedules and wider services, with passengers advised to check their flight status.The U.S. Federal Aviation Administration said at 10:22 a.m. ET: ""The FAA continues to work closely with airlines as they work to resume normal operations. Ground stops and delays will be intermittent at various airports as the airlines work through residual technology issues.""American Airlines said that as of 5 a.m. ET it had been able to ""safely reestablish our operation."" The carrier also said, ""We expect there will be impact to our flight schedule today, including delays and cancellations.""Delta and United both said they had resumed some flight departures but expected delays and cancelations through Friday. All three airlines issued waivers to allow customers to change their travel plans.Colby Black, 45, took the delays in stride, even though he wasn't sure when his rescheduled flight to Los Angeles would take off.""It says 8 a.m. on the board, but 9 a.m. on my app, so who knows,"" he said of the flight that was originally set to depart at 6 a.m. ""I'm just tired. I want to sleep,"" said Black, who woke up at 3 a.m. ""But otherwise, yeah, it happens.""In Europe, Dutch airline KLM said its IT issues had been ""almost completely resolved"" and that air traffic to and from Amsterdam's Schiphol airport could be ""fully resumed"" after most of KLM's operations were suspended in the morning.However, the carrier added that many flights had been delayed or canceled and that disruption would continue through the evening and into the weekend, with more cancellations possible.KLM's partner carrier Air France said late Friday afternoon that its operations were ""back to normal on the entire network,"" after only certain flights to Amsterdam and Berlin were affected during the day, but that delays could not be ruled out.Germany's Lufthansa was only ""slightly affected"" by the global outage, it said, with the biggest impact on Berlin, Amsterdam and Zurich routes. Low-cost German airline Eurowings, part of the same group, said it planned to operate around 80% of its flights, with most cancellations on domestic routes.During the morning, Swiss air navigation service provider Skyguide said it had reduced the capacity of Swiss transit traffic by 30% as a precautionary measure after it was affected by the disruption.U.K. carriers British Airways and Virgin Atlantic both said some flight disruption was expected on Friday.Aviation analytics firm Cirium said Friday, July 19, was set to be the busiest day of flights of the year, with the highest number of daily departures scheduled — 3,214 — since October 2019.As of 5 p.m. in London, 4,295 flights had been canceled globally, Cirium said, which equates to 3.9% of all scheduled flights globally.London airports Gatwick and Heathrow both said they were continuing to manageissues and delays were expected. Gatwick said the issues spanned ""some airlines' check-in systems and security, including eGates.""Self-check-in systems went down temporarily at numerous airports Friday, including Taiwan's Taoyuan International Airport, Singapore's Changi Airport and Hong Kong International Airport.Mainland Chinese airlines such as Air China and China Southern were not impacted as they use a different system, Reuters reported, citing state media.— CNBC's Kevin Breuninger, Leslie Josephs and Ece Yildirim and NBC News' Carlo Angerer contributed reporting.Correction: This story has been updated to correct a time reference.",CNBC,19/07/2024,"['Several airlines halted flights on Friday, while others warned of delays and service disruptions as an unprecedented IT outage impacted global operations.', 'Early on Friday, cybersecurity giant CrowdStrikeexperienced a major disruption linked to a tech update.', 'Organizations including Microsoft were left scrambling to restore apps and services used by a huge number of firms.', 'Flight update and check-in monitors at airports around the world displayed the so-calledblue screen of death,indicating a Microsoft system error.', ""Images shared to social media showed a whiteboard displaying flight updates at Belfast International Airport in Northern Ireland, and a handwritten boarding pass for a flight with India's IndiGo."", '""It seems that for the first time we are facing a real global blackout. ...', 'The disruption affected not only individual users, but especially large institutions such as banks (including central banks), stock exchanges, airports, paralysing operations during the peak holiday season and causing chaos in many other sectors,"" Grzegorz Drozdz, market analyst at Conotoxia, said in emailed comments.', 'Over 38,000 flights had been delayed globally as of about 5 p.m. ET Friday, with roughly 9,200 of those delays within, into or out of the United States, according to FlightAware data.', 'More than 4,200 flights had been canceled, with roughly 2,650 of them U.S. flights.', 'U.S. Secretary of Transportation Pete Buttigieg said Friday on CNBC\'s ""Squawk on the Street"" that he expects the transportation delays to be smoothed out and ""resembling normal"" by Saturday.', '""The issue has been identified.', 'It\'s really a matter of the kind of ripple or cascade effects as they get everything in their networks back to normal,"" Buttigieg said. ""', 'These flights, they run so tightly, so back-to-back that even after a root cause is addressed, you can still be feeling those impacts throughout the day.', '""Airlines across Europe, the Middle East, the Americas and Asia issued updates outlining the suspected extent of the impact on their flight schedules and wider services, with passengers advised to check their flight status.', 'The U.S. Federal Aviation Administration said at 10:22 a.m. ET: ""The FAA continues to work closely with airlines as they work to resume normal operations.', 'Ground stops and delays will be intermittent at various airports as the airlines work through residual technology issues.', '""American Airlines said that as of 5 a.m. ET it had been able to ""safely reestablish our operation.""', 'The carrier also said, ""We expect there will be impact to our flight schedule today, including delays and cancellations.', '""Delta and United both said they had resumed some flight departures but expected delays and cancelations through Friday.', 'All three airlines issued waivers to allow customers to change their travel plans.', ""Colby Black, 45, took the delays in stride, even though he wasn't sure when his rescheduled flight to Los Angeles would take off."", '""It says 8 a.m. on the board, but 9 a.m. on my app, so who knows,"" he said of the flight that was originally set to depart at 6 a.m. ""I\'m just tired.', 'I want to sleep,"" said Black, who woke up at 3 a.m. ""But otherwise, yeah, it happens.', '""In Europe, Dutch airline KLMsaidits IT issues had been ""almost completely resolved"" and that air traffic to and from Amsterdam\'s Schiphol airport could be ""fully resumed"" after most of KLM\'s operations were suspended in the morning.', 'However, the carrier added that many flights had been delayed or canceled and that disruption would continue through the evening and into the weekend, with more cancellations possible.', 'KLM\'s partner carrier Air France said late Friday afternoon that its operations were ""back to normal on the entire network,"" after only certain flights to Amsterdam and Berlin were affected during the day, but that delays could not be ruled out.', 'Germany\'s Lufthansa was only ""slightly affected"" by the global outage, it said, with the biggest impact on Berlin, Amsterdam and Zurich routes.', 'Low-cost German airline Eurowings, part of the same group, said it planned to operate around 80% of its flights, with most cancellations on domestic routes.', 'During the morning, Swiss air navigation service provider Skyguide said it had reduced the capacity of Swiss transit traffic by 30% as a precautionary measure after it was affected by the disruption.', 'U.K. carriers British Airways and Virgin Atlantic both said some flight disruption was expected on Friday.', 'Aviation analytics firm Cirium said Friday, July 19, was set to be the busiest day of flights of the year, with the highest number of daily departures scheduled — 3,214 — since October 2019.As of 5 p.m. in London, 4,295 flights had been canceled globally, Cirium said, which equates to 3.9% of all scheduled flights globally.', 'London airports Gatwick and Heathrow both said they were continuing to manageissues and delays were expected.', 'Gatwick said the issues spanned ""some airlines\' check-in systems and security, including eGates.', '""Self-check-in systems went down temporarily at numerous airports Friday, including Taiwan\'s Taoyuan International Airport, Singapore\'s Changi Airport and Hong Kong International Airport.', 'Mainland Chinese airlines such as Air China and China Southern were not impacted as they use a different system, Reuters reported, citing state media.—', ""CNBC's Kevin Breuninger, Leslie Josephs and Ece Yildirim and NBC News' Carlo Angerer contributed reporting."", 'Correction: This story has been updated to correct a time reference.']",-0.0336165147491114,Organizations including Microsoft were left scrambling to restore apps and services used by a huge number of firms.,"Flight update and check-in monitors at airports around the world displayed the so-calledblue screen of death,indicating a Microsoft system error.",-0.3801316916942596,"""American Airlines said that as of 5 a.m. ET it had been able to ""safely reestablish our operation.""","During the morning, Swiss air navigation service provider Skyguide said it had reduced the capacity of Swiss transit traffic by 30% as a precautionary measure after it was affected by the disruption.",2024-07-21
GM's 2025 EV production capacity target in doubt after Barra comments,https://www.cnbc.com/2024/07/15/gms-2025-ev-production-capacity-target-in-doubt-after-barra-comments.html,2024-07-15T22:59:12+0000,"In this articleGeneral Motors' goal of being capable of producing 1 million all-electric vehicles in North America by the end of 2025 in heavily in doubt, following comments Monday by CEO Mary Barra.The production capacity target for next year was one of the last EV targets the automaker hadn't lowered or withdrawn as demand for EVs has not materialized as quickly as many companies such as GM previously expected.""We won't get to a million just because the market is not developing, but it will get there,"" Barra said Monday at a virtual CNBC CEO Council event. ""We're going to be guided by the customer.""For more than two years, GM has said it would have production capacity of 1 million in EVs in each China and North America by 2025. Even after it changed or withdrew several EV targets and product plans in the last year, the company continued to say it would install the North American capacity for EVs.A GM spokesman said the company's target was about the production capacity, while the question was regarding actually producing 1 million EVs in 2025. Barra did not specifcally address whether it was production or production capacity that she was referring to.The spokesman later said the company would no longer reiterate the EV production capacity plans for 2025. The company has continually said its EV plans will be flexible to meet demand.More details about the automaker's EV plans could come when GM reports second-quarter results on July 23.",CNBC,15/07/2024,"[""In this articleGeneral Motors' goal of being capable of producing 1 million all-electric vehicles in North America by the end of 2025 in heavily in doubt, following comments Monday by CEO Mary Barra."", ""The production capacity target for next year was one of the last EV targets the automaker hadn't lowered or withdrawn as demand for EVs has not materialized as quickly as many companies such as GM previously expected."", '""We won\'t get to a million just because the market is not developing, but it will get there,"" Barra said Monday at a virtual CNBC CEO Council event. ""', ""We're going to be guided by the customer."", '""For more than two years, GM has said it would have production capacity of 1 million in EVs in each China and North America by 2025.', 'Even after it changed or withdrew several EV targets and product plans in the last year, the company continued to say it would install the North American capacity for EVs.', ""A GM spokesman said the company's target was about the production capacity, while the question was regarding actually producing 1 million EVs in 2025."", 'Barra did not specifcally address whether it was production or production capacity that she was referring to.', 'The spokesman later said the company would no longer reiterate the EV production capacity plans for 2025.', 'The company has continually said its EV plans will be flexible to meet demand.', ""More details about the automaker's EV plans could come when GM reports second-quarter results on July 23.""]",-0.0379467080151552,,The spokesman later said the company would no longer reiterate the EV production capacity plans for 2025.,-0.0472483932971954,The production capacity target for next year was one of the last EV targets the automaker hadn't lowered or withdrawn as demand for EVs has not materialized as quickly as many companies such as GM previously expected.,"In this articleGeneral Motors' goal of being capable of producing 1 million all-electric vehicles in North America by the end of 2025 in heavily in doubt, following comments Monday by CEO Mary Barra.",2024-07-21
UK government debt highest since 1962,https://www.bbc.co.uk/news/articles/cgxqzp2zdw4o,2024-07-19T06:22:32.348Z,"The UK's national debt has reached its highest level since 1962, according to new official figures. The total stock of government debt was worth 99.5% of the value of the economy in June, exceeding the highs reached during the coronavirus pandemic for the first time. The Office for National Statistics (ONS) figures also showed that the amount the government borrowed was more than expected in June. A statement on the state of the public finances is expected from the Chancellor, Rachel Reeves, by the end of the month. Government debt refers to the overall amount of money owed by the government that has built up over years.  Borrowing refers to the difference between public sector spending and income from taxes in a given period. The Chief Secretary to the Treasury, Darren Jones, said the latest figures were a “clear reminder” of the “worst economic inheritance” since the Second World War. While last month's borrowing figure of £14.5bn was the lowest June total for five years, helped by lower interest costs linked to falling inflation, it was still higher than economists had forecast. With pressures to spend more on some public services, and election promises not to raise rates of income tax, corporation tax or VAT, many economists expect borrowing to increase.   Dennis Tatarkov, senior economist at KPMG UK, said: “The new chancellor faces the daunting task of funding the new government’s agenda, while maintaining public finances on a sustainable footing. ""A combination of high levels of spending and weak growth prospects will present uncomfortable choices – deciding between even more borrowing or substantially raising taxes if spending levels are to be maintained."" Separate figures from the ONS showed that retail sales fell by more than expected last month, with shops saying they had been hit by cold weather and election uncertainty. Retail sales volumes dropped by 1.2% in June, the ONS said, following strong growth in May. Sales at non-food retailers such as clothes shops and department stores saw the biggest fall, down 2.1%. ""Retailers suggested election uncertainty, poor weather, and low footfall affected sales,"" the ONS said. ",BBC,19/07/2024,"[""The UK's national debt has reached its highest level since 1962, according to new official figures."", 'The total stock of government debt was worth 99.5% of the value of the economy in June, exceeding the highs reached during the coronavirus pandemic for the first time.', 'The Office for National Statistics (ONS) figures also showed that the amount the government borrowed was more than expected in June.', 'A statement on the state of the public finances is expected from the Chancellor, Rachel Reeves, by the end of the month.', 'Government debt refers to the overall amount of money owed by the government that has built up over years.', 'Borrowing refers to the difference between public sector spending and income from taxes in a given period.', 'The Chief Secretary to the Treasury, Darren Jones, said the latest figures were a “clear reminder” of the “worst economic inheritance” since the Second World War.', ""While last month's borrowing figure of £14.5bn was the lowest June total for five years, helped by lower interest costs linked to falling inflation, it was still higher than economists had forecast."", 'With pressures to spend more on some public services, and election promises not to raise rates of income tax, corporation tax or VAT, many economists expect borrowing to increase.', 'Dennis Tatarkov, senior economist at KPMG UK, said: “The new chancellor faces the daunting task of funding the new government’s agenda, while maintaining public finances on a sustainable footing. ""', 'A combination of high levels of spending and weak growth prospects will present uncomfortable choices – deciding between even more borrowing or substantially raising taxes if spending levels are to be maintained.""', 'Separate figures from the ONS showed that retail sales fell by more than expected last month, with shops saying they had been hit by cold weather and election uncertainty.', 'Retail sales volumes dropped by 1.2% in June, the ONS said, following strong growth in May.', 'Sales at non-food retailers such as clothes shops and department stores saw the biggest fall, down 2.1%. ""', 'Retailers suggested election uncertainty, poor weather, and low footfall affected sales,"" the ONS said.']",-0.1058405804400314,"Retail sales volumes dropped by 1.2% in June, the ONS said, following strong growth in May.","Retailers suggested election uncertainty, poor weather, and low footfall affected sales,"" the ONS said.",-0.2700546492229808,The Office for National Statistics (ONS) figures also showed that the amount the government borrowed was more than expected in June.,"Separate figures from the ONS showed that retail sales fell by more than expected last month, with shops saying they had been hit by cold weather and election uncertainty.",2024-07-21
"How much money is the UK government borrowing, and does it matter?",https://www.bbc.co.uk/news/business-50504151,2019-11-21T15:27:10.000Z,"The government generally spends more than it raises in tax. To fill this gap it borrows money, but that has to be paid back - with interest - and that can influence wider tax and spending plans.  The government gets most of its income from taxes. For example, workers pay income tax, everyone pays VAT on certain goods, and companies pay tax on their profits. It could, in theory, cover all of its spending from taxes, and in some years that happens. But if it can't, it will cover the gap by raising taxes, cutting spending or borrowing. Higher taxes mean people have less money to spend, so businesses make less profit, which can be bad for jobs and wages. Lower profits also mean companies pay less tax. So, governments often borrow to boost the economy. They also borrow to pay for big projects - such as new railways and roads - which they hope will help the economy. The government borrows money by selling financial products called bonds. A bond is a promise to pay money in the future. Most require the borrower to make regular interest payments over the bond's lifetime.  UK government bonds - known as ""gilts"" - are normally considered very safe, with little risk the money will not be repaid. Gilts are mainly bought by financial institutions in the UK and abroad, such as pension funds, investment funds, banks and insurance companies.  The Bank of England has also bought hundreds of billions of pounds' worth of government bonds in the past to support the economy, through a process called ""quantitative easing"". The amount the government borrows varies from month to month.  For instance, when people submit tax returns in January, they often pay a large chunk of their annual tax bill in one go, so the government sees a jump in the amount of money it takes in.  So it is more helpful to look at the whole year, or the year-to-date. In the last financial year, to March 2024, the government borrowed £122.1bn. The most recent monthly figures show that borrowing was £14.5bn in June, £3.2bn less than in the same month last year.  The total amount the government owes is called the national debt. It is currently about £2.7 trillion. That is roughly the same as the value of all the goods and services produced in the UK in a year, known as the gross domestic product, or GDP. That current level is more than double what was seen from the 1980s through to the financial crisis of 2008.  The combination of the financial crash and the Covid pandemic pushed the UK's debt up from those historic lows to its current level. But in relation to the size of the economy, UK debt figures are still low compared with much of the last century, and also compared with some other leading economies. The larger the national debt gets, the more interest the government has to pay.  That extra cost was not as big when the interest rates due were low through the 2010s, but it became more noticeable after the Bank of England raised interest rates. The amount of interest the government pays on national debt fluctuates, and by one measure, hit a 20-year high in early October 2023. Around a quarter of UK debt is index-linked, meaning payments are directly linked to the rate of inflation. When inflation rose it pushed up the bill for servicing debt significantly, although these payments are now easing. If the government has to set aside more cash for paying its debts, it may mean it has less to spend on the public services which it borrowed to fund in the first place.  Some economists fear the government is borrowing too much, at too great a cost. Others argue extra borrowing helps the economy grow faster - generating more tax revenue in the long run. With measures such as a cut in National Insurance announced at the March Budget, the OBR expects borrowing to rise slightly in the next financial year, before remaining in line with previous forecasts.  It would fall below 3% of GDP by 2025-26, meeting one of the financial rules the previous government decided to set itself.  But the OBR has previously warned that public debt could soar as the population ages and tax income falls. In an ageing population, the proportion of people of working age drops, meaning the government takes less in tax while paying out more in pensions.  In its latest forecasts in March, the OBR said debt, measured against the size of the economy, is still set to rise over the next four years, before falling back marginally in the fifth year. Other economists argue that big economies like the UK could borrow much more than they currently do, and the negative impact is greatly exaggerated. The deficit is the gap between the government's income and the amount it spends. When a government spends less than its income, it has what is known as a surplus.  Debt is the total amount of money owed by the government that has built up over years.  It rises when there is a deficit, and falls in those years when there is a surplus.   ",BBC,21/11/2019,"['The government generally spends more than it raises in tax.', 'To fill this gap it borrows money, but that has to be paid back - with interest - and that can influence wider tax and spending plans.', 'The government gets most of its income from taxes.', 'For example, workers pay income tax, everyone pays VAT on certain goods, and companies pay tax on their profits.', 'It could, in theory, cover all of its spending from taxes, and in some years that happens.', ""But if it can't, it will cover the gap by raising taxes, cutting spending or borrowing."", 'Higher taxes mean people have less money to spend, so businesses make less profit, which can be bad for jobs and wages.', 'Lower profits also mean companies pay less tax.', 'So, governments often borrow to boost the economy.', 'They also borrow to pay for big projects - such as new railways and roads - which they hope will help the economy.', 'The government borrows money by selling financial products called bonds.', 'A bond is a promise to pay money in the future.', ""Most require the borrower to make regular interest payments over the bond's lifetime."", 'UK government bonds - known as ""gilts"" - are normally considered very safe, with little risk the money will not be repaid.', 'Gilts are mainly bought by financial institutions in the UK and abroad, such as pension funds, investment funds, banks and insurance companies.', 'The Bank of England has also bought hundreds of billions of pounds\' worth of government bonds in the past to support the economy, through a process called ""quantitative easing"".', 'The amount the government borrows varies from month to month.', 'For instance, when people submit tax returns in January, they often pay a large chunk of their annual tax bill in one go, so the government sees a jump in the amount of money it takes in.', 'So it is more helpful to look at the whole year, or the year-to-date.', 'In the last financial year, to March 2024, the government borrowed £122.1bn.', 'The most recent monthly figures show that borrowing was £14.5bn in June, £3.2bn less than in the same month last year.', 'The total amount the government owes is called the national debt.', 'It is currently about £2.7 trillion.', 'That is roughly the same as the value of all the goods and services produced in the UK in a year, known as the gross domestic product, or GDP.', 'That current level is more than double what was seen from the 1980s through to the financial crisis of 2008.', ""The combination of the financial crash and the Covid pandemic pushed the UK's debt up from those historic lows to its current level."", 'But in relation to the size of the economy, UK debt figures are still low compared with much of the last century, and also compared with some other leading economies.', 'The larger the national debt gets, the more interest the government has to pay.', 'That extra cost was not as big when the interest rates due were low through the 2010s, but it became more noticeable after the Bank of England raised interest rates.', 'The amount of interest the government pays on national debt fluctuates, and by one measure, hit a 20-year high in early October 2023.', 'Around a quarter of UK debt is index-linked, meaning payments are directly linked to the rate of inflation.', 'When inflation rose it pushed up the bill for servicing debt significantly, although these payments are now easing.', 'If the government has to set aside more cash for paying its debts, it may mean it has less to spend on the public services which it borrowed to fund in the first place.', 'Some economists fear the government is borrowing too much, at too great a cost.', 'Others argue extra borrowing helps the economy grow faster - generating more tax revenue in the long run.', 'With measures such as a cut in National Insurance announced at the March Budget, the OBR expects borrowing to rise slightly in the next financial year, before remaining in line with previous forecasts.', 'It would fall below 3% of GDP by 2025-26, meeting one of the financial rules the previous government decided to set itself.', 'But the OBR has previously warned that public debt could soar as the population ages and tax income falls.', 'In an ageing population, the proportion of people of working age drops, meaning the government takes less in tax while paying out more in pensions.', 'In its latest forecasts in March, the OBR said debt, measured against the size of the economy, is still set to rise over the next four years, before falling back marginally in the fifth year.', 'Other economists argue that big economies like the UK could borrow much more than they currently do, and the negative impact is greatly exaggerated.', ""The deficit is the gap between the government's income and the amount it spends."", 'When a government spends less than its income, it has what is known as a surplus.', 'Debt is the total amount of money owed by the government that has built up over years.', 'It rises when there is a deficit, and falls in those years when there is a surplus.']",-0.028844080138893,"The Bank of England has also bought hundreds of billions of pounds' worth of government bonds in the past to support the economy, through a process called ""quantitative easing"".",The combination of the financial crash and the Covid pandemic pushed the UK's debt up from those historic lows to its current level.,0.0654621098352515,"For instance, when people submit tax returns in January, they often pay a large chunk of their annual tax bill in one go, so the government sees a jump in the amount of money it takes in.",But the OBR has previously warned that public debt could soar as the population ages and tax income falls.,2024-07-21
Chancellor Rachel Reeves hints at above-inflation public sector pay rise,https://www.bbc.co.uk/news/articles/c4ng5n0my0zo,2024-07-21T04:30:08.686Z,"The chancellor has hinted that she may give public sector workers above-inflation pay rises this summer.  Rachel Reeves' comments come after it is understood independent pay review bodies recommended an increase of 5.5% for teachers and some NHS workers.  In her first interview from No 11 Downing Street, she said: ""I really value public service workers, in our schools, in our hospitals, in our police as well... ""There is a cost to not settling, a cost of further industrial action, and a cost in terms of the challenge we face recruiting."" But Ms Reeves told Sunday with Laura Kuenssberg that ""we will do it in a proper way and make sure the sums add up"" - emphasising that her spending rules are ""non-negotiable"".  The new chancellor promised a decision on public pay this month, saying ""people won’t have long to wait"".  Speaking in an interview recorded on Saturday, Ms Reeves also accused the Conservative Party of calling the election because ""they weren’t willing to make tough decisions, and they just ran away"".  She said the decision about teachers’ pay had sat on the former education secretary’s desk, and that the Conservatives had allowed an unacceptable situation to build up in prisons. This was rejected by her predecessor Jeremy Hunt, who said the previous Conservative government had “taken very difficult decisions” in the wake of increased spending demands during the Covid pandemic. He accused Ms Reeves of trying to “lay the ground for tax rises” by exaggerating the fragility of the public finances, adding that claims the Tories had left the worst economic inheritance since World War Two as ""nonsense"". He admitted, however, that his party would not have been able to make tax cuts it promised during the election campaign ""immediately"". ""But I think we would have been able to do it in time, and we had plans in place to do that,"" he told the programme.  The estimated cost of pay rises of 5.5% for teachers and certain NHS staff could reach £3bn, according to the Institute for Fiscal Studies (IFS). That would be significantly more than the 2.5-3% the Treasury had expected. IFS director Paul Johnson said paying for such an increase would require the government to either increase borrowing or taxes, or cut spending elsewhere. The most recent figures from the Office for National Statistics (ONS) put inflation at 2% in May and June - suggesting a pay offer above 2% would count as being above inflation. But Mr Johnson told BBC Radio 4's Today programme on Saturday that the 5.5% figure was ""roughly what pay is rising by across the economy"". Traditionally, governments follow the recommendations of the independent bodies - but ministers are not obliged to stick to their suggestions.  Recommendations for other sectors are yet to be received, but the chancellor does plan to announce the settlements before the end of July. Ms Reeves also told the BBC that the government will carry out a landmark review of pensions as part of a ""big bang for growth"".  ""People who make sacrifices and save every month to put something aside for their retirement, they deserve better than the returns they’re getting on those savings today.""  The chancellor also wants to change industry rules so that billions of pounds sitting in pension funds can be used more easily to invest in UK companies to stimulate the economy.  She continued: ""If we could unlock just 1% of the money in defined contribution schemes - and invest that in more productive assets [and] fast-growing British companies - that’d be £8bn to help finance growth and prosperity and wealth creation here in Britain. ""That’s why there’s an urgency here from this government, unlocking that investment for our economy and delivering for working people who make big sacrifices but at the moment are being let down by the pensions industry."" The full interviews with Rachel Reeves and Jeremy Hunt on Sunday with Laura Kuenssberg are available to watch back on iPlayer.  ",BBC,21/07/2024,"['The chancellor has hinted that she may give public sector workers above-inflation pay rises this summer.', ""Rachel Reeves' comments come after it is understood independent pay review bodies recommended an increase of 5.5% for teachers and some NHS workers."", 'In her first interview from No 11 Downing Street, she said: ""I really value public service workers, in our schools, in our hospitals, in our police as well... ""There is a cost to not settling, a cost of further industrial action, and a cost in terms of the challenge we face recruiting.""', 'But Ms Reeves told Sunday with Laura Kuenssberg that ""we will do it in a proper way and make sure the sums add up"" - emphasising that her spending rules are ""non-negotiable"".', 'The new chancellor promised a decision on public pay this month, saying ""people won’t have long to wait"".', 'Speaking in an interview recorded on Saturday, Ms Reeves also accused the Conservative Party of calling the election because ""they weren’t willing to make tough decisions, and they just ran away"".', 'She said the decision about teachers’ pay had sat on the former education secretary’s desk, and that the Conservatives had allowed an unacceptable situation to build up in prisons.', 'This was rejected by her predecessor Jeremy Hunt, who said the previous Conservative government had “taken very difficult decisions” in the wake of increased spending demands during the Covid pandemic.', 'He accused Ms Reeves of trying to “lay the ground for tax rises” by exaggerating the fragility of the public finances, adding that claims the Tories had left the worst economic inheritance since World War Two as ""nonsense"".', 'He admitted, however, that his party would not have been able to make tax cuts it promised during the election campaign ""immediately"". ""', 'But I think we would have been able to do it in time, and we had plans in place to do that,"" he told the programme.', 'The estimated cost of pay rises of 5.5% for teachers and certain NHS staff could reach £3bn, according to the Institute for Fiscal Studies (IFS).', 'That would be significantly more than the 2.5-3% the Treasury had expected.', 'IFS director Paul Johnson said paying for such an increase would require the government to either increase borrowing or taxes, or cut spending elsewhere.', 'The most recent figures from the Office for National Statistics (ONS) put inflation at 2% in May and June - suggesting a pay offer above 2% would count as being above inflation.', 'But Mr Johnson told BBC Radio 4\'s Today programme on Saturday that the 5.5% figure was ""roughly what pay is rising by across the economy"".', 'Traditionally, governments follow the recommendations of the independent bodies - but ministers are not obliged to stick to their suggestions.', 'Recommendations for other sectors are yet to be received, but the chancellor does plan to announce the settlements before the end of July.', 'Ms Reeves also told the BBC that the government will carry out a landmark review of pensions as part of a ""big bang for growth"". ""', 'People who make sacrifices and save every month to put something aside for their retirement, they deserve better than the returns they’re getting on those savings today.""', 'The chancellor also wants to change industry rules so that billions of pounds sitting in pension funds can be used more easily to invest in UK companies to stimulate the economy.', 'She continued: ""If we could unlock just 1% of the money in defined contribution schemes - and invest that in more productive assets [and] fast-growing British companies - that’d be £8bn to help finance growth and prosperity and wealth creation here in Britain. ""', 'That’s why there’s an urgency here from this government, unlocking that investment for our economy and delivering for working people who make big sacrifices but at the moment are being let down by the pensions industry.""', 'The full interviews with Rachel Reeves and Jeremy Hunt on Sunday with Laura Kuenssberg are available to watch back on iPlayer.']",0.1275740146517471,"She continued: ""If we could unlock just 1% of the money in defined contribution schemes - and invest that in more productive assets [and] fast-growing British companies - that’d be £8bn to help finance growth and prosperity and wealth creation here in Britain. ""","He accused Ms Reeves of trying to “lay the ground for tax rises” by exaggerating the fragility of the public finances, adding that claims the Tories had left the worst economic inheritance since World War Two as ""nonsense"".",0.2463654316961765,That would be significantly more than the 2.5-3% the Treasury had expected.,"The estimated cost of pay rises of 5.5% for teachers and certain NHS staff could reach £3bn, according to the Institute for Fiscal Studies (IFS).",2024-07-21
CrowdStrike: 'Significant number' of impacted devices back online,https://www.bbc.co.uk/news/articles/cgl7e33n1d0o,2024-07-22T01:29:31.830Z,"Cybersecurity firm CrowdStrike says ""a significant number"" of devices that were impacted by a global IT outage on Friday are now back online. In a social media post, the company - whose faulty security update caused Microsoft Windows computers to crash around the world - added it ""continues to focus on restoring all systems"". Microsoft has estimated that the incident, which is being described as one of the worst IT outages in history, impacted 8.5m computers around the world. Businesses, banks, hospitals and airlines were among the worst-hit, with some still struggling to fully restore their systems. ""We understand the profound impact this has had on everyone. We know our customers, partners and their IT teams are working tirelessly and we’re profoundly grateful,"" CrowdStrike said. ""We apologise for the disruption this has created."" The firm also said it is deploying a new fix that it hoped would speed up the recovery of computer systems. However, CrowdStrike did not say how many devices were still being impacted. More than 1,400 flights, into or out of the US, were cancelled on Sunday, according to aviation tracking and data platform FlightAware. Delta and United Airlines were the worst affected US airlines. Health services in Britain, Israel and Germany were also impacted on Friday, with some services cancelled. The massive outage has put a spotlight on the vulnerability of global computer networks, showing how a single glitch can cause global chaos. ""All too often these days, a single glitch results in a system-wide outage, affecting industries from healthcare and airlines to banks and auto dealers"" said the Chair of the US Federal Trade Commission, Lina Khan, in a social media post. ""These incidents reveal how concentration can create fragile systems."" Until this incident the company had been one most trusted brands in the cybersecurity industry. According to CrowdStrike's website, it has 29,000 customers around the world, including some of the biggest companies in the US. One major economy largely unscathed by the outage was China, as CrowdStrike is not widely used in the country. China is also not as reliant on Microsoft as the rest of the world. ",BBC,22/07/2024,"['Cybersecurity firm CrowdStrike says ""a significant number"" of devices that were impacted by a global IT outage on Friday are now back online.', 'In a social media post, the company - whose faulty security update caused Microsoft Windows computers to crash around the world - added it ""continues to focus on restoring all systems"".', 'Microsoft has estimated that the incident, which is being described as one of the worst IT outages in history, impacted 8.5m computers around the world.', 'Businesses, banks, hospitals and airlines were among the worst-hit, with some still struggling to fully restore their systems. ""', 'We understand the profound impact this has had on everyone.', 'We know our customers, partners and their IT teams are working tirelessly and we’re profoundly grateful,"" CrowdStrike said. ""', 'We apologise for the disruption this has created.""', 'The firm also said it is deploying a new fix that it hoped would speed up the recovery of computer systems.', 'However, CrowdStrike did not say how many devices were still being impacted.', 'More than 1,400 flights, into or out of the US, were cancelled on Sunday, according to aviation tracking and data platform FlightAware.', 'Delta and United Airlines were the worst affected US airlines.', 'Health services in Britain, Israel and Germany were also impacted on Friday, with some services cancelled.', 'The massive outage has put a spotlight on the vulnerability of global computer networks, showing how a single glitch can cause global chaos. ""', 'All too often these days, a single glitch results in a system-wide outage, affecting industries from healthcare and airlines to banks and auto dealers"" said the Chair of the US Federal Trade Commission, Lina Khan, in a social media post. ""', 'These incidents reveal how concentration can create fragile systems.""', 'Until this incident the company had been one most trusted brands in the cybersecurity industry.', ""According to CrowdStrike's website, it has 29,000 customers around the world, including some of the biggest companies in the US."", 'One major economy largely unscathed by the outage was China, as CrowdStrike is not widely used in the country.', 'China is also not as reliant on Microsoft as the rest of the world.']",-0.0483451428925534,Until this incident the company had been one most trusted brands in the cybersecurity industry.,"The massive outage has put a spotlight on the vulnerability of global computer networks, showing how a single glitch can cause global chaos. """,-0.4638923406600952,The firm also said it is deploying a new fix that it hoped would speed up the recovery of computer systems.,"Businesses, banks, hospitals and airlines were among the worst-hit, with some still struggling to fully restore their systems. """,2024-07-21
Macy's ends buyout talks with Arkhouse and Brigade after months of negotiations,https://www.cnbc.com/2024/07/15/macys-ends-buyout-talks-with-arkhouse-and-brigade-after-months-of-negotiations.html,2024-07-15T15:42:15+0000,"In this articleDepartment store Macy's said Monday its board has unanimously decided to end negotiations with the activist group that had been looking to take the retailer private for roughly $6.9 billion, saying in a statement that questions on financing and premium were insurmountable.""We have concluded that Arkhouse and Brigade's proposal lacks certainty of financing and does not deliver compelling value,"" Macy's lead independent director Paul Varga said in a press release.Arkhouse and Brigade had for months been attempting to buy out the storied retailer. Earlier this month, the bidders increased their offer to $24.80 per share, the latest in a series of price hikes since they first launched their takeover effort last year.Macy's said the company had gone ""well beyond what is customarily required"" in a due diligence period, offering the bidder group store-by-store profit and loss information and leases for each location. The company also noted that Arkhouse and Brigade had been allowed to share that confidential information with more than a dozen ""credible financing sources.""Arkhouse, after its initial efforts had been rebuffed, said earlier this year it intended to mount a proxy fight for control of Macy's. The two sides were able to reach a settlement in April, adding two independent directors to the Macy's board.Arkhouse did not immediately respond to CNBC's request for comment. Shares of Macy's fell roughly 14% in early trading Monday.Macy's is in the middle of a turnaround effort led by CEO Tony Spring, who stepped into the top job in February. The department store operator announced earlier this year that it would close about 150 of its namesake stores and open new locations of Bloomingdale's and Bluemercury, its two brands that have put up stronger results. It is also opening smaller Macy's locations in bustling strip malls in the suburbs.But the legacy department store operator's efforts to grow sales have been stymied by high inflation, as consumers became more selective about spending on discretionary items. Macy's has had to fight to stay relevant, too, as younger shoppers turn to online players such as Shein, big-box stores such as Target and off-price chains such as T.J. Maxx instead of department stores.For the fiscal year, Macy's expects net sales to range between $22.3 billion and $22.9 billion, which would be a drop from $23.09 billion in 2023. It expects comparable sales, which take out the effect of store openings and closures, to range from a decline of about 1% to a gain of 1.5% on an owned-plus-licensed basis and including third-party marketplace sales.On an earnings call in late May, Spring said Macy's is in the ""early innings"" of revitalizing its namesake stores. Yet, he pointed to better sales results at the first 50 stores where Macy's had invested in more staffing, sharper merchandise displays and special events.Prior to Monday's losses, shares of Macy's had fallen about 5% so far in 2024 for a market value of roughly $5 billion, trailing behind the S&P 500's roughly 18% gain during the same period.Arkhouse is a well-known real estate investment firm led by Gavriel Kahane and Jonathon Blackwell. While it is not a conventional activist investing firm, it has made a handful of unsolicited bids for REITs over the past few years. Brigade Capital Management focuses on retail companies, and has previously invested in names such as Sears and Neiman Marcus.Together, the bidding group sought to unlock what it saw as trapped value inside Macy's real estate holdings, while simultaneously overhauling the company's operations. Other department store names have been activist targets in the recent past for similar reasons. In 2022, activist fund Macellum urged Kohl's to sell itself.",CNBC,15/07/2024,"[""In this articleDepartment store Macy's said Monday its board has unanimously decided to end negotiations with the activist group that had been looking to take the retailer private for roughly $6.9 billion, saying in a statement that questions on financing and premium were insurmountable."", '""Wehave concluded that Arkhouse and Brigade\'s proposal lacks certainty of financing and does not deliver compelling value,"" Macy\'s lead independent director Paul Varga said in a press release.', 'Arkhouse and Brigade had for months been attempting to buy out the storied retailer.', 'Earlier this month, the bidders increased their offer to $24.80 per share, the latest in a series of price hikes since they first launched their takeover effort last year.', 'Macy\'s said the company had gone ""well beyond what is customarily required"" in a due diligence period, offering the bidder group store-by-store profit and loss information and leases for each location.', 'The company also noted that Arkhouse and Brigade had been allowed to share that confidential information with more than a dozen ""credible financing sources.', '""Arkhouse, after its initial efforts had been rebuffed, said earlier this year it intended to mount a proxy fight for control of Macy\'s.', ""The two sides were able to reach a settlement in April, adding two independent directors to the Macy's board."", ""Arkhouse did not immediately respond to CNBC's request for comment."", ""Shares of Macy's fell roughly 14% in early trading Monday."", ""Macy's is in the middle of a turnaround effort led by CEO Tony Spring, who stepped into the top job in February."", ""The department store operator announced earlier this year that it wouldclose about 150 of its namesake storesand open new locations of Bloomingdale's and Bluemercury, its two brands that have put up stronger results."", ""It is alsoopening smaller Macy's locationsin bustling strip malls in the suburbs."", ""But the legacy department store operator's efforts to grow sales have been stymied by high inflation, as consumers became more selective about spending on discretionary items."", ""Macy's has had tofight to stay relevant, too, as younger shoppers turn to online players such as Shein, big-box stores such as Target and off-price chains such as T.J. Maxx instead of department stores."", ""For the fiscal year, Macy's expects net sales to range between $22.3 billion and $22.9 billion, which would be a drop from $23.09 billion in 2023.It expects comparable sales, which take out the effect of store openings and closures, to range from a decline of about 1% to a gain of 1.5% on an owned-plus-licensed basis and including third-party marketplace sales."", 'On an earnings call in late May, Spring said Macy\'s is in the ""early innings"" of revitalizing its namesake stores.', ""Yet, hepointed to better sales resultsat the first 50 stores where Macy's had invested in more staffing, sharper merchandise displays and special events."", ""Prior to Monday's losses, shares of Macy's had fallen about 5% so far in 2024 for a market value of roughly $5 billion, trailing behind the S&P 500's roughly 18% gain during the same period."", 'Arkhouse is a well-known real estate investment firm led by Gavriel Kahane and Jonathon Blackwell.', 'While it is not a conventional activist investing firm, it has made a handful of unsolicited bids for REITs over the past few years.', 'Brigade Capital Management focuses on retail companies, and has previously invested in names such as Sears and Neiman Marcus.', ""Together, the bidding group sought to unlock what it saw as trapped value inside Macy's real estate holdings, while simultaneously overhauling the company's operations."", 'Other department store names have been activist targets in the recent past for similar reasons.', ""In 2022, activist fund Macellum urged Kohl's to sell itself.""]",0.1346937520291199,"Yet, hepointed to better sales resultsat the first 50 stores where Macy's had invested in more staffing, sharper merchandise displays and special events.","""Arkhouse, after its initial efforts had been rebuffed, said earlier this year it intended to mount a proxy fight for control of Macy's.",-0.1878453850746154,"The department store operator announced earlier this year that it wouldclose about 150 of its namesake storesand open new locations of Bloomingdale's and Bluemercury, its two brands that have put up stronger results.","For the fiscal year, Macy's expects net sales to range between $22.3 billion and $22.9 billion, which would be a drop from $23.09 billion in 2023.It expects comparable sales, which take out the effect of store openings and closures, to range from a decline of about 1% to a gain of 1.5% on an owned-plus-licensed basis and including third-party marketplace sales.",2024-07-21
Banks in Synapse mess make progress toward releasing deposits of stranded fintech customers,https://www.cnbc.com/2024/07/11/synapse-banks-get-closer-to-releasing-deposits.html,2024-07-12T15:17:23+0000,"There may be relief for the thousands of Americans whose savings have been locked in frozen fintech accounts for the past two months.Banks involved in the mess caused by the collapse of fintech intermediary Synapse have made progress piecing together account information for stranded customers that could result in a release of funds in a matter of weeks, according to a person briefed on the matter.Staff of Evolve Bank & Trust and Lineage Bank in particular have made headway after hiring a former Synapse engineer late last month to unlock data from the failed fintech middleman, said the person, who asked for anonymity to speak candidly about the process.The development comes as regulators, including the Federal Reserve and the Federal Deposit Insurance Corp., pressure the banks involved to release funds after media and lawmakers have heightened awareness of the debacle.Beginning in May, more than 100,000 customers of fintech apps like Yotta, Juno and Copper have been locked out of their accounts.""We're strongly encouraging Evolve to do whatever it can to help make money available to those depositors,"" Federal Reserve Chair Jerome Powell told the Senate Banking Committee on Tuesday.  The sudden optimism of key players involved in the negotiations, including Evolve founder and Chairman Scot Lenoir, comes after weeks of apparent gridlock in a California bankruptcy court. Shoddy record-keeping and a dearth of funds to pay for a forensic analysis have made it difficult to piece together who is owed what, bankruptcy trustee Jelena McWilliams has said.The episode revealed how small banks involved in the ""banking-as-a-service"" sector didn't properly manage unregulated partners like Synapse, founded in 2014 by a first-time entrepreneur named Sankaet Pathak. Evolve and a string of peers have been reprimanded by bank regulators for shortcomings tied to their programs.Evolve Bank initially planned to release $46 million it held from payment processing accounts to give fintech customers partial payments, according to the person with knowledge of the matter.That plan changed in recent days when it became clear that something approximating a full reconciliation of customer accounts was possible, the person said.But it remains unknown how the four main banks involved — Evolve, Lineage, AMG National Trust and American Bank — and what remains of Synapse will deal with a likely shortfall of funds, and that could hinder repayment efforts. Up to $96 million owed to customers is missing, McWilliams has said.The Synapse trustee didn't respond to a request for comment. Neither did representatives for AMG, American Bank and Lineage. The FDIC declined to comment for this article.On Friday, Evolve posted a statement to its website, saying in part that it was the bank's priority to ""facilitate the distribution of funds to the customers to whom they belong as soon as possible.""Earlier this week, Evolve filed a response to questioning from a regulator, FINRA, seeking to make it clear that while it holds some payment processing funds, deposits from the app Yotta migrated out of Evolve and to a network of banks in late October 2023.""We believe there is still some confusion regarding who is in possession and control of customer funds,"" Evolve told FINRA, according to documents obtained by CNBC.The bank included an Oct. 27, 2023, email from Yotta CEO Adam Moelis to Lenoir where Moelis confirmed that funds had left Evolve as of that date.""Synapse and Evolve are now saying contradictory things,"" Moelis said this week in response to an inquiry from CNBC. ""We don't know who's telling the truth.""",CNBC,12/07/2024,"['There may be relief for the thousands of Americans whose savings have been locked in frozen fintech accounts for the past two months.', 'Banks involved in the mess caused by the collapse of fintech intermediary Synapse have made progress piecing together account information for stranded customers that could result in a release of funds in a matter of weeks, according to a person briefed on the matter.', 'Staff of Evolve Bank & Trust and Lineage Bank in particular have made headway after hiring a former Synapse engineer late last month to unlock data from the failed fintech middleman, said the person, who asked for anonymity to speak candidly about the process.', 'The development comes as regulators, including the Federal Reserve and the Federal Deposit Insurance Corp., pressure the banks involved to release funds after media and lawmakers have heightened awareness of the debacle.', 'Beginning in May, more than 100,000 customers of fintech apps like Yotta, Juno and Copper have been locked out of their accounts.', '""We\'re strongly encouraging Evolve to do whatever it can to help make money available to those depositors,"" Federal Reserve Chair Jerome Powell told the Senate Banking Committee on Tuesday.', 'The sudden optimism of key players involved in the negotiations, including Evolve founder and Chairman Scot Lenoir, comes after weeks of apparent gridlock in a California bankruptcy court.', 'Shoddy record-keeping and a dearth of funds to pay for a forensic analysis have made it difficult to piece together who is owed what, bankruptcy trustee Jelena McWilliams has said.', 'The episode revealed how small banks involved in the ""banking-as-a-service"" sector didn\'t properly manage unregulated partners like Synapse, founded in 2014 by a first-time entrepreneur namedSankaet Pathak.', 'Evolve and a string of peers have been reprimanded by bank regulators for shortcomings tied to their programs.', 'Evolve Bank initially planned to release $46 million it held from payment processing accounts to give fintech customers partial payments, according to the person with knowledge of the matter.', 'That plan changed in recent days when it became clear that something approximating a full reconciliation of customer accounts was possible, the person said.', 'But it remains unknown how the four main banks involved — Evolve, Lineage, AMG National Trust and American Bank — and what remains of Synapse will deal with a likely shortfall of funds, and that could hinder repayment efforts.', 'Up to $96 million owed to customers is missing, McWilliams has said.', ""The Synapse trustee didn't respond to a request for comment."", 'Neither did representatives for AMG, American Bank and Lineage.', 'The FDIC declined to comment for this article.', 'On Friday, Evolve posted a statement to its website, saying in part that it was the bank\'s priority to ""facilitate the distribution of fundsto the customers to whom they belong as soon as possible.', '""Earlier this week, Evolve filed a response to questioning from a regulator, FINRA, seeking to make it clear that while it holds some payment processing funds, deposits from the app Yotta migrated out of Evolve and to a network of banks in late October 2023.""We believe there is still some confusion regarding who is in possession and control of customer funds,"" Evolve told FINRA, according to documents obtained by CNBC.The bank included an Oct. 27, 2023, email from Yotta CEO Adam Moelis to Lenoir where Moelis confirmed that funds had left Evolve as of that date.', '""Synapse and Evolve are now saying contradictory things,"" Moelis said this week in response to an inquiry from CNBC. ""', 'We don\'t know who\'s telling the truth.""']",0.1054071728279107,"""We're strongly encouraging Evolve to do whatever it can to help make money available to those depositors,"" Federal Reserve Chair Jerome Powell told the Senate Banking Committee on Tuesday.","Shoddy record-keeping and a dearth of funds to pay for a forensic analysis have made it difficult to piece together who is owed what, bankruptcy trustee Jelena McWilliams has said.",0.1702185670534769,"Staff of Evolve Bank & Trust and Lineage Bank in particular have made headway after hiring a former Synapse engineer late last month to unlock data from the failed fintech middleman, said the person, who asked for anonymity to speak candidly about the process.","But it remains unknown how the four main banks involved — Evolve, Lineage, AMG National Trust and American Bank — and what remains of Synapse will deal with a likely shortfall of funds, and that could hinder repayment efforts.",2024-07-21
"United Airlines profit jumps 23%, but third-quarter forecast disappoints amid industry overcapacity",https://www.cnbc.com/2024/07/17/united-ual-earnings-q2-2024.html,2024-07-18T17:28:54+0000,"In this articleUnited Airlines' second-quarter profit rose more than 20% from last year as strong demand for international travel boosted the carrier's results, but its third-quarter forecast came in shy of estimates as an oversupply of flights weighs on fares.United said Wednesday that it expects to earn between $2.75 and $3.25 a share on an adjusted basis in the current quarter, lower than the $3.44 a share analysts polled by LSEG estimated.Here's what United reported for the second quarter compared with what Wall Street expected, based on average estimates compiled by LSEG:United earned $1.32 billion, or $3.96 per share, in the three months ended June 30, up from $1.08 billion, or $3.24 per share, a year earlier. Adjusting for one-time items, it reported earnings of $4.14 a share, compared with $3.93 that analysts expected.Revenue of $14.99 billion jumped 5.7% from the year-earlier period, though it was just shy of estimates.United reiterated its full-year forecast for adjusted earnings of $9 to $11 a share.""Looking back at the quarter now, it is increasingly clear that demand was in fact strong, it just could not keep up with the incremental industry domestic capacity added in 2024. Excess capacity, in turn, pressured yields,"" United Chief Commercial Officer Andrew Nocella said during the company's earnings call.United and Delta Air Lines, which also disappointed with its third-quarter guidance, have still been standouts in the U.S. airline industry. Most carriers have been struggling with an increase in domestic capacity that has weighed on airfares, despite the record demand.Both carriers have added international flights, which have been in high demand after the pandemic, and premium offerings, like bigger lounges and more spacious seats, capitalizing on travelers willing to pay more for a ticket.United said on Wednesday that premium revenue grew more than 8% from last year, while sales from the most restrictive basic economy tickets rose 38%, as it works to cater to both ends of the market.The company expanded domestic flying by more than 5% in the second quarter over last year, and unit revenues fell more than 1% over last year. Yields on flights to and from Europe, which is a smaller slice of United's sales, rose more than 5%, compared with the second quarter of 2023.United CEO Scott Kirby said airlines have been trimming their schedules and that there will be an inflection point to moderate the supply in mid-August.""I've been through these cycles with capacity many times in my career, this is the fastest respond and it's also the biggest gap between the leading airlines and the other airlines, which I think is part of the reason the response is so fast,"" Kirby said Thursday during the earnings call.On Tuesday, Spirit Airlines cut its second-quarter forecast, citing weaker-than-expected revenue for fees like seating or luggage. Southwest Airlines and American Airlines, which report results on July 25, previously reduced their second-quarter estimates.— CNBC's Ece Yildirim contributed to this report.",CNBC,18/07/2024,"[""In this articleUnited Airlines' second-quarter profit rose more than 20% from last year as strong demand for international travel boosted the carrier's results, but its third-quarter forecast came in shy of estimates as an oversupply of flights weighs on fares."", 'United said Wednesday that it expects to earn between $2.75 and $3.25 a share on an adjusted basis in the current quarter, lower than the $3.44 a share analysts polled by LSEG estimated.', ""Here's whatUnited reported for the second quarter compared with what Wall Street expected, based on average estimates compiled by LSEG:United earned $1.32 billion, or $3.96 per share, in the three months ended June 30, up from $1.08 billion, or $3.24 per share, a year earlier."", 'Adjusting for one-time items, it reported earnings of $4.14 a share, compared with $3.93 that analysts expected.', 'Revenue of $14.99 billion jumped 5.7% from the year-earlier period, though it was just shy of estimates.', 'United reiterated its full-year forecast for adjusted earnings of $9 to $11 a share.', '""Looking back at the quarter now, it is increasingly clear that demand was in fact strong, it just could not keep up with the incremental industry domestic capacity added in 2024.', 'Excess capacity, in turn, pressured yields,"" United Chief Commercial Officer Andrew Nocella said during the company\'s earnings call.', 'United and Delta Air Lines, which also disappointed with its third-quarter guidance, have still been standouts in the U.S. airline industry.', 'Most carriers have been struggling with an increase in domestic capacity that has weighed on airfares, despite the record demand.', 'Both carriers have added international flights, which have been in high demand after the pandemic, and premium offerings, like bigger lounges and more spacious seats, capitalizing on travelers willing to pay more for a ticket.', 'United said on Wednesday that premium revenue grew more than 8% from last year, while sales from the most restrictive basic economy tickets rose 38%, as it works to cater to both ends of the market.', 'The company expanded domestic flying by more than 5% in the second quarter over last year, and unit revenues fell more than 1% over last year.', ""Yields on flights to and from Europe, which is a smaller slice of United's sales, rose more than 5%, compared with the second quarter of 2023.United CEO Scott Kirby said airlines have been trimming their schedules and that there will be an inflection point to moderate the supply in mid-August."", '""I\'ve been through these cycles with capacity many times in my career, this is the fastest respond and it\'s also the biggest gap between the leading airlines and the other airlines, which I think is part of the reason the response is so fast,"" Kirby said Thursday during the earnings call.', 'On Tuesday, Spirit Airlines cut its second-quarter forecast, citing weaker-than-expected revenue for fees like seating or luggage.', 'Southwest Airlines and American Airlines, which report results on July 25, previously reduced their second-quarter estimates.—', ""CNBC's Ece Yildirim contributed to this report.""]",0.2137830683116299,"Here's whatUnited reported for the second quarter compared with what Wall Street expected, based on average estimates compiled by LSEG:United earned $1.32 billion, or $3.96 per share, in the three months ended June 30, up from $1.08 billion, or $3.24 per share, a year earlier.","Revenue of $14.99 billion jumped 5.7% from the year-earlier period, though it was just shy of estimates.",0.2082946896553039,"Yields on flights to and from Europe, which is a smaller slice of United's sales, rose more than 5%, compared with the second quarter of 2023.United CEO Scott Kirby said airlines have been trimming their schedules and that there will be an inflection point to moderate the supply in mid-August.","United said Wednesday that it expects to earn between $2.75 and $3.25 a share on an adjusted basis in the current quarter, lower than the $3.44 a share analysts polled by LSEG estimated.",2024-07-21
"CrowdStrike IT outage affected 8.5 million Windows devices, Microsoft says",https://www.bbc.co.uk/news/articles/cpe3zgznwjno,2024-07-20T17:46:43.456Z,"Microsoft says it estimates that 8.5m computers around the world were disabled by the global IT outage. It’s the first time a figure has been put on the incident and suggests it could be the worst cyber event in history. The glitch came from a security company called CrowdStrike which sent out a corrupted software update to its huge number of customers. Microsoft, which is helping customers recover said in a blog post: ""We currently estimate that CrowdStrike’s update affected 8.5 million Windows devices."" The post by David Weston, vice-president at the firm, says this number is less than 1% of all Windows machines worldwide, but that ""the broad economic and societal impacts reflect the use of CrowdStrike by enterprises that run many critical services"". The company can be very accurate on how many devices were disabled by the outage as it has performance telemetry to many by their internet connections. The tech giant - which was keen to point out that this was not an issue with its software - says the incident highlights how important it is for companies such as CrowdStrike to use quality control checks on updates before sending them out. “It’s also a reminder of how important it is for all of us across the tech ecosystem to prioritize operating with safe deployment and disaster recovery using the mechanisms that exist,” Mr Weston said. The fall out from the IT glitch has been enormous and was already one of the worst cyber-incidents in history. The number given by Microsoft means it is probably the largest ever cyber-event, eclipsing all previous hacks and outages. The closest to this is the WannaCry cyber-attack in 2017 that is estimated to have impacted around 300,000 computers in 150 countries. There was a similar costly and disruptive attack called NotPetya a month later. There was also a major six-hour outage in 2021 at Meta, which runs Instagram, Facebook and WhatsApp. But that was largely contained to the social media giant and some linked partners. The massive outage has also prompted warnings by cyber-security experts and agencies around the world about a wave of opportunistic hacking attempts linked to the IT outage. Cyber agencies in the UK and Australia are warning people to be vigilant to fake emails, calls and websites that pretend to be official. And CrowdStrike head George Kurtz encouraged users to make sure they were speaking to official representatives from the company before downloading fixes. ""We know that adversaries and bad actors will try to exploit events like this,"" he said in a blog post. Whenever there is a major news event, especially one linked to technology, hackers respond by tweaking their existing methods to take into account the fear and uncertainty. According to researchers at Secureworks, there has already been a sharp rise in CrowdStrike-themed domain registrations – hackers registering new websites made to look official and potentially trick IT managers or members of the public into downloading malicious software or handing over private details. Cyber security agencies around the world have urged IT responders to only use CrowdStrike's website to source information and help. The advice is mainly for IT managers who are the ones being affected by this as they try to get their organisations back online. But individuals too might be targeted, so experts are warning to be to be hyper vigilante and only act on information from the official CrowdStrike channels. ",BBC,20/07/2024,"['Microsoft says it estimates that 8.5m computers around the world were disabled by the global IT outage.', 'It’s the first time a figure has been put on the incident and suggests it could be the worst cyber event in history.', 'The glitch came from a security company called CrowdStrike which sent out a corrupted software update to its huge number of customers.', 'Microsoft, which is helping customers recover said in a blog post: ""We currently estimate that CrowdStrike’s update affected 8.5 million Windows devices.""', 'The post by David Weston, vice-president at the firm, says this number is less than 1% of all Windows machines worldwide, but that ""the broad economic and societal impacts reflect the use of CrowdStrike by enterprises that run many critical services"".', 'The company can be very accurate on how many devices were disabled by the outage as it has performance telemetry to many by their internet connections.', 'The tech giant - which was keen to point out that this was not an issue with its software - says the incident highlights how important it is for companies such as CrowdStrike to use quality control checks on updates before sending them out. “', 'It’s also a reminder of how important it is for all of us across the tech ecosystem to prioritize operating with safe deployment and disaster recovery using the mechanisms that exist,” Mr Weston said.', 'The fall out from the IT glitch has been enormous and was already one of the worst cyber-incidents in history.', 'The number given by Microsoft means it is probably the largest ever cyber-event, eclipsing all previous hacks and outages.', 'The closest to this is the WannaCry cyber-attack in 2017 that is estimated to have impacted around 300,000 computers in 150 countries.', 'There was a similar costly and disruptive attack called NotPetya a month later.', 'There was also a major six-hour outage in 2021 at Meta, which runs Instagram, Facebook and WhatsApp.', 'But that was largely contained to the social media giant and some linked partners.', 'The massive outage has also prompted warnings by cyber-security experts and agencies around the world about a wave of opportunistic hacking attempts linked to the IT outage.', 'Cyber agencies in the UK and Australia are warning people to be vigilant to fake emails, calls and websites that pretend to be official.', 'And CrowdStrike head George Kurtz encouraged users to make sure they were speaking to official representatives from the company before downloading fixes. ""', 'We know that adversaries and bad actors will try to exploit events like this,"" he said in a blog post.', 'Whenever there is a major news event, especially one linked to technology, hackers respond by tweaking their existing methods to take into account the fear and uncertainty.', 'According to researchers at Secureworks, there has already been a sharp rise in CrowdStrike-themed domain registrations – hackers registering new websites made to look official and potentially trick IT managers or members of the public into downloading malicious software or handing over private details.', ""Cyber security agencies around the world have urged IT responders to only use CrowdStrike's website to source information and help."", 'The advice is mainly for IT managers who are the ones being affected by this as they try to get their organisations back online.', 'But individuals too might be targeted, so experts are warning to be to be hyper vigilante and only act on information from the official CrowdStrike channels.']",-0.1283445794896238,Cyber security agencies around the world have urged IT responders to only use CrowdStrike's website to source information and help.,There was a similar costly and disruptive attack called NotPetya a month later.,-0.3164451519648234,"According to researchers at Secureworks, there has already been a sharp rise in CrowdStrike-themed domain registrations – hackers registering new websites made to look official and potentially trick IT managers or members of the public into downloading malicious software or handing over private details.",The fall out from the IT glitch has been enormous and was already one of the worst cyber-incidents in history.,2024-07-21
Delta says the Olympics will cost it $100 million as travelers skip Paris,https://www.cnbc.com/2024/07/11/delta-paris-olympics-hit.html,2024-07-11T18:44:20+0000,"In this articleFor more than 10,000 Olympic athletes, making it to Paris this summer is a dream come true. Thousands of potential tourists feel otherwise.Delta Air Lines says travelers are avoiding the city this summer and booking to destinations elsewhere, amounting to a $100 million hit for the airline during an otherwise bustling summer for European travel, CEO Ed Bastian said.Delta's third-quarter profit and revenue forecast fell short of Wall Street expectations after airlines flooded the market with added flights. The airline reiterated its full-year outlook on Thursday.""Unless you're going to the Olympics, people aren't going to Paris ... very few are,"" Bastian told CNBC. ""Business travel, you know, other type of tourism is potentially going elsewhere.""Delta has the most service of any U.S. airline to Paris and holds a joint venture with Air France. Together, the two carriers have approximately 70% market share in nonstop service between the U.S. and France, according to consulting firm ICF.On July 1, Air France-KLM, the parent of Air France, forecast a revenue hit of as much as 180 million euros ($195.5 million) in June through August because of the Olympic Games.""International markets show a significant avoidance of Paris,"" the company said. ""Travel between the city and other destinations is also below the usual June-August average as residents in France seem to be postponing their holidays until after the Olympic Games or considering alternative travel plans.""Bastian said Paris demand after the Olympics, which run July 26 through August 11, will likely be strong. ""During the period itself there's a little bit of a hesitation,"" he said. Air France-KLM had a similar projection.One clear deterrent for mid-summer travel to Paris: Prices for hotel rooms are set to skyrocket.Hotel-data firm STR said revenue per available room for upscale hotels in the City of Light will soar as much as 45% in July and August from the year-earlier period. Meanwhile, it forecasts a 3% to 5% increase in the metric in London and 2% to 4% increase in Rome for the same months.Many travelers were already shifting their European vacations beyond the traditional summer travel season, Delta's president, Glen Hauenstein, said on an earnings call on Thursday. That gives airlines a chance to earn more revenue outside of traditional peak seasons.""We see the season extending as a whole group of people, whether or not it's retirees, whether or not it's people with double incomes and without children, who don't have the school concerns,"" he said. ""It's actually a better time to go to Europe in September and October than it is potentially in July and August when the weather is so hot and everything is so packed.""He also said Delta is seeing a boom in travel to Japan, thanks in large part to a favorable exchange rate for U.S. tourists.""When the yen was 83 [per U.S. dollar], it was very difficult to be able to afford to go see Japan and all the great things that Japan has to offer. With the yen at 160, it's a very different world for U.S. travelers and they seem to be taking great advantage of that,"" Hauenstein said.Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.",CNBC,11/07/2024,"['In this articleFor more than 10,000 Olympic athletes, making it to Paris this summer is a dream come true.', 'Thousands of potential tourists feel otherwise.', 'Delta Air Lines says travelers are avoiding the city this summer and booking to destinations elsewhere, amounting to a $100 million hit for the airline during an otherwise bustling summer for European travel, CEO Ed Bastian said.', ""Delta's third-quarter profit and revenue forecast fell short of Wall Street expectations after airlines flooded the market with added flights."", 'The airline reiterated its full-year outlook on Thursday.', '""Unless you\'re going to the Olympics, people aren\'t going to Paris ... very few are,"" Bastian told CNBC. ""', 'Business travel, you know, other type of tourism is potentially going elsewhere.', '""Delta has the most service of any U.S. airline to Paris and holds a joint venture with Air France.', 'Together, the two carriers have approximately 70% market share in nonstop service between the U.S. and France, according to consulting firm ICF.On July 1, Air France-KLM, the parent of Air France, forecast a revenue hit of as much as 180 million euros ($195.5 million) in June through August because of the Olympic Games.', '""International markets show a significant avoidance of Paris,"" the company said. ""', 'Travel between the city and other destinations is also below the usual June-August average as residents in France seem to be postponing their holidays until after the Olympic Games or considering alternative travel plans.', '""Bastian said Paris demand after the Olympics, which run July 26 through August 11, will likely be strong. ""', 'During the period itself there\'s a little bit of a hesitation,"" he said.', 'Air France-KLM had a similar projection.', 'One clear deterrent for mid-summer travel to Paris: Prices for hotel rooms are set to skyrocket.', 'Hotel-data firm STR said revenue per available room for upscale hotels in the City of Light will soar as much as 45% in July and August from the year-earlier period.', 'Meanwhile, it forecasts a 3% to 5% increase in the metric in London and 2% to 4% increase in Rome for the same months.', ""Many travelers were already shifting their European vacations beyond the traditional summer travel season, Delta's president, Glen Hauenstein, said on an earnings call on Thursday."", 'That gives airlines a chance to earn more revenue outside of traditional peak seasons.', '""We see the season extending as a whole group of people, whether or not it\'s retirees, whether or not it\'s people with double incomes and without children, who don\'t have the school concerns,"" he said. ""', ""It's actually a better time to go to Europe in September and October than it is potentially in July and August when the weather is so hot and everything is so packed."", '""He also said Delta is seeing a boom in travel to Japan, thanks in large part to a favorable exchange rate for U.S. tourists.', '""When the yen was 83 [per U.S. dollar], it was very difficult to be able to afford to go see Japan and all the great things that Japan has to offer.', 'With the yen at 160, it\'s a very different world for U.S. travelers and they seem to be taking great advantage of that,"" Hauenstein said.', 'Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics.', 'NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.']",0.1758530358221156,"With the yen at 160, it's a very different world for U.S. travelers and they seem to be taking great advantage of that,"" Hauenstein said.","Delta Air Lines says travelers are avoiding the city this summer and booking to destinations elsewhere, amounting to a $100 million hit for the airline during an otherwise bustling summer for European travel, CEO Ed Bastian said.",0.0673267722129821,"Meanwhile, it forecasts a 3% to 5% increase in the metric in London and 2% to 4% increase in Rome for the same months.",Delta's third-quarter profit and revenue forecast fell short of Wall Street expectations after airlines flooded the market with added flights.,2024-07-21
Disneyland workers want to strike - but love the magic,https://www.bbc.co.uk/news/articles/cv2gpx7pnwdo,2024-07-19T21:06:38.875Z,"Cynthia “Cyn” Carranza meticulously scavenged for a shady parking spot in the car she called home. The overnight custodian at Disneyland has to sleep during the day - a difficulty for anyone, let alone when you're living in your car with two dogs. Ms Carranza says she makes $20.65 an hour (about £15.99) at the park but last summer, she couldn't afford rent in this Southern California city where the average apartment can run more than $2,000 (about £1,550) a month. Ms Carranza teared up as she recounted the struggles of that summer, including sneaking for showers in Disneyland's costume department. She now shares a small apartment with her boyfriend, who also works at the park, but still makes barely enough to make ends meet. “That’s not something that anybody should experience working a full-time job for a company like Disney,” she told the BBC. Ms Carranza, like others who work at the park, detailed to the BBC the financial hardships that come with working at what’s supposed to be the “Happiest Place on Earth”. About 10,000 union workers at Disneyland - the first of 12 parks created around the globe - are threatening to strike over the wages and what they say are retaliatory anti-union practices. Hundreds of workers protested outside the park this week, with an array of signs and pins showing Mickey Mouse's gloved fist in defiance.  “Mickey would want fair pay,” workers chanted outside Disneyland near the park's gates.  They voted almost unanimously to authorise strike action on Friday, just days before union contract negotiations for workers are set to resume.  While the vote does not mean a strike is imminent, it could set workers up to act quickly if negotiations sour. Authorisation also gives the unions leverage as talks with Disney management continue again next week. The contract for cast members at Disneyland expired 16 June, and the current negotiations involves a coalition of unions that represent nearly 10,000 employees at the park, which includes everyone from those who work as characters and operate rides to sales, restaurant, and janitorial workers.  Union officials say about one in 10 Disneyland cast members have experienced homelessness while working at the park. A survey of employees showed 73% say they don't make enough to cover basic expenses each month and about a third said they experienced housing insecurity within the last year.  “We’re the ones who make the magic,” says L Slaughter, a host at the Toontown-themed part of the park. “We need Disney to pay us a liveable wage.” Ms Slaughter spent two years living in her car while working at the park. She now has a small apartment about an hour's drive from Disneyland.  She spent a lot of that time trying to find a safe parking spot to sleep, she says, adding that staff are not allowed to sleep in the Disneyland parking lots. “My rent just went up $200 and I won’t be able to make rent again,” she says. Ms Slaughter makes $19.90 an hour - thanks to a minimum wage mandate passed by city voters in 2018. Disney unsuccessfully fought the wage hike, but workers say it’s still not enough to survive in Southern California. A living wage calculator built by the Massachusetts Institute of Technology, or MIT, says a single person with no children would need to be paid $30.48 an hour to afford to live near Disneyland in Orange County, which is about 30 miles southeast of Los Angeles. Workers who talked to the BBC said they have kept their jobs at the park because they love the Disney brand, and they rely on the generous healthcare benefits and union-operated food bank, which some workers described as a saving-grace.  Disney says it is committed to negotiations with its “cast members” - the company's term for employees who play princesses and pirates as well as the chefs or janitors who maintain the park. ""We respect and value our cast members and recognize the important role they play in creating happiness for our guests,"" Disney said in a statement, adding that talks with the unions representing its workers will resume 22 July and they are committed to reaching a deal ""that focuses on what matters most to our current cast members, helps us attract new cast, and positions Disneyland Resort for growth and the creation of more jobs"". The last Disneyland strike was in 1984, and it lasted 22 days. Ms Carranza described the back-breaking work she does nightly at the park - cleaning, polishing, repairing floors and sometimes installing carpets. She said last summer living in her car was the lowest point in her life, and she credits her dogs with keeping her alive. “I know that they’re the reason why I’m still here, why I didn’t let go,"" she said. ""There were times when I questioned what I was doing here and how I was going to get back on my feet.""  But even with the small studio apartment Ms Carranza now has, she says she's still living paycheck-to-paycheck and sometimes can only afford to eat rice or noodles.  Although workers’ demands are economic, the vote to strike was called in response to complaints that workers were disciplined for wearing the Mickey badges and distributing union information in the park.  In June, the unions filed unfair labour practice charges with the National Labor Relations Board against Disney for “unlawful discipline, intimidation and surveillance of union members exercising their right to wear union buttons at work.” Colleen Palmer, one of the negotiators from Local UFCW 324, has worked at Disneyland for nearly 37 years and makes almost $24 an hour as a “merchandise hostess”. She says she wore her union badge for less than half an hour before management told her to take it off. Palmer says workers are responsible for the experience that customers enjoy at Disneyland, and that her loyalty and experience should be rewarded. She said workers believe the pay gap between the workers and the company’s executives is outrageous: Disney CEO Bob Iger’s compensation was $31.6 million in 2023 - hundreds of times the amount Disneyland cast members earn. “It makes me wonder, why don’t you want to recognize me? Because I’m making you that money, so that you can buy that sports team now,” she said, referring to news that Mr Iger and his wife had taken over the LA women’s soccer team, Angel City Football Club. The disparity between workers pay and management has been fuelling labour unrest in the United States. According to the left-leaning Economic Policy Institute, CEO compensation rose 1,460 percent between 1978 and 2021. Disneyland is a unique workplace. Many consider it a career, not a job, and workers are often also fans of the Disney brand - some call it the cult of Disney. Workers get perks like free admission to Disney parks for their family and friends. But they also say Disney is not flexible when they have a family crisis or get sick. Many have second and third jobs that Disneyland's unpredictable schedules make challenging to juggle. For students and retirees working part-time, it can be a dream job, but it no longer provides a living wage for people in and around Anaheim, a wealthy city whose biggest employer is Disney, workers say. “Without us, Disney would be like anywhere else,” says Morgan, who lived in motels around Disneyland for four years with his children and wanted to be identified by his middle name only. The breakup of Morgan’s marriage caused him to lose his housing and cheap motels were all he could afford with his Disney wages.  When his children were with their mother, he often slept outside and hid in shadows to avoid police or theft.  He now has a second full-time job as a recruiter - which he can do from home - and an apartment he can afford with the combined income. Still, he takes pride in his job selling Disney merchandise and says every cast member takes the job seriously. “It’s not the animatronics - it’s us. At least respect us enough to pay us a decent wage.” ",BBC,19/07/2024,"['Cynthia “Cyn” Carranza meticulously scavenged for a shady parking spot in the car she called home.', ""The overnight custodian at Disneyland has to sleep during the day - a difficulty for anyone, let alone when you're living in your car with two dogs."", ""Ms Carranza says she makes $20.65 an hour (about £15.99) at the park but last summer, she couldn't afford rent in this Southern California city where the average apartment can run more than $2,000 (about £1,550) a month."", ""Ms Carranza teared up as she recounted the struggles of that summer, including sneaking for showers in Disneyland's costume department."", 'She now shares a small apartment with her boyfriend, who also works at the park, but still makes barely enough to make ends meet. “', 'That’s not something that anybody should experience working a full-time job for a company like Disney,” she told the BBC.', 'Ms Carranza, like others who work at the park, detailed to the BBC the financial hardships that come with working at what’s supposed to be the “Happiest Place on Earth”.', 'About 10,000 union workers at Disneyland - the first of 12 parks created around the globe - are threatening to strike over the wages and what they say are retaliatory anti-union practices.', ""Hundreds of workers protested outside the park this week, with an array of signs and pins showing Mickey Mouse's gloved fist in defiance. “"", ""Mickey would want fair pay,” workers chanted outside Disneyland near the park's gates."", 'They voted almost unanimously to authorise strike action on Friday, just days before union contract negotiations for workers are set to resume.', 'While the vote does not mean a strike is imminent, it could set workers up to act quickly if negotiations sour.', 'Authorisation also gives the unions leverage as talks with Disney management continue again next week.', 'The contract for cast members at Disneyland expired 16 June, and the current negotiations involves a coalition of unions that represent nearly 10,000 employees at the park, which includes everyone from those who work as characters and operate rides to sales, restaurant, and janitorial workers.', 'Union officials say about one in 10 Disneyland cast members have experienced homelessness while working at the park.', ""A survey of employees showed 73% say they don't make enough to cover basic expenses each month and about a third said they experienced housing insecurity within the last year. “"", 'We’re the ones who make the magic,” says L Slaughter, a host at the Toontown-themed part of the park. “', 'We need Disney to pay us a liveable wage.”', 'Ms Slaughter spent two years living in her car while working at the park.', ""She now has a small apartment about an hour's drive from Disneyland."", 'She spent a lot of that time trying to find a safe parking spot to sleep, she says, adding that staff are not allowed to sleep in the Disneyland parking lots. “', 'My rent just went up $200 and I won’t be able to make rent again,” she says.', 'Ms Slaughter makes $19.90 an hour - thanks to a minimum wage mandate passed by city voters in 2018.', 'Disney unsuccessfully fought the wage hike, but workers say it’s still not enough to survive in Southern California.', 'A living wage calculator built by the Massachusetts Institute of Technology, or MIT, says a single person with no children would need to be paid $30.48 an hour to afford to live near Disneyland in Orange County, which is about 30 miles southeast of Los Angeles.', 'Workers who talked to the BBC said they have kept their jobs at the park because they love the Disney brand, and they rely on the generous healthcare benefits and union-operated food bank, which some workers described as a saving-grace.', 'Disney says it is committed to negotiations with its “cast members” - the company\'s term for employees who play princesses and pirates as well as the chefs or janitors who maintain the park. ""', 'We respect and value our cast members and recognize the important role they play in creating happiness for our guests,"" Disney said in a statement, adding that talks with the unions representing its workers will resume 22 July and they are committed to reaching a deal ""that focuses on what matters most to our current cast members, helps us attract new cast, and positions Disneyland Resort for growth and the creation of more jobs"".', 'The last Disneyland strike was in 1984, and it lasted 22 days.', 'Ms Carranza described the back-breaking work she does nightly at the park - cleaning, polishing, repairing floors and sometimes installing carpets.', 'She said last summer living in her car was the lowest point in her life, and she credits her dogs with keeping her alive. “', 'I know that they’re the reason why I’m still here, why I didn’t let go,"" she said. ""', 'There were times when I questioned what I was doing here and how I was going to get back on my feet.""', ""But even with the small studio apartment Ms Carranza now has, she says she's still living paycheck-to-paycheck and sometimes can only afford to eat rice or noodles."", 'Although workers’ demands are economic, the vote to strike was called in response to complaints that workers were disciplined for wearing the Mickey badges and distributing union information in the park.', 'In June, the unions filed unfair labour practice charges with the National Labor Relations Board against Disney for “unlawful discipline, intimidation and surveillance of union members exercising their right to wear union buttons at work.”', 'Colleen Palmer, one of the negotiators from Local UFCW 324, has worked at Disneyland for nearly 37 years and makes almost $24 an hour as a “merchandise hostess”.', 'She says she wore her union badge for less than half an hour before management told her to take it off.', 'Palmer says workers are responsible for the experience that customers enjoy at Disneyland, and that her loyalty and experience should be rewarded.', 'She said workers believe the pay gap between the workers and the company’s executives is outrageous: Disney CEO Bob Iger’s compensation was $31.6 million in 2023 - hundreds of times the amount Disneyland cast members earn. “', 'It makes me wonder, why don’t you want to recognize me?', 'Because I’m making you that money, so that you can buy that sports team now,” she said, referring to news that Mr Iger and his wife had taken over the LA women’s soccer team, Angel City Football Club.', 'The disparity between workers pay and management has been fuelling labour unrest in the United States.', 'According to the left-leaning Economic Policy Institute, CEO compensation rose 1,460 percent between 1978 and 2021.', 'Disneyland is a unique workplace.', 'Many consider it a career, not a job, and workers are often also fans of the Disney brand - some call it the cult of Disney.', 'Workers get perks like free admission to Disney parks for their family and friends.', 'But they also say Disney is not flexible when they have a family crisis or get sick.', ""Many have second and third jobs that Disneyland's unpredictable schedules make challenging to juggle."", 'For students and retirees working part-time, it can be a dream job, but it no longer provides a living wage for people in and around Anaheim, a wealthy city whose biggest employer is Disney, workers say. “', 'Without us, Disney would be like anywhere else,” says Morgan, who lived in motels around Disneyland for four years with his children and wanted to be identified by his middle name only.', 'The breakup of Morgan’s marriage caused him to lose his housing and cheap motels were all he could afford with his Disney wages.', 'When his children were with their mother, he often slept outside and hid in shadows to avoid police or theft.', 'He now has a second full-time job as a recruiter - which he can do from home - and an apartment he can afford with the combined income.', 'Still, he takes pride in his job selling Disney merchandise and says every cast member takes the job seriously. “', 'It’s not the animatronics - it’s us.', 'At least respect us enough to pay us a decent wage.”']",0.0500136968586186,"We respect and value our cast members and recognize the important role they play in creating happiness for our guests,"" Disney said in a statement, adding that talks with the unions representing its workers will resume 22 July and they are committed to reaching a deal ""that focuses on what matters most to our current cast members, helps us attract new cast, and positions Disneyland Resort for growth and the creation of more jobs"".",But they also say Disney is not flexible when they have a family crisis or get sick.,-0.2360192894935608,"According to the left-leaning Economic Policy Institute, CEO compensation rose 1,460 percent between 1978 and 2021.",The breakup of Morgan’s marriage caused him to lose his housing and cheap motels were all he could afford with his Disney wages.,2024-07-21
HMV boss claims more people buying DVDs and Blu-ray,https://www.bbc.co.uk/news/articles/c99wngrw4nxo,2024-07-21T14:23:43.857Z,"More shoppers are buying Blu-Ray and DVDs of movies and TV shows despite the rise in streaming platforms, the boss of HMV has claimed. Phil Halliday, managing director of HMV, said the retailer was in ""good health"" with all of its main product areas back in growth. His comments come after the revival of the High Street stalwart, which was saved from administration in 2019. Mr Halliday said that ""physical visual"" sales had increased, adding that ""4K and Blu-Ray have been doing particularly well"", but figures suggest sales across the industry are still declining. ""When streaming first came out I think a lot of people saw it as cheap and with huge breadth of choice, but I'm not sure people see it like that now,"" he said. ""People are willing to pay for a physical copy of shows or films they know they will rewatch."" The HMV boss compared the uptick in DVD sales to people buying and collecting CDs and vinyl records. A spokesman told the BBC its ""visual category"" was up 5% in the first half of 2024, ""with growth driven in particular by high-definition formats"". Figures suggest DVD and Blu-Ray sales are still falling generally. Era, the digital entertainment and retail association, said DVD and Blu-Ray dropped by 4.7% in the first half of 2024. The industry body added ""physical retail"" of video sales were £169.7m last year- down some 18.8% on 2022.. The rise of streaming platforms, such as Netflix and Amazon Prime have enabled households to access movies and TV shows without the need of having physical disks.  This has led to a steady decline of DVD and Blu-Ray sales in the past decade and some retailers, such as supermarket Sainsbury's, no longer sell CDs and DVDS due to dwindling returns. DVDs sales peaked in the early 2000s, Finding Nemo becoming the biggest-selling DVD of all time, Finding Nemo, when it was released in 2003, shifting 38.8m copies.  But there are still some people committed to buying physical movies and TV shows so they actually own a copy, and can access it when streaming services change content libraries or remove titles. The 4K Ultra HD version of Oppenheimer sold out the first week it went on sale in November last year, across all retailers, including Amazon, prompting Universal to say it was working to replenish stocks. ""There is a danger these days that if things only exist in the streaming version, they do get taken down. They come and go – as do broadcast versions of films....But the home video version is the thing that can always be there, so people can always access it,"" Christopher Nolan, director of Oppenheimer, told the Washington Post last year.  Alice Enders, head of research at Enders Analysis, told the BBC while streaming has become popular, ""the physical format never went away, as vinyl truly shows"". ""In Japan, the CD+DVD is still far ahead of digital because merchandise is a key part of the j-pop live experience and establishing a history at home is the ultimate homage,"" she said. ""HMV is not the only supplier benefitting from this resurgence of the hard copy, also seen in books."" HMV was bought in a rescue deal by Canadian music retail executive Doug Putman, owner of Sunrise Records, in 2019 after falling towards administration for the second time in less than a decade. Last year, the retailer reopened its flagship store in Oxford Street, London, following a four-year hiatus. The brand, named ""His Master's Voice"", was launched by English composer Edward Elgar in 1921, selling gramophones, radios and popular music hall recordings. Mr Halliday said the Oxford Street store has been performing well since it reopened. ""It's been a step up for the business,"" he said. ""The store is a big site and it's been really fun to work on it and bring it back to life properly. ""But it's important to say that we aren't just shops like Oxford Street. To be honest, our bread and butter is that we have so many brilliant stores in communities all across the UK. ""At the moment, I think we have really good coverage in terms of locations in the UK, and we're pleased with how they're trading right now."" ",BBC,21/07/2024,"['More shoppers are buying Blu-Ray and DVDs of movies and TV shows despite the rise in streaming platforms, the boss of HMV has claimed.', 'Phil Halliday, managing director of HMV, said the retailer was in ""good health"" with all of its main product areas back in growth.', 'His comments come after the revival of the High Street stalwart, which was saved from administration in 2019.', 'Mr Halliday said that ""physical visual"" sales had increased, adding that ""4K and Blu-Ray have been doing particularly well"", but figures suggest sales across the industry are still declining. ""', 'When streaming first came out I think a lot of people saw it as cheap and with huge breadth of choice, but I\'m not sure people see it like that now,"" he said. ""', 'People are willing to pay for a physical copy of shows or films they know they will rewatch.""', 'The HMV boss compared the uptick in DVD sales to people buying and collecting CDs and vinyl records.', 'A spokesman told the BBC its ""visual category"" was up 5% in the first half of 2024, ""with growth driven in particular by high-definition formats"".', 'Figures suggest DVD and Blu-Ray sales are still falling generally.', 'Era, the digital entertainment and retail association, said DVD and Blu-Ray dropped by 4.7% in the first half of 2024.', 'The industry body added ""physical retail"" of video sales were £169.7m last year- down some 18.8% on 2022.. The rise of streaming platforms, such as Netflix and Amazon Prime have enabled households to access movies and TV shows without the need of having physical disks.', ""This has led to a steady decline of DVD and Blu-Ray sales in the past decade and some retailers, such as supermarket Sainsbury's, no longer sell CDs and DVDS due to dwindling returns."", 'DVDs sales peaked in the early 2000s, Finding Nemo becoming the biggest-selling DVD of all time, Finding Nemo, when it was released in 2003, shifting 38.8m copies.', 'But there are still some people committed to buying physical movies and TV shows so they actually own a copy, and can access it when streaming services change content libraries or remove titles.', 'The 4K Ultra HD version of Oppenheimer sold out the first week it went on sale in November last year, across all retailers, including Amazon, prompting Universal to say it was working to replenish stocks. ""', 'There is a danger these days that if things only exist in the streaming version, they do get taken down.', 'They come and go – as do broadcast versions of films....But the home video version is the thing that can always be there, so people can always access it,"" Christopher Nolan, director of Oppenheimer, told the Washington Post last year.', 'Alice Enders, head of research at Enders Analysis, told the BBC while streaming has become popular, ""the physical format never went away, as vinyl truly shows"". ""', 'In Japan, the CD+DVD is still far ahead of digital because merchandise is a key part of the j-pop live experience and establishing a history at home is the ultimate homage,"" she said. ""', 'HMV is not the only supplier benefitting from this resurgence of the hard copy, also seen in books.""', 'HMV was bought in a rescue deal by Canadian music retail executive Doug Putman, owner of Sunrise Records, in 2019 after falling towards administration for the second time in less than a decade.', 'Last year, the retailer reopened its flagship store in Oxford Street, London, following a four-year hiatus.', 'The brand, named ""His Master\'s Voice"", was launched by English composer Edward Elgar in 1921, selling gramophones, radios and popular music hall recordings.', 'Mr Halliday said the Oxford Street store has been performing well since it reopened. ""', 'It\'s been a step up for the business,"" he said. ""', 'The store is a big site and it\'s been really fun to work on it and bring it back to life properly. ""', ""But it's important to say that we aren't just shops like Oxford Street."", 'To be honest, our bread and butter is that we have so many brilliant stores in communities all across the UK. ""', 'At the moment, I think we have really good coverage in terms of locations in the UK, and we\'re pleased with how they\'re trading right now.""']",0.252502773553436,"To be honest, our bread and butter is that we have so many brilliant stores in communities all across the UK. ""","There is a danger these days that if things only exist in the streaming version, they do get taken down.",0.3014348009053398,"A spokesman told the BBC its ""visual category"" was up 5% in the first half of 2024, ""with growth driven in particular by high-definition formats"".","The industry body added ""physical retail"" of video sales were £169.7m last year- down some 18.8% on 2022.. The rise of streaming platforms, such as Netflix and Amazon Prime have enabled households to access movies and TV shows without the need of having physical disks.",2024-07-21
Ford to spend $3 billion to expand large truck production to a plant previously set for EVs,https://www.cnbc.com/2024/07/18/ford-canada-large-truck-production.html,2024-07-18T18:41:53+0000,"In this articleDETROIT – Ford Motor will expand production of its large Super Duty trucks to a Canadian plant that was previously set to be converted into an all-electric vehicle hub.The new plans include investing about $3 billion to expand Super Duty production, including $2.3 billion at Ford's Oakville Assembly Complex in Ontario, Canada, Ford said Thursday. The remaining investment will be used to increase production at supporting facilities in the U.S. and Canada, the company said.Ford currently produces Super Duty trucks – the larger siblings of the F-150 full-size pickup used largely by commercial and business customers – at plants in Ohio and Kentucky.Ford said the Canadian plant, which is expected to come online in 2026, will add capacity of roughly 100,000 units annually.""Super Duty is a vital tool for businesses and people around the world and, even with our Kentucky Truck Plant and Ohio Assembly Plant running flat out, we can't meet the demand,"" Ford CEO Jim Farley said in a release. ""This move benefits our customers and supercharges our Ford Pro commercial business.""Investors responded favorably to the news, sending Ford stock to a new 52-week high before shares leveled off later in the day amid a broader market decline.UBS' Joseph Spak was among the analysts to applaud the additional investment in the highly profitable Super Duty models compared to money-losing EVs amid slower-than-expected adoption of electric cars and trucks.""We believe this shows management's confidence in more sustainable demand for Ford Pro vehicles,"" he said Thursday in an investor note. ""The [internal combustion engine] investment over EV investment should be viewed positively.""Ford had previously announced plans to invest $1.3 billion into the Canadian plant for EV production. Those plans included a new three-row SUV, which the company recently delayed until 2027.The announcement comes weeks after Farley said full electrification of ""big, huge, enormous"" vehicles such as Ford's Super Duty trucks was ""never going to make money.""Ford said it has plans to ""electrify"" the next generation of its Super Duty trucks, however it declined Thursday to disclose additional details.The company said the move supports Farley's Ford+ blueprint for profitable growth, including maximizing Ford's manufacturing footprint. It's the latest pullback for the restructuring plan involving EVs, however the automaker said it still plans to produce the three-row EV at an unspecified plant, starting in 2027.The Ford+ plan initially focused heavily on EVs when it was announced in May 2021 during the company's first investor day under Farley, who took over the helm of the automaker in October 2020.At the time, there was significant optimism around all-electric vehicle adoption and potential profitability that have not materialized as quickly as many had expected.Ford's initial plan called for almost half of its global sales to be electric by 2030, fueled by more than $30 billion in investments in EVs through 2025. It's unclear how much capital the company has spent on EVs to date. Its plans have changed several times, and its ""Model e"" EV unit lost $4.7 billion in 2023.While Ford's EV unit loses billions of dollars, its Ford Pro commercial business including its Super Duty trucks earned $7.2 billion before interest and taxes in 2023.The Ford+ plan also included a target of 8% earnings before interest and tax, or EBIT, profit margin for the EV unit by the end of 2026. Ford withdrew that target earlier this year. It would have been a massive turnaround from a profit margin of roughly negative 40% in 2022.Ford said the new Super Duty production will initially secure approximately 1,800 Canadian jobs at the Oakville Assembly Complex, 400 more than would initially have been needed to produce the three-row EV.",CNBC,18/07/2024,"['In this articleDETROIT – Ford Motor will expand production of its large Super Duty trucks to a Canadian plant that was previously set to be converted into an all-electric vehicle hub.', ""The new plans include investing about $3 billion to expand Super Duty production, including $2.3 billion at Ford's Oakville Assembly Complex in Ontario, Canada, Ford said Thursday."", 'The remaining investment will be used to increase production at supporting facilities in the U.S. and Canada, the company said.', 'Ford currently produces Super Duty trucks – the larger siblings of the F-150 full-size pickup used largely by commercial and business customers – at plants in Ohio and Kentucky.', 'Ford said the Canadian plant, which is expected to come online in 2026, will add capacity of roughly 100,000 units annually.', '""Super Duty is a vital tool for businesses and people around the world and, even with our Kentucky Truck Plant and Ohio Assembly Plant running flat out, we can\'t meet the demand,"" Ford CEO Jim Farley said in a release. ""', 'This move benefits our customers and supercharges our Ford Pro commercial business.', '""Investors responded favorably to the news, sending Ford stock to a new 52-week high before shares leveled off later in the day amid a broader market decline.', ""UBS' Joseph Spak was among the analysts to applaud the additional investment in the highly profitable Super Duty models compared to money-losing EVs amid slower-than-expected adoption of electric cars and trucks."", '""We believe this shows management\'s confidence in more sustainable demand for Ford Pro vehicles,"" he said Thursday in an investor note. ""', 'The [internal combustion engine] investment over EV investment should be viewed positively.', '""Ford had previously announced plans to invest $1.3 billion into the Canadian plant for EV production.', 'Those plans included a new three-row SUV, which the company recently delayed until 2027.The announcement comes weeks after Farley said full electrification of ""big, huge, enormous"" vehicles such as Ford\'s Super Duty trucks was ""never going to make money.', '""Ford said it has plans to ""electrify"" the next generation of its Super Duty trucks, however it declined Thursday to disclose additional details.', ""The company said the move supports Farley's Ford+ blueprint for profitable growth, including maximizing Ford's manufacturing footprint."", ""It's the latest pullback for the restructuring plan involving EVs, however the automaker said it still plans to produce the three-row EV at an unspecified plant, starting in 2027.The Ford+ plan initially focused heavily on EVs when it was announced in May 2021 during the company's first investor day under Farley, who took over the helm of the automaker in October 2020.At the time, there was significant optimism around all-electric vehicle adoption and potential profitability that have not materialized as quickly as many had expected."", ""Ford's initial plan called for almost half of its global sales to be electric by 2030, fueled by more than $30 billion in investments in EVs through 2025."", ""It's unclear how much capital the company has spent on EVs to date."", 'Its plans have changed several times, and its ""Model e"" EV unit lost $4.7 billion in 2023.While Ford\'s EV unit loses billions of dollars, its Ford Pro commercial business including its Super Duty trucks earned $7.2 billion before interest and taxes in 2023.The Ford+ plan also included a target of 8% earnings before interest and tax, or EBIT, profit margin for the EV unit by the end of 2026.', 'Ford withdrew that target earlier this year.', 'It would have been a massive turnaround from a profit margin of roughly negative 40% in 2022.Ford said the new Super Duty production will initially secure approximately 1,800 Canadian jobs at the Oakville Assembly Complex, 400 more than would initially have been needed to produce the three-row EV.']",0.4869136342356719,"Its plans have changed several times, and its ""Model e"" EV unit lost $4.7 billion in 2023.While Ford's EV unit loses billions of dollars, its Ford Pro commercial business including its Super Duty trucks earned $7.2 billion before interest and taxes in 2023.The Ford+ plan also included a target of 8% earnings before interest and tax, or EBIT, profit margin for the EV unit by the end of 2026.",It's unclear how much capital the company has spent on EVs to date.,0.3484998246033986,"The company said the move supports Farley's Ford+ blueprint for profitable growth, including maximizing Ford's manufacturing footprint.","Its plans have changed several times, and its ""Model e"" EV unit lost $4.7 billion in 2023.While Ford's EV unit loses billions of dollars, its Ford Pro commercial business including its Super Duty trucks earned $7.2 billion before interest and taxes in 2023.The Ford+ plan also included a target of 8% earnings before interest and tax, or EBIT, profit margin for the EV unit by the end of 2026.",2024-07-21
Bank of America shares jump 5% after saying net interest income rebound is coming,https://www.cnbc.com/2024/07/16/bank-of-america-bac-earnings-q2-2024.html,2024-07-16T20:27:41+0000,"In this articleBank of America on Tuesday said second-quarter revenue and profit topped expectations on rising investment banking and asset management fees.Here's what the company reported:The bank said profit slipped 6.9% from the year earlier period to $6.9 billion, or 83 cents a share, as the company's net interest income declined amid higher interest rates. Revenue climbed less than 1% to $25.54 billion.The firm was helped by a 29% increase in investment banking fees to $1.56 billion, edging out the $1.51 billion StreetAccount estimate. Asset management fees rose 14% to $3.37 billion, buoyed by higher stock market values, helping the firm's wealth management division post a 6.3% increase in revenue to $5.57 billion, essentially matching the estimate.Net interest income slipped 3% to $13.86 billion, also matching the StreetAccount estimate.But new guidance on the measure, known as NII, gave investors confidence that a turnaround is in the making. NII is one of the main ways that banks earn money.The measure, which is the difference between what a bank earns on loans and what it pays depositors for their savings, will rise to about $14.5 billion in the fourth quarter of this year, Bank of America said in a slide presentation.That confirms what executives previously told investors, which is that net interest income would probably bottom in the second quarter.Wells Fargo shares fell on Friday when it posted disappointing NII figures, showing how much investors are fixated on the metric.Shares of Bank of America climbed 5.4%, aided by the NII guidance.Last week, JPMorgan Chase, Wells Fargo and Citigroup each topped expectations for revenue and profit, a streak continued by Goldman Sachs on Monday, helped by a rebound in Wall Street activity.",CNBC,16/07/2024,"['In this articleBank of America on Tuesday said second-quarter revenue and profit topped expectations on rising investment banking and asset management fees.', ""Here's what the company reported:The bank said profit slipped 6.9% from the year earlier period to $6.9 billion, or 83 cents a share, as the company's net interest income declined amid higher interest rates."", 'Revenue climbed less than 1% to $25.54 billion.', 'The firm was helped by a 29% increase in investment banking fees to $1.56 billion, edging out the $1.51 billion StreetAccount estimate.', ""Asset management fees rose 14% to $3.37 billion, buoyed by higher stock market values, helping the firm's wealth management division post a 6.3% increase in revenue to $5.57 billion, essentially matching the estimate."", 'Net interest income slipped 3% to $13.86 billion, also matching the StreetAccount estimate.', 'But new guidance on the measure, known as NII, gave investors confidence that a turnaround is in the making.', 'NII is one of the main ways that banks earn money.', 'The measure, which is the difference between what a bank earns on loans and what it pays depositors for their savings, will rise to about $14.5 billion in the fourth quarter of this year, Bank of America said in a slide presentation.', 'That confirms what executives previously told investors, which is that net interest income would probably bottom in the second quarter.', 'Wells Fargo shares fell on Friday when it posted disappointing NII figures, showing how much investors are fixated on the metric.', 'Shares of Bank of America climbed 5.4%, aided by the NII guidance.', 'Last week, JPMorgan Chase,Wells Fargoand Citigroup each topped expectations for revenue and profit, a streak continued by Goldman Sachs on Monday, helped by a rebound in Wall Street activity.']",0.4024516582040477,"Asset management fees rose 14% to $3.37 billion, buoyed by higher stock market values, helping the firm's wealth management division post a 6.3% increase in revenue to $5.57 billion, essentially matching the estimate.",,0.333440234263738,In this articleBank of America on Tuesday said second-quarter revenue and profit topped expectations on rising investment banking and asset management fees.,"Wells Fargo shares fell on Friday when it posted disappointing NII figures, showing how much investors are fixated on the metric.",2024-07-21
"NBA sends media terms to Warner Bros. Discovery, officially starting five-day match period",https://www.cnbc.com/2024/07/18/nba-media-rights-warner-bros-discovery-match-period.html,2024-07-18T20:19:18+0000,"In this articleWith National Basketball Association media rights approaching final form, Warner Bros. Discovery is about to make its play.The league has sent official terms of its proposed new media rights contacts to Warner Bros. Discovery, starting a five-day period where the media company can choose to match a package of broadcasting rights.A TNT spokesperson confirmed the receipt of the documents and acknowledged the company is currently reviewing the terms. Warner Bros. Discovery received the contract framework on Wednesday night, according to people familiar with the matter, who asked not to be named because the details are private.The media rights deal, as currently constructed, includes deals with Disney, Comcast's NBCUniversal and Amazon for three different packages of games, totaling $76 billion over 11 years, beginning with the 2025-26 season. It also includes WNBA games, which is worth $2.2 billion of the total sum.Warner Bros. Discovery intends to match a package of games that has been slotted for Amazon, as CNBC first reported in May, which includes both playoff games and the the in-season tournament, according to the people familiar. Amazon signed a deal with the NBA to pay $1.8 billion per year for its package, they said.When Warner Bros. Discovery formally announces its intention to match, it's unclear what will happen next. The NBA may or may not have the right to reject Warner Bros. Discovery's matching rights, and the league has been working with its lawyers for months in preparation of a potential lawsuit, according to people familiar with the matter.Warner Bros. Discovery's Turner Sports has been a broadcast partner of the NBA for almost 40 years. The company plans to argue that its matching rights — a holdover from its current media rights deal — applies to Amazon's package of games, even though that package has been earmarked for a streaming-only service. Along with its cable network TNT, Warner Bros. Discovery owns Max, a competitor to Amazon's Prime Video.Still, Max has fewer subscribers than Prime Video, at about 100 million versus Prime's more than 200 million monthly global subscribers. The streaming rights that are part of the Amazon package are global in nature, one of the people said.TNT is also the home to ""Inside the NBA,"" the popular NBA studio show featuring Ernie Johnson, Charles Barkley, Kenny Smith and Shaquille O'Neal. Barkley has already said he plans to retire from the show after next season no matter the outcome of the media rights deal.""I don't have a sense of that,"" said NBA Commissioner Adam Silver earlier this week at a press conference when asked what may or may not happen with regard to Warner Bros. Discovery or the NBA's own network, NBA TV, which is operated by TNT Sports. ""We'll see.""Losing the NBA would be a blow for Warner Bros. Discovery, which could lose about $600 million in profit from advertising and a potential decrease in cable affiliate fees if it loses the NBA, Wolfe Research media and entertainment analyst Peter Supino told MarketWatch earlier this week.Warner Bros. Discovery shares have fallen 23% this year.""I apologize that this has been a prolonged process, because I know they're committed to their jobs,"" Silver said last month of Warner Bros. Discovery employees who work on NBA programming. ""I know people who work in this industry, it's a large part of their identity and their family's identity, and no one likes this uncertainty. I think it's on the league office to bring these negotiations to a head and conclude them as quickly as we can.""Disclosure: Comcast's NBCUniversal is the parent company of CNBC.",CNBC,18/07/2024,"['In this articleWith National Basketball Association media rights approaching final form, Warner Bros. Discovery is about to make its play.', 'The league has sent official terms of its proposed new media rights contacts to Warner Bros. Discovery, starting a five-day period where the media company can choose to match a package of broadcasting rights.', 'A TNT spokesperson confirmed the receipt of the documents and acknowledged the company is currently reviewing the terms.', 'Warner Bros. Discovery received the contract framework on Wednesday night, according to people familiar with the matter, who asked not to be named because the details are private.', ""The media rights deal, as currently constructed, includes deals with Disney, Comcast's NBCUniversal and Amazon for three different packages of games, totaling $76 billion over 11 years, beginning with the 2025-26 season."", 'It also includes WNBA games, which is worth $2.2 billion of the total sum.', 'Warner Bros. Discovery intends to match a package of games that has been slotted for Amazon, as CNBC first reported in May, which includes both playoff games and the the in-season tournament, according to the people familiar.', 'Amazon signed a deal with the NBA to pay $1.8 billion per year for its package, they said.', ""When Warner Bros. Discovery formally announces its intention to match, it's unclear what will happen next."", ""The NBA may or may not have the right to reject Warner Bros. Discovery's matching rights, and the league has been working with its lawyers for months in preparation of a potential lawsuit, according to people familiar with the matter."", ""Warner Bros. Discovery's Turner Sports has been a broadcast partner of the NBA for almost 40 years."", ""The company plans to argue that its matching rights — a holdover from its current media rights deal — applies to Amazon's package of games, even though that package has been earmarked for a streaming-only service."", ""Along with its cable network TNT, Warner Bros. Discovery owns Max, a competitor to Amazon's Prime Video."", ""Still, Max has fewer subscribers than Prime Video, at about 100 million versus Prime's more than 200 million monthly global subscribers."", 'The streaming rights that are part of the Amazon package are global in nature, one of the people said.', 'TNT is also the home to ""Inside the NBA,"" the popular NBA studio show featuring Ernie Johnson, Charles Barkley, Kenny Smith and Shaquille O\'Neal.', 'Barkley has already said he plans to retire from the show after next season no matter the outcome of the media rights deal.', '""I don\'t have a sense of that,"" said NBA Commissioner Adam Silver earlier this week at a press conference when asked what may or may not happen with regard to Warner Bros. Discovery or the NBA\'s own network, NBA TV, which is operated by TNT Sports. ""', ""We'll see."", '""Losing the NBA would be a blow for Warner Bros. Discovery, which could lose about $600 million in profit from advertising and a potential decrease in cable affiliate fees if it loses the NBA, Wolfe Research media and entertainment analyst Peter Supino told MarketWatch earlier this week.', 'Warner Bros. Discovery shares have fallen 23% this year.', '""I apologize that this has been a prolonged process, because I know they\'re committed to their jobs,"" Silver said last month of Warner Bros. Discovery employees who work on NBA programming. ""', ""I know people who work in this industry, it's a large part of their identity and their family's identity, and no one likes this uncertainty."", ""I think it's on the league office to bring these negotiations to a head and conclude them as quickly as we can."", '""Disclosure: Comcast\'s NBCUniversal is the parent company of CNBC.']",0.0165650987808079,"TNT is also the home to ""Inside the NBA,"" the popular NBA studio show featuring Ernie Johnson, Charles Barkley, Kenny Smith and Shaquille O'Neal.","The NBA may or may not have the right to reject Warner Bros. Discovery's matching rights, and the league has been working with its lawyers for months in preparation of a potential lawsuit, according to people familiar with the matter.",-0.4701328724622726,"Amazon signed a deal with the NBA to pay $1.8 billion per year for its package, they said.",Warner Bros. Discovery shares have fallen 23% this year.,2024-07-21
The Mirage closes in Las Vegas to make way for Hard Rock Guitar Hotel,https://www.cnbc.com/2024/07/17/the-mirage-closes-in-las-vegas-to-make-way-for-hard-rock-guitar-hotel.html,2024-07-17T20:22:17+0000,"It's the end of an era. The Mirage is closing its doors after 35 years to make way for Hard Rock's new Guitar hotel. The latest turnover in Las Vegas marks a new chapter for the destination city, where sports and entertainment are a bigger draw than the gambling for tourists.Hard Rock International Chairman Jim Allen told CNBC he's humbled and feels fortunate to be remaking the legendary integrated resort. ""When Steve and Elaine Wynn opened the Mirage in December of 1989, it changed not just Las Vegas, but it changed the way people look at gaming. It became a true destination,"" Allen said.The Mirage was the Wynns' first megaresort, the largest hotel in the world at that point. This week, Steve Wynn wrote a tribute to the ground-breaking property, as reported in the Las Vegas Review-Journal.""In the prior 16 years, no completely new hotel had been built in Las Vegas,"" Wynn wrote. ""However, in the next decade following the 1989 arrival of Mirage, we rushed into a virtual doubling of the town's capacity and became the fastest growing city in America. To call The Mirage a catalyst would be an understatement.""The themed resorts that followed hearken to another place and time. Excalibur, Luxor and New York-New York largely now cater to budget-minded visitors and families. Paris Las Vegas offers views of a replica Eiffel Tower. The Venetian attracts tourists with replica canals and gondolas. Caesars Palace with its replica of Michelangelo's David set the early standard for themed resorts when it opened in 1966. But the future is in luxury touch points, access to high-end dining, boast-worthy entertainment and high-priced sports packages. And Hard Rock International has lots of experience providing it, in Florida; Atlantic City, New Jersey; New York; – and in 70 countries around the world. The gambling and entertainment company, owned by the Seminole Tribe of Florida, bought The Mirage from MGM Resorts in December 2022.VICI Properties, a gaming real estate investment trust and the largest property owner on the Las Vegas Strip, owns The Mirage buildings and land, and says it will partner with Hard Rock to bring the new resort to life.Hard Rock will model its Las Vegas renovation on its highly successful Guitar Hotel at Seminole Hard Rock Hollywood in South Florida. Throughout the Sunshine State, Hard Rock enjoys a near monopoly on gambling. But in Las Vegas, competition is fierce. Staying relevant on the Strip requires frequent room renovations, facilities upgrades, and new amenities to attract not only bachelor parties and girls' weekends, but also the midweek bread-and-butter convention crowd.   On Monday Susquehanna gaming analyst Joe Stauff wrote, ""It seems to us that MGM is stepping up its investment in Las Vegas to maximize the benefits of its portfolio positioning that surrounds all the sports venues.""    In the same note, Stauff criticized Caesars for being stingy with its investments in Strip properties and downgraded Caesars stock from a neutral rating to negative.Caesars is scheduled to post second-quarter earnings on July 30. MGM Resorts International reports a day later.When the Mirage ceases operations Wednesday, 3,000 employees will lose their jobs.Allen told CNBC he hopes to rehire many of them when the new resort launches. The company is scheduling a spring 2027 reopening.""I think the world is going to be shocked at some of the artists that we're already talking to for long-term residency,"" Allen said.While Hard Rock's entry to the Las Vegas Strip may provide stiff new competition when it reopens, its closure in the meantime could give its neighbors a boost. CBRE analyst John DeCree estimates the Mirage closure will take nearly a million room nights out of circulation annually.The Strip lost another 400,000 room nights annually when the Tropicana closed in April and is slated for demolition to make way for a new integrated resort and baseball stadium to host the A's of Major League Baseball.In total, 4.9% of the available rooms temporarily disappear at a time when room rates and visitation continue to set records.",CNBC,17/07/2024,"[""It's the end of an era."", ""The Mirage is closing its doors after 35 years to make way for Hard Rock's new Guitar hotel."", 'The latest turnover in Las Vegas marks a new chapter for the destination city, where sports and entertainment are a bigger draw than the gambling for tourists.', ""Hard Rock International Chairman Jim Allen told CNBC he's humbled and feels fortunate to be remaking the legendary integrated resort."", '""When Steve and Elaine Wynn opened the Mirage in December of 1989, it changed not just Las Vegas, but it changed the way people look at gaming.', 'It became a true destination,"" Allen said.', ""The Mirage was the Wynns' first megaresort, the largest hotel in the world at that point."", 'This week, Steve Wynn wrote a tribute to the ground-breaking property, as reported in the Las Vegas Review-Journal.', '""In the prior 16 years, no completely new hotel had been built in Las Vegas,"" Wynn wrote. ""', ""However, in the next decade following the 1989 arrival of Mirage, we rushed into a virtual doubling of the town's capacity and became the fastest growing city in America."", 'To call The Mirage a catalyst would be an understatement.', '""The themed resorts that followed hearken to another place and time.', 'Excalibur, Luxor and New York-New York largely now cater to budget-minded visitors and families.', 'Paris Las Vegas offers views of a replica Eiffel Tower.', 'The Venetian attracts tourists with replica canals and gondolas.', ""Caesars Palace with its replica of Michelangelo's David set the early standard for themed resorts when it opened in 1966.But the future is in luxury touch points, access to high-end dining, boast-worthy entertainment and high-priced sports packages."", 'And Hard Rock International has lots of experience providing it, in Florida; Atlantic City, New Jersey; New York; – and in 70 countries around the world.', 'The gambling and entertainment company, owned by the Seminole Tribe of Florida, bought The Mirage from MGM Resorts in December 2022.VICI Properties, a gaming real estate investment trust and the largest property owner on the Las Vegas Strip, owns The Mirage buildings and land, and says it will partner with Hard Rock to bring the new resort to life.', 'Hard Rock will model its Las Vegas renovation on its highly successful Guitar Hotel at Seminole Hard Rock Hollywood in South Florida.', 'Throughout the Sunshine State, Hard Rock enjoys a near monopoly on gambling.', 'But in Las Vegas, competition is fierce.', ""Staying relevant on the Strip requires frequent room renovations, facilities upgrades, and new amenities to attract not only bachelor parties and girls' weekends, but also the midweek bread-and-butter convention crowd."", 'On Monday Susquehanna gaming analyst Joe Stauff wrote, ""It seems to us that MGM is stepping up its investment in Las Vegas to maximize the benefits of its portfolio positioning that surrounds all the sports venues.""', 'In the same note, Stauff criticized Caesars for being stingy with its investments in Strip properties and downgraded Caesars stock from a neutral rating to negative.', 'Caesars is scheduled to post second-quarter earnings on July 30.', 'MGM Resorts International reports a day later.', 'When the Mirage ceases operations Wednesday, 3,000 employees will lose their jobs.', 'Allen told CNBC he hopes to rehire many of them when the new resort launches.', 'The company is scheduling a spring 2027 reopening.', '""I think the world is going to be shocked at some of the artists that we\'re already talking to for long-term residency,"" Allen said.', ""While Hard Rock's entry to the Las Vegas Strip may provide stiff new competition when it reopens, its closure in the meantime could give its neighbors a boost."", 'CBRE analyst John DeCree estimates the Mirage closure will take nearly a million room nights out of circulation annually.', ""The Strip lost another 400,000 room nights annually when the Tropicana closed in April and is slated for demolition to make way for a new integrated resort and baseball stadium to host the A's of Major League Baseball."", 'In total, 4.9% of the available rooms temporarily disappear at a time when room rates and visitation continue to set records.']",0.0869643736574564,"Throughout the Sunshine State, Hard Rock enjoys a near monopoly on gambling.","In the same note, Stauff criticized Caesars for being stingy with its investments in Strip properties and downgraded Caesars stock from a neutral rating to negative.",0.2546630576252937,"On Monday Susquehanna gaming analyst Joe Stauff wrote, ""It seems to us that MGM is stepping up its investment in Las Vegas to maximize the benefits of its portfolio positioning that surrounds all the sports venues.""","In the same note, Stauff criticized Caesars for being stingy with its investments in Strip properties and downgraded Caesars stock from a neutral rating to negative.",2024-07-21
"SpaceX’s Falcon 9 rocket suffers rare inflight failure, is grounded during investigation",https://www.cnbc.com/2024/07/12/spacex-falcon-9-rocket-grounded-after-rare-inflight-failure.html,2024-07-12T17:32:12+0000,"SpaceX's Falcon 9 rocket is grounded, pending an incident investigation, after an inflight failure — a rare misfire for the company's workhorse vehicle.The mission, known as ""Starlink Group 9-3,"" launched from California's Vandenberg Space Force Base on Thursday evening and was carrying 20 satellites bound for low Earth orbit.The rocket's lower first stage, or booster, operated as expected before returning to land. But the rocket's upper second stage failed to reignite its engine as planned and was destroyed, SpaceX CEO Elon Musk confirmed.""Upper stage restart to raise perigee resulted in an engine RUD for reasons currently unknown,"" Musk wrote in a post on social media. RUD, or ""rapid unscheduled disassembly,"" is a term SpaceX uses to refer to an explosive or destructive event. The company said in a later update that the engine failure came after a leak of liquid oxygen in the second stage.Falcon 9 is grounded until the Federal Aviation Administration signs off on SpaceX's investigation of the incident, the federal regulator confirmed.""The FAA will be involved in every step of the investigation process and must approve SpaceX's final report, including any corrective actions,"" the agency said in a statement to CNBC.The Starlink mission was the 69th Falcon 9 launch of the year — with the company averaging a blistering pace of a launch every two to three days in 2024 — but the investigation will likely delay launches planned in the weeks ahead, including two crewed missions: The private Polaris Dawn and NASA's Crew-9.Sign up here to receive weekly editions of CNBC's Investing in Space newsletter.SpaceX still deployed the 20 Starlink satellites but noted that the second stage engine failure means the satellites were in ""a lower than intended orbit."" In an update Friday afternoon, the company said it made contact with 10 of the satellites in an effort to use the satellites onboard thrusters to climb higher in orbit.Despite the attempted recovery, SpaceX confirmed that the ""enormously high-drag environment"" from being in the wrong, lower orbit means the satellites will not be recovered. The 20 satellites will re-enter the Earth's atmosphere and burn up.""They do not pose a threat to other satellites in orbit or to public safety,"" the company wrote in a statement on its website.Falcon 9 has been on an unrivaled run of success for nearly a decade, chocking up more than 300 consecutive successful orbital launches since its previous inflight failure in June 2015, during the NASA cargo mission CRS-7.In total, SpaceX's Falcon 9 has launched 354 missions to orbit, with more than 300 of those featuring successful landings and resulting in the reuse of rocket boosters more than 280 times.",CNBC,12/07/2024,"[""SpaceX's Falcon 9 rocket is grounded, pending an incident investigation, after an inflight failure — a rare misfire for the company's workhorse vehicle."", 'The mission, known as ""Starlink Group 9-3,"" launched from California\'s Vandenberg Space Force Base on Thursday evening and was carrying 20 satellites bound for low Earth orbit.', ""The rocket's lower first stage, or booster, operated as expected before returning to land."", ""But the rocket's upper second stage failed to reignite its engine as planned and was destroyed, SpaceX CEO Elon Musk confirmed."", '""Upper stage restart to raise perigee resulted in an engine RUD for reasons currently unknown,"" Musk wrote in a post on social media.', 'RUD, or ""rapid unscheduled disassembly,"" is a term SpaceX uses to refer to an explosive or destructive event.', 'The company said in a later update that the engine failure came after a leak of liquid oxygen in the second stage.', ""Falcon 9 is grounded until the Federal Aviation Administration signs off on SpaceX's investigation of the incident, the federal regulator confirmed."", '""The FAA will be involved in every step of the investigation process and must approve SpaceX\'s final report, including any corrective actions,"" the agency said in a statement to CNBC.The Starlink mission was the 69th Falcon 9 launch of the year — with the company averaging a blistering pace of a launch every two to three days in 2024 — but the investigation will likely delay launches planned in the weeks ahead, including two crewed missions: The private Polaris Dawn and NASA\'s Crew-9.Sign up here to receive weekly editions of CNBC\'s Investing in Space newsletter.', 'SpaceX still deployed the 20 Starlink satellites but noted that the second stage engine failure means the satellites were in ""a lower than intended orbit.""', 'In an update Friday afternoon, the company said it made contact with 10 of the satellites in an effort to use the satellites onboard thrusters to climb higher in orbit.', 'Despite the attempted recovery, SpaceX confirmed that the ""enormously high-drag environment"" from being in the wrong, lower orbit means the satellites will not be recovered.', ""The 20 satellites will re-enter the Earth's atmosphere and burn up."", '""They do not pose a threat to other satellites in orbit or to public safety,"" the company wrote in a statement on its website.', ""Falcon 9 has been on an unrivaled run of success for nearly a decade, chocking up more than 300 consecutive successful orbital launches since its previous inflight failure in June 2015, during the NASA cargo mission CRS-7.In total, SpaceX's Falcon 9 has launched 354 missions to orbit, with more than 300 of those featuring successful landings and resulting in the reuse of rocket boosters more than 280 times.""]",-0.2401648490956937,"Falcon 9 has been on an unrivaled run of success for nearly a decade, chocking up more than 300 consecutive successful orbital launches since its previous inflight failure in June 2015, during the NASA cargo mission CRS-7.In total, SpaceX's Falcon 9 has launched 354 missions to orbit, with more than 300 of those featuring successful landings and resulting in the reuse of rocket boosters more than 280 times.","But the rocket's upper second stage failed to reignite its engine as planned and was destroyed, SpaceX CEO Elon Musk confirmed.",-0.6828810742923191,"Falcon 9 has been on an unrivaled run of success for nearly a decade, chocking up more than 300 consecutive successful orbital launches since its previous inflight failure in June 2015, during the NASA cargo mission CRS-7.In total, SpaceX's Falcon 9 has launched 354 missions to orbit, with more than 300 of those featuring successful landings and resulting in the reuse of rocket boosters more than 280 times.","""Upper stage restart to raise perigee resulted in an engine RUD for reasons currently unknown,"" Musk wrote in a post on social media.",2024-07-21
"Royal Caribbean leans into shorter cruises, more experiences to capture travel demand",https://www.cnbc.com/2024/07/16/royal-caribbean-leans-into-shorter-cruises-more-experiences.html,2024-07-17T23:22:59+0000,"In this articleWith consumers getting more selective on how and where they vacation, cruise lines are fighting for Americans' tourist budgets. Royal Caribbean thinks shortening trips and packing the days with activities and exclusive opportunities will keep customers hooked.""I think we are an experience-driven mindset,"" Royal Caribbean CEO Jason Liberty told CNBC's ""Squawk on the Street"" this week. ""Over half of our guests are actually millennials or younger, and when you survey those guests, about 42% of them say in the next 12 months their plans are to actually go on shorter vacation experiences.""Onboard Royal's Utopia of the Seas, the world's second-largest ship with a maximum capacity of nearly 5,800 passengers, customers are welcomed to 13 pools, 21 dining options, two casinos, and much more. This is the second cruise ship Royal Caribbean is bringing to market in the span of six months. Liberty says the voracious appetite to cruise post-pandemic has not died down.""We're not seeing any pullback from the consumer, whether that's planning their vacation experiences further out ... [or] then on the ships, they go out and they continue to spend,"" Liberty said. ""There is not an area on the ship that we've seen a change in their spending behavior.""To scale its business and widen its appeal, Royal Caribbean is looking at how to better compete with other types of vacations customers opt for, like skiing, casinos or theme parks.""When we look at what our guests are doing when they're not with us, they're going to Orlando, they're going to Vegas, they're going to all-inclusive resorts,"" Liberty said. ""What we're trying to do is make sure that our experience, whether on the ship or at our private islands, is something that is highly competitive with land-based vacation.""Morningstar travel and leisure analyst Jamie Katz thinks Liberty's strategy to get the Disney theme park traveler on board is working.""The American traveler doesn't always have time to take a six- to eight-day cruise due to work schedules and kids' school calendars,"" Katz said. ""A three-day cruise provides customers with more options.""One of the benefits of bringing a new ship to market — you're able to charge more.""You're really seeing sizable pricing premiums. Historically, pricing of a new ship is a 20% premium to existing ships across the industry,"" said Patrick Scholes, travel and leisure analyst at Truist Securities.Scholes said the Utopia price bump for Royal Caribbean could be even higher.Liberty said he expects higher pricing to hold into the second half of the year, pointing to the ""value gap"" between cruises and land-based vacations.Rival Carnival, too, has raised prices amid strong demand.""We haven't seen that sign of a consumer slowdown, if anything, we are seeing an acceleration,"" CEO Josh Weinstein told CNBC after the company's most recent earnings report in mid-June.Analysts point out that cruising is one of the few areas within the travel and hospitality sector where prices continue to sharply rise. Last week, Delta Air Lines revealed softer prices compared with last year. HSBC analysts expect airfares to stay flat or decline in 2024 over 2023.Several analysts and investors will be sailing aboard Utopia this week to better understand what differentiates the cruise ship from its competitors.One area of interest will be the impact of cutting-edge technologies: Liberty said artificial intelligence is helping Utopia reduce food waste by 30% to 40%. The company is also using AI to help with dynamic pricing and smart management of customer data.Beyond Utopia, there aren't too many ships coming online from the cruise giants.Royal Caribbean currently has the strongest order book in the industry. The company's Icon of the Seas, the biggest cruise ship in the world with a capacity of 7,600 passengers, made a splash earlier this year.On Royal Caribbean's recent earnings call, executives said Icon bookings are holding strong through 2025.""We're entering a two- to three-year period where there are minimal number of ships coming online. Typically, the industry grows supply by 5% to 7% ever year,"" Scholes said.But building a massive cruise ship requires extensive work. Wall Street analysts estimate it takes three to five years to order and get a ship delivered.Norwegian Cruise Line is working on bringing eight new ships to market in the next six years.Viking Cruises, which went public earlier this year and has seen its stock trade well above its debut price, is bringing four new ocean cruise ships to market over the course of the next three years, not including its river-based ships.Correction: This story has been updated to reflect the correct number of new ocean cruise ships Viking is bringing in",CNBC,17/07/2024,"[""In this articleWith consumers getting more selective on how and where they vacation, cruise lines are fighting for Americans' tourist budgets."", 'Royal Caribbean thinks shortening trips and packing the days with activities and exclusive opportunities will keep customers hooked.', '""I think we are an experience-driven mindset,"" Royal Caribbean CEO Jason Liberty told CNBC\'s ""Squawk on the Street"" this week. ""', 'Over half of our guests are actually millennials or younger, and when you survey those guests, about 42% of them say in the next 12 months their plans are to actually go on shorter vacation experiences.', '""Onboard Royal\'s Utopia of the Seas, the world\'s second-largest ship with a maximum capacity of nearly 5,800 passengers, customers are welcomed to 13 pools, 21 dining options, two casinos, and much more.', 'This is the second cruise ship Royal Caribbean is bringing to market in the span of six months.', 'Liberty says the voracious appetite to cruise post-pandemic has not died down.', '""We\'re not seeing any pullback from the consumer, whether that\'s planning their vacation experiences further out ... [or] then on the ships, they go out and they continue to spend,"" Liberty said. ""', ""There is not an area on the ship that we've seen a change in their spending behavior."", '""To scale its business and widen its appeal, Royal Caribbean is looking at how to better compete with other types of vacations customers opt for, like skiing, casinos or theme parks.', '""When we look at what our guests are doing when they\'re not with us, they\'re going to Orlando, they\'re going to Vegas, they\'re going to all-inclusive resorts,"" Liberty said. ""', ""What we're trying to do is make sure that our experience, whether on the ship or at our private islands, is something that is highly competitive with land-based vacation."", '""Morningstar travel and leisure analyst Jamie Katz thinks Liberty\'s strategy to get the Disney theme park traveler on board is working.', '""The American traveler doesn\'t always have time to take a six- to eight-day cruise due to work schedules and kids\' school calendars,"" Katz said. ""', 'A three-day cruise provides customers with more options.', '""One of the benefits of bringing a new ship to market — you\'re able to charge more.', '""You\'re really seeing sizable pricing premiums.', 'Historically, pricing of a new ship is a 20% premium to existing ships across the industry,"" said Patrick Scholes, travel and leisure analyst at Truist Securities.', 'Scholes said the Utopia price bump for Royal Caribbean could be even higher.', 'Liberty said he expects higher pricing to hold into the second half of the year, pointing to the ""value gap"" between cruises and land-based vacations.', 'Rival Carnival, too, has raised prices amid strong demand.', '""We haven\'t seen that sign of a consumer slowdown, if anything, we are seeing an acceleration,"" CEO Josh Weinstein told CNBC after the company\'s most recent earnings report in mid-June.', 'Analysts point out that cruising is one of the few areas within the travel and hospitality sector where prices continue to sharply rise.', 'Last week, Delta Air Lines revealed softer prices compared with last year.', 'HSBC analysts expect airfares to stay flat or decline in 2024 over 2023.Several analysts and investors will be sailing aboard Utopia this week to better understand what differentiates the cruise ship from its competitors.', 'One area of interest will be the impact of cutting-edge technologies: Liberty said artificial intelligence is helping Utopia reduce food waste by 30% to 40%.', 'The company is also using AI to help with dynamic pricing and smart management of customer data.', ""Beyond Utopia, there aren't too many ships coming online from the cruise giants."", 'Royal Caribbean currently has the strongest order book in the industry.', ""The company's Icon of the Seas, the biggest cruise ship in the world with a capacity of 7,600 passengers, made a splash earlier this year."", 'On Royal Caribbean\'s recent earnings call, executives said Icon bookings are holding strong through 2025.""We\'re entering a two- to three-year period where there are minimal number of ships coming online.', 'Typically, the industry grows supply by 5% to 7% ever year,"" Scholes said.', 'But building a massive cruise ship requires extensive work.', 'Wall Street analysts estimate it takes three to five years to order and get a ship delivered.', 'Norwegian Cruise Line is working on bringing eight new ships to market in the next sixyears.', 'Viking Cruises, which went public earlier this year and has seen its stock trade well above its debut price, is bringing four new ocean cruise ships to market over the course of the next three years, not including its river-based ships.', 'Correction: This story has been updated to reflect the correct number of new ocean cruise ships Viking is bringing in']",0.2617926636343617,One area of interest will be the impact of cutting-edge technologies: Liberty said artificial intelligence is helping Utopia reduce food waste by 30% to 40%.,"In this articleWith consumers getting more selective on how and where they vacation, cruise lines are fighting for Americans' tourist budgets.",0.3555704788728194,"On Royal Caribbean's recent earnings call, executives said Icon bookings are holding strong through 2025.""We're entering a two- to three-year period where there are minimal number of ships coming online.",HSBC analysts expect airfares to stay flat or decline in 2024 over 2023.Several analysts and investors will be sailing aboard Utopia this week to better understand what differentiates the cruise ship from its competitors.,2024-07-21
Citigroup tops expectations for profit and revenue on strong Wall Street results,https://www.cnbc.com/2024/07/12/citigroup-c-earnings-q2-2024.html,2024-07-12T20:17:18+0000,"In this articleCitigroup on Friday posted second-quarter results that topped expectations for profit and revenue on a rebound in Wall Street activity.Here's what the company reported:The bank said net income jumped 10% from a year earlier to $3.22 billion, or $1.52 a share. Revenue rose 4% to $20.14 billion.Equities trading revenue rose 37% to $1.5 billion, driven by strength in derivatives and a rise in hedge fund balances, roughly $300 million more than the StreetAccount estimate.Fixed income revenue dipped 3% to $3.6 billion, essentially matching analysts' expectations, on lower activity in rates and currency markets.Investment banking revenue surged 60% to $853 million, driven by strong issuance of investment-grade bonds and a rebound in IPO and merger activity from low levels in 2023.Shares of the bank fell nearly 2%.""Our results show the progress we are making in executing our strategy and the benefit of our diversified business model,"" Citigroup CEO Jane Fraser said in the release. ""Markets had a strong finish to the quarter leading to better performance than we had anticipated.""Citigroup was just this week rebuked for failing to fix its regulatory shortfalls.Last year, Fraser announced plans to simplify the management structure and reduce costs at the third-biggest U.S. bank by assets. But earnings will take a backseat if Citigroup cannot appease regulators' concerns about its data and risk management.  JPMorgan Chase announced results earlier Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.Correction: This article has been updated to correct that Citigroup reported revenue of $20.14 billion for the second quarter. A previous version misstated the figure due to a rounding error.",CNBC,12/07/2024,"['In this articleCitigroup on Friday posted second-quarter results that topped expectations for profit and revenue on a rebound in Wall Street activity.', ""Here's what the company reported:The bank said net income jumped 10% from a year earlier to $3.22 billion, or $1.52 a share."", 'Revenue rose 4% to $20.14 billion.', 'Equities trading revenue rose 37% to $1.5 billion, driven by strength in derivatives and a rise in hedge fund balances, roughly $300 million more than the StreetAccount estimate.', ""Fixed income revenue dipped 3% to $3.6 billion, essentially matching analysts' expectations, on lower activity in rates and currency markets."", 'Investment banking revenue surged 60% to $853 million, driven by strong issuance of investment-grade bonds and a rebound in IPO and merger activity from low levels in 2023.Shares of the bank fell nearly 2%.""Our results show the progress we are making in executing our strategy and the benefit of our diversified business model,"" Citigroup CEO Jane Fraser said in the release. ""', 'Markets had a strong finish to the quarter leading to better performance than we had anticipated.', '""Citigroup was just this week rebuked for failing to fix its regulatory shortfalls.', 'Last year, Fraser announced plans to simplify the management structure and reduce costs at the third-biggest U.S. bank by assets.', ""But earnings will take a backseat if Citigroup cannot appease regulators' concerns about its data and risk management."", 'JPMorgan Chase announced results earlier Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.', 'Correction: This article has been updated to correct that Citigroup reported revenue of $20.14 billion for the second quarter.', 'A previous version misstated the figure due to a rounding error.']",0.0869137979931234,"Investment banking revenue surged 60% to $853 million, driven by strong issuance of investment-grade bonds and a rebound in IPO and merger activity from low levels in 2023.Shares of the bank fell nearly 2%.""Our results show the progress we are making in executing our strategy and the benefit of our diversified business model,"" Citigroup CEO Jane Fraser said in the release. """,But earnings will take a backseat if Citigroup cannot appease regulators' concerns about its data and risk management.,0.3167682127519087,"Equities trading revenue rose 37% to $1.5 billion, driven by strength in derivatives and a rise in hedge fund balances, roughly $300 million more than the StreetAccount estimate.","Fixed income revenue dipped 3% to $3.6 billion, essentially matching analysts' expectations, on lower activity in rates and currency markets.",2024-07-21
Dimon and other Wall Street CEOs react to Trump assassination attempt: 'Deeply saddened' by violence,https://www.cnbc.com/2024/07/15/trump-assassination-attempt-wall-street-ceos-react.html,2024-07-16T02:18:50+0000,"The leaders of Wall Street's most powerful firms are speaking out to condemn the attempted assassination of former President Donald Trump at a Pennsylvania rally over the weekend.JPMorgan Chase CEO Jamie Dimon told employees Sunday that he and his management team were ""deeply saddened by the political violence"" and attempt on Trump's life. The shooting killed one bystander and injured two more.""We must all stand firmly together against any acts of hate, intimidation or violence that seek to undermine our democracy or inflict harm,"" Dimon said in the memo. ""It is only through constructive dialogue that we can tackle our nation's toughest challenges.""Goldman Sachs CEO David Solomon addressed the matter at the start of an earnings call Monday morning, calling the attempted assassination a ""horrible act of violence.""""We are grateful that he is safe and also want to extend my sincere condolences to the families of those who were tragically killed and severely injured,"" Solomon said. ""It is a sad moment for our country. There's no place in our politics for violence.""The shooting on Saturday shocked a nation gearing up for a contentious November election. Wall Street firms don't officially endorse political candidates since they have to deal with both Republican and Democrat officials, though their executives and employees often donate to campaigns.BlackRock CEO Larry Fink told CNBC's ""Squawk on the Street"" on Monday that the weekend events were ""a tragedy.""""It is a statement of America today, though. We need to create hope. All of us have a responsibility, every political candidate, every leader, every pastor, minister, rabbi, we all have a responsibility of bringing our community together to bring hope,"" Fink said.BlackRock, the world's largest asset manager, said Sunday in an email that it ran an advertisement in 2022 in which the suspected shooter, Thomas Matthew Crooks, appears briefly in the background along with other students of Bethel Park High School in Pennsylvania.""We will make all video footage available to the appropriate authorities, and we have removed the video from circulation out of respect for the victims,"" BlackRock said in a statement.Bank of America CEO Brian Moynihan also addressed employees over the weekend.""We are deeply saddened for the family of the rally attendee who died at the event,"" Moynihan said in the staff email. ""Our thoughts are with former President Donald Trump, all those injured, and their families.""— CNBC's Jim Forkin contributed to this report.",CNBC,16/07/2024,"[""The leaders of Wall Street's most powerful firms are speaking out to condemn the attempted assassination of former President Donald Trump at a Pennsylvania rally over the weekend."", 'JPMorgan Chase CEO Jamie Dimon told employees Sunday that he and his management team were ""deeply saddened by the political violence"" and attempt on Trump\'s life.', 'The shooting killed one bystander and injured two more.', '""We must all stand firmly together against any acts of hate, intimidation or violence that seek to undermine our democracy or inflict harm,"" Dimon said in the memo. ""', ""It is only through constructive dialogue that we can tackle our nation's toughest challenges."", '""Goldman Sachs CEO David Solomon addressed the matter at the start of an earnings call Monday morning, calling the attempted assassination a ""horrible act of violence.', '""""We are grateful that he is safe and also want to extend my sincere condolences to the families of those who were tragically killed and severely injured,"" Solomon said. ""', 'It is a sad moment for our country.', ""There's no place in our politics for violence."", '""The shooting on Saturday shocked a nation gearing up for a contentious November election.', ""Wall Street firms don't officially endorse political candidates since they have to deal with both Republican and Democrat officials, though their executives and employees often donate to campaigns."", 'BlackRock CEO Larry Fink told CNBC\'s ""Squawk on the Street"" on Monday that the weekend events were ""a tragedy.', '""""It is a statement of America today, though.', 'We need to create hope.', 'All of us have a responsibility, every political candidate, every leader, every pastor, minister, rabbi, we all have a responsibility of bringing our community together to bring hope,"" Fink said.', ""BlackRock, the world's largest asset manager, said Sunday in an email that it ran an advertisement in 2022 in which the suspected shooter, Thomas Matthew Crooks, appears briefly in the background along with other students of Bethel Park High School in Pennsylvania."", '""We will make all video footage available to the appropriate authorities, and we have removed the video from circulation out of respect for the victims,"" BlackRock said in a statement.', 'Bank of America CEO Brian Moynihan also addressed employees over the weekend.', '""We are deeply saddened for the family of the rally attendee who died at the event,"" Moynihan said in the staff email. ""', 'Our thoughts are with former President Donald Trump, all those injured, and their families.""—', ""CNBC's Jim Forkin contributed to this report.""]",-0.3127679088021329,We need to create hope.,"""We must all stand firmly together against any acts of hate, intimidation or violence that seek to undermine our democracy or inflict harm,"" Dimon said in the memo. """,-0.7676489800214767,,It is a sad moment for our country.,2024-07-21
Darden Restaurants to acquire Chuy's for approximately $605 million,https://www.cnbc.com/2024/07/17/darden-restaurants-to-acquire-chuys-for-approximately-605-million.html,2024-07-17T22:23:34+0000,"In this articleDarden Restaurants will acquire Chuy's Holdings for approximately $605 million in cash, the companies announced jointly on Wednesday.Darden agreed to acquire all outstanding shares of Chuy's at $37.50 per share, according to a press release. The Tex-Mex restaurant chain joins Darden's portfolio that includes restaurants such as Olive Garden, LongHorn Steakhouse and Ruth's Chris Steak House.""Based on our criteria for adding a brand to the Darden portfolio, we believe Chuy's is an excellent fit that supports our winning strategy,"" Darden CEO Rick Cardenas said in a statement. ""I am excited to welcome their 7,400 team members to Darden and diversify the Darden portfolio into a new dining category.""Chuy's generated total revenues of over $450 million in its latest 12 months ended March 31, according to the release. The company, founded in Austin, Texas, in 1982, has 101 restaurants in 15 states.Cardenas said in the press release that Chuy's has strong performance and growth potential. ""Together we will accelerate our business goals and bring our authentic, made-from-scratch Tex-Mex to more guests and communities,"" Chuy's CEO Steven Hislop said in a statement.Darden expects the transaction to be completed in their fiscal second quarter, according to the release.",CNBC,17/07/2024,"[""In this articleDarden Restaurants will acquire Chuy's Holdings for approximately $605 million in cash, the companies announced jointly on Wednesday."", ""Darden agreed to acquire all outstanding shares of Chuy's at $37.50 per share, according to a press release."", ""The Tex-Mex restaurant chain joins Darden's portfolio that includes restaurants such as Olive Garden, LongHorn Steakhouse and Ruth's Chris Steak House."", '""Based on our criteria for adding a brand to the Darden portfolio, we believe Chuy\'s is an excellent fit that supports our winning strategy,"" Darden CEO Rick Cardenas said in a statement. ""', 'I am excited to welcome their 7,400 team members to Darden and diversify the Darden portfolio into a new dining category.', '""Chuy\'s generated total revenues of over $450 million in its latest 12 months ended March 31, according to the release.', 'The company, founded in Austin, Texas, in 1982, has 101 restaurants in 15 states.', 'Cardenas said in the press release that Chuy\'s has strong performance and growth potential. ""', 'Together we will accelerate our business goals and bring our authentic, made-from-scratch Tex-Mex to more guests and communities,"" Chuy\'s CEO Steven Hislop said in a statement.', 'Darden expects the transaction to be completed in their fiscal second quarter, according to the release.']",0.3130526844693951,"""Based on our criteria for adding a brand to the Darden portfolio, we believe Chuy's is an excellent fit that supports our winning strategy,"" Darden CEO Rick Cardenas said in a statement. """,,0.9989990293979644,"Cardenas said in the press release that Chuy's has strong performance and growth potential. """,,2024-07-21
Netflix beats estimates as ad-supported memberships rise 34%,https://www.cnbc.com/2024/07/18/netflix-nflx-earnings-q2-2024.html,2024-07-18T22:07:41+0000,"In this articleNetflix reported second-quarter earnings Thursday that showcased the media giant's position at the head of the streaming race as it added more global subscribers and saw strong growth in its advertising business.The streamer said its ad-supported memberships grew 34% during the period compared to the same quarter last year.Advertising has become an increasingly important business model for media companies to boost — or in some cases, achieve — profitability for streaming. Netflix's stock has been boosted in recent quarters by its push to gain subscribers on its cheaper, ad-supported tier, in addition to its crackdown on password sharing.Here's how the company performed for the period ended June 30, compared with Wall Street expectations:Revenue was roughly $9.6 billion, up 17% compared to the year-earlier period, driven primarily by the increase in average paid memberships.Netflix said it now expects full-year reported revenue growth of 14% to 15%, compared with previous guidance of 13% to 15%.The company reported net income of $2.15 billion, or $4.88 per share, up from $1.49 billion, or $3.29 per share, during the second quarter of 2023.Netflix's global paid memberships rose 16.5% year over year to 278 million. This marks one of the last updates Netflix will release regarding its membership numbers.Last quarter, the company warned investors it would stop providing quarterly membership numbers or average revenue per user beginning in 2025, noting the company is ""focused on revenue and operating margin as our primary financial metrics — and engagement (i.e. time spent) as our best proxy for customer satisfaction.""Netflix began focusing on different business strategies to drive revenue growth after the streamer saw subscriber growth slow in 2022. In May, Netflix said it would launch its own ad platform and no longer partner with Microsoft for that technology. The company also has begun adding live sports, such as NFL games on Christmas Day over the next three years, a move that will likely attract more ad dollars for the streamer.""We're in live [TV] because our members love it, and it drives a ton of engagement and a ton of excitement ... and the good thing is advertisers like it for the exact same reason,"" said Netflix co-CEO Ted Sarandos on Thursday's earnings call.Netflix had been dipping its toe into live content even before its deal with the NFL, with Sarandos noting the company's focus on ""buzzy, exclusive live entertainment.""Still, original shows like ""Bridgerton"" and ""Baby Reindeer"" continue to drive engagement for the streamer.The company said Thursday its cheaper, ad-supported tier has been gaining traction among its base, with these subscribers accounting for more than 45% of signups in the markets where the option is offered.However, Netflix noted on Thursday that the ad-supported business is still young, and it doesn't expect ad revenue to be a ""primary driver of our revenue growth in 2024 or 2025.""""The near term challenge (and medium term opportunity) is that we're scaling faster than our ability to monetize our growing ad inventory,"" the company said in its earnings release, meaning the streamer isn't able to meet advertiser demand yet.Netflix co-CEO Greg Peters said on the earnings call Thursday that Netflix has so far been focused on scaling its ad-supported subscriber base. With the company on track to achieve its subscriber goals for 2025, Netflix is now shifting its focus to monetizing its ad inventory, he said.As the company beefs up its advertising operation, it's giving ""advertisers more effective ways to buy ... a big point of feedback we heard from advertisers,"" Peters said Thursday.On this note, Netflix added it believes it's on track to ""achieve critical ad subscriber scale for our advertisers"" next year, allowing it to further increase its ad-tier memberships in 2026 and beyond.",CNBC,18/07/2024,"[""In this articleNetflix reported second-quarter earnings Thursday that showcased the media giant's position at the head of the streaming race as it added more global subscribers and saw strong growth in its advertising business."", 'The streamer said its ad-supported memberships grew 34% during the period compared to the same quarter last year.', 'Advertising has become an increasingly important business model for media companies to boost — or in some cases, achieve — profitability for streaming.', ""Netflix's stock has been boosted in recent quarters by its push to gain subscribers on its cheaper, ad-supported tier, in addition to its crackdown on password sharing."", ""Here's how the company performed for the period ended June 30, compared with Wall Street expectations:Revenue was roughly $9.6 billion, up 17% compared to the year-earlier period, driven primarily by the increase in average paid memberships."", ""Netflix said it now expects full-year reported revenue growth of 14% to 15%, compared with previous guidance of 13% to 15%.The company reported net income of $2.15 billion, or $4.88 per share, up from $1.49 billion, or $3.29 per share, during the second quarter of 2023.Netflix's global paid memberships rose 16.5% year over year to 278 million."", 'This marks one of the last updates Netflix will release regarding its membership numbers.', 'Last quarter, the company warned investors it would stop providing quarterly membership numbers or average revenue per user beginning in 2025, noting the company is ""focused on revenue and operating margin as our primary financial metrics — and engagement (i.e. time spent) as our best proxy for customer satisfaction.', '""Netflix began focusing on different business strategies to drive revenue growth after the streamer saw subscriber growth slow in 2022.', 'In May, Netflix said it would launch its own ad platform and no longer partner with Microsoft for that technology.', 'The company also has begun adding live sports, such as NFL games on Christmas Day over the next three years, a move that will likely attract more ad dollars for the streamer.', '""We\'re in live [TV] because our members love it, and it drives a ton of engagement and a ton of excitement ... and the good thing is advertisers like it for the exact same reason,"" said Netflix co-CEO Ted Sarandos on Thursday\'s earnings call.', 'Netflix had been dipping its toe into live content even before its deal with the NFL, with Sarandos noting the company\'s focus on ""buzzy, exclusive live entertainment.', '""Still, original shows like ""Bridgerton"" and ""Baby Reindeer"" continue to drive engagement for the streamer.', 'The company said Thursday its cheaper, ad-supported tier has been gaining traction among its base, with these subscribers accounting for more than 45% of signups in the markets where the option is offered.', 'However, Netflix noted on Thursday that the ad-supported business is still young, and it doesn\'t expect ad revenue to be a ""primary driver of our revenue growth in 2024 or 2025.""""The near term challenge (and medium term opportunity) is that we\'re scaling faster than our ability to monetize our growing ad inventory,"" the company said in its earnings release, meaning the streamer isn\'t able to meet advertiser demand yet.', 'Netflix co-CEO Greg Peters said on the earnings call Thursday that Netflix has so far been focused on scaling its ad-supported subscriber base.', 'With the company on track to achieve its subscriber goals for 2025, Netflix is now shifting its focus to monetizing its ad inventory, he said.', 'As the company beefs up its advertising operation, it\'s giving ""advertisers more effective ways to buy ... a big point of feedback we heard from advertisers,"" Peters said Thursday.', 'On this note, Netflix added it believes it\'s on track to ""achieve critical ad subscriber scale for our advertisers"" next year, allowing it to further increase its ad-tier memberships in 2026 and beyond.']",0.5112177885002156,"""We're in live [TV] because our members love it, and it drives a ton of engagement and a ton of excitement ... and the good thing is advertisers like it for the exact same reason,"" said Netflix co-CEO Ted Sarandos on Thursday's earnings call.","In May, Netflix said it would launch its own ad platform and no longer partner with Microsoft for that technology.",0.8337669037282467,"Netflix's stock has been boosted in recent quarters by its push to gain subscribers on its cheaper, ad-supported tier, in addition to its crackdown on password sharing.","""Netflix began focusing on different business strategies to drive revenue growth after the streamer saw subscriber growth slow in 2022.",2024-07-21
JPMorgan Chase tops second-quarter revenue expectations on strong investment banking,https://www.cnbc.com/2024/07/12/jpmorgan-chase-jpm-earnings-q2-2024.html,2024-07-12T20:16:06+0000,"In this articleJPMorgan Chase on Friday posted second-quarter profit and revenue that topped analysts' expectations as investment banking fees surged 52% from a year earlier.Here's what the company reported:The bank said earnings jumped 25% from the year-earlier period to $18.15 billion, or $6.12 per share. Excluding items related to the bank's stake in Visa, profit was $4.26 per share.Revenue rose 20% to $50.99 billion, topping the consensus estimate of analysts surveyed by LSEG, helped by better-than-expected investment banking fees and equities trading results.CEO Jamie Dimon noted in the release that his firm was wary of potential future risks, including higher-than-expected inflation and interest rates, even while stock and bond valuations currently ""reflect a rather benign economic outlook.""""The geopolitical situation remains complex and potentially the most dangerous since World War II — though its outcome and effect on the global economy remain unknown,"" Dimon said. ""There has been some progress bringing inflation down, but there are still multiple inflationary forces in front of us: large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world.""A rebound in Wall Street activity, especially on the advisory side, was expected to aid banks this quarter, and JPMorgan's results bear that out.JPMorgan reaped $2.3 billion in investment banking fees, exceeding the StreetAccount estimate by roughly $300 million.Equities trading revenue jumped 21% to $3 billion, topping the estimate by $230 million, on strong derivatives results. Fixed income trading jumped 5% to $4.8 billion, matching the estimate.But the bank had a $3.05 billion provision for credit losses in the quarter, exceeding the $2.78 billion estimate, which indicated that it expects more borrowers will default in the future. A rise in charge-offs and moves to build loan loss reserves in the quarter was driven by the firm's massive credit-card business, the bank said.""JPMorgan has navigated a challenging interest rate environment very well,"" said Octavio Marenzi, CEO of consulting firm Opimas.Still, while banking and equities trading boosted results, ""We see Main Street banking beginning to sputter,"" Marenzi said. ""Provisions for credit losses were up significantly, showing us that JPMorgan is expecting to see a rough patch in the US economy.""Shares of JPMorgan fell about 1% Friday.JPMorgan CFO Jeremy Barnum told reporters Friday during a call that overall he saw ""quite a healthy consumer"" despite some weakness in the lower-income segment. About half of the increase in card reserves was tied to rising balances, he noted.""The overall picture on charge-offs is consistent with the story of normalization rather than deterioration at this point,"" Barnum said. ""Yes, the economy is slowing, but it seems to be on trend for very much of a soft landing.""Wells Fargo and Citigroup also posted earnings Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.",CNBC,12/07/2024,"[""In this articleJPMorgan Chase on Friday posted second-quarter profit and revenue that topped analysts' expectations as investment banking fees surged 52% from a year earlier."", ""Here's what the company reported:The bank said earnings jumped 25% from the year-earlier period to $18.15 billion, or $6.12 per share."", ""Excluding items related to the bank's stake in Visa, profit was $4.26 per share."", 'Revenue rose 20% to $50.99 billion, topping the consensus estimate of analysts surveyed by LSEG, helped by better-than-expected investment banking fees and equities trading results.', 'CEO Jamie Dimon noted in the release that his firm was wary of potential future risks, including higher-than-expected inflation and interest rates, even while stock and bond valuations currently ""reflect a rather benign economic outlook.', '""""The geopolitical situation remains complex and potentially the most dangerous since World War II — though its outcome and effect on the global economy remain unknown,"" Dimon said. ""', 'There has been some progress bringing inflation down, but there are still multiple inflationary forces in front of us: large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world.', '""A rebound in Wall Street activity, especially on the advisory side, was expected to aid banks this quarter, and JPMorgan\'s results bear that out.', 'JPMorgan reaped $2.3 billion in investment banking fees, exceeding the StreetAccount estimate by roughly $300 million.', 'Equities trading revenue jumped 21% to $3 billion, topping the estimate by $230 million, on strong derivatives results.', 'Fixed income trading jumped 5% to $4.8 billion, matching the estimate.', 'But the bank had a $3.05 billion provision for credit losses in the quarter, exceeding the $2.78 billion estimate, which indicated that it expects more borrowers will default in the future.', ""A rise in charge-offs and moves to build loan loss reserves in the quarter was driven by the firm's massive credit-card business, the bank said."", '""JPMorgan has navigated a challenging interest rate environment very well,"" said Octavio Marenzi, CEO of consulting firm Opimas.', 'Still, while banking and equities trading boosted results, ""We see Main Street banking beginning to sputter,"" Marenzi said. ""', 'Provisions for credit losses were up significantly, showing us that JPMorgan is expecting to see a rough patch in the US economy.', '""Shares of JPMorgan fell about 1% Friday.', 'JPMorgan CFO Jeremy Barnum told reporters Friday during a call that overall he saw ""quite a healthy consumer"" despite some weakness in the lower-income segment.', 'About half of the increase in card reserves was tied to rising balances, he noted.', '""The overall picture on charge-offs is consistent with the story of normalization rather than deterioration at this point,"" Barnum said. ""', 'Yes, the economy is slowing, but it seems to be on trend for very much of a soft landing.', '""Wells Fargo and Citigroup also posted earnings Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.']",0.2215570068899473,"""JPMorgan has navigated a challenging interest rate environment very well,"" said Octavio Marenzi, CEO of consulting firm Opimas.","""""The geopolitical situation remains complex and potentially the most dangerous since World War II — though its outcome and effect on the global economy remain unknown,"" Dimon said. """,0.4677889503930744,"Revenue rose 20% to $50.99 billion, topping the consensus estimate of analysts surveyed by LSEG, helped by better-than-expected investment banking fees and equities trading results.","""Shares of JPMorgan fell about 1% Friday.",2024-07-21
Spain tourism: Why Spanish people are fighting back,https://www.bbc.co.uk/news/articles/c99wxwgzn8qo,2024-07-21T00:29:38.318Z,"If you can elbow your way onto one of Majorca’s sunspots this summer, you will witness two unstoppable forces. The first, as old as time, the waves of the Balearic Sea, methodically erasing the day’s lovingly crafted sandcastles. The second, a more modern phenomenon, the tsunami of tourism threatening to consume all in its path. Every inch of beach is taken. Finding a parking space is like striking gold.  If you leave your sunbed for too long, your possessions are unceremoniously turfed to make space for the long queue of would-be usurpers. All these are the signs of a bonanza that’s seen and heard across the island, not least in the incessant beeping of contactless payment machines ringing out from the teeming hotels, restaurants and bars. A chorus of commerce powered by record numbers of visitors. But if this is a tale of colossal wealth being showered onto a business-savvy Spanish community, Sonia Ruiz certainty has not shared any of it. We meet the mother of one, 31, in a park a few hundred metres from the shore in the capital, Palma. Her four-year-old son Luca negotiates the various playground slides with no apparent concern. But Sonia is really struggling. Her landlord has asked them to leave and she says finding a new place is impossible. “Every day I’m looking and every day the rent is higher,” she says. “I even stop people in the street and ask if they have something because the day is approaching when I will have to leave the apartment, and I just see me and my son homeless because there is absolutely nothing.” Sonia and her partner are separated but have been forced to live together because individually they cannot afford the cost of rent, despite taking home 2,400 euros a month between them. “They ask you for deposits of several months. Some have even told me that they don't want children, they don't want animals. And so many people are looking.” Like thousands of Majorcans, Sonia is protesting this weekend against the surge in tourism that is being blamed for plummeting living standards among the local population. Activists say spiralling housing costs are being driven by a huge number of houses and apartments being bought by foreigners, or at least rented out to them for large chunks of the summer. “It’s impossible to sustain this sort of model,"" 25-year-old Pere Joan Femenia explains from outside the cathedral in Majorca’s capital, Palma. He is part of a movement called ""Menys Turisme, Més Vida"", or ""Less Tourism, More Life"". He says not only are unprecedented numbers of visitors pricing locals out of the housing market, they are also using up public spaces, public services and natural resources. Pere started his activism five years ago as part of Greta Thunberg’s climate movement, but his focus has shifted to the cost of living for his fellow islanders. “Businesses are changing from one's selling traditional products to multi-nationals selling ice cream and we are losing our identity. We want to preserve our culture,"" he says.  Pere points over to the port, far beyond the rows of street vendors and swelling crowds filling the square, explaining that some cruises disgorge as many of 12,000 visitors every day onto the island. He says it is a myth that Majorca needs ever-expanding tourism to survive, and that the reality is many locals are preparing to leave for good because they can no longer afford it here. Pere argues that putting limits on flights arriving and cruises docking will immediately ease the pressure on the island. It is a demand that will form part of the slogans and banners carried around Palma during this weekend’s protest. Spain’s National Institute of statistics says last year 14.4 million foreign tourists visited the Balearic Islands, of which Majorca is by far the biggest - followed by Menorca then Ibiza. The institute says the number of international visitors to the archipelago increased by 9.1% compared with 2022 while their spending went up even more - 16.4%. When Spanish visitors are taken into account too, activists claim this year could see 20 million visitors to the Balearics. As Spain’s tourist hotspots have developed over the decades, the debate over whether the millions of visitors bring more problems than benefits has intensified. This year it feels like something has changed. The anger among many locals is reaching a new level - notably demonstrated in Barcelona recently when visitors were drenched with water pistols. There have been demonstrations elsewhere on the mainland, in Malaga, as well as in the Canary Islands. Spain’s tourist magnets are now looking to repel a seemingly inexorable deluge. Some British newspapers compiled lists of “hostile holiday hotspots” to avoid in the summer of 2024. On a packed beach in Magaluf, the long-time destination of choice for millions of British holidaymakers, the Green family from Rotherham are paddling happily. This is dad Adam’s first trip abroad, although calling it a “holiday” may be a stretch as he and his wife keep tabs on their seven kids. “It’s hectic, but we’re getting there. Apart from the heat, it’s great” he says. I ask whether they’ve heard about the various protests that have been taking place and if it made them think twice about coming out to Majorca. “I saw a little bit on the news”, says Charlotte, “but I tried not to watch it because I didn’t want it to stress me out and put me off coming because we’d already booked and paid for it.” And how about the central thrust of the local protesters’ argument - that burgeoning tourism is having a hugely negative impact? “Don’t the tourists boost it and make the money for this place?"" asks Adam. “People travel around the world and this is it. With no tourists there’d be no jobs, no wages, no nowt. They rely on it, don’t they?” You can get in touch via this link ",BBC,21/07/2024,"['If you can elbow your way onto one of Majorca’s sunspots this summer, you will witness two unstoppable forces.', 'The first, as old as time, the waves of the Balearic Sea, methodically erasing the day’s lovingly crafted sandcastles.', 'The second, a more modern phenomenon, the tsunami of tourism threatening to consume all in its path.', 'Every inch of beach is taken.', 'Finding a parking space is like striking gold.', 'If you leave your sunbed for too long, your possessions are unceremoniously turfed to make space for the long queue of would-be usurpers.', 'All these are the signs of a bonanza that’s seen and heard across the island, not least in the incessant beeping of contactless payment machines ringing out from the teeming hotels, restaurants and bars.', 'A chorus of commerce powered by record numbers of visitors.', 'But if this is a tale of colossal wealth being showered onto a business-savvy Spanish community, Sonia Ruiz certainty has not shared any of it.', 'We meet the mother of one, 31, in a park a few hundred metres from the shore in the capital, Palma.', 'Her four-year-old son Luca negotiates the various playground slides with no apparent concern.', 'But Sonia is really struggling.', 'Her landlord has asked them to leave and she says finding a new place is impossible. “', 'Every day I’m looking and every day the rent is higher,” she says. “', 'I even stop people in the street and ask if they have something because the day is approaching when I will have to leave the apartment, and I just see me and my son homeless because there is absolutely nothing.”', 'Sonia and her partner are separated but have been forced to live together because individually they cannot afford the cost of rent, despite taking home 2,400 euros a month between them. “', 'They ask you for deposits of several months.', ""Some have even told me that they don't want children, they don't want animals."", 'And so many people are looking.”', 'Like thousands of Majorcans, Sonia is protesting this weekend against the surge in tourism that is being blamed for plummeting living standards among the local population.', 'Activists say spiralling housing costs are being driven by a huge number of houses and apartments being bought by foreigners, or at least rented out to them for large chunks of the summer. “', 'It’s impossible to sustain this sort of model,"" 25-year-old Pere Joan Femenia explains from outside the cathedral in Majorca’s capital, Palma.', 'He is part of a movement called ""Menys Turisme, Més Vida"", or ""Less Tourism, More Life"".', 'He says not only are unprecedented numbers of visitors pricing locals out of the housing market, they are also using up public spaces, public services and natural resources.', 'Pere started his activism five years ago as part of Greta Thunberg’s climate movement, but his focus has shifted to the cost of living for his fellow islanders. “', ""Businesses are changing from one's selling traditional products to multi-nationals selling ice cream and we are losing our identity."", 'We want to preserve our culture,"" he says.', 'Pere points over to the port, far beyond the rows of street vendors and swelling crowds filling the square, explaining that some cruises disgorge as many of 12,000 visitors every day onto the island.', 'He says it is a myth that Majorca needs ever-expanding tourism to survive, and that the reality is many locals are preparing to leave for good because they can no longer afford it here.', 'Pere argues that putting limits on flights arriving and cruises docking will immediately ease the pressure on the island.', 'It is a demand that will form part of the slogans and banners carried around Palma during this weekend’s protest.', 'Spain’s National Institute of statistics says last year 14.4 million foreign tourists visited the Balearic Islands, of which Majorca is by far the biggest - followed by Menorca then Ibiza.', 'The institute says the number of international visitors to the archipelago increased by 9.1% compared with 2022 while their spending went up even more - 16.4%.', 'When Spanish visitors are taken into account too, activists claim this year could see 20 million visitors to the Balearics.', 'As Spain’s tourist hotspots have developed over the decades, the debate over whether the millions of visitors bring more problems than benefits has intensified.', 'This year it feels like something has changed.', 'The anger among many locals is reaching a new level - notably demonstrated in Barcelona recently when visitors were drenched with water pistols.', 'There have been demonstrations elsewhere on the mainland, in Malaga, as well as in the Canary Islands.', 'Spain’s tourist magnets are now looking to repel a seemingly inexorable deluge.', 'Some British newspapers compiled lists of “hostile holiday hotspots” to avoid in the summer of 2024.', 'On a packed beach in Magaluf, the long-time destination of choice for millions of British holidaymakers, the Green family from Rotherham are paddling happily.', 'This is dad Adam’s first trip abroad, although calling it a “holiday” may be a stretch as he and his wife keep tabs on their seven kids. “', 'It’s hectic, but we’re getting there.', 'Apart from the heat, it’s great” he says.', 'I ask whether they’ve heard about the various protests that have been taking place and if it made them think twice about coming out to Majorca. “', 'I saw a little bit on the news”, says Charlotte, “but I tried not to watch it because I didn’t want it to stress me out and put me off coming because we’d already booked and paid for it.”', 'And how about the central thrust of the local protesters’ argument - that burgeoning tourism is having a hugely negative impact? “', 'Don’t the tourists boost it and make the money for this place?""', 'asks Adam. “', 'People travel around the world and this is it.', 'With no tourists there’d be no jobs, no wages, no nowt.', 'They rely on it, don’t they?”', 'You can get in touch via this link']",-0.0313597305230428,"But if this is a tale of colossal wealth being showered onto a business-savvy Spanish community, Sonia Ruiz certainty has not shared any of it.",And how about the central thrust of the local protesters’ argument - that burgeoning tourism is having a hugely negative impact? “,-0.0784957483410835,The institute says the number of international visitors to the archipelago increased by 9.1% compared with 2022 while their spending went up even more - 16.4%.,"Like thousands of Majorcans, Sonia is protesting this weekend against the surge in tourism that is being blamed for plummeting living standards among the local population.",2024-07-21
"Florence Nightingale's hair fetches more than £3,500 in Leyburn",https://www.bbc.co.uk/news/articles/cqe6573651jo,2024-07-21T06:54:44.757Z,"A lock of Florence Nightingale's hair has fetched more than £3,500 at auction in North Yorkshire. The hair, verified to belong to the 19th Century nursing pioneer, was expected to fetch between £2,000 and £3,000. It was sold alongside her signature on a clipped piece of paper. Tennants Auctioneers said the items sold in Leyburn had been in the possession of descendants of Nightingale's sister. Jody Beighton, an auctioneer and valuer, previously described the lock of hair as ""quite a rarity"". Harriet Hunter-Smart from Tennants said the lock had been bought by a private UK buyer for £3,606. Nightingale is seen by many as the founder of modern nursing. She became known as the ""Lady with the Lamp"" during the Crimean War. The conflict broke out in 1853. Britain, France, Turkey and Sardinia joined forces to fight against Russia. Nightingale was asked to bring together a team of 38 nurses who would go to support soldiers at a military hospital in Turkey. This was the first time women were allowed to serve in the Army. Following their arrival, Nightingale quickly set her team the task of cleaning up the hospital and making sure the soldiers were well looked after. She established the Nightingale Training School at St Thomas' Hospital in London in 1860. This became the first institute of its kind and deployed nurses across the UK to spread her ideas in the field. She died in 1910 at the age of 90. Follow BBC Yorkshire on Facebook, X (formerly known as Twitter) and Instagram. Send your story ideas to yorkslincs.news@bbc.co.uk ",BBC,21/07/2024,"[""A lock of Florence Nightingale's hair has fetched more than £3,500 at auction in North Yorkshire."", 'The hair, verified to belong to the 19th Century nursing pioneer, was expected to fetch between £2,000 and £3,000.', 'It was sold alongside her signature on a clipped piece of paper.', ""Tennants Auctioneers said the items sold in Leyburn had been in the possession of descendants of Nightingale's sister."", 'Jody Beighton, an auctioneer and valuer, previously described the lock of hair as ""quite a rarity"".', 'Harriet Hunter-Smart from Tennants said the lock had been bought by a private UK buyer for £3,606.', 'Nightingale is seen by many as the founder of modern nursing.', 'She became known as the ""Lady with the Lamp"" during the Crimean War.', 'The conflict broke out in 1853.', 'Britain, France, Turkey and Sardinia joined forces to fight against Russia.', 'Nightingale was asked to bring together a team of 38 nurses who would go to support soldiers at a military hospital in Turkey.', 'This was the first time women were allowed to serve in the Army.', 'Following their arrival, Nightingale quickly set her team the task of cleaning up the hospital and making sure the soldiers were well looked after.', ""She established the Nightingale Training School at St Thomas' Hospital in London in 1860."", 'This became the first institute of its kind and deployed nurses across the UK to spread her ideas in the field.', 'She died in 1910 at the age of 90.', 'Follow BBC Yorkshire on Facebook, X (formerly known as Twitter) and Instagram.', 'Send your story ideas to yorkslincs.news@bbc.co.uk']",-0.017006962809687,"Following their arrival, Nightingale quickly set her team the task of cleaning up the hospital and making sure the soldiers were well looked after.",The conflict broke out in 1853.,,,,2024-07-21
Phone and broadband mid-contract price surprise rises banned,https://www.bbc.co.uk/news/articles/c51ydz24lj2o,2024-07-19T06:17:43.545Z,"Mobile phone, pay TV, and broadband companies have been banned from surprise price rises during a contract. In new deals from 17 January, providers must tell customers about any mid-contract price rises at the point of sale and ""in pounds and pence"". This must be done in a ""clear and comprehensible"" way, Ofcom has ordered. Complaints from customers have risen about large, unexpected price rises at a time when other bills had been soaring. Ofcom said that many telecoms companies had changed contract terms in recent years to include price rises during a contract that were linked to inflation. This was usually on top of a 3.9% standard increase. That meant customers, when agreeing to a deal, could not budget for unknown price rises in the future.  Cristina Luna-Esteban, Ofcom's telecoms policy director, said: “People need to have certainty about their monthly outgoings. But that’s impossible if you’re tied into a contract where the price could change based on something as hard to predict as future inflation. “We’re stepping in on behalf of phone, broadband and pay TV customers to stamp out this practice, so people can be certain of the price they will pay, compare deals more easily and take advantage of the competitive market we have in the UK.” The move was proposed in December and has been through a consultation process. Ofcom said, as of April, about six in 10 broadband and mobile customers were on contracts subject to inflation-linked price rises.  Many were unaware of the rates of inflation - which chart the rising cost of living - and so found it difficult to estimate the effect on their payments. However, some providers were offering fixed-price deals in what the regulator described as a competitive market. Consumer groups were circumspect about the change in the rules. Tom MacInnes, from Citizens Advice, criticised Ofcom for the time it had taken to reach the decision. In the meantime, billions of pounds had collectively been added to bills when many people were struggling. “While we welcome steps to ban inflation-linked hikes, the announcement falls short of a full ban on prices rising mid-contract,"" he said. “Ofcom has also left the door wide open for mobile and broadband providers to sneakily include ‘prices may vary’ small print in their contracts, leaving consumers exposed to wholly unpredictable price rises. That's why we've always been clear that fixed should mean fixed.” ",BBC,19/07/2024,"['Mobile phone, pay TV, and broadband companies have been banned from surprise price rises during a contract.', 'In new deals from 17 January, providers must tell customers about any mid-contract price rises at the point of sale and ""in pounds and pence"".', 'This must be done in a ""clear and comprehensible"" way, Ofcom has ordered.', 'Complaints from customers have risen about large, unexpected price rises at a time when other bills had been soaring.', 'Ofcom said that many telecoms companies had changed contract terms in recent years to include price rises during a contract that were linked to inflation.', 'This was usually on top of a 3.9% standard increase.', 'That meant customers, when agreeing to a deal, could not budget for unknown price rises in the future.', ""Cristina Luna-Esteban, Ofcom's telecoms policy director, said: “People need to have certainty about their monthly outgoings."", 'But that’s impossible if you’re tied into a contract where the price could change based on something as hard to predict as future inflation. “', 'We’re stepping in on behalf of phone, broadband and pay TV customers to stamp out this practice, so people can be certain of the price they will pay, compare deals more easily and take advantage of the competitive market we have in the UK.”', 'The move was proposed in December and has been through a consultation process.', 'Ofcom said, as of April, about six in 10 broadband and mobile customers were on contracts subject to inflation-linked price rises.', 'Many were unaware of the rates of inflation - which chart the rising cost of living - and so found it difficult to estimate the effect on their payments.', 'However, some providers were offering fixed-price deals in what the regulator described as a competitive market.', 'Consumer groups were circumspect about the change in the rules.', 'Tom MacInnes, from Citizens Advice, criticised Ofcom for the time it had taken to reach the decision.', 'In the meantime, billions of pounds had collectively been added to bills when many people were struggling. “', 'While we welcome steps to ban inflation-linked hikes, the announcement falls short of a full ban on prices rising mid-contract,"" he said. “', 'Ofcom has also left the door wide open for mobile and broadband providers to sneakily include ‘prices may vary’ small print in their contracts, leaving consumers exposed to wholly unpredictable price rises.', ""That's why we've always been clear that fixed should mean fixed.”""]",-0.0132285350070373,"We’re stepping in on behalf of phone, broadband and pay TV customers to stamp out this practice, so people can be certain of the price they will pay, compare deals more easily and take advantage of the competitive market we have in the UK.”","While we welcome steps to ban inflation-linked hikes, the announcement falls short of a full ban on prices rising mid-contract,"" he said. “",-0.0864041745662689,This was usually on top of a 3.9% standard increase.,"Mobile phone, pay TV, and broadband companies have been banned from surprise price rises during a contract.",2024-07-21
What are my rights if my flight is cancelled or delayed?,https://www.bbc.co.uk/news/business-61646214,2022-05-31T11:46:37.000Z,"A number of airlines around the world have been affected by an IT outage with almost 1,400 flights cancelled and others delayed. In these circumstances, airlines have a duty to look after you, including providing meals and accommodation if necessary. However, consumer group Which? says customers will not be entitled to any additional financial compensation for delays because these are extraordinary circumstances. ""Airlines should also reroute you as quickly as possible, though given the global nature of the problem, this may not be immediately possible,"" it added. So what are your rights if your journey is disrupted? If your flight is covered by UK law, your airline must let you choose between either getting a refund or being booked on to an alternative flight, regardless of how far in advance the cancellation was made.  You can get your money back for any part of the ticket you have not used.  So if you booked a return flight and the outbound leg is cancelled, you can get the full cost of the return ticket refunded.  If you still want to travel, your airline must find you an alternative flight.  If another airline is flying to your destination significantly sooner, or there are other suitable modes of transport available, then you have a right to be booked onto that alternative transport instead.  If you are stuck abroad or at the airport because of a flight cancellation, airlines must also provide you with other assistance until you are able to fly to your destination.  This includes:  If your airline is unable to arrange assistance, you have the right to organise this yourself and claim back the cost later.  In this case, the Civil Aviation Authority advises people to keep receipts and not spend more than necessary.  You are entitled to the same assistance as for a cancellation if your flight is delayed by more than two hours.  You may also be able to claim compensation if your flight arrives at its destination more than three hours late.  The amount is based on how far you are flying.  If you are delayed by more than five hours and no longer want to travel, you can get a full refund. If you booked a package holiday with a company that is an ABTA member and your flight is cancelled, you are entitled to a suitable alternative flight or a full refund.  Disruption caused by things like strikes by airport or air traffic control staff, bad weather or other ""extraordinary circumstances"" does not entitle you to extra compensation. However, in other circumstances - when it is considered to be the airline's fault - you have a number of rights under UK law. These apply as long as you are flying from a UK airport on any airline, arriving at a UK airport on an EU or UK airline, or arriving at an airport in the EU on a UK airline.  What you are entitled to depends on what caused the cancellation and how much notice you are given.  If your flight is cancelled with less than two weeks' notice, you may be able to claim compensation based on the timings of the alternative flight you are offered. The amount you are entitled to also depends on how far you were travelling:  Airlines will not refund you for loss of earnings. They are only responsible for covering direct costs, such as hotel rooms, meals and alternative flights. They are not obliged to cover consequential losses. Travel insurance policies will not usually cover loss of earnings either.  If you think you're going to be late back at work because of flight delays, you have a responsibility to contact your employer to let them know you won't be back as planned, legal experts say. You should agree with your employer how to deal with the absence - for example, by using more annual leave or time banked in lieu. Taking unpaid leave could also be an option. Employers have no legal obligation to pay employees who are absent in this situation, experts say, unless it is stated in their contract. Have you been personally affected by the disruption to flights? Get in touch by emailing haveyoursay@bbc.co.uk. Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk. Please include your name, age and location with any submission.  ",BBC,31/05/2022,"['A number of airlines around the world have been affected by an IT outage with almost 1,400 flights cancelled and others delayed.', 'In these circumstances, airlines have a duty to look after you, including providing meals and accommodation if necessary.', 'However, consumer group Which?', 'says customers will not be entitled to any additional financial compensation for delays because these are extraordinary circumstances. ""', 'Airlines should also reroute you as quickly as possible, though given the global nature of the problem, this may not be immediately possible,"" it added.', 'So what are your rights if your journey is disrupted?', 'If your flight is covered by UK law, your airline must let you choose between either getting a refund or being booked on to an alternative flight, regardless of how far in advance the cancellation was made.', 'You can get your money back for any part of the ticket you have not used.', 'So if you booked a return flight and the outbound leg is cancelled, you can get the full cost of the return ticket refunded.', 'If you still want to travel, your airline must find you an alternative flight.', 'If another airline is flying to your destination significantly sooner, or there are other suitable modes of transport available, then you have a right to be booked onto that alternative transport instead.', 'If you are stuck abroad or at the airport because of a flight cancellation, airlines must also provide you with other assistance until you are able to fly to your destination.', 'This includes: If your airline is unable to arrange assistance, you have the right to organise this yourself and claim back the cost later.', 'In this case, the Civil Aviation Authority advises people to keep receipts and not spend more than necessary.', 'You are entitled to the same assistance as for a cancellation if your flight is delayed by more than two hours.', 'You may also be able to claim compensation if your flight arrives at its destination more than three hours late.', 'The amount is based on how far you are flying.', 'If you are delayed by more than five hours and no longer want to travel, you can get a full refund.', 'If you booked a package holiday with a company that is an ABTA member and your flight is cancelled, you are entitled to a suitable alternative flight or a full refund.', 'Disruption caused by things like strikes by airport or air traffic control staff, bad weather or other ""extraordinary circumstances"" does not entitle you to extra compensation.', ""However, in other circumstances - when it is considered to be the airline's fault - you have a number of rights under UK law."", 'These apply as long as you are flying from a UK airport on any airline, arriving at a UK airport on an EU or UK airline, or arriving at an airport in the EU on a UK airline.', 'What you are entitled to depends on what caused the cancellation and how much notice you are given.', ""If your flight is cancelled with less than two weeks' notice, you may be able to claim compensation based on the timings of the alternative flight you are offered."", 'The amount you are entitled to also depends on how far you were travelling: Airlines will not refund you for loss of earnings.', 'They are only responsible for covering direct costs, such as hotel rooms, meals and alternative flights.', 'They are not obliged to cover consequential losses.', 'Travel insurance policies will not usually cover loss of earnings either.', ""If you think you're going to be late back at work because of flight delays, you have a responsibility to contact your employer to let them know you won't be back as planned, legal experts say."", 'You should agree with your employer how to deal with the absence - for example, by using more annual leave or time banked in lieu.', 'Taking unpaid leave could also be an option.', 'Employers have no legal obligation to pay employees who are absent in this situation, experts say, unless it is stated in their contract.', 'Have you been personally affected by the disruption to flights?', 'Get in touch by emailing haveyoursay@bbc.co.uk.', 'Please include a contact number if you are willing to speak to a BBC journalist.', ""You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk."", 'Please include your name, age and location with any submission.']",-0.0539579760702223,"If you booked a package holiday with a company that is an ABTA member and your flight is cancelled, you are entitled to a suitable alternative flight or a full refund.","Disruption caused by things like strikes by airport or air traffic control staff, bad weather or other ""extraordinary circumstances"" does not entitle you to extra compensation.",-0.930946409702301,,"A number of airlines around the world have been affected by an IT outage with almost 1,400 flights cancelled and others delayed.",2024-07-21
Renters face affordability block to buying a home,https://www.bbc.co.uk/news/articles/c7209lk8x2wo,2024-07-21T23:03:12.103Z,"Only one in eight renters can afford to buy in the area they live, research suggests. High rent, bills and house prices mean it is more difficult for renters to buy their first home than it is for existing owners to move on, according to Skipton Group. Its new index, compiled by Oxford Economics, claims renters are four times less likely to be able to buy than homeowners. Software engineer Emma Harris earns £50,000 a year and said the cost of renting and bills takes up about two-thirds of her salary. ""I am not likely to ever own a house and it’s just depressing,"" she said. She lives in Birmingham, and last year the average price of a first-time buyer home in the West Midlands was £215,000. Ms Harris said: ""I feel completely trapped in the situation I am in. The chances of me owning my own house are pretty much non-existent. ""I want to cry. I want to scream. I want to shout, and do various other things but none of them solve the issue - that I don't have the money to put away each month to scrape together the money for a deposit."" She said the prospect of raising money for a deposit caused ""a few sleepless nights"". Ms Harris said she was unsure that the new government's plan to build more homes would ease the situation. She wanted mortgage lenders to take account of her regular payment of rent when assessing her ability to make repayments. The estimates come from analysis of data from the Skipton Group, the Bank of England and the Office for National Statistics. It measured people’s financial ability to buy and then run a home in England, Wales and Scotland. They took into account the average-priced first-time buyer home in different areas. The figures suggested it was easiest for first-time buyers to get a property in Scotland where house prices were lower, and the East of England because of higher wages.  It was hardest for those in the West Midlands and Wales owing to a combination of low savings and moderate property prices, and London because of high house prices. High rent and energy prices have made saving for a deposit increasingly difficult for tenants whatever their income. For potential first-time buyer households in the bottom 25% of earners (those earning less than £22,850 a year), less than 1% could get on to the property ladder in their area, the report said.  Among renters in the top 25% of earners, with an income of more than £71,250 a year, only 44% could afford to buy a first home. ""For some, our findings paint a bleak picture, notably for first-time buyers,"" said Skipton chief executive Stuart Haire. Separate estimates from First Direct, part of HSBC, said that a third of private-sector tenants who had recently experienced a rent increase were too financially squeezed to be able to put anything away in savings. Read more here ",BBC,21/07/2024,"['Only one in eight renters can afford to buy in the area they live, research suggests.', 'High rent, bills and house prices mean it is more difficult for renters to buy their first home than it is for existing owners to move on, according to Skipton Group.', 'Its new index, compiled by Oxford Economics, claims renters are four times less likely to be able to buy than homeowners.', 'Software engineer Emma Harris earns £50,000 a year and said the cost of renting and bills takes up about two-thirds of her salary. ""', 'I am not likely to ever own a house and it’s just depressing,"" she said.', 'She lives in Birmingham, and last year the average price of a first-time buyer home in the West Midlands was £215,000.', 'Ms Harris said: ""I feel completely trapped in the situation I am in.', 'The chances of me owning my own house are pretty much non-existent. ""', 'I want to cry.', 'I want to scream.', 'I want to shout, and do various other things but none of them solve the issue - that I don\'t have the money to put away each month to scrape together the money for a deposit.""', 'She said the prospect of raising money for a deposit caused ""a few sleepless nights"".', ""Ms Harris said she was unsure that the new government's plan to build more homes would ease the situation."", 'She wanted mortgage lenders to take account of her regular payment of rent when assessing her ability to make repayments.', 'The estimates come from analysis of data from the Skipton Group, the Bank of England and the Office for National Statistics.', 'It measured people’s financial ability to buy and then run a home in England, Wales and Scotland.', 'They took into account the average-priced first-time buyer home in different areas.', 'The figures suggested it was easiest for first-time buyers to get a property in Scotland where house prices were lower, and the East of England because of higher wages.', 'It was hardest for those in the West Midlands and Wales owing to a combination of low savings and moderate property prices, and London because of high house prices.', 'High rent and energy prices have made saving for a deposit increasingly difficult for tenants whatever their income.', 'For potential first-time buyer households in the bottom 25% of earners (those earning less than £22,850 a year), less than 1% could get on to the property ladder in their area, the report said.', 'Among renters in the top 25% of earners, with an income of more than £71,250 a year, only 44% could afford to buy a first home. ""', 'For some, our findings paint a bleak picture, notably for first-time buyers,"" said Skipton chief executive Stuart Haire.', 'Separate estimates from First Direct, part of HSBC, said that a third of private-sector tenants who had recently experienced a rent increase were too financially squeezed to be able to put anything away in savings.', 'Read more here']",-0.0114222137206746,"The chances of me owning my own house are pretty much non-existent. ""","Ms Harris said: ""I feel completely trapped in the situation I am in.",-0.6169705119999972,"The figures suggested it was easiest for first-time buyers to get a property in Scotland where house prices were lower, and the East of England because of higher wages.","For some, our findings paint a bleak picture, notably for first-time buyers,"" said Skipton chief executive Stuart Haire.",2024-07-21
"Retail crime 'queenpin' faces five years in prison, millions in restitution",https://www.cnbc.com/2024/07/19/michelle-mack-retail-crime-queenpin-sentenced.html,2024-07-19T19:38:09+0000,"The ringleader of a nationwide organized retail crime operation that targeted Ulta Beauty and other major retailers is facing more than five years in a California state prison.Michelle Mack, of Bonsall, California, received a delayed sentence of five years and four months, which will be officially set in January. It was handed down by a San Diego County Superior Court judge on Thursday,Her husband, Kenneth, received the same sentence and is already incarcerated. As part of his plea deal, he will be released after one year and then put on probation and community service for the remainder of his sentence.The judge allowed Mack to serve her sentence after her husband is released so she can care for their children. She was ordered not to leave the state or go near any Ulta or Sephora stores.The couple also must pay about $3 million in restitution to Ulta and another $13,000 to Sephora, according to a court official.Michelle Mack ran her operation from her 4,500-square-foot mansion in Bonsall, which is outside San Diego, where authorities say she oversaw a network of about a dozen people who stole millions of dollars in merchandise from Ulta, Sephora and other major retailers.The Macks had pleaded guilty last month to conspiracy to commit a felony and organized retail theft, petty theft, and receiving stolen property.Attorneys for the Macks declined to comment, according to NBC 7 San Diego.A CNBC investigation in March detailed Mack's operation and showed how law enforcement traces stolen items from organized retail rings.Investigators began referring to the theft group as the ""California Girls"" and considered Mack the crew's ringleader. She made millions reselling the stolen items on Amazon via the ""Online Makeup Store"" to unwitting customers at a fraction of their typical retail price, investigators said, before she and her husband were arrested in December.Since 2012, Mack had sold nearly $8 million in cosmetics through the storefront before it was shut down, and she brought in $1.89 million in 2022 alone, Amazon sales records provided to investigators show.The site was closed down after the December arrests.Earlier this year, Ulta Beauty CEO Dave Kimbell told CNBC in an extended interview about organized retail crime that the ""financial impact is real, but way more important is the human impact, the impact it has to our associates, the impact it has to our guests.""The Macks and seven members of the crew were originally charged with 140 felonies. One of the defendants has received a three-year and four-month sentence, while cases against the others are pending, according to court records.— CNBC's Paige Tortorelli, Gabrielle Fonrouge and Courtney Reagan contributed to this story.",CNBC,19/07/2024,"['The ringleader of a nationwide organized retail crime operation that targeted Ulta Beauty and other major retailers is facing more than five years in a California state prison.', 'Michelle Mack, of Bonsall, California, received a delayed sentence of five years and four months, which will be officially set in January.', 'It was handed down by a San Diego County Superior Court judge on Thursday,Her husband, Kenneth, received the same sentence and is already incarcerated.', 'As part of his plea deal, he will be released after one year and then put on probation and community service for the remainder of his sentence.', 'The judge allowed Mack to serve her sentence after her husband is released so she can care for their children.', 'She was ordered not to leave the state or go near any Ulta or Sephora stores.', 'The couple also must pay about $3 million in restitution to Ulta and another $13,000 to Sephora, according to a court official.', 'Michelle Mack ran her operation from her 4,500-square-foot mansion in Bonsall, which is outside San Diego, where authorities say she oversaw a network of about a dozen people who stole millions of dollars in merchandise from Ulta, Sephora and other major retailers.', 'The Macks had pleaded guilty last month to conspiracy to commit a felony and organized retail theft, petty theft, and receiving stolen property.', 'Attorneys for the Macks declined to comment, according to NBC 7 San Diego.', ""A CNBC investigation in March detailed Mack's operation and showed how law enforcement traces stolen items from organized retail rings."", 'Investigators began referring to the theft group as the ""California Girls"" and considered Mack the crew\'s ringleader.', 'She made millions reselling the stolen items on Amazon via the ""Online Makeup Store"" to unwitting customers at a fraction of their typical retail price, investigators said, before she and her husband were arrested in December.', 'Since 2012, Mack had sold nearly $8 million in cosmetics through the storefront before it was shut down, and she brought in $1.89 million in 2022 alone, Amazon sales records provided to investigators show.', 'The site was closed down after the December arrests.', 'Earlier this year, Ulta Beauty CEO Dave Kimbell told CNBC in an extended interview about organized retail crime that the ""financial impact is real, but way more important is the human impact, the impact it has to our associates, the impact it has to our guests.', '""The Macks and seven members of the crew were originally charged with 140 felonies.', 'One of the defendants has received a three-year and four-month sentence, while cases against the others are pending, according to court records.—', ""CNBC's Paige Tortorelli, Gabrielle Fonrouge and Courtney Reagan contributed to this story.""]",-0.1150936725051408,"It was handed down by a San Diego County Superior Court judge on Thursday,Her husband, Kenneth, received the same sentence and is already incarcerated.","The Macks had pleaded guilty last month to conspiracy to commit a felony and organized retail theft, petty theft, and receiving stolen property.",,,,2024-07-21
Penn lays off about 100 employees as it focuses on ESPN Bet growth,https://www.cnbc.com/2024/07/18/penn-layoffs-espnbet-growth.html,2024-07-18T16:49:52+0000,"In this articlePenn Entertainment will lay off about 100 employees as it focuses on growth for ESPN Bet.CEO Jay Snowden told staff members in an internal email that the changes will enhance operational efficiencies following its 2021 acquisition of Canadian media and gaming powerhouse theScore.The company employs about 20,000 people.""When PENN acquired theScore, we hit the ground running with the build-out of our proprietary tech stack and the migration of our sportsbook to theScore's best-in-class-platform,"" Snowden wrote in the memo, which was seen by CNBC. ""This led us to temporarily set aside any potential organizational changes that would typically follow a major acquisition.""Penn went on to say it's embarking on a new phase of growth in its interactive business, which includes ESPN Bet, a $2 billion branding partnership with Disney's ESPN. Snowden said the initiatives include product enhancements and deeper integration into ESPN's ecosystem.Investors are impatient for Penn to demonstrate its muscle with the rebranded sportsbook, and activist investor Donerail Group has called on the board to sell the casino company.Rumors have swirled about the potential interest from many other online gaming and brick-and-mortar casino companies.Truist gaming analyst Barry Jonas wrote in a note Thursday that a sale is unlikely in the near term because of the complexity of a transaction that would likely involve major divestitures.Penn's release of new ESPN Bet features this fall during football season should meaningfully improve its product, Jonas said, and a focus on costs indicate the company's commitment to seeing its investment yield results.Penn shares have plummeted 25% year to date. It has missed earnings expectations the last two quarters and lowered guidance.""Investors continue to wonder what an ESPN Bet success could look like, and how much more investment (beyond what's guided) it'll take to reach,"" Jonas notes.Truist has a buy rating on Penn and a price target of $25.",CNBC,18/07/2024,"['In this articlePenn Entertainment will lay off about 100 employees as it focuses on growth for ESPN Bet.', 'CEO Jay Snowden told staff members in an internal email that the changes will enhance operational efficiencies following its 2021 acquisition of Canadian media and gaming powerhouse theScore.', 'The company employs about 20,000 people.', '""When PENN acquired theScore, we hit the ground running with the build-out of our proprietary tech stack and the migration of our sportsbook to theScore\'s best-in-class-platform,"" Snowden wrote in the memo, which was seen by CNBC. ""', 'This led us to temporarily set aside any potential organizational changes that would typically follow a major acquisition.', '""Penn went on to say it\'s embarking on a new phase of growth in its interactive business, which includes ESPN Bet, a $2 billion branding partnership with Disney\'s ESPN.', ""Snowden said the initiatives include product enhancements and deeper integration into ESPN's ecosystem."", 'Investors are impatient for Penn to demonstrate its muscle with the rebranded sportsbook, and activist investor Donerail Group has called on the board to sell the casino company.', 'Rumors have swirled about the potential interest from many other online gaming and brick-and-mortar casino companies.', 'Truist gaming analyst Barry Jonas wrote in a note Thursday that a sale is unlikely in the near term because of the complexity of a transaction that would likely involve major divestitures.', ""Penn's release of new ESPN Bet features this fall during football season should meaningfully improve its product, Jonas said, and a focus on costs indicate the company's commitment to seeing its investment yield results."", 'Penn shares have plummeted 25% year to date.', 'It has missed earnings expectations the last two quarters and lowered guidance.', '""Investors continue to wonder what an ESPN Bet success could look like, and how much more investment (beyond what\'s guided) it\'ll take to reach,"" Jonas notes.', 'Truist has a buy rating on Penn and a price target of $25.']",0.2353826682122434,"""Investors continue to wonder what an ESPN Bet success could look like, and how much more investment (beyond what's guided) it'll take to reach,"" Jonas notes.",It has missed earnings expectations the last two quarters and lowered guidance.,0.4261627963611057,"Penn's release of new ESPN Bet features this fall during football season should meaningfully improve its product, Jonas said, and a focus on costs indicate the company's commitment to seeing its investment yield results.",It has missed earnings expectations the last two quarters and lowered guidance.,2024-07-21
Spirit Airlines forecasts wider quarterly loss as revenue falls short of expectations,https://www.cnbc.com/2024/07/16/spirit-airlines-second-quarter-loss-warning.html,2024-07-17T15:18:01+0000,"In this articleSpirit Airlines said Tuesday it would post a wider-than-expected loss for the last quarter because of revenue that came in short of its expectations.Spirit expects to report an adjusted loss of between $160 million and $173 million for the three months ended June 30, compared with a previous estimate for a loss of no more than $145 million. It expects sales of $1.28 billion, down from a forecast of at least $1.32 billion.Spirit said non-ticket revenue, which accounts for the myriad fees long associated with its rock-bottom fares, came in ""several dollars lower than anticipated"" per passenger.Shares of the budget airline were down more than 9% in late-morning trading on Wednesday. Spirit released the revised estimates in securities filing after the market closed on Tuesday.The airline, along with rival Frontier Airlines, has recently revamped how it sells tickets by offering bundles that include things like seat assignments and carry-on bags that it used to sell a la carte. That brings its business practice more in line with larger competitors. Frontier's shares were down more than 4% on Wednesday morning, the second-biggest drop of U.S. airlines.""As the Company progresses on its transformation strategy, it anticipates that over time it will be able to drive improvement in total revenue per passenger segment,"" Spirit said.The company is facing several challenges, such as oversupplied U.S. domestic market, an engine recall from supplier Pratt & Whitney that has grounded dozens of aircraft and the fallout of a federal judge's ruling to block a planned acquisition by JetBlue Airways earlier this year.",CNBC,17/07/2024,"['In this articleSpirit Airlines said Tuesday it would post a wider-than-expected loss for the last quarter because of revenue that came in short of its expectations.', 'Spirit expects to report an adjusted loss of between $160 million and $173 million for the three months ended June 30, compared with a previous estimate for a loss of no more than $145 million.', 'It expects sales of $1.28 billion, down from a forecast of at least $1.32 billion.', 'Spirit said non-ticket revenue, which accounts for the myriad fees long associated with its rock-bottom fares, came in ""several dollars lower than anticipated"" per passenger.', 'Shares of the budget airline were down more than 9% in late-morning trading on Wednesday.', 'Spirit released the revised estimates in securities filing after the market closed on Tuesday.', 'The airline, along with rival Frontier Airlines, has recently revamped how it sells tickets by offering bundles that include things like seat assignments and carry-on bags that it used to sell a la carte.', 'That brings its business practice more in line with larger competitors.', ""Frontier's shares were down more than 4% on Wednesday morning, the second-biggest drop of U.S. airlines."", '""As the Company progresses on its transformation strategy, it anticipates that over time it will be able to drive improvement in total revenue per passenger segment,"" Spirit said.', ""The company is facing several challenges, such as oversupplied U.S. domestic market, an engine recall from supplier Pratt & Whitney that has grounded dozens of aircraft and the fallout of a federal judge's ruling to block a planned acquisition by JetBlue Airways earlier this year.""]",0.0220259319425421,"""As the Company progresses on its transformation strategy, it anticipates that over time it will be able to drive improvement in total revenue per passenger segment,"" Spirit said.","Spirit expects to report an adjusted loss of between $160 million and $173 million for the three months ended June 30, compared with a previous estimate for a loss of no more than $145 million.",-0.3389892180760701,"""As the Company progresses on its transformation strategy, it anticipates that over time it will be able to drive improvement in total revenue per passenger segment,"" Spirit said.","Spirit said non-ticket revenue, which accounts for the myriad fees long associated with its rock-bottom fares, came in ""several dollars lower than anticipated"" per passenger.",2024-07-21
Inside a $60 million beachfront mansion with subterranean secrets and Italian flair,https://www.cnbc.com/2024/07/12/tour-delray-beach-florida-mansion.html,2024-07-12T16:22:21+0000,"The owner of a beachfront mansion in Delray Beach, Florida, is looking to shatter a local price record with a home that delivers old-school Italian flair above ground and hidden personality below.While the upper levels are adorned with 300 stone-carved columns, vaulted ceilings and even a fresco painted in Florence, Italy, the home's subterranean space is packed with modern luxuries including a super car gallery, glowing tequila bar and a steel vault packed with piles of cash.The two distinct design themes are wrapped in a limestone-clad residence located on the town's ultra-high-end South Ocean Boulevard. The 23,000-plus square-foot home is called Mar Pietra, Italian for ""sea stone.""""So much stone went into this house, I thought it was appropriate,"" owner Massimo Musa told CNBC.Musa founded and sold several companies in the eye-care industry. He also develops real estate and built Mar Pietra with this now ex-wife.The passion project took five years to complete and employed dozens of craftsmen, painters and sculptors, many of them from Italy. Tons of limestone were shipped here from Mexico's Yucatan Peninsula; hand-carved marble made the journey from Verona, Italy; and massive panels of cedar arrived from Colombia.According to the listing, the mega home sits on 100 feet of beachfront. There is a main residence and guest house and all together nine bedrooms, 12 full baths and seven half baths. The climate-controlled subterranean garage adds 4,000 more square feet, with even more space added via covered areas such as a luxurious loggia that houses another kitchen, bar, lounge and dining area.The massive estate is five times the size of the average Delray Beach home sold during the first quarter, and its eight-figure price tag is more than 18 times the area's almost $3.3 million average sales price for a luxury home, according to the Elliman Report. The report defines luxury homes as the top 10% of sales.The highest sale price ever achieved in Delray Beach was $34 million for a listing also located on South Ocean Boulevard that sold in 2021. According to public records, the top sale price per square foot was also recorded in 2021, at just under $2,600 per square foot. Mar Pietra's list price would put it right in line with that value metric.The trophy home's massive footprint and its giant oceanfront lawn are a rare sight on this strip of beach in Palm Beach County. According to Musa, that is because of the lot's unique zoning history.Public records show he bought the lot, along with the lot across the street on the Intracoastal Waterway, for $9 million back in in 2002. At the time, the oceanfront parcel had a hotel on it, which means the land was under hotel zoning regulations. Musa, who immigrated to the U.S. from Italy, tore down the old building so he could build a beachfront family home that paid homage to his home country.Even after the hotel's demolition, Musa says, the land's hotel zoning remained intact. That allowed him to build a home with a larger footprint and smaller setbacks. Plus, the residence could extend closer to the shoreline than current residential zoning typically allows. Also grandfathered in was a portion of beachfront lot that was cleared decades ago by the hotel's owners, something Musa told CNBC current regulation would never allow. That clearing is now a lush evergreen lawn, made of artificial grass, that rolls across the back of his one-acre property where it meets the natural vegetation on the sandy shoreline.The home's position 21 feet above sea level and its sheer size is impressive, but like many listings at this price point, it is not always easy to find a buyer. While the estate has been on and off the market since December 2021, its $60 million price tag holds steady. It is currently offered by South Florida listing agent Senada Adzem of Douglas Elliman.""This trophy estate stands as one of South Florida's finest bespoke luxury properties, designed to evoke timeless elegance,"" Adzem told CNBC.According to the Elliman Report, luxury single-family home inventory in the first quarter rose more than 12% over the previous year, and the average sales price of a luxury single-family home in Delray Beach dropped more than 33%.Despite data that suggests the market may be experiencing some headwinds, Adzem remains confident in the list price and South Florida's high-end real estate market.""The ultra-luxury real estate market will continue to prosper,"" she said. ""Wealthy clients love Palm Beach County, valuing oceanfront locations, privacy and uniqueness above all else.""To support that claim, Adzem points just 400 meters down the street to a sale in Highland Beach, where just this May an oceanfront home traded for $50 million, or more than $2,800 per square foot. On this coastline, Mar Pietra could actually be considered a relative bargain. A nearby smaller home, also on South Ocean Boulevard, recently listed for $74 million, or about $5,100 a square foot.According to Adzem, Mar Pietra commands a premium in part for its quality of construction and the property's rare zoning allowances, which she called priceless.""These generous zoning allowances enabled our client to create a truly unique property that would otherwise be impossible,"" she said.It is hard to imagine a potential buyer taking issue with the estate for being too small, but Adzem said in this part of Florida, it is not out of the question. So, the real estate broker and her client are ready to offer a solution.""What's really unique about the home is the fact that my client is willing to sell it with the Intracoastal Waterway lot that would create the only ocean-to-intracoastal compound in Delray Beach, Florida.""The two-lot deal, Adzem said, would deliver enough land to develop another waterfront house that could include a rare spot on the Intracoastal Waterway to dock a mega yacht. As for the price tag to buy the full package deal, Adzem said she would only discuss that number with prospective buyers.The home's driveway passes through a grand archway called a porte-cochere that leads to a circular motor court. Inside the limestone structure is a two-story guesthouse spanning more than 2,700 square feet with three bedrooms, three full baths and two half baths.Beyond the circular motor court is a giant stone staircase that ascends to the main residence.Through the arches at the top of the stairway is a central open-air courtyard. Musa says the design was inspired by Vizcaya Museum and Gardens in Miami.The courtyard leads to the home's main entrance, where a butterfly staircase reigns over a double-height foyer.The home's library spans two levels with a spiral staircase that rises up to the second floor — and the room delivers much more than books.Musa says the cedar-wrapped room's design was inspired by the Vanderbilt estate, while the fresco on the ceiling takes inspiration from the Sistine Chapel. The mural, Adzem told CNBC, was painted in Florence, Italy, shipped to Florida and affixed to the ceiling, where the artist made the final finishing touches.The lower level of the library includes an onyx bar and a lounge area. On the upper level, windows around the home office are filled with views of the pool and ocean.The primary suite is also on the second floor, with views from every window.The suite's two baths feature contemporary designs, imported marbles and walk-in closets. The white marble bath flows seamlessly into a boutique-style, walk-in wardrobe with a cabinet island, jewelry showcase and separate shoe closet.Deep below the dune that Mar Pietra is perched upon is a subterranean lair with a very different design story. It is more modern down there and packed with contemporary luxuries.The home's so-called auto lounge is an underground garage adorned with giant crystal chandeliers, ornate ceilings and parking for seven cars. During CNBC's visit, it was staged bumper to bumper with $5 million worth of rare Lamborghinis. The parking area leads to a lounge designed for people who like to admire their rides. A wall of curved glass separates the lounge from the garage and delivers a great view of the parked supercars. The steel vault on the side wall is an art piece with a functioning door and stacks of money inside.The lower level also includes a tequila-only bar wrapped in quartzite. After dark, lights embedded in the stone can ignite the surfaces with a milky-white glow. There is also a state-of-the-art theater, with a floor-to-ceiling and wall-to-wall electronic screen, and it is one of the home's two cinemas.",CNBC,12/07/2024,"['The owner of a beachfront mansion in Delray Beach, Florida, is looking to shatter a local price record with a home that delivers old-school Italian flair above ground and hidden personality below.', ""While the upper levels are adorned with 300 stone-carved columns, vaulted ceilings and even a fresco painted in Florence, Italy, the home's subterranean space is packed with modern luxuries including a super car gallery, glowing tequila bar and a steel vault packed with piles of cash."", ""The two distinct design themes are wrapped in a limestone-clad residence located on the town's ultra-high-end South Ocean Boulevard."", 'The 23,000-plus square-foot home is called Mar Pietra, Italian for ""sea stone.', '""""So much stone went into this house, I thought it was appropriate,"" owner Massimo Musa told CNBC.Musa founded and sold several companies in the eye-care industry.', 'He also develops real estate and built Mar Pietra with this now ex-wife.', 'The passion project took five years to complete and employed dozens of craftsmen, painters and sculptors, many of them from Italy.', ""Tons of limestone were shipped here from Mexico's Yucatan Peninsula; hand-carved marble made the journey from Verona, Italy; and massive panels of cedar arrived from Colombia."", 'According to the listing, the mega home sits on 100 feet of beachfront.', 'There is a main residence and guest house and all together nine bedrooms, 12 full baths and seven half baths.', 'The climate-controlled subterranean garage adds 4,000 more square feet, with even more space added via covered areas such as a luxurious loggia that houses another kitchen, bar, lounge and dining area.', ""The massive estate is five times the size of the average Delray Beach home sold during the first quarter, and its eight-figure price tag is more than 18 times the area's almost $3.3 million average sales price for a luxury home, according to the Elliman Report."", 'The report defines luxury homes as the top 10% of sales.', 'The highest sale price ever achieved in Delray Beach was $34 million for a listing also located on South Ocean Boulevard that sold in 2021.', 'According to public records, the top sale price per square foot was also recorded in 2021, at just under $2,600 per square foot.', ""Mar Pietra's list price would put it right in line with that value metric."", ""The trophy home's massive footprint and its giant oceanfront lawn are a rare sight on this strip of beach in Palm Beach County."", ""According to Musa, that is because of the lot's unique zoning history."", 'Public records show he bought the lot, along with the lot across the street on the Intracoastal Waterway, for $9 million back in in 2002.At the time, the oceanfront parcel had a hotel on it, which means the land was under hotel zoning regulations.', 'Musa, who immigrated to the U.S. from Italy, tore down the old building so he could build a beachfront family home that paid homage to his home country.', ""Even after the hotel's demolition, Musa says, the land's hotel zoning remained intact."", 'That allowed him to build a home with a larger footprint and smaller setbacks.', 'Plus, the residence could extend closer to the shoreline than current residential zoning typically allows.', ""Also grandfathered in was a portion of beachfront lot that was cleared decades ago by the hotel's owners, something Musa told CNBC current regulation would never allow."", 'That clearing is now a lush evergreen lawn, made of artificial grass, that rolls across the back of his one-acre property where it meets the natural vegetation on the sandy shoreline.', ""The home's position 21 feet above sea level and its sheer size is impressive, but like many listings at this price point, it is not always easy to find a buyer."", 'While the estate has been on and off the market since December 2021, its $60 million price tag holds steady.', 'It is currently offered by South Florida listing agent Senada Adzem of Douglas Elliman.', '""This trophy estate stands as one of South Florida\'s finest bespoke luxury properties, designed to evoke timeless elegance,"" Adzem told CNBC.According to the Elliman Report, luxury single-family home inventory in the first quarter rose more than 12% over the previous year, and the average sales price of a luxury single-family home in Delray Beach dropped more than 33%.Despite data that suggests the market may be experiencing some headwinds, Adzem remains confident in the list price and South Florida\'s high-end real estate market.', '""The ultra-luxury real estate market will continue to prosper,"" she said. ""', 'Wealthy clients love Palm Beach County, valuing oceanfront locations, privacy and uniqueness above all else.', '""To support that claim, Adzem points just 400 meters down the street to a sale in Highland Beach, where just this May an oceanfront home traded for $50 million, or more than $2,800 per square foot.', 'On this coastline, Mar Pietra could actually be considered a relative bargain.', 'A nearby smaller home, also on South Ocean Boulevard, recently listed for $74 million, or about $5,100 a square foot.', ""According to Adzem, Mar Pietra commands a premium in part for its quality of construction and the property's rare zoning allowances, which she called priceless."", '""These generous zoning allowances enabled our client to create a truly unique property that would otherwise be impossible,"" she said.', 'It is hard to imagine a potential buyer taking issue with the estate for being too small, but Adzem said in this part of Florida, it is not out of the question.', 'So, the real estate broker and her client are ready to offer a solution.', '""What\'s really unique about the home is the fact that my client is willing to sell it with the Intracoastal Waterway lot that would create the only ocean-to-intracoastal compound in Delray Beach, Florida.', '""The two-lot deal, Adzem said, would deliver enough land to develop another waterfront house that could include a rare spot on the Intracoastal Waterway to dock a mega yacht.', 'As for the price tag to buy the full package deal, Adzem said she would only discuss that number with prospective buyers.', ""The home's driveway passes through a grand archway called a porte-cochere that leads to a circular motor court."", 'Inside the limestone structure is a two-story guesthouse spanning more than 2,700 square feet with three bedrooms, three full baths and two half baths.', 'Beyond the circular motor court is a giant stone staircase that ascends to the main residence.', 'Through the arches at the top of the stairway is a central open-air courtyard.', 'Musa says the design was inspired by Vizcaya Museum and Gardens in Miami.', ""The courtyard leads to the home's main entrance, where a butterfly staircase reigns over a double-height foyer."", ""The home's library spans two levels with a spiral staircase that rises up to the second floor — and the room delivers much more than books."", ""Musa says the cedar-wrapped room's design was inspired by the Vanderbilt estate, while the fresco on the ceiling takes inspiration from the Sistine Chapel."", 'The mural, Adzem told CNBC, was painted in Florence, Italy, shipped to Florida and affixed to the ceiling, where the artist made the final finishing touches.', 'The lower level of the library includes an onyx bar and a lounge area.', 'On the upper level, windows around the home office are filled with views of the pool and ocean.', 'The primary suite is also on the second floor, with views from every window.', ""The suite's two baths feature contemporary designs, imported marbles and walk-in closets."", 'The white marble bath flows seamlessly into a boutique-style, walk-in wardrobe with a cabinet island, jewelry showcase and separate shoe closet.', 'Deep below the dune that Mar Pietra is perched upon is a subterranean lair with a very different design story.', 'It is more modern down there and packed with contemporary luxuries.', ""The home's so-called auto lounge is an underground garage adorned with giant crystal chandeliers, ornate ceilings and parking for seven cars."", ""During CNBC's visit, it was staged bumper to bumper with $5 million worth of rare Lamborghinis."", 'The parking area leads to a lounge designed for people who like to admire their rides.', 'A wall of curved glass separates the lounge from the garage and delivers a great view of the parked supercars.', 'The steel vault on the side wall is an art piece with a functioning door and stacks of money inside.', 'The lower level also includes a tequila-only bar wrapped in quartzite.', 'After dark, lights embedded in the stone can ignite the surfaces with a milky-white glow.', ""There is also a state-of-the-art theater, with a floor-to-ceiling and wall-to-wall electronic screen, and it is one of the home's two cinemas.""]",0.1664158554806378,"Wealthy clients love Palm Beach County, valuing oceanfront locations, privacy and uniqueness above all else.",The lower level of the library includes an onyx bar and a lounge area.,0.9435006247626412,"""The ultra-luxury real estate market will continue to prosper,"" she said. """,,2024-07-21
Can Boeing get back to its glory days?,https://www.cnbc.com/2024/07/18/boeing-path-forward.html,2024-07-21T13:33:12+0000,"In this articleBoeing executives spent years after two fatal 737 Max crashes trying to convince Wall Street, regulators, airlines and the flying public that they had an eagle eye on quality, reliability and safety.Then on Jan. 5, about six minutes and 16,000 feet into a packed flight out of Portland, Oregon, a door plug blew out of a nearly new Boeing 737 Max 9. The panel was missing key bolts that hold it in place, which the company had removed to fix damaged rivets, according to early accident reports.No one was seriously injured, but the harrowing flight jolted Boeing's leaders back into crisis mode. It also reignited scrutiny and skepticism from the same groups the iconic plane-maker spent years trying to win back after the two Max crashes.Now Boeing's leaders say they have charted a path forward to fix the company: Better oversight, improved safety and manufacturing procedures, and more robust training for workers, many of them new hires after pandemic-era buyouts and layoffs of thousands of employees.Boeing this month unveiled a long-awaited deal to buy back its troubled fuselage supplier, Spirit AeroSystems, in a bid to help stamp out production flaws.A week later, Boeing said it reached a deal with the Justice Department to plead guilty to a federal charge of conspiracy to defraud the U.S. government tied to the fatal 737 Max crashes. Attorneys representing crash victims' families blasted the agreement as a ""sweetheart"" deal. If approved by a federal judge, it would allow Boeing to avoid a potentially lengthy and costly criminal trial, though it would also brand Boeing as a felon.""This past January, the facade quite literally blew off the hollow shell that had been Boeing's promises to the world,"" Sen. Richard Blumenthal, D-Conn., said in testimony for a Senate panel hearing he called last month, where Boeing CEO Dave Calhoun was roasted by lawmakers.Industry watchers and insiders say a string of decisions stretching back decades — from a 1997 merger to outsourcing — led to the problems at the longtime touchstone of American manufacturing quality and innovation. Boeing employs some 170,000 people, and its products have landed everywhere from the Maldives to the moon.Even with its road map in hand, fixing its problems and restoring Boeing's reputation will take years — and it won't be cheap.And Boeing still has plenty of people to convince.Boeing hasn't posted an annual profit since 2018, and the plane maker's shares have tumbled about 30% this year while the broader market rallied. Its stock closed at a high of $440.62 in March 2019, days before the second Max crash. It now trades closer to $185 per share.Boeing finance chief Brian West told investors in May that the company expects to burn, rather than generate, cash this year, some $8 billion in the first half of 2024. It reports quarterly results on July 31.""This company is more important than a few quarters of Wall Street,"" Aengus Kelly, CEO of aircraft leasing giant AerCap, a major Boeing customer, said in an interview in the spring. ""It has to be nurtured and rebuilt.""Boeing will be back on the global stage next week during the biennial Farnborough Airshow in the United Kingdom, one of the world's largest aircraft shows. But the manufacturer will have a muted presence: It's not sending its yet-to-be-certified 777X, 737 Max 7 or Max 10 planes as Boeing employees focus on the fixing problems at home rather than showcase its new planes as it did during past air shows.Boeing began 2024 fresh from a surge in annual jetliner sales and a jump in deliveries, welcome tallies that appeared to show the company was turning a corner after the fatal dives of two 737 Maxes in 2018 and 2019 that killed all 346 people on the flights.But the Jan. 5 door plug blowout on Flight 1282, operated by Boeing's crosstown customer Alaska Airlines, brought a swift response from regulators. The Federal Aviation Administration barred Boeing from increasing output of its Max planes and stepped up hands-on inspections at production plants. The FAA said in March that its audit found ""non-compliance issues in Boeing's manufacturing process control, parts handling and storage, and product control.""Its production limitations have exacerbated delivery delays for Boeing customers, a slowdown that's impacting its commercial jet business, as airlines pay the bulk of a plane's price when they receive it. That division accounted for more than 43% of Boeing's nearly $78 billion in revenue last year.In the first half of 2024, Boeing delivered 175 airplanes, compared with the 323 aircraft that Airbus handed over during the same period. The two companies dominate the commercial jet market.Leaders at the top of major airlines from Emirates to Southwest have aired their frustration with the jet maker as deliveries run behind schedule. Southwest, United and American have blamed slowdowns in hiring and changed flight plans on Boeing's delays.""Boeing needs to become a better company,"" Southwest CEO Bob Jordan said at a JPMorgan industry conference in March, an uncharacteristically strong comment from the leader of the all-Boeing 737 airline.Even if planes arrive late, compensation doesn't often make up for the shortfall of jets.""I'm not in the compensation business. I'm the airline business,"" Etihad Airways CEO Antonoaldo Neves said in an interview.Tight supply at both Boeing and Airbus makes shifting orders over to the European company nearly impossible. Both companies are sold out of narrow-body planes through almost the end of the decade. Boeing has an order book of more than 5,400 jetliners, after accounting adjustments, while Airbus has about 8,000 unfilled orders.And Airbus isn't on solid ground either, warning customers and investors last month that supply chain problems will slow its planned ramp up in production and slow deliveries.Earlier this year as airline executives' patience wore thin, they sought meetings with Boeing's board chairman, people familiar with the matter said.Shortly afterward, Boeing in March announced a leadership shake-up, with the head of its all-important commercial airplane unit replaced. CEO Calhoun, an alumnus of General Electric and Blackstone, said he would step down by the end of the year. Boeing replaced its chairman, too, installing ex-Qualcomm CEO Steve Mollenkopf.Boeing hasn't yet named a replacement for Calhoun. The CEO of Spirit AeroSystems, Pat Shanahan, who previously worked at Boeing and served as former deputy secretary and acting secretary of defense under former President Donald Trump, is considered a strong contender.Across the airline industry, executives publicly and privately say they would rather Boeing take the time to fix problems than face prolonged uncertainty over when new planes will be delivered.The 108-year old Boeing has a firm place in American history. Its bombers were crucial in World War II. It has built presidential aircraft. Former Presidents Barack Obama and Donald Trump have each held events at Boeing 787 Dreamliner factories. And in space, a Boeing-built rocket propelled Apollo 11 to the moon in 1969.Most of the general public knows Boeing as the company to usher in the jet age. It designed and launched four aircraft in just over a decade, including the first 737.The narrow-body plane was soon dwarfed by Boeing's groundbreaking and more glamorous jumbo jet, the 747, which could fit more than 500 people, and in some configurations, a piano bar. The 737 was dubbed ""Baby Boeing"" and went on to become the company's bestseller, helping to make Boeing the largest U.S. exporter. It has built more than 11,000 of the 737s to date.""Without Boeing, the world is a worse place,"" AerCap's Kelly said.But within a five-month span in 2018 and 2019, two Max 8 planes crashed: one in Indonesia operated by Lion Air that plunged into the Java Sea, killing the 189 people on board; and one operated by Ethiopian Airlines that crashed shortly after takeoff from Addis Ababa, killing the 157 people on that flight.Pilots in those Boeing planes fought against a flight-control system, the Maneuvering Characteristics Augmentation System, that pushed the nose of the planes downward repeatedly. The Department of Justice later alleged the company misled the FAA about the system, the charge to which Boeing ultimately agreed to plead guilty.Last year, it looked like Boeing was back on a better footing.""I have heard those outside our company wondering if we've lost a step. I view it as quite the opposite,"" Calhoun said in note to employees last October.Months later, the powerful blast from the Alaska Airlines door plug blowout ripped off head rests, seatbacks and the first officer's headset, leaving a gaping hole in row 26. The incident terrified passengers and exposed the most serious in a series of quality control issues on Boeing jets. Previous issues included mis-drilled holes and incorrect spacing on some of Boeing fuselages.The manufacturer's production portfolio includes a host of jets that are regularly flown commercially around the world: the workhorse 737, the wide-body 787 Dreamliner, and soon, once approved by regulators, the 777X.And while production flaws make headlines, Boeing jets continue to carry travelers safely around the world, with more than 13,000 at the end of last year. The company has a 45% market share of commercial jets currently flying, according to AeroDynamic Advisory.Across all of its divisions, its customers also include the U.S. and foreign militaries, and NASA — and some of those units haven't been without issue either.""Our airplanes have carried the equivalent of more than double the population of the planet,"" Calhoun said in testimony to a Senate panel last month for a hearing titled ""Boeing's Broken Safety Culture.""""Getting this right is critical for our company, for the customers who fly our planes every day, and for our country,"" he said. He apologized during the hearing to the family members of the Lion Air and Ethiopian crash victims, as they held posters with pictures of lost loved ones.Critics say a yearslong push to reward Boeing shareholders and lower costs came at the expense of building totally new aircraft, in favor of updating older models. Boeing also outsourced production of key parts to suppliers that it increasingly put under pressure to deliver, exposing the supply chain to potential flaws.United CEO Scott Kirby told CNBC in January that he believes the issues date back to Boeing's merger with competing airplane manufacturer McDonnell Douglas in 1997. The tie-up is often cited as a turning point for Boeing that replaced its once engineering-led culture with a greater focus on returns.From 2010 to 2019, Boeing spent $68 billion on stock buybacks and dividends, according to Melius Research analyst Rob Spingarn.""This is a long time building,"" Kirby said.In 2001, Boeing moved its corporate headquarters from its original home in Seattle to Chicago, farther away from the factory floors where it had built aircraft since the early 20th century. In 2022, it moved headquarters again to Arlington, Virginia.In 2005, Boeing sold its Wichita division that makes fuselages for many of its planes to a private equity firm for just under $1 billion. That spinoff would eventually become Spirit AeroSystems, which Boeing is now buying back for about $4.7 billion plus debt.And in 2020, Boeing said it would consolidate 787 Dreamliner production in South Carolina, more than 2,400 miles away from its other manufacturing facilities in Washington state, including where the Dreamliners were previously built. It also outsourced parts production to a network of suppliers.Those moves have been put under a microscope in recent years as Boeing disclosed recurring production flaws. Allegations from whistleblowers at the company and at Spirit have claimed Boeing was cutting corners in production.Calhoun, when asked about outsourcing production to Spirit, told CNBC in January: ""Did it go too far? Yeah ... probably did, but now it's here and now I gotta deal with it.""Flaws on its planes have cost Boeing billions of dollars due to periods of production drops, delivery pauses and compensation to customers.Boeing does say that it's on the right track.For one, it's been forced to slow production of its planes. While painful in the near term because it drives up costs and deprives the company of new planes to hand over to customers, executives say it's the way to make sure manufacturing flaws don't reappear.Jefferies estimates Boeing produced about 24 Max jets a month in the second quarter and could move to roughly 35 a month in the last three months of the year. Boeing has said it aims to increase rates to about 50 Max planes a month in the next few years.It's also brought employees into the recovery effort. The company has held so-called ""stand-downs"" at its factories to pause work and discuss problems on the line.And its plea deal with the DOJ, if approved by a judge in the coming weeks, could allow the company to settle a federal probe with a roughly $244 million fine and a probationary period of three years, during which time an independent monitor would oversee quality control, and other conditions.""We are taking comprehensive action today to strengthen safety and quality,"" Calhoun said in his testimony before the Senate panel last month. ""And, we know, as America's premier aerospace manufacturer, this is what you and the flying public have every right to expect from us.""Goldman Sachs aerospace analyst Noah Poponak said Boeing can ""still make a product that's a total marvel. If they can get their act together, I think their reputation can improve quickly.""Promoting and building up the Boeing workforce will be key in the coming years, according to Alex Krutz, managing director of Patriot Industrial Partners, an aerospace consulting firm.The company has more competition for new workers than in previous generations in the Seattle area, he said, because of rapid expansion of tech companies there in the past few decades, as well as engineering competition from the private space industry.""Companies thrive or don't based on leadership,"" he said.The International Association of Machinists and Aerospace Workers, District 751, which represents some 30,000 Boeing technicians in Washington State and Oregon, is currently in contract negotiations with company, seeking more than 40% raises and a seat on Boeing's board.""We have more leverage than we've ever had in our history,"" said Jon Holden, president of IAM District 751. ""There's massive demand for new airplanes.""Some analysts say designing a new plane could help attract talent and set the company up for years to come, a project that was largely set to the backburner after the crashes.The advice of Richard Aboulafia, an longtime aerospace analyst and a managing director at AeroDynamic Advisory is simple: ""Begin a new program, and say, 'We're a company with a future.'""",CNBC,21/07/2024,"['In this articleBoeingexecutives spent years after two fatal 737 Max crashes trying to convince Wall Street, regulators,airlinesand the flying public that they had an eagle eye on quality, reliability and safety.', 'Then on Jan. 5, about six minutes and 16,000 feet into a packed flight out of Portland, Oregon, a door plug blew out of a nearly new Boeing 737 Max 9.', 'The panel was missing key bolts that hold it in place, which the company had removed to fix damaged rivets, according to early accident reports.', ""No one was seriously injured, but the harrowing flight jolted Boeing's leaders back into crisis mode."", 'It also reignited scrutiny and skepticism from the same groups the iconic plane-maker spent years trying to win back after the two Max crashes.', ""Now Boeing's leaders say they have charted a path forward to fix the company: Better oversight, improved safety and manufacturing procedures, and more robust training for workers, many of them new hires after pandemic-era buyouts and layoffs of thousands of employees."", 'Boeing this month unveiled a long-awaited deal to buy back its troubled fuselage supplier, Spirit AeroSystems, in a bid to help stamp out production flaws.', 'A week later, Boeing said it reached a deal with the Justice Department to plead guilty to a federal charge of conspiracy to defraud the U.S. government tied to the fatal 737 Max crashes.', 'Attorneys representing crash victims\' families blasted the agreement as a ""sweetheart"" deal.', 'If approved by a federal judge, it would allow Boeing to avoid a potentially lengthy and costly criminal trial, though it would also brand Boeing as a felon.', '""This past January, the facade quite literally blew off the hollow shell that had been Boeing\'s promises to the world,"" Sen. Richard Blumenthal, D-Conn., said in testimony for a Senate panel hearing he called last month, where Boeing CEO Dave Calhoun was roasted by lawmakers.', 'Industry watchers and insiders say a string of decisions stretching back decades — from a 1997 merger to outsourcing — led to the problems at the longtime touchstone of American manufacturing quality and innovation.', 'Boeing employs some 170,000 people, and its products have landed everywhere from the Maldives to the moon.', ""Even with its road map in hand, fixing its problems and restoringBoeing's reputation will take years — and it won't be cheap."", 'And Boeing still has plenty of people to convince.', ""Boeing hasn't posted an annual profit since 2018, and the plane maker's shares have tumbled about 30% this year while the broader market rallied."", 'Its stock closed at a high of $440.62 in March 2019, days before the second Max crash.', 'It now trades closer to $185 per share.', 'Boeing finance chief Brian West told investors in May that the company expects to burn, rather than generate, cash this year, some $8 billion in the first half of 2024.', 'It reports quarterly results on July 31.""This company is more important than a few quarters of Wall Street,"" Aengus Kelly, CEO of aircraft leasing giant AerCap, a major Boeing customer, said in an interview in the spring. ""', 'It has to be nurtured and rebuilt.', '""Boeing will be back on the global stage next week during the biennial Farnborough Airshow in the United Kingdom, one of the world\'s largest aircraft shows.', ""But the manufacturer will have a muted presence: It's not sending its yet-to-be-certified 777X, 737 Max 7 or Max 10 planes as Boeing employees focus on the fixing problems at home rather than showcase its new planes as it did during past air shows."", 'Boeingbegan 2024 fresh from a surge in annual jetliner sales anda jump in deliveries, welcome tallies that appeared to show the company was turning a corner after the fatal dives of two 737 Maxes in 2018 and 2019 that killed all 346 people on the flights.', ""But the Jan. 5 door plug blowout on Flight 1282, operated byBoeing's crosstown customerAlaskaAirlines, brought a swift response from regulators."", 'The Federal Aviation Administration barred Boeing from increasing output of its Max planes and stepped up hands-on inspections at production plants.', 'The FAA said in March that its audit found""non-compliance issues in Boeing\'s manufacturing process control, parts handling and storage, and product control.', '""Its production limitations have exacerbated delivery delays for Boeing customers, a slowdown that\'s impacting its commercial jet business, as airlines pay the bulk of a plane\'s price when they receive it.', ""That division accounted for more than 43% of Boeing's nearly $78 billion in revenue last year."", 'In the first half of 2024, Boeing delivered 175 airplanes, compared with the 323 aircraft that Airbus handed over during the same period.', 'The two companies dominate the commercial jet market.', 'Leaders at the top of major airlines from Emirates to Southwest have aired their frustration with the jet maker as deliveries run behind schedule.', ""Southwest, United and American have blamed slowdowns in hiring and changed flight plans on Boeing's delays."", '""Boeing needs to become a better company,"" Southwest CEO Bob Jordan said at a JPMorgan industry conference in March, an uncharacteristically strong comment from the leader of the all-Boeing 737 airline.', ""Even if planes arrive late, compensation doesn't often make up for the shortfall of jets."", '""I\'m not in the compensation business.', 'I\'m the airline business,"" Etihad Airways CEO Antonoaldo Nevessaid in an interview.', 'Tight supply at both Boeing and Airbus makes shifting orders over to the European company nearly impossible.', 'Both companies are sold out of narrow-body planes through almost the end of the decade.', 'Boeing has an order book of more than 5,400 jetliners, after accounting adjustments, while Airbus has about 8,000 unfilled orders.', ""And Airbus isn't on solid ground either, warning customers and investors last month that supply chain problems will slow its planned ramp up in production and slow deliveries."", ""Earlier this year as airline executives' patience wore thin, they sought meetings with Boeing's board chairman, people familiar with the matter said."", 'Shortly afterward, Boeing in March announced a leadership shake-up, with the head of its all-important commercial airplane unit replaced.', 'CEO Calhoun, an alumnus of General Electric and Blackstone, said he would step down by the end of the year.', 'Boeing replaced its chairman, too, installing ex-Qualcomm CEO Steve Mollenkopf.', ""Boeing hasn't yet named a replacement for Calhoun."", 'The CEO of Spirit AeroSystems, Pat Shanahan, who previously worked at Boeing and served as former deputy secretary and acting secretary of defense under former President Donald Trump, is considered a strong contender.', 'Across the airline industry, executives publicly and privately say they would rather Boeing take the time to fix problems than face prolonged uncertainty over when new planes will be delivered.', 'The 108-year old Boeing has a firm place in American history.', 'Its bombers were crucial in World War II.', 'It has built presidential aircraft.', 'Former Presidents Barack Obama and Donald Trump have each held events at Boeing 787 Dreamliner factories.', 'And in space, a Boeing-built rocket propelled Apollo 11 to the moon in 1969.Most of the general public knows Boeing as the company to usher in the jet age.', ""It designed and launched four aircraft in just over a decade, including the first 737.The narrow-body plane was soon dwarfed by Boeing's groundbreaking and more glamorous jumbo jet, the 747, which could fit more than 500 people, and in some configurations, a piano bar."", 'The 737 was dubbed ""Baby Boeing"" and went on to become the company\'s bestseller, helping to make Boeing the largest U.S. exporter.', 'It has built more than 11,000 of the 737s to date.', '""Without Boeing, the world is a worse place,"" AerCap\'s Kelly said.', 'But within a five-month span in 2018 and 2019, two Max 8 planes crashed: one in Indonesia operated by Lion Air that plunged into the Java Sea, killing the 189 people on board; and one operated by Ethiopian Airlines that crashed shortly after takeoff from Addis Ababa, killing the 157 people on that flight.', 'Pilots in those Boeing planes fought against a flight-control system, the Maneuvering Characteristics Augmentation System, that pushed the nose of the planes downward repeatedly.', 'The Department of Justice later alleged the company misled the FAA about the system, the charge to which Boeing ultimately agreed to plead guilty.', 'Last year, it looked like Boeing was back on a better footing.', '""I have heard those outside our company wondering if we\'ve lost a step.', 'I view it as quite the opposite,"" Calhoun said in note to employees last October.', ""Months later, the powerful blast from the Alaska Airlines door plug blowout ripped off head rests, seatbacks and the first officer's headset, leaving a gaping hole in row 26."", 'The incident terrified passengers and exposed the most serious in a series of quality control issues on Boeing jets.', 'Previous issues included mis-drilled holes and incorrect spacing on some of Boeing fuselages.', ""The manufacturer's production portfolio includes a host of jets that are regularly flown commercially around the world: the workhorse 737, the wide-body 787 Dreamliner, and soon, once approved by regulators, the 777X.And while production flaws make headlines, Boeing jets continue to carry travelers safely around the world, with more than 13,000 at the end of last year."", 'The company has a 45% market share of commercial jets currently flying, according to AeroDynamic Advisory.', ""Across all of its divisions, its customers also include the U.S. and foreign militaries, and NASA — and some of those units haven't been without issue either."", '""Our airplanes have carried the equivalent of more than double the population of the planet,"" Calhoun said in testimony to a Senate panel last month for a hearing titled ""Boeing\'s Broken Safety Culture.', '""""Getting this right is critical for our company, for the customers who fly our planes every day, and for our country,"" he said.', 'He apologized during the hearing to the family members of the Lion Air and Ethiopian crash victims, as they held posters with pictures of lost loved ones.', 'Critics say a yearslong push to reward Boeing shareholders andlower costs came at the expense of building totally new aircraft, in favor of updating older models.', 'Boeing also outsourced production of key parts to suppliers that it increasingly put under pressure to deliver, exposing the supply chain to potential flaws.', ""United CEO Scott Kirby told CNBC in January that he believes the issues date back to Boeing's merger with competing airplane manufacturer McDonnell Douglas in 1997."", 'The tie-up is often cited as a turning point for Boeing that replaced its once engineering-led culture with a greater focus on returns.', 'From 2010 to 2019, Boeing spent $68 billion on stock buybacks and dividends, according to Melius Research analyst Rob Spingarn.', '""This is a long time building,"" Kirby said.', 'In 2001, Boeing moved its corporate headquarters from its original home in Seattle to Chicago, farther away from the factory floors where it had built aircraft since the early 20th century.', 'In 2022, it moved headquarters again to Arlington, Virginia.', 'In 2005, Boeing sold its Wichita division that makes fuselages for many of its planes to a private equity firm for just under $1 billion.', 'That spinoff would eventually become Spirit AeroSystems, which Boeing is now buying back for about $4.7 billion plus debt.', 'And in 2020, Boeing said it would consolidate 787 Dreamliner production in South Carolina, more than 2,400 miles away from its other manufacturing facilities in Washington state, including where the Dreamliners were previously built.', 'It also outsourced parts production to a network of suppliers.', 'Those moves have been put under a microscope in recent years as Boeing disclosed recurring production flaws.', 'Allegations from whistleblowers at the company and at Spirit have claimed Boeing was cutting corners in production.', 'Calhoun, when asked about outsourcing production to Spirit, told CNBC in January: ""Did it go too far?', ""Yeah ... probably did, but now it's here and now I gotta deal with it."", '""Flaws on its planes have cost Boeing billions of dollars due to periods of production drops, delivery pauses and compensation to customers.', ""Boeing does say that it's on the right track."", ""For one, it's been forced to slow production of its planes."", ""While painful in the near term because it drives up costs and deprives the company of new planes to hand over to customers, executives say it's the way to make sure manufacturing flaws don't reappear."", 'Jefferies estimates Boeing produced about 24 Max jets a month in the second quarter and could move to roughly 35 a month in the last three months of the year.', 'Boeing has said it aims to increase rates to about 50 Max planes a month in the next few years.', ""It's also brought employees into the recovery effort."", 'The company has held so-called ""stand-downs"" at its factories to pause work and discuss problems on the line.', 'And its plea deal with the DOJ, if approved by a judge in the coming weeks, could allow the company to settle a federal probe with a roughly $244 million fine and a probationary period of three years, during which time an independent monitor would oversee quality control, and other conditions.', '""We are taking comprehensive action today to strengthen safety and quality,"" Calhoun said in his testimony before the Senate panel last month. ""', ""And, we know, as America's premier aerospace manufacturer, this is what you and the flying public have every right to expect from us."", '""Goldman Sachs aerospace analyst Noah Poponak said Boeing can ""still make a product that\'s a total marvel.', 'If they can get their act together, I think their reputation can improve quickly.', '""Promoting and building up the Boeing workforce will be key in the coming years, according to Alex Krutz, managing director of Patriot Industrial Partners, an aerospace consulting firm.', 'The company has more competition for new workers than in previous generations in the Seattle area, he said, because of rapid expansion of tech companies there in the past few decades, as well as engineering competition from the private space industry.', '""Companies thrive or don\'t based on leadership,"" he said.', ""The International Association of Machinists and Aerospace Workers, District 751, which represents some 30,000 Boeing technicians in Washington State and Oregon, is currently in contract negotiations with company, seeking more than 40% raises and a seat on Boeing's board."", '""We have more leverage than we\'ve ever had in our history,"" said Jon Holden, president of IAM District 751. ""', ""There's massive demand for new airplanes."", '""Some analysts say designing a new plane could help attract talent and set the company up for years to come, a project that was largely set to the backburner after the crashes.', 'The advice of Richard Aboulafia, an longtime aerospace analyst and a managing director at AeroDynamic Advisory is simple: ""Begin a new program, and say, \'We\'re a company with a future.\'""']",0.0391211584209727,"Now Boeing's leaders say they have charted a path forward to fix the company: Better oversight, improved safety and manufacturing procedures, and more robust training for workers, many of them new hires after pandemic-era buyouts and layoffs of thousands of employees.","But within a five-month span in 2018 and 2019, two Max 8 planes crashed: one in Indonesia operated by Lion Air that plunged into the Java Sea, killing the 189 people on board; and one operated by Ethiopian Airlines that crashed shortly after takeoff from Addis Ababa, killing the 157 people on that flight.",0.0425217005671287,"Boeingbegan 2024 fresh from a surge in annual jetliner sales anda jump in deliveries, welcome tallies that appeared to show the company was turning a corner after the fatal dives of two 737 Maxes in 2018 and 2019 that killed all 346 people on the flights.","Boeing hasn't posted an annual profit since 2018, and the plane maker's shares have tumbled about 30% this year while the broader market rallied.",2024-07-21
Train tickets: Will Labour's Great British Railways plan make them cheaper?,https://www.bbc.co.uk/news/articles/cy63j4x66ylo,2024-04-25T12:39:13.543Z,"The newly-elected Labour government used the King's Speech on Wednesday to lay out its plans for renationalising the railways. But what will this mean for passengers, and how will it work? The government has not guaranteed lower fares, but has promised a ""best fare guarantee"", to make sure people are always paying the lowest fare for their journey. It has also promised its reforms would make buying cheaper tickets simpler. However, railway specialist Tony Miles - who has covered the industry for over 40 years -  told the BBC when the plans were first announced that any savings were likely to be minimal. He said this is because the private operators' profit margins are already so small, at just a few pence for each passenger journey. He argued this would mean Labour would only be able to pass on very small savings per journey. From just after the Second World War until the 1990s the UK rail system was fully nationalised, with the government owning the rail networks and all of the trains. The industry was privatised in the 1990s, with services run by a variety of train operating companies. At the moment the infrastructure is managed by Network Rail, while passenger train services are run by individual operators. The situation is different in Scotland and Wales, where passenger services are already run by the devolved governments. In Northern Ireland, the system is fully nationalised. Labour wants to move further towards nationalisation, confirming plans to establish Great British Railways (GBR). This publicly-owned body would oversee the rail system across England, Wales, and Scotland. It would take over the service contracts currently held by private firms in England as they expire in the future. However, the government has not said GBR would buy back ""rolling stock' (an industry term for the train carriages) from private firms. This implies it would continue to lease them. There is also no suggestion the rail freight companies will be nationalised, with the government instead saying that GBR will support and promote freight operators. The government also plans to set up an independent watchdog, the Passenger Standards Authority, which would ""champion improvement in service against a range of measures"". Whether this will make the trains run better ""comes down to how they’re going to fund things"" and whether it will allow major construction projects to move forward, says Mark Simmons, deputy editor at International Railway Journal. Mr Simmons also queried what expertise GBR would have, suggesting there could still be a ""skills deficit"" at GBR, a problem which he said was affecting rail systems across Europe. ""If lots of people leave as rail operator contracts terminate, what we could see is an exodus of talent,"" he said. Luxembourg operates a fully state-run system where all train journeys are free, and train tickets in other European countries with more state control than the UK can be much cheaper. However, those networks also receive lots of government investment, which can mean higher taxes. Mr Miles argues the UK’s franchising system, whereby the government owns the network through National Rail and hands out operator contracts to private companies, was the “envy of Europe” before Covid hit. He said passenger numbers have increased as a result of the franchise system, but added that the contracts written during Covid were done so “in a rush” and are “too generous”. He pointed to Transport for London and the Manchester bus service as examples of where a state run franchising system to private contractors can work. Mr Simmons says trains in the UK are ""not as bad as people think"". ""Sometimes the perception is that everywhere else is better, and that’s very much not true.” However, he said other countries were “powering ahead” with long-term planning for major projects.  If Labour waits until the current franchise contracts run out and takes them on itself, as the previous government did during Covid, this would not necessarily cost the taxpayer anything. However, doing so would also mean taking on the railway operators debts, leases, and liabilities, such as their pension fund pots and the lease contracts for the rolling stock. Labour says its plans would save the taxpayer £2.2bn a year, but the government has not guaranteed that all this money would be reinvested in the railways. ""It could happen very quickly,"" says Mr Simmons, given the plan is to transfer train networks to public ownership as the current operator contracts begin to run out. Some train operators are already under public control after being taken into the government’s Operator of Last Resort. Many train operators' franchises come up for renewal in the next few years, but some have an earlier ""core term"" expiry date, which would allow the government to take control sooner. All railway operators' contracts or core terms will expire by October 2027. UK private operators' contract expiry dates UK private operators' 'core term' expiry dates* *No 'core term' expiry date for South Western or Essex Thameside (c2c) UK public operators Source: Rail Partners, Department for Transport ",BBC,25/04/2024,"[""The newly-elected Labour government used the King's Speech on Wednesday to lay out its plans for renationalising the railways."", 'But what will this mean for passengers, and how will it work?', 'The government has not guaranteed lower fares, but has promised a ""best fare guarantee"", to make sure people are always paying the lowest fare for their journey.', 'It has also promised its reforms would make buying cheaper tickets simpler.', 'However, railway specialist Tony Miles - who has covered the industry for over 40 years - told the BBC when the plans were first announced that any savings were likely to be minimal.', ""He said this is because the private operators' profit margins are already so small, at just a few pence for each passenger journey."", 'He argued this would mean Labour would only be able to pass on very small savings per journey.', 'From just after the Second World War until the 1990s the UK rail system was fully nationalised, with the government owning the rail networks and all of the trains.', 'The industry was privatised in the 1990s, with services run by a variety of train operating companies.', 'At the moment the infrastructure is managed by Network Rail, while passenger train services are run by individual operators.', 'The situation is different in Scotland and Wales, where passenger services are already run by the devolved governments.', 'In Northern Ireland, the system is fully nationalised.', 'Labour wants to move further towards nationalisation, confirming plans to establish Great British Railways (GBR).', 'This publicly-owned body would oversee the rail system across England, Wales, and Scotland.', 'It would take over the service contracts currently held by private firms in England as they expire in the future.', 'However, the government has not said GBR would buy back ""rolling stock\' (an industry term for the train carriages) from private firms.', 'This implies it would continue to lease them.', 'There is also no suggestion the rail freight companies will be nationalised, with the government instead saying that GBR will support and promote freight operators.', 'The government also plans to set up an independent watchdog, the Passenger Standards Authority, which would ""champion improvement in service against a range of measures"".', 'Whether this will make the trains run better ""comes down to how they’re going to fund things"" and whether it will allow major construction projects to move forward, says Mark Simmons, deputy editor at International Railway Journal.', 'Mr Simmons also queried what expertise GBR would have, suggesting there could still be a ""skills deficit"" at GBR, a problem which he said was affecting rail systems across Europe. ""', 'If lots of people leave as rail operator contracts terminate, what we could see is an exodus of talent,"" he said.', 'Luxembourg operates a fully state-run system where all train journeys are free, and train tickets in other European countries with more state control than the UK can be much cheaper.', 'However, those networks also receive lots of government investment, which can mean higher taxes.', 'Mr Miles argues the UK’s franchising system, whereby the government owns the network through National Rail and hands out operator contracts to private companies, was the “envy of Europe” before Covid hit.', 'He said passenger numbers have increased as a result of the franchise system, but added that the contracts written during Covid were done so “in a rush” and are “too generous”.', 'He pointed to Transport for London and the Manchester bus service as examples of where a state run franchising system to private contractors can work.', 'Mr Simmons says trains in the UK are ""not as bad as people think"". ""', 'Sometimes the perception is that everywhere else is better, and that’s very much not true.”', 'However, he said other countries were “powering ahead” with long-term planning for major projects.', 'If Labour waits until the current franchise contracts run out and takes them on itself, as the previous government did during Covid, this would not necessarily cost the taxpayer anything.', 'However, doing so would also mean taking on the railway operators debts, leases, and liabilities, such as their pension fund pots and the lease contracts for the rolling stock.', 'Labour says its plans would save the taxpayer £2.2bn a year, but the government has not guaranteed that all this money would be reinvested in the railways. ""', 'It could happen very quickly,"" says Mr Simmons, given the plan is to transfer train networks to public ownership as the current operator contracts begin to run out.', 'Some train operators are already under public control after being taken into the government’s Operator of Last Resort.', 'Many train operators\' franchises come up for renewal in the next few years, but some have an earlier ""core term"" expiry date, which would allow the government to take control sooner.', ""All railway operators' contracts or core terms will expire by October 2027."", ""UK private operators' contract expiry dates UK private operators' 'core term' expiry dates* *No 'core term' expiry date for South Western or Essex Thameside (c2c) UK public operators Source: Rail Partners, Department for Transport""]",0.1118810111862596,"The government has not guaranteed lower fares, but has promised a ""best fare guarantee"", to make sure people are always paying the lowest fare for their journey.","Mr Simmons also queried what expertise GBR would have, suggesting there could still be a ""skills deficit"" at GBR, a problem which he said was affecting rail systems across Europe. """,0.336638147632281,"He said passenger numbers have increased as a result of the franchise system, but added that the contracts written during Covid were done so “in a rush” and are “too generous”.","Mr Simmons also queried what expertise GBR would have, suggesting there could still be a ""skills deficit"" at GBR, a problem which he said was affecting rail systems across Europe. """,2024-07-21
India budget: Can Modi 3.0 transform India’s economy?,https://www.bbc.co.uk/news/articles/cq5jwyel12qo,2024-07-22T00:39:38.942Z,"On Tuesday, India's Prime Minister Narendra Modi's coalition government will present its first federal budget following a narrow election victory. A weakened Mr Modi, reliant for the first time on coalition partners, is widely expected to usher in a reset in his spending policies, while maintaining fiscal prudence. Analysts suggest the new government may need to focus more sharply on the rural majority, who have not benefited as much as the wealthy from the country's rapidly growing GDP. The fact that this is Mr Modi's third term will preoccupy him with thoughts of leaving a lasting legacy and may “tempt” him to do something about economic prosperity for the masses, says Rathin Roy, a former member of the prime minister’s Economic Advisory Council. “It is the one area where his legacy will say he has conspicuously failed in the past.” In the 10 years that he’s been in power, Mr Modi has poured billions of dollars into state funded infrastructure, building sea bridges and expressways. He’s also undertaken tax cuts for big corporations and launched subsidy schemes to incentivise exports-focused manufacturing. India’s shaky macro economy has stabilised and its stock markets have soared. But so have inequality and rural distress. BMW cars have logged their highest sales ever in the first half of this year even as overall consumption growth has been the lowest in two decades.  Wages have stagnated, household savings have dropped and well-paying jobs remain out of reach for most Indians. India’s regional imbalances are also stark. A majority of the country lives in northern and eastern India where per capita incomes are lower than Nepal, and health, mortality and life expectancy worse than Burkina Faso, according to Mr Roy. Nine in 10 economists now say chronic joblessness is the biggest challenge confronting Modi 3.0. A post-election survey shows seven in 10 Indians support taxing the super-rich and eight in 10 economists believe growth has not been inclusive. Travelling through northern India’s agrarian heartland, the fate of its rural majority sticks out in sharp contrast with those living in its cities. Muzaffarnagar in the northern state of Uttar Pradesh is barely a few hours away from the Indian capital, Delhi. Barring the state-of-the-art highway that cuts through the expansive open fields, it feels like a region that’s been largely bypassed by the country’s shiny economic boom. Sushil Pal’s family has tilled the plains of Behra Asa village for generations. It’s hard toil that hardly pays anymore, he told the BBC. Mr Pal didn’t vote for Mr Modi’s party this time despite supporting it in the previous two elections. The prime minister’s promise to double farm incomes, he says, has remained just that - a promise. “My income has gone down. The costs for inputs and labour have gone up but not for my crop,” Mr Pal said. “They only marginally increased procurement prices for cane before the elections. “All the money I make goes in paying school and college fees for my sons. One is an engineer but hasn’t had a job for two years,” he said. Down the road from his field, an export-focused furniture workshop has seen its turnover drop by 80% in the past five years as global orders dried up following a post-Covid sales bump. Rajneesh Tyagi, the owner, said he would have liked to sell locally to mitigate the lull overseas, but continuing rural distress means there’s no demand for his products. “The farm economy is down and the biggest problem in growing local demand is high debt among the farmers and unemployment,” he added. “They have no capacity to buy anything”. Mr Tyagi’s business represents a wide universe of micro enterprises that form the backbone of India’s economy. India Ratings, a credit ratings agency, estimates 6.3 million enterprises have shut down between 2015 and 2023, costing 16 million informal jobs. In contrast, profits reported by India’s 5,000 listed companies rose sharply by 187% between 2018 and 2023, spruced up in part because of tax cuts, according to commentator Vivek Kaul. Bridging such gaping divides between the formal and informal parts of the economy and bringing prosperity to India’s villages will be the biggest challenges for Mr Modi as he embarks on a third term in office. His first post-election budget may see a “tilt” towards welfarism though not necessarily a pivot away from more capital spending on big infrastructure projects, economists at Goldman Sachs said in a note. A larger-than-expected dividend transfer from the central bank (0.3% of GDP) will enable the government to boost welfare spending and maintain capex, with a focus on rural economy and job creation, says the Wall Street bank. Even those who manage money for some of India’s wealthiest concur with this view. Rajesh Saluja, CEO and managing director of ASK Private Wealth, says poverty reduction will most likely be on the government’s budget agenda and it can be done “without upsetting the fiscal math”, given the strong revenues and tax collections. But economists warn more cash handouts are a poor substitute for real reform-led development. About 800 million Indians already live on free grain and some states spend close to 10% of their revenues on welfare schemes. The budget will have to lay out a vision for how the government plans to put millions into the workforce and create earning potential. “The reduced footprint of the unorganised sector has implications for employment generation. Therefore, a judicious mix of policy which allows coexistence of both formal and informal sectors needs to be pursued in the interim,” says Sunil Kumar Sinha, principal economist at India Ratings. India should also incentivise low-end, labour intensive manufacturing in sectors such as textiles and agri-food processing to address its massive domestic demand, Mr Roy says. Economists at India’s largest bank SBI have suggested extending production-linked incentives Mr Modi has offered to exports-oriented sectors to small enterprises. “So far, when we think of manufacturing, we are thinking of posh people. We are thinking of supercomputers. We are thinking of getting Apple to come and make a few iPhones here,” Mr Roy said.  “These are not things that 70% of India's population consumes. We should produce in India what 70% of India's population wants to consume. If I'm able to make 200-rupee ($2.4, £1.8) shirts in this country and not let that import demand leak to Bangladesh and Vietnam, it will boost manufacturing.” ",BBC,22/07/2024,"[""On Tuesday, India's Prime Minister Narendra Modi's coalition government will present its first federal budget following a narrow election victory."", 'A weakened Mr Modi, reliant for the first time on coalition partners, is widely expected to usher in a reset in his spending policies, while maintaining fiscal prudence.', ""Analysts suggest the new government may need to focus more sharply on the rural majority, who have not benefited as much as the wealthy from the country's rapidly growing GDP."", ""The fact that this is Mr Modi's third term will preoccupy him with thoughts of leaving a lasting legacy and may “tempt” him to do something about economic prosperity for the masses, says Rathin Roy, a former member of the prime minister’s Economic Advisory Council. “"", 'It is the one area where his legacy will say he has conspicuously failed in the past.”', 'In the 10 years that he’s been in power, Mr Modi has poured billions of dollars into state funded infrastructure, building sea bridges and expressways.', 'He’s also undertaken tax cuts for big corporations and launched subsidy schemes to incentivise exports-focused manufacturing.', 'India’s shaky macro economy has stabilised and its stock markets have soared.', 'But so have inequality and rural distress.', 'BMW cars have logged their highest sales ever in the first half of this year even as overall consumption growth has been the lowest in two decades.', 'Wages have stagnated, household savings have dropped and well-paying jobs remain out of reach for most Indians.', 'India’s regional imbalances are also stark.', 'A majority of the country lives in northern and eastern India where per capita incomes are lower than Nepal, and health, mortality and life expectancy worse than Burkina Faso, according to Mr Roy.', 'Nine in 10 economists now say chronic joblessness is the biggest challenge confronting Modi 3.0.', 'A post-election survey shows seven in 10 Indians support taxing the super-rich and eight in 10 economists believe growth has not been inclusive.', 'Travelling through northern India’s agrarian heartland, the fate of its rural majority sticks out in sharp contrast with those living in its cities.', 'Muzaffarnagar in the northern state of Uttar Pradesh is barely a few hours away from the Indian capital, Delhi.', 'Barring the state-of-the-art highway that cuts through the expansive open fields, it feels like a region that’s been largely bypassed by the country’s shiny economic boom.', 'Sushil Pal’s family has tilled the plains of Behra Asa village for generations.', 'It’s hard toil that hardly pays anymore, he told the BBC.', 'Mr Pal didn’t vote for Mr Modi’s party this time despite supporting it in the previous two elections.', 'The prime minister’s promise to double farm incomes, he says, has remained just that - a promise. “', 'My income has gone down.', 'The costs for inputs and labour have gone up but not for my crop,” Mr Pal said. “', 'They only marginally increased procurement prices for cane before the elections. “', 'All the money I make goes in paying school and college fees for my sons.', 'One is an engineer but hasn’t had a job for two years,” he said.', 'Down the road from his field, an export-focused furniture workshop has seen its turnover drop by 80% in the past five years as global orders dried up following a post-Covid sales bump.', 'Rajneesh Tyagi, the owner, said he would have liked to sell locally to mitigate the lull overseas, but continuing rural distress means there’s no demand for his products. “', 'The farm economy is down and the biggest problem in growing local demand is high debt among the farmers and unemployment,” he added. “', 'They have no capacity to buy anything”.', 'Mr Tyagi’s business represents a wide universe of micro enterprises that form the backbone of India’s economy.', 'India Ratings, a credit ratings agency, estimates 6.3 million enterprises have shut down between 2015 and 2023, costing 16 million informal jobs.', 'In contrast, profits reported by India’s 5,000 listed companies rose sharply by 187% between 2018 and 2023, spruced up in part because of tax cuts, according to commentator Vivek Kaul.', 'Bridging such gaping divides between the formal and informal parts of the economy and bringing prosperity to India’s villages will be the biggest challenges for Mr Modi as he embarks on a third term in office.', 'His first post-election budget may see a “tilt” towards welfarism though not necessarily a pivot away from more capital spending on big infrastructure projects, economists at Goldman Sachs said in a note.', 'A larger-than-expected dividend transfer from the central bank (0.3% of GDP) will enable the government to boost welfare spending and maintain capex, with a focus on rural economy and job creation, says the Wall Street bank.', 'Even those who manage money for some of India’s wealthiest concur with this view.', 'Rajesh Saluja, CEO and managing director of ASK Private Wealth, says poverty reduction will most likely be on the government’s budget agenda and it can be done “without upsetting the fiscal math”, given the strong revenues and tax collections.', 'But economists warn more cash handouts are a poor substitute for real reform-led development.', 'About 800 million Indians already live on free grain and some states spend close to 10% of their revenues on welfare schemes.', 'The budget will have to lay out a vision for how the government plans to put millions into the workforce and create earning potential. “', 'The reduced footprint of the unorganised sector has implications for employment generation.', 'Therefore, a judicious mix of policy which allows coexistence of both formal and informal sectors needs to be pursued in the interim,” says Sunil Kumar Sinha, principal economist at India Ratings.', 'India should also incentivise low-end, labour intensive manufacturing in sectors such as textiles and agri-food processing to address its massive domestic demand, Mr Roy says.', 'Economists at India’s largest bank SBI have suggested extending production-linked incentives Mr Modi has offered to exports-oriented sectors to small enterprises. “', 'So far, when we think of manufacturing, we are thinking of posh people.', 'We are thinking of supercomputers.', 'We are thinking of getting Apple to come and make a few iPhones here,” Mr Roy said. “', ""These are not things that 70% of India's population consumes."", ""We should produce in India what 70% of India's population wants to consume."", ""If I'm able to make 200-rupee ($2.4, £1.8) shirts in this country and not let that import demand leak to Bangladesh and Vietnam, it will boost manufacturing.”""]",0.0100882790065145,A post-election survey shows seven in 10 Indians support taxing the super-rich and eight in 10 economists believe growth has not been inclusive.,"Rajneesh Tyagi, the owner, said he would have liked to sell locally to mitigate the lull overseas, but continuing rural distress means there’s no demand for his products. “",-0.1655408382415771,"In contrast, profits reported by India’s 5,000 listed companies rose sharply by 187% between 2018 and 2023, spruced up in part because of tax cuts, according to commentator Vivek Kaul.","Down the road from his field, an export-focused furniture workshop has seen its turnover drop by 80% in the past five years as global orders dried up following a post-Covid sales bump.",2024-07-21
Goldman Sachs tops estimates on better-than-expected fixed income trading,https://www.cnbc.com/2024/07/15/goldman-sachs-gs-earnings-2q-2024.html,2024-07-15T16:07:14+0000,"In this articleGoldman Sachs said Monday that it topped profit and revenue estimates on better-than-expected fixed income results and smaller-than-expected loan loss provisions.Here's what the company reported:Goldman said second-quarter profit jumped 150% from a year earlier to $3.04 billion, or $8.62 per share; the bank's results a year ago were hamstrung by write-downs tied to commercial real estate and the sale of a consumer business.Companywide revenue rose a more modest 17% to $12.73 billion on growth in the bank's core trading, advisory, and asset and wealth management operations.Fixed income was a highlight for the quarter; revenue there jumped 17% to $3.18 billion, roughly $220 million more than the StreetAccount estimate, on activity in interest rate, currency and mortgage trading markets.Another boost for Goldman came thanks to the firm's shrinking exposure to consumer loans: The bank's provision for credit losses in the quarter fell 54% to $282 million; that is significantly below the $435.4 million StreetAccount estimate.In other places, the bank was merely in line with expectations; for instance, equities trading climbed 7% to $3.17 billion, matching the StreetAccount estimate, on strength in derivatives activity.The bank's asset and wealth management division produced a 27% increase in revenue to $3.88 billion, also essentially matching the StreetAccount estimate, on gains in equity investments and rising management fees.The firm's platform solutions division saw revenue climb 2% to $669 million, edging out the $652.1 million estimate, on rising credit card balances and deposits.But Goldman's well-known investment banking business disappointed compared to rivals; investment banking fees rose 21% to $1.73 billion, slightly under the $1.8 billion StreetAccount estimate. The source of the miss appeared to be lighter-than-expected advisory fees of $688 million, compared with the $757.3 million estimate.Goldman's 21% increase in investment banking fees in the quarter compared with jumps of over 50% for both JPMorgan Chase and Citigroup; JPMorgan in particular cited a flurry of activity toward the end of the period that boosted results.Goldman CFO Denis Coleman told reporters that the bank still had a No. 1 market share for mergers and the comparison had to do with better relative performance a year ago.Shares of New York-based Goldman were up more than 1% in midday trading.Expectations have been set high for Goldman Sachs, with Wall Street businesses in the midst of a rebound after a dismal 2023. That's because out of the six biggest U.S. banks, Goldman is the most reliant on investment banking and trading to generate revenue.On Friday, rivals JPMorgan and Citigroup both topped expectations thanks to surging investment banking fees and better-than-expected equities trading results.Bank of America and Morgan Stanley report results Tuesday.",CNBC,15/07/2024,"['In this articleGoldman Sachs said Monday that it topped profit and revenue estimates on better-than-expected fixed income results and smaller-than-expected loan loss provisions.', ""Here's what the company reported:Goldman said second-quarter profit jumped 150% from a year earlier to $3.04 billion, or $8.62 per share; the bank's results a year ago were hamstrung by write-downs tied to commercial real estate and the sale of a consumer business."", ""Companywide revenue rose a more modest 17% to $12.73 billion on growth in the bank's core trading, advisory, and asset and wealth management operations."", 'Fixed income was a highlight for the quarter; revenue there jumped 17% to $3.18 billion, roughly $220 million more than the StreetAccount estimate, on activity in interest rate, currency and mortgage trading markets.', ""Another boost for Goldman came thanks to the firm's shrinking exposure to consumer loans: The bank's provision for credit losses in the quarter fell 54% to $282 million; that is significantly below the $435.4 million StreetAccount estimate."", 'In other places, the bank was merely in line with expectations; for instance, equities trading climbed 7% to $3.17 billion, matching the StreetAccount estimate, on strength in derivatives activity.', ""The bank's asset and wealth management division produced a 27% increase in revenue to $3.88 billion, also essentially matching the StreetAccount estimate, on gains in equity investments and rising management fees."", ""The firm's platform solutions division saw revenue climb 2% to $669 million, edging out the $652.1 million estimate, on rising credit card balances and deposits."", ""But Goldman's well-known investment banking business disappointed compared to rivals; investment banking fees rose 21% to $1.73 billion, slightly under the $1.8 billion StreetAccount estimate."", 'The source of the miss appeared to be lighter-than-expected advisory fees of $688 million, compared with the $757.3 million estimate.', ""Goldman's 21% increase in investment banking fees in the quarter compared with jumps of over 50% for both JPMorgan Chase and Citigroup; JPMorgan in particular cited a flurry of activity toward the end of the period that boosted results."", 'Goldman CFO Denis Coleman told reporters that the bank still had a No.', '1 market share for mergers and the comparison had to do with better relative performance a year ago.', 'Shares of New York-based Goldman were up more than 1% in midday trading.', 'Expectations have been set high for Goldman Sachs, with Wall Street businesses in the midst of a rebound after a dismal 2023.', ""That's because out of the six biggest U.S. banks, Goldman is the most reliant on investment banking and trading to generate revenue."", 'On Friday, rivals JPMorgan and Citigroup both topped expectations thanks to surging investment banking fees and better-than-expected equities trading results.', 'Bank of America and Morgan Stanley report results Tuesday.']",0.3416654676569024,"The bank's asset and wealth management division produced a 27% increase in revenue to $3.88 billion, also essentially matching the StreetAccount estimate, on gains in equity investments and rising management fees.","Expectations have been set high for Goldman Sachs, with Wall Street businesses in the midst of a rebound after a dismal 2023.",0.9988433931555066,"Companywide revenue rose a more modest 17% to $12.73 billion on growth in the bank's core trading, advisory, and asset and wealth management operations.",,2024-07-21
Crowdstrike: Global cyber agencies warn about scammers,https://www.bbc.co.uk/news/articles/cq5xy12pynyo,2024-07-20T11:50:44.795Z,"Cyber-security experts and agencies around the world are warning people about a wave of opportunistic hacking attempts linked to the IT outage. Although there is no evidence that the CrowdStrike outage was caused by malicious activity, some bad actors are attempting to take advantage. Cyber agencies in the UK and Australia are warning people to be vigilant to fake emails, calls and websites that pretend to be official. And CrowdStrike head George Kurtz encouraged users to make sure they were speaking to official representatives from the company before downloading fixes. ""We know that adversaries and bad actors will try to exploit events like this,"" he said in a blog post.  ""Our blog and technical support will continue to be the official channels for the latest updates."" His words were echoed by cybersecurity expert Troy Hunt, who runs the well-known Have I Been Pwned security website. “An incident like this that has commanded so many headlines and has people worried is a gift to scammers,"" he said. Mr Hunt was responding to a warning from the Australian Signals Directorate (known as the ASD, the equivalent of the UK's GCHQ or the US's National Security Agency) which issued an alert about hackers sending out bogus software fixes claiming to be from CrowdStrike. ""Alert! We understand a number of malicious websites and unofficial code are being released claiming to help entities recover,"" the notice reads. The agency is urging IT responders to only use CrowdStrike's website to source information and help. The ASD warning follows calls from the UK's National Cyber Security Centre (NCSC) on Friday for people to be hyper vigilante of suspicious emails or calls that pretend to be CrowdStrike or Microsoft help. ""An increase in phishing referencing this outage has already been observed, as opportunistic malicious actors seek to take advantage of the situation,"" the agency said. Whenever there is a major news event, especially one linked to technology, hackers respond by tweaking their existing methods to take into account the fear and uncertainty. We saw the same with the Covid-19 pandemic when hackers adjusted their phishing email attacks to offer information about the virus and even pretend to have an antidote in order to hack people and organisations. Because the IT outage has been a global news story we are seeing hackers capitalise. According to researchers at Secureworks, there has already been a sharp rise in CrowdStrike-themed domain registrations – hackers registering new websites made to look official and potentially trick IT managers or members of the public into downloading malicious software or handing over private details. The advice is mainly for IT managers who are the ones being affected by this as they try to get their organisations back online.  But individuals too might be targeted, so experts are warning to be cautious and only act on information from the official CrowdStrike channels. ",BBC,20/07/2024,"['Cyber-security experts and agencies around the world are warning people about a wave of opportunistic hacking attempts linked to the IT outage.', 'Although there is no evidence that the CrowdStrike outage was caused by malicious activity, some bad actors are attempting to take advantage.', 'Cyber agencies in the UK and Australia are warning people to be vigilant to fake emails, calls and websites that pretend to be official.', 'And CrowdStrike head George Kurtz encouraged users to make sure they were speaking to official representatives from the company before downloading fixes. ""', 'We know that adversaries and bad actors will try to exploit events like this,"" he said in a blog post. ""', 'Our blog and technical support will continue to be the official channels for the latest updates.""', 'His words were echoed by cybersecurity expert Troy Hunt, who runs the well-known Have I Been Pwned security website. “', 'An incident like this that has commanded so many headlines and has people worried is a gift to scammers,"" he said.', 'Mr Hunt was responding to a warning from the Australian Signals Directorate (known as the ASD, the equivalent of the UK\'s GCHQ or the US\'s National Security Agency) which issued an alert about hackers sending out bogus software fixes claiming to be from CrowdStrike. ""', 'Alert!', 'We understand a number of malicious websites and unofficial code are being released claiming to help entities recover,"" the notice reads.', ""The agency is urging IT responders to only use CrowdStrike's website to source information and help."", 'The ASD warning follows calls from the UK\'s National Cyber Security Centre (NCSC) on Friday for people to be hyper vigilante of suspicious emails or calls that pretend to be CrowdStrike or Microsoft help. ""', 'An increase in phishing referencing this outage has already been observed, as opportunistic malicious actors seek to take advantage of the situation,"" the agency said.', 'Whenever there is a major news event, especially one linked to technology, hackers respond by tweaking their existing methods to take into account the fear and uncertainty.', 'We saw the same with the Covid-19 pandemic when hackers adjusted their phishing email attacks to offer information about the virus and even pretend to have an antidote in order to hack people and organisations.', 'Because the IT outage has been a global news story we are seeing hackers capitalise.', 'According to researchers at Secureworks, there has already been a sharp rise in CrowdStrike-themed domain registrations – hackers registering new websites made to look official and potentially trick IT managers or members of the public into downloading malicious software or handing over private details.', 'The advice is mainly for IT managers who are the ones being affected by this as they try to get their organisations back online.', 'But individuals too might be targeted, so experts are warning to be cautious and only act on information from the official CrowdStrike channels.']",0.0100378251467908,"And CrowdStrike head George Kurtz encouraged users to make sure they were speaking to official representatives from the company before downloading fixes. ""","Whenever there is a major news event, especially one linked to technology, hackers respond by tweaking their existing methods to take into account the fear and uncertainty.",0.5845751464366913,"According to researchers at Secureworks, there has already been a sharp rise in CrowdStrike-themed domain registrations – hackers registering new websites made to look official and potentially trick IT managers or members of the public into downloading malicious software or handing over private details.","An increase in phishing referencing this outage has already been observed, as opportunistic malicious actors seek to take advantage of the situation,"" the agency said.",2024-07-21
Pret A Manger: The decline of the 'free' coffee,https://www.bbc.co.uk/news/articles/c1vdkny2n1yo,2024-07-20T23:00:59.848Z,"We all love a good deal.  Especially on our daily coffee which, in some places, is closer to £4 a cup nowadays than £3. High street coffee shops enjoy offering us a deal too - especially if we buy into their loyalty models, which until recently seemed nearly as attractive as a silky smooth latte. And yet almost four years after launching its wildly popular subscription, Pret A Manger has become the latest coffee chain to ditch it in favour of a less generous scheme. Under the current system, subscribers who pay a monthly fee of £30 get up to five 'free' coffees a day.  But from September, Pret will offer up to five half-price coffees a day for £10 a month, which it says will ""continue to be the best offer on the high street"". The change also ends the 20% discount on food for subscribers. Pret said it had ""never really got comfortable"" with the dual pricing system across its food products. The social media site X was awash with criticism following the Pret news. ""You mess about with loyalty schemes at your peril,"" warned retail expert Catherine Shuttleworth. ""Commercially this might make a load of sense for Pret, but the reaction - it plays into the hands of their competitors."" Pret is not the only coffee shop to have watered down its loyalty scheme.  You might not have noticed, but your wallet probably has. Costa Coffee currently runs a free loyalty card, the Costa Club, but changed the terms last August. Customers went from needing eight stamps (or ""beans"") on their loyalty cards to qualify for a free drink, to needing 10. At the end of 2022, Starbucks announced more loyalty points would be required to redeem many of its menu items. Customers who enrol in the chain's Starbucks Rewards programme earn points (or ""stars"") when purchasing food or drinks. Hot coffee, tea, or baked goods now require 100 stars, doubling the previous price of 50 stars. Experts told the BBC that less generous loyalty schemes were ""not a surprise"" with the rising cost of labour, packaging and the coffee itself. The cost of arabica beans has soared in recent years because of the impact of climate change in countries such as Brazil and Ethiopia.  The industry is also still grappling with high energy and utility bills. Richard Lim, CEO of Retail Economics, told the BBC subscription models offered value to customers, but had to be mutually beneficial to work. ""They can be good for businesses too because they produce a predictable, stable income that can rely on recurring revenue,"" he said.  ""But if there's one party losing out, it won't work, and the big question is, was this commercially viable for Pret? I suspect not."" The announcements from Costa and Starbucks caused outrage among customers at the time, and now it's Pret’s turn. ""I only have a subscription because I couldn’t be bothered to bring my own drinks to work and there’s a Pret in my building,"" one user said on X. ""With the new deal, it’s cheaper to just stop being lazy."" Another said Pret had ""broken their hold on the customer"". A third customer said: ""I already get 25% [off] coffee from Nero with Compare the Market. Why would I continue to pay Pret for a similar discount scheme? Madness."" One expert backed the new subscription model in an interview with the BBC this week, saying the old model ""alienated"" non-subscribers. ""Consumers today want immediate value. They shouldn’t need a calculator to work out if they’re getting a good deal,"" retail analyst Natalie Berg said. But Ms Shuttleworth said ""Pret will be hoping people are lazy and stuck in their routines"", though others might vote with their feet. ""From Pret's perspective, this subscription increased footfall and the chance of higher spending because people come for the coffee and pick up breakfast or a sandwich en route to the counter,"" she said. ""They did it to get customers back in after the pandemic when everyone was returning to their offices, and it worked,"" helping Pret return to profit last year for the first time since 2018. ""They now want to replace it with something that is better for them as a business, but it’s a big risk."" ",BBC,20/07/2024,"['We all love a good deal.', 'Especially on our daily coffee which, in some places, is closer to £4 a cup nowadays than £3.', 'High street coffee shops enjoy offering us a deal too - especially if we buy into their loyalty models, which until recently seemed nearly as attractive as a silky smooth latte.', 'And yet almost four years after launching its wildly popular subscription, Pret A Manger has become the latest coffee chain to ditch it in favour of a less generous scheme.', ""Under the current system, subscribers who pay a monthly fee of £30 get up to five 'free' coffees a day."", 'But from September, Pret will offer up to five half-price coffees a day for £10 a month, which it says will ""continue to be the best offer on the high street"".', 'The change also ends the 20% discount on food for subscribers.', 'Pret said it had ""never really got comfortable"" with the dual pricing system across its food products.', 'The social media site X was awash with criticism following the Pret news. ""', 'You mess about with loyalty schemes at your peril,"" warned retail expert Catherine Shuttleworth. ""', 'Commercially this might make a load of sense for Pret, but the reaction - it plays into the hands of their competitors.""', 'Pret is not the only coffee shop to have watered down its loyalty scheme.', 'You might not have noticed, but your wallet probably has.', 'Costa Coffee currently runs a free loyalty card, the Costa Club, but changed the terms last August.', 'Customers went from needing eight stamps (or ""beans"") on their loyalty cards to qualify for a free drink, to needing 10.', 'At the end of 2022, Starbucks announced more loyalty points would be required to redeem many of its menu items.', 'Customers who enrol in the chain\'s Starbucks Rewards programme earn points (or ""stars"") when purchasing food or drinks.', 'Hot coffee, tea, or baked goods now require 100 stars, doubling the previous price of 50 stars.', 'Experts told the BBC that less generous loyalty schemes were ""not a surprise"" with the rising cost of labour, packaging and the coffee itself.', 'The cost of arabica beans has soared in recent years because of the impact of climate change in countries such as Brazil and Ethiopia.', 'The industry is also still grappling with high energy and utility bills.', 'Richard Lim, CEO of Retail Economics, told the BBC subscription models offered value to customers, but had to be mutually beneficial to work. ""', 'They can be good for businesses too because they produce a predictable, stable income that can rely on recurring revenue,"" he said. ""', ""But if there's one party losing out, it won't work, and the big question is, was this commercially viable for Pret?"", 'I suspect not.""', 'The announcements from Costa and Starbucks caused outrage among customers at the time, and now it\'s Pret’s turn. ""', 'I only have a subscription because I couldn’t be bothered to bring my own drinks to work and there’s a Pret in my building,"" one user said on X. ""With the new deal, it’s cheaper to just stop being lazy.""', 'Another said Pret had ""broken their hold on the customer"".', 'A third customer said: ""I already get 25% [off] coffee from Nero with Compare the Market.', 'Why would I continue to pay Pret for a similar discount scheme?', 'Madness.""', 'One expert backed the new subscription model in an interview with the BBC this week, saying the old model ""alienated"" non-subscribers. ""', 'Consumers today want immediate value.', 'They shouldn’t need a calculator to work out if they’re getting a good deal,"" retail analyst Natalie Berg said.', 'But Ms Shuttleworth said ""Pret will be hoping people are lazy and stuck in their routines"", though others might vote with their feet. ""', 'From Pret\'s perspective, this subscription increased footfall and the chance of higher spending because people come for the coffee and pick up breakfast or a sandwich en route to the counter,"" she said. ""', 'They did it to get customers back in after the pandemic when everyone was returning to their offices, and it worked,"" helping Pret return to profit last year for the first time since 2018. ""', 'They now want to replace it with something that is better for them as a business, but it’s a big risk.""']",0.1833608791450862,"High street coffee shops enjoy offering us a deal too - especially if we buy into their loyalty models, which until recently seemed nearly as attractive as a silky smooth latte.","I only have a subscription because I couldn’t be bothered to bring my own drinks to work and there’s a Pret in my building,"" one user said on X. ""With the new deal, it’s cheaper to just stop being lazy.""",-0.0613643281600054,"They did it to get customers back in after the pandemic when everyone was returning to their offices, and it worked,"" helping Pret return to profit last year for the first time since 2018. ""","Experts told the BBC that less generous loyalty schemes were ""not a surprise"" with the rising cost of labour, packaging and the coffee itself.",2024-07-21
Crowdstrike: How China swerved worst of global tech meltdown,https://www.bbc.co.uk/news/articles/c3g01y047pdo,2024-07-20T15:14:06.240Z,"While most of the world was grappling with the blue screen of death on Friday, one country that managed to escape largely unscathed was China. The reason is actually quite simple: CrowdStrike is hardly used there.  Very few organisations will buy software from an American firm that, in the past, has been vocal about the cyber-security threat posed by Beijing. Additionally, China is not as reliant on Microsoft as the rest of the world. Domestic companies such as Alibaba, Tencent and Huawei are the dominant cloud providers. So reports of outages in China, when they did come, were mainly at foreign firms or organisations. On Chinese social media sites, for example, some users complained they were not able to check into international chain hotels such as Sheraton, Marriott and Hyatt in Chinese cities. Over recent years, government organisations, businesses and infrastructure operators have increasingly been replacing foreign IT systems with domestic ones. Some analysts like to call this parallel network the ""splinternet"". ""It's a testament to China's strategic handling of foreign tech operations,"" says Josh Kennedy-White, a cybersecurity expert based in Singapore. ""Microsoft operates in China through a local partner, 21Vianet, which manages its services independently of its global infrastructure. This setup insulates China’s essential services - like banking and aviation - from global disruptions."" Beijing sees avoiding reliance on foreign systems as a way of shoring up national security. It is similar to the way some Western countries banned Chinese tech firm Huawei’s technology in 2019 - or the UK's move to ban the use of Chinese-owned TikTok on government devices in 2023. Since then, the US has launched a concerted effort to ban sales of advanced semiconductor chip tech to China, as well as attempts to stop American companies from investing in Chinese technology. The US government says all of these restrictions are on national security grounds. An editorial published on Saturday in the state-run Global Times newspaper made a thinly veiled reference to these curbs on Chinese technology. ""Some countries constantly talk about security, generalise the concept of security, but ignore the real security, this is ironic,"" the editorial said. The argument here is that the US tries to dictate the terms of who can use global technology and how it is used, yet one of its own companies has caused global chaos through lack of care. The Global Times also took a jab at the internet giants who ""monopolise"" the industry: ""Relying solely on top companies to lead network security efforts, as some countries advocate, may hinder not just the inclusive sharing of governance outcomes but also introduce new security risks."" The reference to “sharing” is probably an allusion to the debate over intellectual property insofar as China is often accused of copying or stealing western technology. Beijing insists this is not the case and advocates for an open global technology marketplace - while still keeping tight control over its domestic scene. Not everything was totally unaffected in China, however. A small numbers of workers expressed thanks to an American software giant for ending their working week early.   “Thank you Microsoft for an early vacation,” was trending on the social media site Weibo on Friday, with users posting pictures of blue error screens. ",BBC,20/07/2024,"['While most of the world was grappling with the blue screen of death on Friday, one country that managed to escape largely unscathed was China.', 'The reason is actually quite simple: CrowdStrike is hardly used there.', 'Very few organisations will buy software from an American firm that, in the past, has been vocal about the cyber-security threat posed by Beijing.', 'Additionally, China is not as reliant on Microsoft as the rest of the world.', 'Domestic companies such as Alibaba, Tencent and Huawei are the dominant cloud providers.', 'So reports of outages in China, when they did come, were mainly at foreign firms or organisations.', 'On Chinese social media sites, for example, some users complained they were not able to check into international chain hotels such as Sheraton, Marriott and Hyatt in Chinese cities.', 'Over recent years, government organisations, businesses and infrastructure operators have increasingly been replacing foreign IT systems with domestic ones.', 'Some analysts like to call this parallel network the ""splinternet"". ""', 'It\'s a testament to China\'s strategic handling of foreign tech operations,"" says Josh Kennedy-White, a cybersecurity expert based in Singapore. ""', 'Microsoft operates in China through a local partner, 21Vianet, which manages its services independently of its global infrastructure.', 'This setup insulates China’s essential services - like banking and aviation - from global disruptions.""', 'Beijing sees avoiding reliance on foreign systems as a way of shoring up national security.', ""It is similar to the way some Western countries banned Chinese tech firm Huawei’s technology in 2019 - or the UK's move to ban the use of Chinese-owned TikTok on government devices in 2023."", 'Since then, the US has launched a concerted effort to ban sales of advanced semiconductor chip tech to China, as well as attempts to stop American companies from investing in Chinese technology.', 'The US government says all of these restrictions are on national security grounds.', 'An editorial published on Saturday in the state-run Global Times newspaper made a thinly veiled reference to these curbs on Chinese technology. ""', 'Some countries constantly talk about security, generalise the concept of security, but ignore the real security, this is ironic,"" the editorial said.', 'The argument here is that the US tries to dictate the terms of who can use global technology and how it is used, yet one of its own companies has caused global chaos through lack of care.', 'The Global Times also took a jab at the internet giants who ""monopolise"" the industry: ""Relying solely on top companies to lead network security efforts, as some countries advocate, may hinder not just the inclusive sharing of governance outcomes but also introduce new security risks.""', 'The reference to “sharing” is probably an allusion to the debate over intellectual property insofar as China is often accused of copying or stealing western technology.', 'Beijing insists this is not the case and advocates for an open global technology marketplace - while still keeping tight control over its domestic scene.', 'Not everything was totally unaffected in China, however.', 'A small numbers of workers expressed thanks to an American software giant for ending their working week early. “', 'Thank you Microsoft for an early vacation,” was trending on the social media site Weibo on Friday, with users posting pictures of blue error screens.']",-0.0448172435287942,"The Global Times also took a jab at the internet giants who ""monopolise"" the industry: ""Relying solely on top companies to lead network security efforts, as some countries advocate, may hinder not just the inclusive sharing of governance outcomes but also introduce new security risks.""",It is similar to the way some Western countries banned Chinese tech firm Huawei’s technology in 2019 - or the UK's move to ban the use of Chinese-owned TikTok on government devices in 2023.,-0.5890168428421021,"It's a testament to China's strategic handling of foreign tech operations,"" says Josh Kennedy-White, a cybersecurity expert based in Singapore. ""","The Global Times also took a jab at the internet giants who ""monopolise"" the industry: ""Relying solely on top companies to lead network security efforts, as some countries advocate, may hinder not just the inclusive sharing of governance outcomes but also introduce new security risks.""",2024-07-21
Why Ontario Premier Doug Ford is at war with the LCBO,https://www.bbc.co.uk/news/articles/cjl69zk8y13o,2024-07-19T23:29:42.184Z,"Last week, Ontario Premier Doug Ford posted a video online with a message for his Canadian province. It seemed like a typical innocuous political advertisement - Mr Ford sporting a casual black polo shirt and a blue apron, standing at a barbecue grilling burgers, cans of beer at hand. “It’s summertime in Ontario,” the premier said, beaming into the camera. Instead, the video was a shot across the bow, with the premier launching an interactive map of local breweries, wineries and distilleries.  It was a strategic move in the midst of liquor labour dispute that has snarled summer alcohol sales in Canada's most populous province.  For the first time in its history, workers at Ontario’s liquor retailer are on strike. The battle has shone a spotlight on the province's peculiar and, some say, outdated liquor control system. On 5 July, the more than 9,000 employees of the provincially-owned Liquor Board of Ontario (LCBO) walked off the job after negotiations for a new collective agreement between their union and Mr Ford’s government fell apart. The LCBO then shuttered all its 650 stores for at least two weeks. This week, the Ontario Public Services Employees Union (OPSEU) returned to the bargaining table with the province. But talks resumed after another salvo from Mr Ford: the premier has promised to accelerate plans to put canned cocktails in privately-run retailers - the primary sticking point for the union. For a brief moment on Friday, it seemed the dispute was resolved, after the union representing LCBO workers announced that a tentative deal had been reached that would reopen liquor stores in a few days.  But it backtracked during a scheduled news conference with reporters that lasted just two minutes, during which they claimed that Mr Ford's government had refused to sign their return-to-work order.  ""We were prepared to come here to announce a deal,"" said union spokesperson Katie Arnup. ""We do not have a deal. The strike continues."" Soon after, the LCBO told its side of the story: It accused the workers' union of negotiating in ""bad faith"", saying it introduced new demands around money that should have been dealt with at the bargaining table. It also vowed to file an unfair labour complaint against the union, signalling that the fight is not yet over. The LCBOs scattered through Ontario today - generally well-stocked, clean and some consumers will argue, overpriced - are the product of a nearly century-old decision that gave the Crown corporation control over the distribution and sale of liquor in the province. For years, the whole system maintained distinctive traces of temperance-era policy.  Customers were required to obtain a separate liquor permit before placing an order with a clerk, who could deny any order they believed was too large. Alcohol was not openly displayed. Stores were hidden away from main streets, and purchases were packed away in discreet paper bags. Slowly, starting in the 1950s and 1960s, the LCBO evolved into a more consumer-friendly operation, now with wine tasting and free drink samples and a glossy LCBO-branded food and drink magazine. (Though self-service, which allows customers to grab their preferred alcohol directly off store shelves, was only fully phased in by the late 1980s).  Ontarians could get beer from the brewer consortium-owned The Beer Store and, later, in the 1990s, Ontario-made wine from The Wine Rack, owned by the Ontario Teachers' Pension Plan.  But for the most part the LCBO has enjoyed an iron-clad monopoly on Ontario alcohol sales.  As most other provinces, like Alberta, British Columbia and Prince Edward Island, moved to liberalise their liquor sales and allow for privately-run stores, Ontario stayed mostly the same. In 2015, things started to shift. The first grocery stores in Ontario were authorised to sell six-packs of beer - a change described at the time as the biggest shake-up to alcohol sales since Prohibition.  “It was one small purchase for a politician, one giant leap for Ontario beer consumers,” read one article in the Toronto Star of the very first grocery store beer purchase by then Premier Kathleen Wynne.  Today, 450 grocery stores across the province are licensed to sell beer, wine and cider. So amid the strike, Ontarians are not facing an entirely dry summer. They can still place limited LCBO delivery orders online, and purchase wine, beer and cider from some stores.  A bigger change is now around the corner.  Starting this month, convenience stores, big-box stores and grocers will all be eligible to sell wine, beer, cider and ready-to-drink cocktails like hard seltzers. OPSEU says pre-made cocktails pose an existential crisis to the LCBO's business. “This is our line in the sand and we are making history,” said president JP Hornick on the first day of the strike.  “We are here today because of the Ford government’s plan to try and expand privatisation of alcohol sales… That puts every Ontarian at risk.” And, OPSEU says, the change threatens the C$2.5bn ($1.83bn; £1.42bn) LCBO sales net for provincial coffers.  But Mr Ford argues the plan will give small businesses a shot at the market while still leaving the LCBO with a considerable competitive advantage.  Under the new plan, the LCBO remains the only retailer of high-alcohol spirits like gin and whisky, as well as the only wholesaler and primary distributor of alcohol in Ontario. ""Keep in mind when, when you're the wholesaler, that's where you make money,"" the premier said last week. The proposal also gives Mr Ford a chance to deliver on a pledge in time for the next election, currently scheduled for 2026. “He campaigned on this,” said Walid Hejazi at the University of Toronto's Rotman School of Management. “It’s a winning issue for the Conservatives,” added Mr Hejazi, who noted he worked as a consultant for the LCBO about 15 years ago. “The province is proposing a strategy that will lower the price I have to pay and make it more convenient… who doesn’t want cheaper alcohol and more convenience?” Another problem for the LCBO is that the sting of the LCBO's strike has been dulled considerably by the small amount of liquor liberalisation the province already has. Ontarians, for the most part, are not up in arms, with access to alcohol at hundreds of wineries, grocery stores and beer stores that remain open. “What if you went on strike and hardly anyone noticed?” read the first line of a Globe and Mail editorial. Public polling has seemed to reflect the ambivalence, with just 15% of Ontarians  saying they have been personally affected by the strike.  (A tourism industry group says the strike is affecting the operations of 35% of poll respondents in the sector due to limited product availability and slow fulfillment). But they aren't necessarily on Team Ford, either. An internal poll by Mr Ford's government indicates that while many support liquor liberalisation, a little over half back the  strike action.  Many Ontarians did, however, take notice of the Conservative premier's interactive alcohol retail map, which may have annoyed more voters than the shuttered stores. The province’s efforts to unveil an alcohol-finder soon after the strike began raised questions about the government’s priorities, with one resident suggesting a better use would be a map of family doctors that are accepting new patients.  Dr Adil Shamji, a provincial Liberal politician, said he ""routinely"" gets calls from constituents for help finding doctors, childcare or affordable housing.  ""Never, including after this strike, have I had people calling my office asking for help in finding booze,"" he said.  Dr Shamji said he wants both sides to get back to get a deal done, one with protections for the LCBO. For his part, Mr Ford says he is ready to keep negotiating but on canned cocktails at least, he is not budging. ""If they want to negotiate over [ready-to-drink beverages], the deal's off. I'm gonna repeat that: that ship has sailed,"" he said. ",BBC,19/07/2024,"['Last week, Ontario Premier Doug Ford posted a video online with a message for his Canadian province.', 'It seemed like a typical innocuous political advertisement - Mr Ford sporting a casual black polo shirt and a blue apron, standing at a barbecue grilling burgers, cans of beer at hand. “', 'It’s summertime in Ontario,” the premier said, beaming into the camera.', 'Instead, the video was a shot across the bow, with the premier launching an interactive map of local breweries, wineries and distilleries.', ""It was a strategic move in the midst of liquor labour dispute that has snarled summer alcohol sales in Canada's most populous province."", 'For the first time in its history, workers at Ontario’s liquor retailer are on strike.', ""The battle has shone a spotlight on the province's peculiar and, some say, outdated liquor control system."", 'On 5 July, the more than 9,000 employees of the provincially-owned Liquor Board of Ontario (LCBO) walked off the job after negotiations for a new collective agreement between their union and Mr Ford’s government fell apart.', 'The LCBO then shuttered all its 650 stores for at least two weeks.', 'This week, the Ontario Public Services Employees Union (OPSEU) returned to the bargaining table with the province.', 'But talks resumed after another salvo from Mr Ford: the premier has promised to accelerate plans to put canned cocktails in privately-run retailers - the primary sticking point for the union.', 'For a brief moment on Friday, it seemed the dispute was resolved, after the union representing LCBO workers announced that a tentative deal had been reached that would reopen liquor stores in a few days.', 'But it backtracked during a scheduled news conference with reporters that lasted just two minutes, during which they claimed that Mr Ford\'s government had refused to sign their return-to-work order. ""', 'We were prepared to come here to announce a deal,"" said union spokesperson Katie Arnup. ""', 'We do not have a deal.', 'The strike continues.""', 'Soon after, the LCBO told its side of the story: It accused the workers\' union of negotiating in ""bad faith"", saying it introduced new demands around money that should have been dealt with at the bargaining table.', 'It also vowed to file an unfair labour complaint against the union, signalling that the fight is not yet over.', 'The LCBOs scattered through Ontario today - generally well-stocked, clean and some consumers will argue, overpriced - are the product of a nearly century-old decision that gave the Crown corporation control over the distribution and sale of liquor in the province.', 'For years, the whole system maintained distinctive traces of temperance-era policy.', 'Customers were required to obtain a separate liquor permit before placing an order with a clerk, who could deny any order they believed was too large.', 'Alcohol was not openly displayed.', 'Stores were hidden away from main streets, and purchases were packed away in discreet paper bags.', 'Slowly, starting in the 1950s and 1960s, the LCBO evolved into a more consumer-friendly operation, now with wine tasting and free drink samples and a glossy LCBO-branded food and drink magazine. (', 'Though self-service, which allows customers to grab their preferred alcohol directly off store shelves, was only fully phased in by the late 1980s).', ""Ontarians could get beer from the brewer consortium-owned The Beer Store and, later, in the 1990s, Ontario-made wine from The Wine Rack, owned by the Ontario Teachers' Pension Plan."", 'But for the most part the LCBO has enjoyed an iron-clad monopoly on Ontario alcohol sales.', 'As most other provinces, like Alberta, British Columbia and Prince Edward Island, moved to liberalise their liquor sales and allow for privately-run stores, Ontario stayed mostly the same.', 'In 2015, things started to shift.', 'The first grocery stores in Ontario were authorised to sell six-packs of beer - a change described at the time as the biggest shake-up to alcohol sales since Prohibition. “', 'It was one small purchase for a politician, one giant leap for Ontario beer consumers,” read one article in the Toronto Star of the very first grocery store beer purchase by then Premier Kathleen Wynne.', 'Today, 450 grocery stores across the province are licensed to sell beer, wine and cider.', 'So amid the strike, Ontarians are not facing an entirely dry summer.', 'They can still place limited LCBO delivery orders online, and purchase wine, beer and cider from some stores.', 'A bigger change is now around the corner.', 'Starting this month, convenience stores, big-box stores and grocers will all be eligible to sell wine, beer, cider and ready-to-drink cocktails like hard seltzers.', ""OPSEU says pre-made cocktails pose an existential crisis to the LCBO's business. “"", 'This is our line in the sand and we are making history,” said president JP Hornick on the first day of the strike. “', 'We are here today because of the Ford government’s plan to try and expand privatisation of alcohol sales… That puts every Ontarian at risk.”', 'And, OPSEU says, the change threatens the C$2.5bn ($1.83bn; £1.42bn) LCBO sales net for provincial coffers.', 'But Mr Ford argues the plan will give small businesses a shot at the market while still leaving the LCBO with a considerable competitive advantage.', 'Under the new plan, the LCBO remains the only retailer of high-alcohol spirits like gin and whisky, as well as the only wholesaler and primary distributor of alcohol in Ontario. ""', 'Keep in mind when, when you\'re the wholesaler, that\'s where you make money,"" the premier said last week.', 'The proposal also gives Mr Ford a chance to deliver on a pledge in time for the next election, currently scheduled for 2026. “', ""He campaigned on this,” said Walid Hejazi at the University of Toronto's Rotman School of Management. “"", 'It’s a winning issue for the Conservatives,” added Mr Hejazi, who noted he worked as a consultant for the LCBO about 15 years ago. “', 'The province is proposing a strategy that will lower the price I have to pay and make it more convenient… who doesn’t want cheaper alcohol and more convenience?”', ""Another problem for the LCBO is that the sting of the LCBO's strike has been dulled considerably by the small amount of liquor liberalisation the province already has."", 'Ontarians, for the most part, are not up in arms, with access to alcohol at hundreds of wineries, grocery stores and beer stores that remain open. “', 'What if you went on strike and hardly anyone noticed?”', 'read the first line of a Globe and Mail editorial.', 'Public polling has seemed to reflect the ambivalence, with just 15% of Ontarians saying they have been personally affected by the strike. (', 'A tourism industry group says the strike is affecting the operations of 35% of poll respondents in the sector due to limited product availability and slow fulfillment).', ""But they aren't necessarily on Team Ford, either."", ""An internal poll by Mr Ford's government indicates that while many support liquor liberalisation, a little over half back the strike action."", ""Many Ontarians did, however, take notice of the Conservative premier's interactive alcohol retail map, which may have annoyed more voters than the shuttered stores."", 'The province’s efforts to unveil an alcohol-finder soon after the strike began raised questions about the government’s priorities, with one resident suggesting a better use would be a map of family doctors that are accepting new patients.', 'Dr Adil Shamji, a provincial Liberal politician, said he ""routinely"" gets calls from constituents for help finding doctors, childcare or affordable housing. ""', 'Never, including after this strike, have I had people calling my office asking for help in finding booze,"" he said.', 'Dr Shamji said he wants both sides to get back to get a deal done, one with protections for the LCBO.', 'For his part, Mr Ford says he is ready to keep negotiating but on canned cocktails at least, he is not budging. ""', ""If they want to negotiate over [ready-to-drink beverages], the deal's off."", 'I\'m gonna repeat that: that ship has sailed,"" he said.']",0.0355566806216293,"Slowly, starting in the 1950s and 1960s, the LCBO evolved into a more consumer-friendly operation, now with wine tasting and free drink samples and a glossy LCBO-branded food and drink magazine. (","It also vowed to file an unfair labour complaint against the union, signalling that the fight is not yet over.",0.0214788254938627,"It’s a winning issue for the Conservatives,” added Mr Hejazi, who noted he worked as a consultant for the LCBO about 15 years ago. “",OPSEU says pre-made cocktails pose an existential crisis to the LCBO's business. “,2024-07-21
"Postmasters had fingers in the till, minister told",https://www.bbc.co.uk/news/articles/c4ngr82zedxo,2024-07-19T16:03:29.994Z,"Jo Swinson has claimed that former Post Office chief executive Paula Vennells said  “something to the effect” that some sub-postmasters had “their fingers in the till."" The Former Liberal Democrat leader said that Vennells told her “although these might seem to be lovely people, clearly some of them are actually just at it”. Ms Swinson, who was Postal Affairs Minister between 2012 and 2015 also accused Ms Vennells of failing to tell her about the unreliability of a key witness in the prosecution of sub postmasters. She was referring to the former Fujitsu engineer, Gareth Jenkins, who defended the Horizon system in court cases where sub postmasters were sent to prison. Ms Swinson said Ms Vennells made the comments to her over the phone in the manner of ""taking me into her confidence."" In 2013, the barrister Simon Clarke KC advised the Post Office that Jenkins was  aware of bugs in the Horizon system and said the IT expert should have disclosed the existence of software bugs to the defence. Ms Swinson told the inquiry that Ms Vennells should have realised that the Clarke memo demanded ‘’urgent attention’’ and said ‘’she never told me’’ about it. Ms Vennells’ barrister Samantha Leak KC was quick to challenge Jo Swinson about her evidence.  She said that there was no evidence that Ms Vennells was shown the Clarke advice by the Post Office lawyer Susan Crichton or any of the company’s other lawyers.  Ms Swinson responded that she would have expected a chief executive to have asked to see it. The Former Liberal Democrat leader became emotional whilst giving evidence.  ""I’m sorry. I asked lots of questions but that wasn’t enough,"" she said to sub postmasters in the room while holding back tears. ",BBC,19/07/2024,"['Jo Swinson has claimed that former Post Office chief executive Paula Vennells said “something to the effect” that some sub-postmasters had “their fingers in the till.""', 'The Former Liberal Democrat leader said that Vennells told her “although these might seem to be lovely people, clearly some of them are actually just at it”.', 'Ms Swinson, who was Postal Affairs Minister between 2012 and 2015 also accused Ms Vennells of failing to tell her about the unreliability of a key witness in the prosecution of sub postmasters.', 'She was referring to the former Fujitsu engineer, Gareth Jenkins, who defended the Horizon system in court cases where sub postmasters were sent to prison.', 'Ms Swinson said Ms Vennells made the comments to her over the phone in the manner of ""taking me into her confidence.""', 'In 2013, the barrister Simon Clarke KC advised the Post Office that Jenkins was aware of bugs in the Horizon system and said the IT expert should have disclosed the existence of software bugs to the defence.', 'Ms Swinson told the inquiry that Ms Vennells should have realised that the Clarke memo demanded ‘’urgent attention’’ and said ‘’she never told me’’ about it.', 'Ms Vennells’ barrister Samantha Leak KC was quick to challenge Jo Swinson about her evidence.', 'She said that there was no evidence that Ms Vennells was shown the Clarke advice by the Post Office lawyer Susan Crichton or any of the company’s other lawyers.', 'Ms Swinson responded that she would have expected a chief executive to have asked to see it.', 'The Former Liberal Democrat leader became emotional whilst giving evidence. ""', 'I’m sorry.', 'I asked lots of questions but that wasn’t enough,"" she said to sub postmasters in the room while holding back tears.']",-0.039152716357377,"The Former Liberal Democrat leader said that Vennells told her “although these might seem to be lovely people, clearly some of them are actually just at it”.","Ms Swinson, who was Postal Affairs Minister between 2012 and 2015 also accused Ms Vennells of failing to tell her about the unreliability of a key witness in the prosecution of sub postmasters.",,,,2024-07-21
BT fined millions for 'catastrophic' 999 failure,https://www.bbc.co.uk/news/articles/cjr4zkq1kkwo,2024-07-22T06:21:12.675Z,"BT has been fined £17.5m for a ""catastrophic failure"" of its emergency call handling service which led to thousands of 999 calls not being connected. The network fault, which last lasted for more than 10 hours on 25 June last year, led to 14,000 calls to emergency services failing to connect. Following an investigation into the company which manages the 999 phone system, the regulator Ofcom said the telecoms giant was ""ill-prepared"" to respond to the problem.  ""BT fell woefully short of its responsibilities,"" said Suzanne Cater, Ofcom’s director of enforcement.  ",BBC,22/07/2024,"['BT has been fined £17.5m for a ""catastrophic failure"" of its emergency call handling service which led to thousands of 999 calls not being connected.', 'The network fault, which last lasted for more than 10 hours on 25 June last year, led to 14,000 calls to emergency services failing to connect.', 'Following an investigation into the company which manages the 999 phone system, the regulator Ofcom said the telecoms giant was ""ill-prepared"" to respond to the problem. ""', 'BT fell woefully short of its responsibilities,"" said Suzanne Cater, Ofcom’s director of enforcement.']",-0.6564929932085415,,"BT has been fined £17.5m for a ""catastrophic failure"" of its emergency call handling service which led to thousands of 999 calls not being connected.",-0.9744777083396912,,"BT has been fined £17.5m for a ""catastrophic failure"" of its emergency call handling service which led to thousands of 999 calls not being connected.",2024-07-21
Bella Hadid's Adidas advert dropped after Israeli criticism,https://www.bbc.co.uk/news/articles/ceqdwpv8vw1o,2024-07-20T11:22:13.722Z,"Adidas has dropped the supermodel Bella Hadid, who is half Palestinian, from an advertising campaign for retro shoes referencing the 1972 Munich Olympics. Israel had criticised the choice of Ms Hadid. It accused her of hostility to Israel and noted that 11 Israeli athletes had been killed by Palestinian attackers at the Munich Games. Adidas subsequently apologised and said it would ""revise"" its campaign. Ms Hadid has been a vocal supporter of the Palestinians and earlier this year donated money to support relief efforts for the war in Gaza. BBC News has contacted Hadid's representatives for comment. The German sportswear company had chosen Hadid to promote its SL72 trainers, which were first launched to coincide with the 1972 Olympics. Adidas recently relaunched the SL72 shoes as part of a series reviving classic trainers. However images of the American model wearing the shoes prompted criticism, including on Israel's official account on X (formerly Twitter). ""Guess who the face of their campaign is? Bella Hadid, a half-Palestinian model,"" a post read on Thursday. It referred to the attack at the 1972 games, which happened when members of the Palestinian Black September group broke into the Olympic village. In addition to the Israeli athletes, a German police officer was also killed. Other social media users defended Ms Hadid and called for a boycott of Adidas following the move to pull the campaign. Adidas confirmed to AFP that Hadid had been removed from the campaign. In a statement provided to the news agency, the company said it would be ""revising the remainder of the campaign"" with immediate effect. ""We are conscious that connections have been made to tragic historical events -- though these are completely unintentional -- and we apologise for any upset or distress caused."" Hadid, whose father is Palestinian property tycoon Mohamed Anwar Hadid, has been vocal in her support for people affected by the war in Gaza. In an Instagram post in May, Hadid said she was ""devastated at the loss of the Palestinian people and the lack of empathy coming from the government systems worldwide"". Last month, she and her supermodel sister Gigi donated $1m (£785,000) to support Palestinian relief efforts. The conflict in Gaza began when Hamas gunmen launched an unprecedented attack on Israel, killing about 1,200 people and taking 252 back to Gaza as hostages. Israel responded by launching a military campaign in Gaza with the aims of destroying Hamas and freeing the hostages. More than 38,900 people have been killed in Gaza since then, according to the territory’s Hamas-run health ministry. ",BBC,20/07/2024,"['Adidas has dropped the supermodel Bella Hadid, who is half Palestinian, from an advertising campaign for retro shoes referencing the 1972 Munich Olympics.', 'Israel had criticised the choice of Ms Hadid.', 'It accused her of hostility to Israel and noted that 11 Israeli athletes had been killed by Palestinian attackers at the Munich Games.', 'Adidas subsequently apologised and said it would ""revise"" its campaign.', 'Ms Hadid has been a vocal supporter of the Palestinians and earlier this year donated money to support relief efforts for the war in Gaza.', ""BBC News has contacted Hadid's representatives for comment."", 'The German sportswear company had chosen Hadid to promote its SL72 trainers, which were first launched to coincide with the 1972 Olympics.', 'Adidas recently relaunched the SL72 shoes as part of a series reviving classic trainers.', 'However images of the American model wearing the shoes prompted criticism, including on Israel\'s official account on X (formerly Twitter). ""', 'Guess who the face of their campaign is?', 'Bella Hadid, a half-Palestinian model,"" a post read on Thursday.', 'It referred to the attack at the 1972 games, which happened when members of the Palestinian Black September group broke into the Olympic village.', 'In addition to the Israeli athletes, a German police officer was also killed.', 'Other social media users defended Ms Hadid and called for a boycott of Adidas following the move to pull the campaign.', 'Adidas confirmed to AFP that Hadid had been removed from the campaign.', 'In a statement provided to the news agency, the company said it would be ""revising the remainder of the campaign"" with immediate effect. ""', 'We are conscious that connections have been made to tragic historical events -- though these are completely unintentional -- and we apologise for any upset or distress caused.""', 'Hadid, whose father is Palestinian property tycoon Mohamed Anwar Hadid, has been vocal in her support for people affected by the war in Gaza.', 'In an Instagram post in May, Hadid said she was ""devastated at the loss of the Palestinian people and the lack of empathy coming from the government systems worldwide"".', 'Last month, she and her supermodel sister Gigi donated $1m (£785,000) to support Palestinian relief efforts.', 'The conflict in Gaza began when Hamas gunmen launched an unprecedented attack on Israel, killing about 1,200 people and taking 252 back to Gaza as hostages.', 'Israel responded by launching a military campaign in Gaza with the aims of destroying Hamas and freeing the hostages.', 'More than 38,900 people have been killed in Gaza since then, according to the territory’s Hamas-run health ministry.']",-0.234687647201844,"Last month, she and her supermodel sister Gigi donated $1m (£785,000) to support Palestinian relief efforts.",It accused her of hostility to Israel and noted that 11 Israeli athletes had been killed by Palestinian attackers at the Munich Games.,-0.4874422252178192,"Adidas subsequently apologised and said it would ""revise"" its campaign.","In an Instagram post in May, Hadid said she was ""devastated at the loss of the Palestinian people and the lack of empathy coming from the government systems worldwide"".",2024-07-21
Bangladesh student protests: Why is the government facing public anger?,https://www.bbc.co.uk/news/articles/cq5xye1d285o,2024-07-20T08:08:21.056Z,"Bangladesh is in turmoil. Street protests are not new to this South Asian nation of 170 million people – but the intensity of the demonstrations of the past week has been described as the worst in living memory. More than 100 people have died in the violence, with more than 50 people killed on Friday alone. The government has imposed an unprecedented communications blackout, shutting down the internet and restricting phone services. What started as peaceful protests on university campuses has now transformed into nationwide unrest. Thousands of university students have been agitating for weeks against a quota system for government jobs. A third of public sector jobs are reserved for the relatives of veterans from the country’s war for independence from Pakistan in 1971. The students are arguing that the system is discriminatory, and are asking for recruitment based on merit. Protest coordinators say police and the student wing of the governing Awami League – known as the Bangladesh Chhatra League – have been using brutal force against peaceful demonstrators, triggering widespread anger. The government denies these allegations. “It’s not students anymore, it seems that people from all walks of life have joined the protest movement,” Dr Samina Luthfa, assistant professor of sociology in the University of Dhaka, tells the BBC. The protests have been a long time coming. Though Bangladesh is one of the fastest growing economies in the world, experts point out that growth has not translated into jobs for university graduates. Estimates suggest that around 18 million young Bangladeshis are looking for jobs. University graduates face higher rates of unemployment than their less-educated peers. Bangladesh has become a powerhouse of ready-to-wear clothing exports. The country exports around $40 billion worth of clothes to the global market. The sector employs more than four million people, many of them women. But factory jobs are not sufficient for the aspiring younger generation. Under Prime Minister Sheikh Hasina’s 15-year rule, Bangladesh has transformed itself by building new roads, bridges, factories and even a metro rail in the capital Dhaka. Its per-capita income has tripled in the last decade and the World Bank estimates that more than 25 million people have been lifted out of poverty in the last 20 years. But many say that some of that growth is only helping those close to Ms Hasina’s Awami League. Dr Luthfa says: “We are witnessing so much corruption. Especially among those close to the ruling party. Corruption has been continuing for a long time without being punished.” Social media in Bangladesh in recent months has been dominated by discussions about corruption allegations against some of Ms Hasina’s former top officials  – including a former army chief, ex-police chief, senior tax officers and state recruitment officials. Ms Hasina last week said she was taking action against corruption, and that it was a long-standing problem. During the same press conference in Dhaka, she said she had taken action against a household assistant – or peon - after he allegedly amassed $34 million. ""He can't move without a helicopter. How has he earned so much money? I took action immediately after knowing this,"" She did not identify the individual. The reaction of the Bangladeshi media was that this much money could only have been accumulated through lobbying for government contracts, corruption, or bribery. The anti-corruption commission in Bangladesh has launched an investigation into former police chief Benazir Ahmed – once seen as a close ally of Ms Hasina – for amassing millions of dollars, allegedly through illegal means. He denies the allegations. This news didn’t escape ordinary people in the country, who are struggling with the escalating cost of living. In addition to corruption allegations, many rights activists point out that space for democratic activity has shrunk over the past 15 years. “For three consecutive elections, there has been no credible free and fair polling process,” Meenakshi Ganguly, South Asia director at Human Rights Watch, told the BBC. “[Ms Hasina] has perhaps underestimated the level of dissatisfaction people had about being denied the most basic democratic right to choose their own leader,” Ms Ganguly said.  The main opposition Bangladesh Nationalist Party (BNP) boycotted elections in 2014 and 2024 saying free and fair elections were not possible under Ms Hasina and that they wanted the polls to be held under a neutral caretaker administration. Ms Hasina has always rejected this demand. Rights groups also say more than 80 people, many of them government critics, have disappeared in the past 15 years, and that their families have no information on them. The government is accused of stifling dissent and the media, amid wider concerns that Sheikh Hasina has grown increasingly autocratic over the years. But ministers deny the charges. “The anger against the government and the ruling party have been accumulating for a long time,” says Dr Luthfa. “People are showing their anger now. People resort to protest if they don’t have any recourse left.” Ms Hasina’s ministers say the government has shown extreme restraint despite what they describe as provocative actions by protesters.  They say demonstrations have been infiltrated by their political opposition and by Islamist parties, who they say initiated the violence. Law Minister Anisul Huq said the government was open to discussing the issues. “The government has been reaching out to the student protesters. When there is a reasonable argument, we are willing to listen,” Mr Huq told the BBC earlier this week. The student protests are probably the biggest challenge that has faced Ms Hasina since January 2009.  How they are resolved will depend on how she handles the unrest and, most importantly, how she addresses the public's growing anger. ",BBC,20/07/2024,"['Bangladesh is in turmoil.', 'Street protests are not new to this South Asian nation of 170 million people – but the intensity of the demonstrations of the past week has been described as the worst in living memory.', 'More than 100 people have died in the violence, with more than 50 people killed on Friday alone.', 'The government has imposed an unprecedented communications blackout, shutting down the internet and restricting phone services.', 'What started as peaceful protests on university campuses has now transformed into nationwide unrest.', 'Thousands of university students have been agitating for weeks against a quota system for government jobs.', 'A third of public sector jobs are reserved for the relatives of veterans from the country’s war for independence from Pakistan in 1971.', 'The students are arguing that the system is discriminatory, and are asking for recruitment based on merit.', 'Protest coordinators say police and the student wing of the governing Awami League – known as the Bangladesh Chhatra League – have been using brutal force against peaceful demonstrators, triggering widespread anger.', 'The government denies these allegations. “', 'It’s not students anymore, it seems that people from all walks of life have joined the protest movement,” Dr Samina Luthfa, assistant professor of sociology in the University of Dhaka, tells the BBC.', 'The protests have been a long time coming.', 'Though Bangladesh is one of the fastest growing economies in the world, experts point out that growth has not translated into jobs for university graduates.', 'Estimates suggest that around 18 million young Bangladeshis are looking for jobs.', 'University graduates face higher rates of unemployment than their less-educated peers.', 'Bangladesh has become a powerhouse of ready-to-wear clothing exports.', 'The country exports around $40 billion worth of clothes to the global market.', 'The sector employs more than four million people, many of them women.', 'But factory jobs are not sufficient for the aspiring younger generation.', 'Under Prime Minister Sheikh Hasina’s 15-year rule, Bangladesh has transformed itself by building new roads, bridges, factories and even a metro rail in the capital Dhaka.', 'Its per-capita income has tripled in the last decade and the World Bank estimates that more than 25 million people have been lifted out of poverty in the last 20 years.', 'But many say that some of that growth is only helping those close to Ms Hasina’s Awami League.', 'Dr Luthfa says: “We are witnessing so much corruption.', 'Especially among those close to the ruling party.', 'Corruption has been continuing for a long time without being punished.”', 'Social media in Bangladesh in recent months has been dominated by discussions about corruption allegations against some of Ms Hasina’s former top officials – including a former army chief, ex-police chief, senior tax officers and state recruitment officials.', 'Ms Hasina last week said she was taking action against corruption, and that it was a long-standing problem.', 'During the same press conference in Dhaka, she said she had taken action against a household assistant – or peon - after he allegedly amassed $34 million. ""', ""He can't move without a helicopter."", 'How has he earned so much money?', 'I took action immediately after knowing this,"" She did not identify the individual.', 'The reaction of the Bangladeshi media was that this much money could only have been accumulated through lobbying for government contracts, corruption, or bribery.', 'The anti-corruption commission in Bangladesh has launched an investigation into former police chief Benazir Ahmed – once seen as a close ally of Ms Hasina – for amassing millions of dollars, allegedly through illegal means.', 'He denies the allegations.', 'This news didn’t escape ordinary people in the country, who are struggling with the escalating cost of living.', 'In addition to corruption allegations, many rights activists point out that space for democratic activity has shrunk over the past 15 years. “', 'For three consecutive elections, there has been no credible free and fair polling process,” Meenakshi Ganguly, South Asia director at Human Rights Watch, told the BBC. “[', 'Ms Hasina] has perhaps underestimated the level of dissatisfaction people had about being denied the most basic democratic right to choose their own leader,” Ms Ganguly said.', 'The main opposition Bangladesh Nationalist Party (BNP) boycotted elections in 2014 and 2024 saying free and fair elections were not possible under Ms Hasina and that they wanted the polls to be held under a neutral caretaker administration.', 'Ms Hasina has always rejected this demand.', 'Rights groups also say more than 80 people, many of them government critics, have disappeared in the past 15 years, and that their families have no information on them.', 'The government is accused of stifling dissent and the media, amid wider concerns that Sheikh Hasina has grown increasingly autocratic over the years.', 'But ministers deny the charges. “', 'The anger against the government and the ruling party have been accumulating for a long time,” says Dr Luthfa. “', 'People are showing their anger now.', 'People resort to protest if they don’t have any recourse left.”', 'Ms Hasina’s ministers say the government has shown extreme restraint despite what they describe as provocative actions by protesters.', 'They say demonstrations have been infiltrated by their political opposition and by Islamist parties, who they say initiated the violence.', 'Law Minister Anisul Huq said the government was open to discussing the issues. “', 'The government has been reaching out to the student protesters.', 'When there is a reasonable argument, we are willing to listen,” Mr Huq told the BBC earlier this week.', 'The student protests are probably the biggest challenge that has faced Ms Hasina since January 2009.', ""How they are resolved will depend on how she handles the unrest and, most importantly, how she addresses the public's growing anger.""]",-0.167231002296643,But many say that some of that growth is only helping those close to Ms Hasina’s Awami League.,"More than 100 people have died in the violence, with more than 50 people killed on Friday alone.",-0.3238684710334329,Its per-capita income has tripled in the last decade and the World Bank estimates that more than 25 million people have been lifted out of poverty in the last 20 years.,"In addition to corruption allegations, many rights activists point out that space for democratic activity has shrunk over the past 15 years. “",2024-07-21
Microsoft IT outage: Global services slowly recovering after bug causes chaos,https://www.bbc.co.uk/news/articles/cg3m4jgdprxo,2024-07-19T21:50:01.510Z,"Businesses and services around the world are slowly recovering after a massive IT outage affected computer systems for hours on Thursday and Friday. Businesses, banks, hospitals and airlines were among the worst-hit after cyber-security firm CrowdStrike issued a faulty software update which affected Microsoft Windows. CrowdStrike's CEO apologised for the disruption and said a fix had been issued, but admitted it could be ""some time"" before all systems were back up and running. While some airline services are beginning to return to normal after thousands of flights were cancelled, operators expect some delays and cancellations to persist through the weekend. Many businesses are now dealing with backlogs and missed orders that could take days to resolve. Health services in Britain, Israel and Germany also suffered problems, with some operations cancelled. The global chaos has sparked concern over the vulnerability of the world's interconnected technologies, and the extent to which a single software glitch could have such widespread impact. The issue began at 19:00 GMT on Thursday, affecting Windows users running cybersecurity software CrowdStrike Falcon, according to Microsoft, though the full extent of the problem only became clear by Friday morning. But by Friday evening, the problems were easing in many parts of the globe, with many airports saying that while there were still issues with check-in and payment systems, most flights were now running. Hong Kong International Airport has resumed normal operations, according to Chinese state media.  Meanwhile, JP Morgan Chase, the biggest bank in the US, said it is working to restore service to ATM machines.  The website Downdetector, which detects sites which may be having tech issues, showed fewer sites in the UK which were experiencing problems by the end of the day. CrowdStrike CEO George Kurtz said on X that a defect was found ""in a single content update for Windows hosts"". ""We're deeply sorry for the impact that we've caused to customers, to travellers, to anyone affected by this, including our company,"" he told the NBC network. ""Many of the customers are rebooting the system and it's coming up and it'll be operational. ""It could be some time for some systems that just automatically won't recover, but it is our mission... to make sure every customer is fully recovered.""  Microsoft has also said that several reboots may be required, with some users reporting that as many as 15 could be needed before the problem is fixed. Also, tech experts say CrowdStrike's fix will have to be applied separately to each and every device affected. Questions are likely now to be raised about CrowdStrike's influence as one of the largest operators in the cyber-security market and the wisdom of having such a crucial part of the industry controlled by just a small number of companies. CrowdStrike's shares fell by around 12% on Friday, at the expense of rivals SentinelOne and Palo Alto Networks. The problems were first noticed in Australia, and possibly felt most severely in the air travel industry. Airports saw delays, with long queues as flights were cancelled or delayed, aircraft grounded and passengers stranded. Some saw extra staff drafted in to check in passengers manually. By 18:00 GMT, aviation data from Cirium suggested that more than 4,000 flights - or 3.9% of the total - had been cancelled so far on Friday, though the figure may also include flights cancelled for other reasons. Payment systems, banking and healthcare providers around the world were affected. It is thought the outage may also have a longer term effect as companies struggle to pay wages to staff, particularly where payments are made on a weekly basis. Some railway companies warned of delays, and broadcasters Sky News and ABC Australia both experienced outages. You can get in touch via this link ",BBC,19/07/2024,"['Businesses and services around the world are slowly recovering after a massive IT outage affected computer systems for hours on Thursday and Friday.', 'Businesses, banks, hospitals and airlines were among the worst-hit after cyber-security firm CrowdStrike issued a faulty software update which affected Microsoft Windows.', 'CrowdStrike\'s CEO apologised for the disruption and said a fix had been issued, but admitted it could be ""some time"" before all systems were back up and running.', 'While some airline services are beginning to return to normal after thousands of flights were cancelled, operators expect some delays and cancellations to persist through the weekend.', 'Many businesses are now dealing with backlogs and missed orders that could take days to resolve.', 'Health services in Britain, Israel and Germany also suffered problems, with some operations cancelled.', ""The global chaos has sparked concern over the vulnerability of the world's interconnected technologies, and the extent to which a single software glitch could have such widespread impact."", 'The issue began at 19:00 GMT on Thursday, affecting Windows users running cybersecurity software CrowdStrike Falcon, according to Microsoft, though the full extent of the problem only became clear by Friday morning.', 'But by Friday evening, the problems were easing in many parts of the globe, with many airports saying that while there were still issues with check-in and payment systems, most flights were now running.', 'Hong Kong International Airport has resumed normal operations, according to Chinese state media.', 'Meanwhile, JP Morgan Chase, the biggest bank in the US, said it is working to restore service to ATM machines.', 'The website Downdetector, which detects sites which may be having tech issues, showed fewer sites in the UK which were experiencing problems by the end of the day.', 'CrowdStrike CEO George Kurtz said on X that a defect was found ""in a single content update for Windows hosts"". ""', 'We\'re deeply sorry for the impact that we\'ve caused to customers, to travellers, to anyone affected by this, including our company,"" he told the NBC network. ""', 'Many of the customers are rebooting the system and it\'s coming up and it\'ll be operational. ""', 'It could be some time for some systems that just automatically won\'t recover, but it is our mission... to make sure every customer is fully recovered.""', 'Microsoft has also said that several reboots may be required, with some users reporting that as many as 15 could be needed before the problem is fixed.', ""Also, tech experts say CrowdStrike's fix will have to be applied separately to each and every device affected."", ""Questions are likely now to be raised about CrowdStrike's influence as one of the largest operators in the cyber-security market and the wisdom of having such a crucial part of the industry controlled by just a small number of companies."", ""CrowdStrike's shares fell by around 12% on Friday, at the expense of rivals SentinelOne and Palo Alto Networks."", 'The problems were first noticed in Australia, and possibly felt most severely in the air travel industry.', 'Airports saw delays, with long queues as flights were cancelled or delayed, aircraft grounded and passengers stranded.', 'Some saw extra staff drafted in to check in passengers manually.', 'By 18:00 GMT, aviation data from Cirium suggested that more than 4,000 flights - or 3.9% of the total - had been cancelled so far on Friday, though the figure may also include flights cancelled for other reasons.', 'Payment systems, banking and healthcare providers around the world were affected.', 'It is thought the outage may also have a longer term effect as companies struggle to pay wages to staff, particularly where payments are made on a weekly basis.', 'Some railway companies warned of delays, and broadcasters Sky News and ABC Australia both experienced outages.', 'You can get in touch via this link']",-0.1681610323621853,Questions are likely now to be raised about CrowdStrike's influence as one of the largest operators in the cyber-security market and the wisdom of having such a crucial part of the industry controlled by just a small number of companies.,"Health services in Britain, Israel and Germany also suffered problems, with some operations cancelled.",-0.7038427367806435,"But by Friday evening, the problems were easing in many parts of the globe, with many airports saying that while there were still issues with check-in and payment systems, most flights were now running.","CrowdStrike's shares fell by around 12% on Friday, at the expense of rivals SentinelOne and Palo Alto Networks.",2024-07-21
What are my rights if my flight is cancelled or delayed?,https://www.bbc.co.uk/news/business-61646214,2022-05-31T11:46:37.000Z,"A number of airlines around the world have been affected by an IT outage with almost 1,400 flights cancelled and others delayed. In these circumstances, airlines have a duty to look after you, including providing meals and accommodation if necessary. However, consumer group Which? says customers will not be entitled to any additional financial compensation for delays because these are extraordinary circumstances. ""Airlines should also reroute you as quickly as possible, though given the global nature of the problem, this may not be immediately possible,"" it added. So what are your rights if your journey is disrupted? If your flight is covered by UK law, your airline must let you choose between either getting a refund or being booked on to an alternative flight, regardless of how far in advance the cancellation was made.  You can get your money back for any part of the ticket you have not used.  So if you booked a return flight and the outbound leg is cancelled, you can get the full cost of the return ticket refunded.  If you still want to travel, your airline must find you an alternative flight.  If another airline is flying to your destination significantly sooner, or there are other suitable modes of transport available, then you have a right to be booked onto that alternative transport instead.  If you are stuck abroad or at the airport because of a flight cancellation, airlines must also provide you with other assistance until you are able to fly to your destination.  This includes:  If your airline is unable to arrange assistance, you have the right to organise this yourself and claim back the cost later.  In this case, the Civil Aviation Authority advises people to keep receipts and not spend more than necessary.  You are entitled to the same assistance as for a cancellation if your flight is delayed by more than two hours.  You may also be able to claim compensation if your flight arrives at its destination more than three hours late.  The amount is based on how far you are flying.  If you are delayed by more than five hours and no longer want to travel, you can get a full refund. If you booked a package holiday with a company that is an ABTA member and your flight is cancelled, you are entitled to a suitable alternative flight or a full refund.  Disruption caused by things like strikes by airport or air traffic control staff, bad weather or other ""extraordinary circumstances"" does not entitle you to extra compensation. However, in other circumstances - when it is considered to be the airline's fault - you have a number of rights under UK law. These apply as long as you are flying from a UK airport on any airline, arriving at a UK airport on an EU or UK airline, or arriving at an airport in the EU on a UK airline.  What you are entitled to depends on what caused the cancellation and how much notice you are given.  If your flight is cancelled with less than two weeks' notice, you may be able to claim compensation based on the timings of the alternative flight you are offered. The amount you are entitled to also depends on how far you were travelling:  Airlines will not refund you for loss of earnings. They are only responsible for covering direct costs, such as hotel rooms, meals and alternative flights. They are not obliged to cover consequential losses. Travel insurance policies will not usually cover loss of earnings either.  If you think you're going to be late back at work because of flight delays, you have a responsibility to contact your employer to let them know you won't be back as planned, legal experts say. You should agree with your employer how to deal with the absence - for example, by using more annual leave or time banked in lieu. Taking unpaid leave could also be an option. Employers have no legal obligation to pay employees who are absent in this situation, experts say, unless it is stated in their contract. Have you been personally affected by the disruption to flights? Get in touch by emailing haveyoursay@bbc.co.uk. Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk. Please include your name, age and location with any submission.  ",BBC,31/05/2022,"['A number of airlines around the world have been affected by an IT outage with almost 1,400 flights cancelled and others delayed.', 'In these circumstances, airlines have a duty to look after you, including providing meals and accommodation if necessary.', 'However, consumer group Which?', 'says customers will not be entitled to any additional financial compensation for delays because these are extraordinary circumstances. ""', 'Airlines should also reroute you as quickly as possible, though given the global nature of the problem, this may not be immediately possible,"" it added.', 'So what are your rights if your journey is disrupted?', 'If your flight is covered by UK law, your airline must let you choose between either getting a refund or being booked on to an alternative flight, regardless of how far in advance the cancellation was made.', 'You can get your money back for any part of the ticket you have not used.', 'So if you booked a return flight and the outbound leg is cancelled, you can get the full cost of the return ticket refunded.', 'If you still want to travel, your airline must find you an alternative flight.', 'If another airline is flying to your destination significantly sooner, or there are other suitable modes of transport available, then you have a right to be booked onto that alternative transport instead.', 'If you are stuck abroad or at the airport because of a flight cancellation, airlines must also provide you with other assistance until you are able to fly to your destination.', 'This includes: If your airline is unable to arrange assistance, you have the right to organise this yourself and claim back the cost later.', 'In this case, the Civil Aviation Authority advises people to keep receipts and not spend more than necessary.', 'You are entitled to the same assistance as for a cancellation if your flight is delayed by more than two hours.', 'You may also be able to claim compensation if your flight arrives at its destination more than three hours late.', 'The amount is based on how far you are flying.', 'If you are delayed by more than five hours and no longer want to travel, you can get a full refund.', 'If you booked a package holiday with a company that is an ABTA member and your flight is cancelled, you are entitled to a suitable alternative flight or a full refund.', 'Disruption caused by things like strikes by airport or air traffic control staff, bad weather or other ""extraordinary circumstances"" does not entitle you to extra compensation.', ""However, in other circumstances - when it is considered to be the airline's fault - you have a number of rights under UK law."", 'These apply as long as you are flying from a UK airport on any airline, arriving at a UK airport on an EU or UK airline, or arriving at an airport in the EU on a UK airline.', 'What you are entitled to depends on what caused the cancellation and how much notice you are given.', ""If your flight is cancelled with less than two weeks' notice, you may be able to claim compensation based on the timings of the alternative flight you are offered."", 'The amount you are entitled to also depends on how far you were travelling: Airlines will not refund you for loss of earnings.', 'They are only responsible for covering direct costs, such as hotel rooms, meals and alternative flights.', 'They are not obliged to cover consequential losses.', 'Travel insurance policies will not usually cover loss of earnings either.', ""If you think you're going to be late back at work because of flight delays, you have a responsibility to contact your employer to let them know you won't be back as planned, legal experts say."", 'You should agree with your employer how to deal with the absence - for example, by using more annual leave or time banked in lieu.', 'Taking unpaid leave could also be an option.', 'Employers have no legal obligation to pay employees who are absent in this situation, experts say, unless it is stated in their contract.', 'Have you been personally affected by the disruption to flights?', 'Get in touch by emailing haveyoursay@bbc.co.uk.', 'Please include a contact number if you are willing to speak to a BBC journalist.', ""You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk."", 'Please include your name, age and location with any submission.']",-0.0539579760702223,"If you booked a package holiday with a company that is an ABTA member and your flight is cancelled, you are entitled to a suitable alternative flight or a full refund.","Disruption caused by things like strikes by airport or air traffic control staff, bad weather or other ""extraordinary circumstances"" does not entitle you to extra compensation.",-0.930946409702301,,"A number of airlines around the world have been affected by an IT outage with almost 1,400 flights cancelled and others delayed.",2024-07-20
Crowdstrike: Global cyber agencies warn about scammers,https://www.bbc.co.uk/news/articles/cq5xy12pynyo,2024-07-20T11:50:44.795Z,"Cyber-security experts and agencies around the world are warning people about a wave of opportunistic hacking attempts linked to the IT outage. Although there is no evidence that the CrowdStrike outage was caused by malicious activity, some bad actors are attempting to take advantage. Cyber agencies in the UK and Australia are warning people to be vigilant to fake emails, calls and websites that pretend to be official. And CrowdStrike head George Kurtz encouraged users to make sure they were speaking to official representatives from the company before downloading fixes. ""We know that adversaries and bad actors will try to exploit events like this,"" he said in a blog post.  ""Our blog and technical support will continue to be the official channels for the latest updates."" His words were echoed by cybersecurity expert Troy Hunt, who runs the well-known Have I Been Pwned security website. “An incident like this that has commanded so many headlines and has people worried is a gift to scammers,"" he said. Mr Hunt was responding to a warning from the Australian Signals Directorate (known as the ASD, the equivalent of the UK's GCHQ or the US's National Security Agency) which issued an alert about hackers sending out bogus software fixes claiming to be from CrowdStrike. ""Alert! We understand a number of malicious websites and unofficial code are being released claiming to help entities recover,"" the notice reads. The agency is urging IT responders to only use CrowdStrike's website to source information and help. The ASD warning follows calls from the UK's National Cyber Security Centre (NCSC) on Friday for people to be hyper vigilante of suspicious emails or calls that pretend to be CrowdStrike or Microsoft help. ""An increase in phishing referencing this outage has already been observed, as opportunistic malicious actors seek to take advantage of the situation,"" the agency said. Whenever there is a major news event, especially one linked to technology, hackers respond by tweaking their existing methods to take into account the fear and uncertainty. We saw the same with the Covid-19 pandemic when hackers adjusted their phishing email attacks to offer information about the virus and even pretend to have an antidote in order to hack people and organisations. Because the IT outage has been a global news story we are seeing hackers capitalise. According to researchers at Secureworks, there has already been a sharp rise in CrowdStrike-themed domain registrations – hackers registering new websites made to look official and potentially trick IT managers or members of the public into downloading malicious software or handing over private details. The advice is mainly for IT managers who are the ones being affected by this as they try to get their organisations back online.  But individuals too might be targeted, so experts are warning to be cautious and only act on information from the official CrowdStrike channels. ",BBC,20/07/2024,"['Cyber-security experts and agencies around the world are warning people about a wave of opportunistic hacking attempts linked to the IT outage.', 'Although there is no evidence that the CrowdStrike outage was caused by malicious activity, some bad actors are attempting to take advantage.', 'Cyber agencies in the UK and Australia are warning people to be vigilant to fake emails, calls and websites that pretend to be official.', 'And CrowdStrike head George Kurtz encouraged users to make sure they were speaking to official representatives from the company before downloading fixes. ""', 'We know that adversaries and bad actors will try to exploit events like this,"" he said in a blog post. ""', 'Our blog and technical support will continue to be the official channels for the latest updates.""', 'His words were echoed by cybersecurity expert Troy Hunt, who runs the well-known Have I Been Pwned security website. “', 'An incident like this that has commanded so many headlines and has people worried is a gift to scammers,"" he said.', 'Mr Hunt was responding to a warning from the Australian Signals Directorate (known as the ASD, the equivalent of the UK\'s GCHQ or the US\'s National Security Agency) which issued an alert about hackers sending out bogus software fixes claiming to be from CrowdStrike. ""', 'Alert!', 'We understand a number of malicious websites and unofficial code are being released claiming to help entities recover,"" the notice reads.', ""The agency is urging IT responders to only use CrowdStrike's website to source information and help."", 'The ASD warning follows calls from the UK\'s National Cyber Security Centre (NCSC) on Friday for people to be hyper vigilante of suspicious emails or calls that pretend to be CrowdStrike or Microsoft help. ""', 'An increase in phishing referencing this outage has already been observed, as opportunistic malicious actors seek to take advantage of the situation,"" the agency said.', 'Whenever there is a major news event, especially one linked to technology, hackers respond by tweaking their existing methods to take into account the fear and uncertainty.', 'We saw the same with the Covid-19 pandemic when hackers adjusted their phishing email attacks to offer information about the virus and even pretend to have an antidote in order to hack people and organisations.', 'Because the IT outage has been a global news story we are seeing hackers capitalise.', 'According to researchers at Secureworks, there has already been a sharp rise in CrowdStrike-themed domain registrations – hackers registering new websites made to look official and potentially trick IT managers or members of the public into downloading malicious software or handing over private details.', 'The advice is mainly for IT managers who are the ones being affected by this as they try to get their organisations back online.', 'But individuals too might be targeted, so experts are warning to be cautious and only act on information from the official CrowdStrike channels.']",0.0100378251467908,"And CrowdStrike head George Kurtz encouraged users to make sure they were speaking to official representatives from the company before downloading fixes. ""","Whenever there is a major news event, especially one linked to technology, hackers respond by tweaking their existing methods to take into account the fear and uncertainty.",0.5845751464366913,"According to researchers at Secureworks, there has already been a sharp rise in CrowdStrike-themed domain registrations – hackers registering new websites made to look official and potentially trick IT managers or members of the public into downloading malicious software or handing over private details.","An increase in phishing referencing this outage has already been observed, as opportunistic malicious actors seek to take advantage of the situation,"" the agency said.",2024-07-20
Microsoft IT outage: Global services slowly recovering after bug causes chaos,https://www.bbc.co.uk/news/articles/cg3m4jgdprxo,2024-07-19T21:50:01.510Z,"Businesses and services around the world are slowly recovering after a massive IT outage affected computer systems for hours on Thursday and Friday. Businesses, banks, hospitals and airlines were among the worst-hit after cyber-security firm CrowdStrike issued a faulty software update which affected Microsoft Windows. CrowdStrike's CEO apologised for the disruption and said a fix had been issued, but admitted it could be ""some time"" before all systems were back up and running. While some airline services are beginning to return to normal after thousands of flights were cancelled, operators expect some delays and cancellations to persist through the weekend. Many businesses are now dealing with backlogs and missed orders that could take days to resolve. Health services in Britain, Israel and Germany also suffered problems, with some operations cancelled. The global chaos has sparked concern over the vulnerability of the world's interconnected technologies, and the extent to which a single software glitch could have such widespread impact. The issue began at 19:00 GMT on Thursday, affecting Windows users running cybersecurity software CrowdStrike Falcon, according to Microsoft, though the full extent of the problem only became clear by Friday morning. But by Friday evening, the problems were easing in many parts of the globe, with many airports saying that while there were still issues with check-in and payment systems, most flights were now running. Hong Kong International Airport has resumed normal operations, according to Chinese state media.  Meanwhile, JP Morgan Chase, the biggest bank in the US, said it is working to restore service to ATM machines.  The website Downdetector, which detects sites which may be having tech issues, showed fewer sites in the UK which were experiencing problems by the end of the day. CrowdStrike CEO George Kurtz said on X that a defect was found ""in a single content update for Windows hosts"". ""We're deeply sorry for the impact that we've caused to customers, to travellers, to anyone affected by this, including our company,"" he told the NBC network. ""Many of the customers are rebooting the system and it's coming up and it'll be operational. ""It could be some time for some systems that just automatically won't recover, but it is our mission... to make sure every customer is fully recovered.""  Microsoft has also said that several reboots may be required, with some users reporting that as many as 15 could be needed before the problem is fixed. Also, tech experts say CrowdStrike's fix will have to be applied separately to each and every device affected. Questions are likely now to be raised about CrowdStrike's influence as one of the largest operators in the cyber-security market and the wisdom of having such a crucial part of the industry controlled by just a small number of companies. CrowdStrike's shares fell by around 12% on Friday, at the expense of rivals SentinelOne and Palo Alto Networks. The problems were first noticed in Australia, and possibly felt most severely in the air travel industry. Airports saw delays, with long queues as flights were cancelled or delayed, aircraft grounded and passengers stranded. Some saw extra staff drafted in to check in passengers manually. By 18:00 GMT, aviation data from Cirium suggested that more than 4,000 flights - or 3.9% of the total - had been cancelled so far on Friday, though the figure may also include flights cancelled for other reasons. Payment systems, banking and healthcare providers around the world were affected. It is thought the outage may also have a longer term effect as companies struggle to pay wages to staff, particularly where payments are made on a weekly basis. Some railway companies warned of delays, and broadcasters Sky News and ABC Australia both experienced outages. You can get in touch via this link ",BBC,19/07/2024,"['Businesses and services around the world are slowly recovering after a massive IT outage affected computer systems for hours on Thursday and Friday.', 'Businesses, banks, hospitals and airlines were among the worst-hit after cyber-security firm CrowdStrike issued a faulty software update which affected Microsoft Windows.', 'CrowdStrike\'s CEO apologised for the disruption and said a fix had been issued, but admitted it could be ""some time"" before all systems were back up and running.', 'While some airline services are beginning to return to normal after thousands of flights were cancelled, operators expect some delays and cancellations to persist through the weekend.', 'Many businesses are now dealing with backlogs and missed orders that could take days to resolve.', 'Health services in Britain, Israel and Germany also suffered problems, with some operations cancelled.', ""The global chaos has sparked concern over the vulnerability of the world's interconnected technologies, and the extent to which a single software glitch could have such widespread impact."", 'The issue began at 19:00 GMT on Thursday, affecting Windows users running cybersecurity software CrowdStrike Falcon, according to Microsoft, though the full extent of the problem only became clear by Friday morning.', 'But by Friday evening, the problems were easing in many parts of the globe, with many airports saying that while there were still issues with check-in and payment systems, most flights were now running.', 'Hong Kong International Airport has resumed normal operations, according to Chinese state media.', 'Meanwhile, JP Morgan Chase, the biggest bank in the US, said it is working to restore service to ATM machines.', 'The website Downdetector, which detects sites which may be having tech issues, showed fewer sites in the UK which were experiencing problems by the end of the day.', 'CrowdStrike CEO George Kurtz said on X that a defect was found ""in a single content update for Windows hosts"". ""', 'We\'re deeply sorry for the impact that we\'ve caused to customers, to travellers, to anyone affected by this, including our company,"" he told the NBC network. ""', 'Many of the customers are rebooting the system and it\'s coming up and it\'ll be operational. ""', 'It could be some time for some systems that just automatically won\'t recover, but it is our mission... to make sure every customer is fully recovered.""', 'Microsoft has also said that several reboots may be required, with some users reporting that as many as 15 could be needed before the problem is fixed.', ""Also, tech experts say CrowdStrike's fix will have to be applied separately to each and every device affected."", ""Questions are likely now to be raised about CrowdStrike's influence as one of the largest operators in the cyber-security market and the wisdom of having such a crucial part of the industry controlled by just a small number of companies."", ""CrowdStrike's shares fell by around 12% on Friday, at the expense of rivals SentinelOne and Palo Alto Networks."", 'The problems were first noticed in Australia, and possibly felt most severely in the air travel industry.', 'Airports saw delays, with long queues as flights were cancelled or delayed, aircraft grounded and passengers stranded.', 'Some saw extra staff drafted in to check in passengers manually.', 'By 18:00 GMT, aviation data from Cirium suggested that more than 4,000 flights - or 3.9% of the total - had been cancelled so far on Friday, though the figure may also include flights cancelled for other reasons.', 'Payment systems, banking and healthcare providers around the world were affected.', 'It is thought the outage may also have a longer term effect as companies struggle to pay wages to staff, particularly where payments are made on a weekly basis.', 'Some railway companies warned of delays, and broadcasters Sky News and ABC Australia both experienced outages.', 'You can get in touch via this link']",-0.1681610323621853,Questions are likely now to be raised about CrowdStrike's influence as one of the largest operators in the cyber-security market and the wisdom of having such a crucial part of the industry controlled by just a small number of companies.,"Health services in Britain, Israel and Germany also suffered problems, with some operations cancelled.",-0.7038427367806435,"But by Friday evening, the problems were easing in many parts of the globe, with many airports saying that while there were still issues with check-in and payment systems, most flights were now running.","CrowdStrike's shares fell by around 12% on Friday, at the expense of rivals SentinelOne and Palo Alto Networks.",2024-07-20
Bank of America shares jump 5% after saying net interest income rebound is coming,https://www.cnbc.com/2024/07/16/bank-of-america-bac-earnings-q2-2024.html,2024-07-16T20:27:41+0000,"In this articleBank of America on Tuesday said second-quarter revenue and profit topped expectations on rising investment banking and asset management fees.Here's what the company reported:The bank said profit slipped 6.9% from the year earlier period to $6.9 billion, or 83 cents a share, as the company's net interest income declined amid higher interest rates. Revenue climbed less than 1% to $25.54 billion.The firm was helped by a 29% increase in investment banking fees to $1.56 billion, edging out the $1.51 billion StreetAccount estimate. Asset management fees rose 14% to $3.37 billion, buoyed by higher stock market values, helping the firm's wealth management division post a 6.3% increase in revenue to $5.57 billion, essentially matching the estimate.Net interest income slipped 3% to $13.86 billion, also matching the StreetAccount estimate.But new guidance on the measure, known as NII, gave investors confidence that a turnaround is in the making. NII is one of the main ways that banks earn money.The measure, which is the difference between what a bank earns on loans and what it pays depositors for their savings, will rise to about $14.5 billion in the fourth quarter of this year, Bank of America said in a slide presentation.That confirms what executives previously told investors, which is that net interest income would probably bottom in the second quarter.Wells Fargo shares fell on Friday when it posted disappointing NII figures, showing how much investors are fixated on the metric.Shares of Bank of America climbed 5.4%, aided by the NII guidance.Last week, JPMorgan Chase, Wells Fargo and Citigroup each topped expectations for revenue and profit, a streak continued by Goldman Sachs on Monday, helped by a rebound in Wall Street activity.",CNBC,16/07/2024,"['In this articleBank of America on Tuesday said second-quarter revenue and profit topped expectations on rising investment banking and asset management fees.', ""Here's what the company reported:The bank said profit slipped 6.9% from the year earlier period to $6.9 billion, or 83 cents a share, as the company's net interest income declined amid higher interest rates."", 'Revenue climbed less than 1% to $25.54 billion.', 'The firm was helped by a 29% increase in investment banking fees to $1.56 billion, edging out the $1.51 billion StreetAccount estimate.', ""Asset management fees rose 14% to $3.37 billion, buoyed by higher stock market values, helping the firm's wealth management division post a 6.3% increase in revenue to $5.57 billion, essentially matching the estimate."", 'Net interest income slipped 3% to $13.86 billion, also matching the StreetAccount estimate.', 'But new guidance on the measure, known as NII, gave investors confidence that a turnaround is in the making.', 'NII is one of the main ways that banks earn money.', 'The measure, which is the difference between what a bank earns on loans and what it pays depositors for their savings, will rise to about $14.5 billion in the fourth quarter of this year, Bank of America said in a slide presentation.', 'That confirms what executives previously told investors, which is that net interest income would probably bottom in the second quarter.', 'Wells Fargo shares fell on Friday when it posted disappointing NII figures, showing how much investors are fixated on the metric.', 'Shares of Bank of America climbed 5.4%, aided by the NII guidance.', 'Last week, JPMorgan Chase,Wells Fargoand Citigroup each topped expectations for revenue and profit, a streak continued by Goldman Sachs on Monday, helped by a rebound in Wall Street activity.']",0.4024516582040477,"Asset management fees rose 14% to $3.37 billion, buoyed by higher stock market values, helping the firm's wealth management division post a 6.3% increase in revenue to $5.57 billion, essentially matching the estimate.",,0.333440234263738,In this articleBank of America on Tuesday said second-quarter revenue and profit topped expectations on rising investment banking and asset management fees.,"Wells Fargo shares fell on Friday when it posted disappointing NII figures, showing how much investors are fixated on the metric.",2024-07-20
Bella Hadid's Adidas advert dropped after Israeli criticism,https://www.bbc.co.uk/news/articles/ceqdwpv8vw1o,2024-07-20T11:22:13.722Z,"Adidas has dropped the supermodel Bella Hadid, who is half Palestinian, from an advertising campaign for retro shoes referencing the 1972 Munich Olympics. Israel had criticised the choice of Ms Hadid. It accused her of hostility to Israel and noted that 11 Israeli athletes had been killed by Palestinian attackers at the Munich Games. Adidas subsequently apologised and said it would ""revise"" its campaign. Ms Hadid has been a vocal supporter of the Palestinians and earlier this year donated money to support relief efforts for the war in Gaza. BBC News has contacted Hadid's representatives for comment. The German sportswear company had chosen Hadid to promote its SL72 trainers, which were first launched to coincide with the 1972 Olympics. Adidas recently relaunched the SL72 shoes as part of a series reviving classic trainers. However images of the American model wearing the shoes prompted criticism, including on Israel's official account on X (formerly Twitter). ""Guess who the face of their campaign is? Bella Hadid, a half-Palestinian model,"" a post read on Thursday. It referred to the attack at the 1972 games, which happened when members of the Palestinian Black September group broke into the Olympic village. In addition to the Israeli athletes, a German police officer was also killed. Other social media users defended Ms Hadid and called for a boycott of Adidas following the move to pull the campaign. Adidas confirmed to AFP that Hadid had been removed from the campaign. In a statement provided to the news agency, the company said it would be ""revising the remainder of the campaign"" with immediate effect. ""We are conscious that connections have been made to tragic historical events -- though these are completely unintentional -- and we apologise for any upset or distress caused."" Hadid, whose father is Palestinian property tycoon Mohamed Anwar Hadid, has been vocal in her support for people affected by the war in Gaza. In an Instagram post in May, Hadid said she was ""devastated at the loss of the Palestinian people and the lack of empathy coming from the government systems worldwide"". Last month, she and her supermodel sister Gigi donated $1m (£785,000) to support Palestinian relief efforts. The conflict in Gaza began when Hamas gunmen launched an unprecedented attack on Israel, killing about 1,200 people and taking 252 back to Gaza as hostages. Israel responded by launching a military campaign in Gaza with the aims of destroying Hamas and freeing the hostages. More than 38,900 people have been killed in Gaza since then, according to the territory’s Hamas-run health ministry. ",BBC,20/07/2024,"['Adidas has dropped the supermodel Bella Hadid, who is half Palestinian, from an advertising campaign for retro shoes referencing the 1972 Munich Olympics.', 'Israel had criticised the choice of Ms Hadid.', 'It accused her of hostility to Israel and noted that 11 Israeli athletes had been killed by Palestinian attackers at the Munich Games.', 'Adidas subsequently apologised and said it would ""revise"" its campaign.', 'Ms Hadid has been a vocal supporter of the Palestinians and earlier this year donated money to support relief efforts for the war in Gaza.', ""BBC News has contacted Hadid's representatives for comment."", 'The German sportswear company had chosen Hadid to promote its SL72 trainers, which were first launched to coincide with the 1972 Olympics.', 'Adidas recently relaunched the SL72 shoes as part of a series reviving classic trainers.', 'However images of the American model wearing the shoes prompted criticism, including on Israel\'s official account on X (formerly Twitter). ""', 'Guess who the face of their campaign is?', 'Bella Hadid, a half-Palestinian model,"" a post read on Thursday.', 'It referred to the attack at the 1972 games, which happened when members of the Palestinian Black September group broke into the Olympic village.', 'In addition to the Israeli athletes, a German police officer was also killed.', 'Other social media users defended Ms Hadid and called for a boycott of Adidas following the move to pull the campaign.', 'Adidas confirmed to AFP that Hadid had been removed from the campaign.', 'In a statement provided to the news agency, the company said it would be ""revising the remainder of the campaign"" with immediate effect. ""', 'We are conscious that connections have been made to tragic historical events -- though these are completely unintentional -- and we apologise for any upset or distress caused.""', 'Hadid, whose father is Palestinian property tycoon Mohamed Anwar Hadid, has been vocal in her support for people affected by the war in Gaza.', 'In an Instagram post in May, Hadid said she was ""devastated at the loss of the Palestinian people and the lack of empathy coming from the government systems worldwide"".', 'Last month, she and her supermodel sister Gigi donated $1m (£785,000) to support Palestinian relief efforts.', 'The conflict in Gaza began when Hamas gunmen launched an unprecedented attack on Israel, killing about 1,200 people and taking 252 back to Gaza as hostages.', 'Israel responded by launching a military campaign in Gaza with the aims of destroying Hamas and freeing the hostages.', 'More than 38,900 people have been killed in Gaza since then, according to the territory’s Hamas-run health ministry.']",-0.234687647201844,"Last month, she and her supermodel sister Gigi donated $1m (£785,000) to support Palestinian relief efforts.",It accused her of hostility to Israel and noted that 11 Israeli athletes had been killed by Palestinian attackers at the Munich Games.,-0.4874422252178192,"Adidas subsequently apologised and said it would ""revise"" its campaign.","In an Instagram post in May, Hadid said she was ""devastated at the loss of the Palestinian people and the lack of empathy coming from the government systems worldwide"".",2024-07-20
Goldman Sachs tops estimates on better-than-expected fixed income trading,https://www.cnbc.com/2024/07/15/goldman-sachs-gs-earnings-2q-2024.html,2024-07-15T16:07:14+0000,"In this articleGoldman Sachs said Monday that it topped profit and revenue estimates on better-than-expected fixed income results and smaller-than-expected loan loss provisions.Here's what the company reported:Goldman said second-quarter profit jumped 150% from a year earlier to $3.04 billion, or $8.62 per share; the bank's results a year ago were hamstrung by write-downs tied to commercial real estate and the sale of a consumer business.Companywide revenue rose a more modest 17% to $12.73 billion on growth in the bank's core trading, advisory, and asset and wealth management operations.Fixed income was a highlight for the quarter; revenue there jumped 17% to $3.18 billion, roughly $220 million more than the StreetAccount estimate, on activity in interest rate, currency and mortgage trading markets.Another boost for Goldman came thanks to the firm's shrinking exposure to consumer loans: The bank's provision for credit losses in the quarter fell 54% to $282 million; that is significantly below the $435.4 million StreetAccount estimate.In other places, the bank was merely in line with expectations; for instance, equities trading climbed 7% to $3.17 billion, matching the StreetAccount estimate, on strength in derivatives activity.The bank's asset and wealth management division produced a 27% increase in revenue to $3.88 billion, also essentially matching the StreetAccount estimate, on gains in equity investments and rising management fees.The firm's platform solutions division saw revenue climb 2% to $669 million, edging out the $652.1 million estimate, on rising credit card balances and deposits.But Goldman's well-known investment banking business disappointed compared to rivals; investment banking fees rose 21% to $1.73 billion, slightly under the $1.8 billion StreetAccount estimate. The source of the miss appeared to be lighter-than-expected advisory fees of $688 million, compared with the $757.3 million estimate.Goldman's 21% increase in investment banking fees in the quarter compared with jumps of over 50% for both JPMorgan Chase and Citigroup; JPMorgan in particular cited a flurry of activity toward the end of the period that boosted results.Goldman CFO Denis Coleman told reporters that the bank still had a No. 1 market share for mergers and the comparison had to do with better relative performance a year ago.Shares of New York-based Goldman were up more than 1% in midday trading.Expectations have been set high for Goldman Sachs, with Wall Street businesses in the midst of a rebound after a dismal 2023. That's because out of the six biggest U.S. banks, Goldman is the most reliant on investment banking and trading to generate revenue.On Friday, rivals JPMorgan and Citigroup both topped expectations thanks to surging investment banking fees and better-than-expected equities trading results.Bank of America and Morgan Stanley report results Tuesday.",CNBC,15/07/2024,"['In this articleGoldman Sachs said Monday that it topped profit and revenue estimates on better-than-expected fixed income results and smaller-than-expected loan loss provisions.', ""Here's what the company reported:Goldman said second-quarter profit jumped 150% from a year earlier to $3.04 billion, or $8.62 per share; the bank's results a year ago were hamstrung by write-downs tied to commercial real estate and the sale of a consumer business."", ""Companywide revenue rose a more modest 17% to $12.73 billion on growth in the bank's core trading, advisory, and asset and wealth management operations."", 'Fixed income was a highlight for the quarter; revenue there jumped 17% to $3.18 billion, roughly $220 million more than the StreetAccount estimate, on activity in interest rate, currency and mortgage trading markets.', ""Another boost for Goldman came thanks to the firm's shrinking exposure to consumer loans: The bank's provision for credit losses in the quarter fell 54% to $282 million; that is significantly below the $435.4 million StreetAccount estimate."", 'In other places, the bank was merely in line with expectations; for instance, equities trading climbed 7% to $3.17 billion, matching the StreetAccount estimate, on strength in derivatives activity.', ""The bank's asset and wealth management division produced a 27% increase in revenue to $3.88 billion, also essentially matching the StreetAccount estimate, on gains in equity investments and rising management fees."", ""The firm's platform solutions division saw revenue climb 2% to $669 million, edging out the $652.1 million estimate, on rising credit card balances and deposits."", ""But Goldman's well-known investment banking business disappointed compared to rivals; investment banking fees rose 21% to $1.73 billion, slightly under the $1.8 billion StreetAccount estimate."", 'The source of the miss appeared to be lighter-than-expected advisory fees of $688 million, compared with the $757.3 million estimate.', ""Goldman's 21% increase in investment banking fees in the quarter compared with jumps of over 50% for both JPMorgan Chase and Citigroup; JPMorgan in particular cited a flurry of activity toward the end of the period that boosted results."", 'Goldman CFO Denis Coleman told reporters that the bank still had a No.', '1 market share for mergers and the comparison had to do with better relative performance a year ago.', 'Shares of New York-based Goldman were up more than 1% in midday trading.', 'Expectations have been set high for Goldman Sachs, with Wall Street businesses in the midst of a rebound after a dismal 2023.', ""That's because out of the six biggest U.S. banks, Goldman is the most reliant on investment banking and trading to generate revenue."", 'On Friday, rivals JPMorgan and Citigroup both topped expectations thanks to surging investment banking fees and better-than-expected equities trading results.', 'Bank of America and Morgan Stanley report results Tuesday.']",0.3416654676569024,"The bank's asset and wealth management division produced a 27% increase in revenue to $3.88 billion, also essentially matching the StreetAccount estimate, on gains in equity investments and rising management fees.","Expectations have been set high for Goldman Sachs, with Wall Street businesses in the midst of a rebound after a dismal 2023.",0.9988433931555066,"Companywide revenue rose a more modest 17% to $12.73 billion on growth in the bank's core trading, advisory, and asset and wealth management operations.",,2024-07-20
"How much money is the UK government borrowing, and does it matter?",https://www.bbc.co.uk/news/business-50504151,2019-11-21T15:27:10.000Z,"The government generally spends more than it raises in tax. To fill this gap it borrows money, but that has to be paid back - with interest - and that can influence wider tax and spending plans.  The government gets most of its income from taxes. For example, workers pay income tax, everyone pays VAT on certain goods, and companies pay tax on their profits. It could, in theory, cover all of its spending from taxes, and in some years that happens. But if it can't, it will cover the gap by raising taxes, cutting spending or borrowing. Higher taxes mean people have less money to spend, so businesses make less profit, which can be bad for jobs and wages. Lower profits also mean companies pay less tax. So, governments often borrow to boost the economy. They also borrow to pay for big projects - such as new railways and roads - which they hope will help the economy. The government borrows money by selling financial products called bonds. A bond is a promise to pay money in the future. Most require the borrower to make regular interest payments over the bond's lifetime.  UK government bonds - known as ""gilts"" - are normally considered very safe, with little risk the money will not be repaid. Gilts are mainly bought by financial institutions in the UK and abroad, such as pension funds, investment funds, banks and insurance companies.  The Bank of England has also bought hundreds of billions of pounds' worth of government bonds in the past to support the economy, through a process called ""quantitative easing"". The amount the government borrows varies from month to month.  For instance, when people submit tax returns in January, they often pay a large chunk of their annual tax bill in one go, so the government sees a jump in the amount of money it takes in.  So it is more helpful to look at the whole year, or the year-to-date. In the last financial year, to March 2024, the government borrowed £122.1bn. The most recent monthly figures show that borrowing was £14.5bn in June, £3.2bn less than in the same month last year.  The total amount the government owes is called the national debt. It is currently about £2.7 trillion. That is roughly the same as the value of all the goods and services produced in the UK in a year, known as the gross domestic product, or GDP. That current level is more than double what was seen from the 1980s through to the financial crisis of 2008.  The combination of the financial crash and the Covid pandemic pushed the UK's debt up from those historic lows to its current level. But in relation to the size of the economy, UK debt figures are still low compared with much of the last century, and also compared with some other leading economies. The larger the national debt gets, the more interest the government has to pay.  That extra cost was not as big when the interest rates due were low through the 2010s, but it became more noticeable after the Bank of England raised interest rates. The amount of interest the government pays on national debt fluctuates, and by one measure, hit a 20-year high in early October 2023. Around a quarter of UK debt is index-linked, meaning payments are directly linked to the rate of inflation. When inflation rose it pushed up the bill for servicing debt significantly, although these payments are now easing. If the government has to set aside more cash for paying its debts, it may mean it has less to spend on the public services which it borrowed to fund in the first place.  Some economists fear the government is borrowing too much, at too great a cost. Others argue extra borrowing helps the economy grow faster - generating more tax revenue in the long run. With measures such as a cut in National Insurance announced at the March Budget, the OBR expects borrowing to rise slightly in the next financial year, before remaining in line with previous forecasts.  It would fall below 3% of GDP by 2025-26, meeting one of the financial rules the previous government decided to set itself.  But the OBR has previously warned that public debt could soar as the population ages and tax income falls. In an ageing population, the proportion of people of working age drops, meaning the government takes less in tax while paying out more in pensions.  In its latest forecasts in March, the OBR said debt, measured against the size of the economy, is still set to rise over the next four years, before falling back marginally in the fifth year. Other economists argue that big economies like the UK could borrow much more than they currently do, and the negative impact is greatly exaggerated. The deficit is the gap between the government's income and the amount it spends. When a government spends less than its income, it has what is known as a surplus.  Debt is the total amount of money owed by the government that has built up over years.  It rises when there is a deficit, and falls in those years when there is a surplus.   ",BBC,21/11/2019,"['The government generally spends more than it raises in tax.', 'To fill this gap it borrows money, but that has to be paid back - with interest - and that can influence wider tax and spending plans.', 'The government gets most of its income from taxes.', 'For example, workers pay income tax, everyone pays VAT on certain goods, and companies pay tax on their profits.', 'It could, in theory, cover all of its spending from taxes, and in some years that happens.', ""But if it can't, it will cover the gap by raising taxes, cutting spending or borrowing."", 'Higher taxes mean people have less money to spend, so businesses make less profit, which can be bad for jobs and wages.', 'Lower profits also mean companies pay less tax.', 'So, governments often borrow to boost the economy.', 'They also borrow to pay for big projects - such as new railways and roads - which they hope will help the economy.', 'The government borrows money by selling financial products called bonds.', 'A bond is a promise to pay money in the future.', ""Most require the borrower to make regular interest payments over the bond's lifetime."", 'UK government bonds - known as ""gilts"" - are normally considered very safe, with little risk the money will not be repaid.', 'Gilts are mainly bought by financial institutions in the UK and abroad, such as pension funds, investment funds, banks and insurance companies.', 'The Bank of England has also bought hundreds of billions of pounds\' worth of government bonds in the past to support the economy, through a process called ""quantitative easing"".', 'The amount the government borrows varies from month to month.', 'For instance, when people submit tax returns in January, they often pay a large chunk of their annual tax bill in one go, so the government sees a jump in the amount of money it takes in.', 'So it is more helpful to look at the whole year, or the year-to-date.', 'In the last financial year, to March 2024, the government borrowed £122.1bn.', 'The most recent monthly figures show that borrowing was £14.5bn in June, £3.2bn less than in the same month last year.', 'The total amount the government owes is called the national debt.', 'It is currently about £2.7 trillion.', 'That is roughly the same as the value of all the goods and services produced in the UK in a year, known as the gross domestic product, or GDP.', 'That current level is more than double what was seen from the 1980s through to the financial crisis of 2008.', ""The combination of the financial crash and the Covid pandemic pushed the UK's debt up from those historic lows to its current level."", 'But in relation to the size of the economy, UK debt figures are still low compared with much of the last century, and also compared with some other leading economies.', 'The larger the national debt gets, the more interest the government has to pay.', 'That extra cost was not as big when the interest rates due were low through the 2010s, but it became more noticeable after the Bank of England raised interest rates.', 'The amount of interest the government pays on national debt fluctuates, and by one measure, hit a 20-year high in early October 2023.', 'Around a quarter of UK debt is index-linked, meaning payments are directly linked to the rate of inflation.', 'When inflation rose it pushed up the bill for servicing debt significantly, although these payments are now easing.', 'If the government has to set aside more cash for paying its debts, it may mean it has less to spend on the public services which it borrowed to fund in the first place.', 'Some economists fear the government is borrowing too much, at too great a cost.', 'Others argue extra borrowing helps the economy grow faster - generating more tax revenue in the long run.', 'With measures such as a cut in National Insurance announced at the March Budget, the OBR expects borrowing to rise slightly in the next financial year, before remaining in line with previous forecasts.', 'It would fall below 3% of GDP by 2025-26, meeting one of the financial rules the previous government decided to set itself.', 'But the OBR has previously warned that public debt could soar as the population ages and tax income falls.', 'In an ageing population, the proportion of people of working age drops, meaning the government takes less in tax while paying out more in pensions.', 'In its latest forecasts in March, the OBR said debt, measured against the size of the economy, is still set to rise over the next four years, before falling back marginally in the fifth year.', 'Other economists argue that big economies like the UK could borrow much more than they currently do, and the negative impact is greatly exaggerated.', ""The deficit is the gap between the government's income and the amount it spends."", 'When a government spends less than its income, it has what is known as a surplus.', 'Debt is the total amount of money owed by the government that has built up over years.', 'It rises when there is a deficit, and falls in those years when there is a surplus.']",-0.028844080138893,"The Bank of England has also bought hundreds of billions of pounds' worth of government bonds in the past to support the economy, through a process called ""quantitative easing"".",The combination of the financial crash and the Covid pandemic pushed the UK's debt up from those historic lows to its current level.,0.0654621098352515,"For instance, when people submit tax returns in January, they often pay a large chunk of their annual tax bill in one go, so the government sees a jump in the amount of money it takes in.",But the OBR has previously warned that public debt could soar as the population ages and tax income falls.,2024-07-20
Morgan Stanley tops estimates on stronger-than-expected trading and investment banking,https://www.cnbc.com/2024/07/16/morgan-stanley-ms-earnings-q2-2024.html,2024-07-16T20:28:27+0000,"In this articleMorgan Stanley said second-quarter profit and revenue topped analysts' estimates on stronger-than-expected trading and investment banking results.Here's what the company reported:The bank said profit surged 41% from the year-earlier period to $3.08 billion, or $1.82 per share, helped by a rebound in Wall Street activity. Revenue rose 12% to $15.02 billion.Shares of the bank had declined earlier in the session after the bank's wealth management division missed estimates on a decline in interest income. They were up less than 1% on Tuesday. Wealth management revenue rose 2% to $6.79 billion, below the $6.88 billion estimate, and interest income plunged 17% from a year earlier to $1.79 billion.Morgan Stanley said that's because its rich clients were continuing to shift cash into higher-yielding assets, thanks to the rate environment, resulting in lower deposit levels.Morgan Stanley investors value the more steady nature of the wealth management business versus the less predictable nature of investment banking and trading, and they will want to hear more about expectations for the business going forward.Still, the bank benefited from its Wall Street-centric business model in the quarter, as a rebound in trading and investment banking helped the bank's institutional securities division earn more revenue than its wealth management division, flipping the usual dynamic.Equity trading generated an 18% jump in revenue to $3.02 billion, exceeding the StreetAccount estimate by about $330 million. Fixed income trading revenue rose 16% to $1.99 billion, topping the estimate by $130 million.Investment banking revenue surged 51% to $1.62 billion, exceeding the estimate by $220 million, on rising fixed income underwriting activity. Morgan Stanley said that was primarily driven by non-investment-grade companies raising debt.""The firm delivered another strong quarter in an improving capital markets environment,"" CEO Ted Pick said in the release. ""We continue to execute on our strategy and remain well positioned to deliver growth and long-term value for our shareholders.""Last week, JPMorgan Chase, Wells Fargo and Citigroup each topped expectations for revenue and profit, a streak continued by Goldman Sachs on Monday, helped by a rebound in Wall Street activity.",CNBC,16/07/2024,"[""In this articleMorgan Stanley said second-quarter profit and revenue topped analysts' estimates on stronger-than-expected trading and investment banking results."", ""Here's what the company reported:The bank said profit surged 41% from the year-earlier period to $3.08 billion, or $1.82 per share, helped by a rebound in Wall Street activity."", 'Revenue rose 12% to $15.02 billion.', ""Shares of the bank had declined earlier in the session after the bank's wealth management division missed estimates on a decline in interest income."", 'They were up less than 1% on Tuesday.', 'Wealth management revenue rose 2% to $6.79 billion, below the $6.88 billion estimate, and interest income plunged 17% from a year earlier to $1.79 billion.', ""Morgan Stanley said that's because its rich clients were continuing to shift cash into higher-yielding assets, thanks to the rate environment, resulting in lower deposit levels."", 'Morgan Stanley investors value the more steady nature of the wealth management business versus the less predictable nature of investment banking and trading, and they will want to hear more about expectations for the business going forward.', ""Still, the bank benefited from its Wall Street-centric business model in the quarter, as a rebound in trading and investment banking helped the bank's institutional securities division earn more revenue than its wealth management division, flipping the usual dynamic."", 'Equity trading generated an 18% jump in revenue to $3.02 billion, exceeding the StreetAccount estimate by about $330 million.', 'Fixed income trading revenue rose 16% to $1.99 billion, topping the estimate by $130 million.', 'Investment banking revenue surged 51% to $1.62 billion, exceeding the estimate by $220 million, on rising fixed income underwriting activity.', 'Morgan Stanley said that was primarily driven by non-investment-grade companies raising debt.', '""The firm delivered another strong quarter in an improving capital markets environment,"" CEO Ted Pick said in the release. ""', 'We continue to execute on our strategy and remain well positioned to deliver growth and long-term value for our shareholders.', '""Last week, JPMorgan Chase,Wells Fargoand Citigroup each topped expectations for revenue and profit, a streak continued by Goldman Sachs on Monday, helped by a rebound in Wall Street activity.']",0.4182008956094056,"Still, the bank benefited from its Wall Street-centric business model in the quarter, as a rebound in trading and investment banking helped the bank's institutional securities division earn more revenue than its wealth management division, flipping the usual dynamic.",Morgan Stanley said that was primarily driven by non-investment-grade companies raising debt.,0.8341009815533956,Revenue rose 12% to $15.02 billion.,Shares of the bank had declined earlier in the session after the bank's wealth management division missed estimates on a decline in interest income.,2024-07-20
Flights grounded and passengers warned of delays amid global IT outage,https://www.cnbc.com/2024/07/19/flights-grounded-passengers-to-see-delays-amid-unprecedented-it-outage.html,2024-07-19T21:00:49+0000,"Several airlines halted flights on Friday, while others warned of delays and service disruptions as an unprecedented IT outage impacted global operations.Early on Friday, cybersecurity giant CrowdStrike experienced a major disruption linked to a tech update. Organizations including Microsoft were left scrambling to restore apps and services used by a huge number of firms.Flight update and check-in monitors at airports around the world displayed the so-called blue screen of death, indicating a Microsoft system error. Images shared to social media showed a whiteboard displaying flight updates at Belfast International Airport in Northern Ireland, and a handwritten boarding pass for a flight with India's IndiGo.""It seems that for the first time we are facing a real global blackout. ... The disruption affected not only individual users, but especially large institutions such as banks (including central banks), stock exchanges, airports, paralysing operations during the peak holiday season and causing chaos in many other sectors,"" Grzegorz Drozdz, market analyst at Conotoxia, said in emailed comments.Over 38,000 flights had been delayed globally as of about 5 p.m. ET Friday, with roughly 9,200 of those delays within, into or out of the United States, according to FlightAware data. More than 4,200 flights had been canceled, with roughly 2,650 of them U.S. flights.U.S. Secretary of Transportation Pete Buttigieg said Friday on CNBC's ""Squawk on the Street"" that he expects the transportation delays to be smoothed out and ""resembling normal"" by Saturday.""The issue has been identified. It's really a matter of the kind of ripple or cascade effects as they get everything in their networks back to normal,"" Buttigieg said. ""These flights, they run so tightly, so back-to-back that even after a root cause is addressed, you can still be feeling those impacts throughout the day.""Airlines across Europe, the Middle East, the Americas and Asia issued updates outlining the suspected extent of the impact on their flight schedules and wider services, with passengers advised to check their flight status.The U.S. Federal Aviation Administration said at 10:22 a.m. ET: ""The FAA continues to work closely with airlines as they work to resume normal operations. Ground stops and delays will be intermittent at various airports as the airlines work through residual technology issues.""American Airlines said that as of 5 a.m. ET it had been able to ""safely reestablish our operation."" The carrier also said, ""We expect there will be impact to our flight schedule today, including delays and cancellations.""Delta and United both said they had resumed some flight departures but expected delays and cancelations through Friday. All three airlines issued waivers to allow customers to change their travel plans.Colby Black, 45, took the delays in stride, even though he wasn't sure when his rescheduled flight to Los Angeles would take off.""It says 8 a.m. on the board, but 9 a.m. on my app, so who knows,"" he said of the flight that was originally set to depart at 6 a.m. ""I'm just tired. I want to sleep,"" said Black, who woke up at 3 a.m. ""But otherwise, yeah, it happens.""In Europe, Dutch airline KLM said its IT issues had been ""almost completely resolved"" and that air traffic to and from Amsterdam's Schiphol airport could be ""fully resumed"" after most of KLM's operations were suspended in the morning.However, the carrier added that many flights had been delayed or canceled and that disruption would continue through the evening and into the weekend, with more cancellations possible.KLM's partner carrier Air France said late Friday afternoon that its operations were ""back to normal on the entire network,"" after only certain flights to Amsterdam and Berlin were affected during the day, but that delays could not be ruled out.Germany's Lufthansa was only ""slightly affected"" by the global outage, it said, with the biggest impact on Berlin, Amsterdam and Zurich routes. Low-cost German airline Eurowings, part of the same group, said it planned to operate around 80% of its flights, with most cancellations on domestic routes.During the morning, Swiss air navigation service provider Skyguide said it had reduced the capacity of Swiss transit traffic by 30% as a precautionary measure after it was affected by the disruption.U.K. carriers British Airways and Virgin Atlantic both said some flight disruption was expected on Friday.Aviation analytics firm Cirium said Friday, July 19, was set to be the busiest day of flights of the year, with the highest number of daily departures scheduled — 3,214 — since October 2019.As of 5 p.m. in London, 4,295 flights had been canceled globally, Cirium said, which equates to 3.9% of all scheduled flights globally.London airports Gatwick and Heathrow both said they were continuing to manageissues and delays were expected. Gatwick said the issues spanned ""some airlines' check-in systems and security, including eGates.""Self-check-in systems went down temporarily at numerous airports Friday, including Taiwan's Taoyuan International Airport, Singapore's Changi Airport and Hong Kong International Airport.Mainland Chinese airlines such as Air China and China Southern were not impacted as they use a different system, Reuters reported, citing state media.— CNBC's Kevin Breuninger, Leslie Josephs and Ece Yildirim and NBC News' Carlo Angerer contributed reporting.Correction: This story has been updated to correct a time reference.",CNBC,19/07/2024,"['Several airlines halted flights on Friday, while others warned of delays and service disruptions as an unprecedented IT outage impacted global operations.', 'Early on Friday, cybersecurity giant CrowdStrikeexperienced a major disruption linked to a tech update.', 'Organizations including Microsoft were left scrambling to restore apps and services used by a huge number of firms.', 'Flight update and check-in monitors at airports around the world displayed the so-calledblue screen of death,indicating a Microsoft system error.', ""Images shared to social media showed a whiteboard displaying flight updates at Belfast International Airport in Northern Ireland, and a handwritten boarding pass for a flight with India's IndiGo."", '""It seems that for the first time we are facing a real global blackout. ...', 'The disruption affected not only individual users, but especially large institutions such as banks (including central banks), stock exchanges, airports, paralysing operations during the peak holiday season and causing chaos in many other sectors,"" Grzegorz Drozdz, market analyst at Conotoxia, said in emailed comments.', 'Over 38,000 flights had been delayed globally as of about 5 p.m. ET Friday, with roughly 9,200 of those delays within, into or out of the United States, according to FlightAware data.', 'More than 4,200 flights had been canceled, with roughly 2,650 of them U.S. flights.', 'U.S. Secretary of Transportation Pete Buttigieg said Friday on CNBC\'s ""Squawk on the Street"" that he expects the transportation delays to be smoothed out and ""resembling normal"" by Saturday.', '""The issue has been identified.', 'It\'s really a matter of the kind of ripple or cascade effects as they get everything in their networks back to normal,"" Buttigieg said. ""', 'These flights, they run so tightly, so back-to-back that even after a root cause is addressed, you can still be feeling those impacts throughout the day.', '""Airlines across Europe, the Middle East, the Americas and Asia issued updates outlining the suspected extent of the impact on their flight schedules and wider services, with passengers advised to check their flight status.', 'The U.S. Federal Aviation Administration said at 10:22 a.m. ET: ""The FAA continues to work closely with airlines as they work to resume normal operations.', 'Ground stops and delays will be intermittent at various airports as the airlines work through residual technology issues.', '""American Airlines said that as of 5 a.m. ET it had been able to ""safely reestablish our operation.""', 'The carrier also said, ""We expect there will be impact to our flight schedule today, including delays and cancellations.', '""Delta and United both said they had resumed some flight departures but expected delays and cancelations through Friday.', 'All three airlines issued waivers to allow customers to change their travel plans.', ""Colby Black, 45, took the delays in stride, even though he wasn't sure when his rescheduled flight to Los Angeles would take off."", '""It says 8 a.m. on the board, but 9 a.m. on my app, so who knows,"" he said of the flight that was originally set to depart at 6 a.m. ""I\'m just tired.', 'I want to sleep,"" said Black, who woke up at 3 a.m. ""But otherwise, yeah, it happens.', '""In Europe, Dutch airline KLMsaidits IT issues had been ""almost completely resolved"" and that air traffic to and from Amsterdam\'s Schiphol airport could be ""fully resumed"" after most of KLM\'s operations were suspended in the morning.', 'However, the carrier added that many flights had been delayed or canceled and that disruption would continue through the evening and into the weekend, with more cancellations possible.', 'KLM\'s partner carrier Air France said late Friday afternoon that its operations were ""back to normal on the entire network,"" after only certain flights to Amsterdam and Berlin were affected during the day, but that delays could not be ruled out.', 'Germany\'s Lufthansa was only ""slightly affected"" by the global outage, it said, with the biggest impact on Berlin, Amsterdam and Zurich routes.', 'Low-cost German airline Eurowings, part of the same group, said it planned to operate around 80% of its flights, with most cancellations on domestic routes.', 'During the morning, Swiss air navigation service provider Skyguide said it had reduced the capacity of Swiss transit traffic by 30% as a precautionary measure after it was affected by the disruption.', 'U.K. carriers British Airways and Virgin Atlantic both said some flight disruption was expected on Friday.', 'Aviation analytics firm Cirium said Friday, July 19, was set to be the busiest day of flights of the year, with the highest number of daily departures scheduled — 3,214 — since October 2019.As of 5 p.m. in London, 4,295 flights had been canceled globally, Cirium said, which equates to 3.9% of all scheduled flights globally.', 'London airports Gatwick and Heathrow both said they were continuing to manageissues and delays were expected.', 'Gatwick said the issues spanned ""some airlines\' check-in systems and security, including eGates.', '""Self-check-in systems went down temporarily at numerous airports Friday, including Taiwan\'s Taoyuan International Airport, Singapore\'s Changi Airport and Hong Kong International Airport.', 'Mainland Chinese airlines such as Air China and China Southern were not impacted as they use a different system, Reuters reported, citing state media.—', ""CNBC's Kevin Breuninger, Leslie Josephs and Ece Yildirim and NBC News' Carlo Angerer contributed reporting."", 'Correction: This story has been updated to correct a time reference.']",-0.0336165147491114,Organizations including Microsoft were left scrambling to restore apps and services used by a huge number of firms.,"Flight update and check-in monitors at airports around the world displayed the so-calledblue screen of death,indicating a Microsoft system error.",-0.3801316916942596,"""American Airlines said that as of 5 a.m. ET it had been able to ""safely reestablish our operation.""","During the morning, Swiss air navigation service provider Skyguide said it had reduced the capacity of Swiss transit traffic by 30% as a precautionary measure after it was affected by the disruption.",2024-07-20
"Retail crime 'queenpin' faces five years in prison, millions in restitution",https://www.cnbc.com/2024/07/19/michelle-mack-retail-crime-queenpin-sentenced.html,2024-07-19T19:38:09+0000,"The ringleader of a nationwide organized retail crime operation that targeted Ulta Beauty and other major retailers is facing more than five years in a California state prison.Michelle Mack, of Bonsall, California, received a delayed sentence of five years and four months, which will be officially set in January. It was handed down by a San Diego County Superior Court judge on Thursday,Her husband, Kenneth, received the same sentence and is already incarcerated. As part of his plea deal, he will be released after one year and then put on probation and community service for the remainder of his sentence.The judge allowed Mack to serve her sentence after her husband is released so she can care for their children. She was ordered not to leave the state or go near any Ulta or Sephora stores.The couple also must pay about $3 million in restitution to Ulta and another $13,000 to Sephora, according to a court official.Michelle Mack ran her operation from her 4,500-square-foot mansion in Bonsall, which is outside San Diego, where authorities say she oversaw a network of about a dozen people who stole millions of dollars in merchandise from Ulta, Sephora and other major retailers.The Macks had pleaded guilty last month to conspiracy to commit a felony and organized retail theft, petty theft, and receiving stolen property.Attorneys for the Macks declined to comment, according to NBC 7 San Diego.A CNBC investigation in March detailed Mack's operation and showed how law enforcement traces stolen items from organized retail rings.Investigators began referring to the theft group as the ""California Girls"" and considered Mack the crew's ringleader. She made millions reselling the stolen items on Amazon via the ""Online Makeup Store"" to unwitting customers at a fraction of their typical retail price, investigators said, before she and her husband were arrested in December.Since 2012, Mack had sold nearly $8 million in cosmetics through the storefront before it was shut down, and she brought in $1.89 million in 2022 alone, Amazon sales records provided to investigators show.The site was closed down after the December arrests.Earlier this year, Ulta Beauty CEO Dave Kimbell told CNBC in an extended interview about organized retail crime that the ""financial impact is real, but way more important is the human impact, the impact it has to our associates, the impact it has to our guests.""The Macks and seven members of the crew were originally charged with 140 felonies. One of the defendants has received a three-year and four-month sentence, while cases against the others are pending, according to court records.— CNBC's Paige Tortorelli, Gabrielle Fonrouge and Courtney Reagan contributed to this story.",CNBC,19/07/2024,"['The ringleader of a nationwide organized retail crime operation that targeted Ulta Beauty and other major retailers is facing more than five years in a California state prison.', 'Michelle Mack, of Bonsall, California, received a delayed sentence of five years and four months, which will be officially set in January.', 'It was handed down by a San Diego County Superior Court judge on Thursday,Her husband, Kenneth, received the same sentence and is already incarcerated.', 'As part of his plea deal, he will be released after one year and then put on probation and community service for the remainder of his sentence.', 'The judge allowed Mack to serve her sentence after her husband is released so she can care for their children.', 'She was ordered not to leave the state or go near any Ulta or Sephora stores.', 'The couple also must pay about $3 million in restitution to Ulta and another $13,000 to Sephora, according to a court official.', 'Michelle Mack ran her operation from her 4,500-square-foot mansion in Bonsall, which is outside San Diego, where authorities say she oversaw a network of about a dozen people who stole millions of dollars in merchandise from Ulta, Sephora and other major retailers.', 'The Macks had pleaded guilty last month to conspiracy to commit a felony and organized retail theft, petty theft, and receiving stolen property.', 'Attorneys for the Macks declined to comment, according to NBC 7 San Diego.', ""A CNBC investigation in March detailed Mack's operation and showed how law enforcement traces stolen items from organized retail rings."", 'Investigators began referring to the theft group as the ""California Girls"" and considered Mack the crew\'s ringleader.', 'She made millions reselling the stolen items on Amazon via the ""Online Makeup Store"" to unwitting customers at a fraction of their typical retail price, investigators said, before she and her husband were arrested in December.', 'Since 2012, Mack had sold nearly $8 million in cosmetics through the storefront before it was shut down, and she brought in $1.89 million in 2022 alone, Amazon sales records provided to investigators show.', 'The site was closed down after the December arrests.', 'Earlier this year, Ulta Beauty CEO Dave Kimbell told CNBC in an extended interview about organized retail crime that the ""financial impact is real, but way more important is the human impact, the impact it has to our associates, the impact it has to our guests.', '""The Macks and seven members of the crew were originally charged with 140 felonies.', 'One of the defendants has received a three-year and four-month sentence, while cases against the others are pending, according to court records.—', ""CNBC's Paige Tortorelli, Gabrielle Fonrouge and Courtney Reagan contributed to this story.""]",-0.1150936725051408,"It was handed down by a San Diego County Superior Court judge on Thursday,Her husband, Kenneth, received the same sentence and is already incarcerated.","The Macks had pleaded guilty last month to conspiracy to commit a felony and organized retail theft, petty theft, and receiving stolen property.",,,,2024-07-20
GM's 2025 EV production capacity target in doubt after Barra comments,https://www.cnbc.com/2024/07/15/gms-2025-ev-production-capacity-target-in-doubt-after-barra-comments.html,2024-07-15T22:59:12+0000,"In this articleGeneral Motors' goal of being capable of producing 1 million all-electric vehicles in North America by the end of 2025 in heavily in doubt, following comments Monday by CEO Mary Barra.The production capacity target for next year was one of the last EV targets the automaker hadn't lowered or withdrawn as demand for EVs has not materialized as quickly as many companies such as GM previously expected.""We won't get to a million just because the market is not developing, but it will get there,"" Barra said Monday at a virtual CNBC CEO Council event. ""We're going to be guided by the customer.""For more than two years, GM has said it would have production capacity of 1 million in EVs in each China and North America by 2025. Even after it changed or withdrew several EV targets and product plans in the last year, the company continued to say it would install the North American capacity for EVs.A GM spokesman said the company's target was about the production capacity, while the question was regarding actually producing 1 million EVs in 2025. Barra did not specifcally address whether it was production or production capacity that she was referring to.The spokesman later said the company would no longer reiterate the EV production capacity plans for 2025. The company has continually said its EV plans will be flexible to meet demand.More details about the automaker's EV plans could come when GM reports second-quarter results on July 23.",CNBC,15/07/2024,"[""In this articleGeneral Motors' goal of being capable of producing 1 million all-electric vehicles in North America by the end of 2025 in heavily in doubt, following comments Monday by CEO Mary Barra."", ""The production capacity target for next year was one of the last EV targets the automaker hadn't lowered or withdrawn as demand for EVs has not materialized as quickly as many companies such as GM previously expected."", '""We won\'t get to a million just because the market is not developing, but it will get there,"" Barra said Monday at a virtual CNBC CEO Council event. ""', ""We're going to be guided by the customer."", '""For more than two years, GM has said it would have production capacity of 1 million in EVs in each China and North America by 2025.', 'Even after it changed or withdrew several EV targets and product plans in the last year, the company continued to say it would install the North American capacity for EVs.', ""A GM spokesman said the company's target was about the production capacity, while the question was regarding actually producing 1 million EVs in 2025."", 'Barra did not specifcally address whether it was production or production capacity that she was referring to.', 'The spokesman later said the company would no longer reiterate the EV production capacity plans for 2025.', 'The company has continually said its EV plans will be flexible to meet demand.', ""More details about the automaker's EV plans could come when GM reports second-quarter results on July 23.""]",-0.0379467080151552,,The spokesman later said the company would no longer reiterate the EV production capacity plans for 2025.,-0.0472483932971954,The production capacity target for next year was one of the last EV targets the automaker hadn't lowered or withdrawn as demand for EVs has not materialized as quickly as many companies such as GM previously expected.,"In this articleGeneral Motors' goal of being capable of producing 1 million all-electric vehicles in North America by the end of 2025 in heavily in doubt, following comments Monday by CEO Mary Barra.",2024-07-20
Bangladesh student protests: Why is the government facing public anger?,https://www.bbc.co.uk/news/articles/cq5xye1d285o,2024-07-20T08:08:21.056Z,"Bangladesh is in turmoil. Street protests are not new to this South Asian nation of 170 million people – but the intensity of the demonstrations of the past week has been described as the worst in living memory. More than 100 people have died in the violence, with more than 50 people killed on Friday alone. The government has imposed an unprecedented communications blackout, shutting down the internet and restricting phone services. What started as peaceful protests on university campuses has now transformed into nationwide unrest. Thousands of university students have been agitating for weeks against a quota system for government jobs. A third of public sector jobs are reserved for the relatives of veterans from the country’s war for independence from Pakistan in 1971. The students are arguing that the system is discriminatory, and are asking for recruitment based on merit. Protest coordinators say police and the student wing of the governing Awami League – known as the Bangladesh Chhatra League – have been using brutal force against peaceful demonstrators, triggering widespread anger. The government denies these allegations. “It’s not students anymore, it seems that people from all walks of life have joined the protest movement,” Dr Samina Luthfa, assistant professor of sociology in the University of Dhaka, tells the BBC. The protests have been a long time coming. Though Bangladesh is one of the fastest growing economies in the world, experts point out that growth has not translated into jobs for university graduates. Estimates suggest that around 18 million young Bangladeshis are looking for jobs. University graduates face higher rates of unemployment than their less-educated peers. Bangladesh has become a powerhouse of ready-to-wear clothing exports. The country exports around $40 billion worth of clothes to the global market. The sector employs more than four million people, many of them women. But factory jobs are not sufficient for the aspiring younger generation. Under Prime Minister Sheikh Hasina’s 15-year rule, Bangladesh has transformed itself by building new roads, bridges, factories and even a metro rail in the capital Dhaka. Its per-capita income has tripled in the last decade and the World Bank estimates that more than 25 million people have been lifted out of poverty in the last 20 years. But many say that some of that growth is only helping those close to Ms Hasina’s Awami League. Dr Luthfa says: “We are witnessing so much corruption. Especially among those close to the ruling party. Corruption has been continuing for a long time without being punished.” Social media in Bangladesh in recent months has been dominated by discussions about corruption allegations against some of Ms Hasina’s former top officials  – including a former army chief, ex-police chief, senior tax officers and state recruitment officials. Ms Hasina last week said she was taking action against corruption, and that it was a long-standing problem. During the same press conference in Dhaka, she said she had taken action against a household assistant – or peon - after he allegedly amassed $34 million. ""He can't move without a helicopter. How has he earned so much money? I took action immediately after knowing this,"" She did not identify the individual. The reaction of the Bangladeshi media was that this much money could only have been accumulated through lobbying for government contracts, corruption, or bribery. The anti-corruption commission in Bangladesh has launched an investigation into former police chief Benazir Ahmed – once seen as a close ally of Ms Hasina – for amassing millions of dollars, allegedly through illegal means. He denies the allegations. This news didn’t escape ordinary people in the country, who are struggling with the escalating cost of living. In addition to corruption allegations, many rights activists point out that space for democratic activity has shrunk over the past 15 years. “For three consecutive elections, there has been no credible free and fair polling process,” Meenakshi Ganguly, South Asia director at Human Rights Watch, told the BBC. “[Ms Hasina] has perhaps underestimated the level of dissatisfaction people had about being denied the most basic democratic right to choose their own leader,” Ms Ganguly said.  The main opposition Bangladesh Nationalist Party (BNP) boycotted elections in 2014 and 2024 saying free and fair elections were not possible under Ms Hasina and that they wanted the polls to be held under a neutral caretaker administration. Ms Hasina has always rejected this demand. Rights groups also say more than 80 people, many of them government critics, have disappeared in the past 15 years, and that their families have no information on them. The government is accused of stifling dissent and the media, amid wider concerns that Sheikh Hasina has grown increasingly autocratic over the years. But ministers deny the charges. “The anger against the government and the ruling party have been accumulating for a long time,” says Dr Luthfa. “People are showing their anger now. People resort to protest if they don’t have any recourse left.” Ms Hasina’s ministers say the government has shown extreme restraint despite what they describe as provocative actions by protesters.  They say demonstrations have been infiltrated by their political opposition and by Islamist parties, who they say initiated the violence. Law Minister Anisul Huq said the government was open to discussing the issues. “The government has been reaching out to the student protesters. When there is a reasonable argument, we are willing to listen,” Mr Huq told the BBC earlier this week. The student protests are probably the biggest challenge that has faced Ms Hasina since January 2009.  How they are resolved will depend on how she handles the unrest and, most importantly, how she addresses the public's growing anger. ",BBC,20/07/2024,"['Bangladesh is in turmoil.', 'Street protests are not new to this South Asian nation of 170 million people – but the intensity of the demonstrations of the past week has been described as the worst in living memory.', 'More than 100 people have died in the violence, with more than 50 people killed on Friday alone.', 'The government has imposed an unprecedented communications blackout, shutting down the internet and restricting phone services.', 'What started as peaceful protests on university campuses has now transformed into nationwide unrest.', 'Thousands of university students have been agitating for weeks against a quota system for government jobs.', 'A third of public sector jobs are reserved for the relatives of veterans from the country’s war for independence from Pakistan in 1971.', 'The students are arguing that the system is discriminatory, and are asking for recruitment based on merit.', 'Protest coordinators say police and the student wing of the governing Awami League – known as the Bangladesh Chhatra League – have been using brutal force against peaceful demonstrators, triggering widespread anger.', 'The government denies these allegations. “', 'It’s not students anymore, it seems that people from all walks of life have joined the protest movement,” Dr Samina Luthfa, assistant professor of sociology in the University of Dhaka, tells the BBC.', 'The protests have been a long time coming.', 'Though Bangladesh is one of the fastest growing economies in the world, experts point out that growth has not translated into jobs for university graduates.', 'Estimates suggest that around 18 million young Bangladeshis are looking for jobs.', 'University graduates face higher rates of unemployment than their less-educated peers.', 'Bangladesh has become a powerhouse of ready-to-wear clothing exports.', 'The country exports around $40 billion worth of clothes to the global market.', 'The sector employs more than four million people, many of them women.', 'But factory jobs are not sufficient for the aspiring younger generation.', 'Under Prime Minister Sheikh Hasina’s 15-year rule, Bangladesh has transformed itself by building new roads, bridges, factories and even a metro rail in the capital Dhaka.', 'Its per-capita income has tripled in the last decade and the World Bank estimates that more than 25 million people have been lifted out of poverty in the last 20 years.', 'But many say that some of that growth is only helping those close to Ms Hasina’s Awami League.', 'Dr Luthfa says: “We are witnessing so much corruption.', 'Especially among those close to the ruling party.', 'Corruption has been continuing for a long time without being punished.”', 'Social media in Bangladesh in recent months has been dominated by discussions about corruption allegations against some of Ms Hasina’s former top officials – including a former army chief, ex-police chief, senior tax officers and state recruitment officials.', 'Ms Hasina last week said she was taking action against corruption, and that it was a long-standing problem.', 'During the same press conference in Dhaka, she said she had taken action against a household assistant – or peon - after he allegedly amassed $34 million. ""', ""He can't move without a helicopter."", 'How has he earned so much money?', 'I took action immediately after knowing this,"" She did not identify the individual.', 'The reaction of the Bangladeshi media was that this much money could only have been accumulated through lobbying for government contracts, corruption, or bribery.', 'The anti-corruption commission in Bangladesh has launched an investigation into former police chief Benazir Ahmed – once seen as a close ally of Ms Hasina – for amassing millions of dollars, allegedly through illegal means.', 'He denies the allegations.', 'This news didn’t escape ordinary people in the country, who are struggling with the escalating cost of living.', 'In addition to corruption allegations, many rights activists point out that space for democratic activity has shrunk over the past 15 years. “', 'For three consecutive elections, there has been no credible free and fair polling process,” Meenakshi Ganguly, South Asia director at Human Rights Watch, told the BBC. “[', 'Ms Hasina] has perhaps underestimated the level of dissatisfaction people had about being denied the most basic democratic right to choose their own leader,” Ms Ganguly said.', 'The main opposition Bangladesh Nationalist Party (BNP) boycotted elections in 2014 and 2024 saying free and fair elections were not possible under Ms Hasina and that they wanted the polls to be held under a neutral caretaker administration.', 'Ms Hasina has always rejected this demand.', 'Rights groups also say more than 80 people, many of them government critics, have disappeared in the past 15 years, and that their families have no information on them.', 'The government is accused of stifling dissent and the media, amid wider concerns that Sheikh Hasina has grown increasingly autocratic over the years.', 'But ministers deny the charges. “', 'The anger against the government and the ruling party have been accumulating for a long time,” says Dr Luthfa. “', 'People are showing their anger now.', 'People resort to protest if they don’t have any recourse left.”', 'Ms Hasina’s ministers say the government has shown extreme restraint despite what they describe as provocative actions by protesters.', 'They say demonstrations have been infiltrated by their political opposition and by Islamist parties, who they say initiated the violence.', 'Law Minister Anisul Huq said the government was open to discussing the issues. “', 'The government has been reaching out to the student protesters.', 'When there is a reasonable argument, we are willing to listen,” Mr Huq told the BBC earlier this week.', 'The student protests are probably the biggest challenge that has faced Ms Hasina since January 2009.', ""How they are resolved will depend on how she handles the unrest and, most importantly, how she addresses the public's growing anger.""]",-0.167231002296643,But many say that some of that growth is only helping those close to Ms Hasina’s Awami League.,"More than 100 people have died in the violence, with more than 50 people killed on Friday alone.",-0.3238684710334329,Its per-capita income has tripled in the last decade and the World Bank estimates that more than 25 million people have been lifted out of poverty in the last 20 years.,"In addition to corruption allegations, many rights activists point out that space for democratic activity has shrunk over the past 15 years. “",2024-07-20
Boeing’s missteps have cost it billions. Here’s how it plans to get back to glory,https://www.cnbc.com/2024/07/18/boeing-path-forward.html,2024-07-18T21:33:42+0000,"In this articleBoeing executives spent years after two fatal 737 Max crashes trying to convince Wall Street, regulators, airlines and the flying public that they had an eagle eye on quality, reliability and safety.Then on Jan. 5, about six minutes and 16,000 feet into a packed flight out of Portland, Oregon, a door plug blew out of a nearly new Boeing 737 Max 9. The panel was missing key bolts that hold it in place, which the company had removed to fix damaged rivets, according to early accident reports.No one was seriously injured, but the harrowing flight jolted Boeing's leaders back into crisis mode. It also reignited scrutiny and skepticism from the same groups the iconic plane-maker spent years trying to win back after the two Max crashes.Now Boeing's leaders say they have charted a path forward to fix the company: Better oversight, improved safety and manufacturing procedures, and more robust training for workers, many of them new hires after pandemic-era buyouts and layoffs of thousands of employees.Boeing this month unveiled a long-awaited deal to buy back its troubled fuselage supplier, Spirit AeroSystems, in a bid to help stamp out production flaws.A week later, Boeing said it reached a deal with the Justice Department to plead guilty to a federal charge of conspiracy to defraud the U.S. government tied to the fatal 737 Max crashes. Attorneys representing crash victims' families blasted the agreement as a ""sweetheart"" deal. If approved by a federal judge, it would allow Boeing to avoid a potentially lengthy and costly criminal trial, though it would also brand Boeing as a felon.""This past January, the facade quite literally blew off the hollow shell that had been Boeing's promises to the world,"" Sen. Richard Blumenthal, D-Conn., said in testimony for a Senate panel hearing he called last month, where Boeing CEO Dave Calhoun was roasted by lawmakers.Industry watchers and insiders say a string of decisions stretching back decades — from a 1997 merger to outsourcing — led to the problems at the longtime touchstone of American manufacturing quality and innovation. Boeing employs some 170,000 people, and its products have landed everywhere from the Maldives to the moon.Even with its road map in hand, fixing its problems and restoring Boeing's reputation will take years — and it won't be cheap.And Boeing still has plenty of people to convince.Boeing hasn't posted an annual profit since 2018, and the plane maker's shares have tumbled about 30% this year while the broader market rallied. Its stock closed at a high of $440.62 in March 2019, days before the second Max crash. It now trades closer to $185 per share.Boeing finance chief Brian West told investors in May that the company expects to burn, rather than generate, cash this year, some $8 billion in the first half of 2024. It reports quarterly results on July 31.""This company is more important than a few quarters of Wall Street,"" Aengus Kelly, CEO of aircraft leasing giant AerCap, a major Boeing customer, said in an interview in the spring. ""It has to be nurtured and rebuilt.""Boeing will be back on the global stage next week during the biennial Farnborough Airshow in the United Kingdom, one of the world's largest aircraft shows. But the manufacturer will have a muted presence: It's not sending its yet-to-be-certified 777X, 737 Max 7 or Max 10 planes as Boeing employees focus on the fixing problems at home rather than showcase its new planes as it did during past air shows.Boeing began 2024 fresh from a surge in annual jetliner sales and a jump in deliveries, welcome tallies that appeared to show the company was turning a corner after the fatal dives of two 737 Maxes in 2018 and 2019 that killed all 346 people on the flights.But the Jan. 5 door plug blowout on Flight 1282, operated by Boeing's crosstown customer Alaska Airlines, brought a swift response from regulators. The Federal Aviation Administration barred Boeing from increasing output of its Max planes and stepped up hands-on inspections at production plants. The FAA said in March that its audit found ""non-compliance issues in Boeing's manufacturing process control, parts handling and storage, and product control.""Its production limitations have exacerbated delivery delays for Boeing customers, a slowdown that's impacting its commercial jet business, as airlines pay the bulk of a plane's price when they receive it. That division accounted for more than 43% of Boeing's nearly $78 billion in revenue last year.In the first half of 2024, Boeing delivered 175 airplanes, compared with the 323 aircraft that Airbus handed over during the same period. The two companies dominate the commercial jet market.Leaders at the top of major airlines from Emirates to Southwest have aired their frustration with the jet maker as deliveries run behind schedule. Southwest, United and American have blamed slowdowns in hiring and changed flight plans on Boeing's delays.""Boeing needs to become a better company,"" Southwest CEO Bob Jordan said at a JPMorgan industry conference in March, an uncharacteristically strong comment from the leader of the all-Boeing 737 airline.Even if planes arrive late, compensation doesn't often make up for the shortfall of jets.""I'm not in the compensation business. I'm the airline business,"" Etihad Airways CEO Antonoaldo Neves said in an interview.Tight supply at both Boeing and Airbus makes shifting orders over to the European company nearly impossible. Both companies are sold out of narrow-body planes through almost the end of the decade. Boeing has an order book of more than 5,400 jetliners, after accounting adjustments, while Airbus has about 8,000 unfilled orders.And Airbus isn't on solid ground either, warning customers and investors last month that supply chain problems will slow its planned ramp up in production and slow deliveries.Earlier this year as airline executives' patience wore thin, they sought meetings with Boeing's board chairman, people familiar with the matter said.Shortly afterward, Boeing in March announced a leadership shake-up, with the head of its all-important commercial airplane unit replaced. CEO Calhoun, an alumnus of General Electric and Blackstone, said he would step down by the end of the year. Boeing replaced its chairman, too, installing ex-Qualcomm CEO Steve Mollenkopf.Boeing hasn't yet named a replacement for Calhoun. The CEO of Spirit AeroSystems, Pat Shanahan, who previously worked at Boeing and served as former deputy secretary and acting secretary of defense under former President Donald Trump, is considered a strong contender.Across the airline industry, executives publicly and privately say they would rather Boeing take the time to fix problems than face prolonged uncertainty over when new planes will be delivered.The 108-year old Boeing has a firm place in American history. Its bombers were crucial in World War II. It has built presidential aircraft. Former Presidents Barack Obama and Donald Trump have each held events at Boeing 787 Dreamliner factories. And in space, a Boeing-built rocket propelled Apollo 11 to the moon in 1969.Most of the general public knows Boeing as the company to usher in the jet age. It designed and launched four aircraft in just over a decade, including the first 737.The narrow-body plane was soon dwarfed by Boeing's groundbreaking and more glamorous jumbo jet, the 747, which could fit more than 500 people, and in some configurations, a piano bar. The 737 was dubbed ""Baby Boeing"" and went on to become the company's bestseller, helping to make Boeing the largest U.S. exporter. It has built more than 11,000 of the 737s to date.""Without Boeing, the world is a worse place,"" AerCap's Kelly said.But within a five-month span in 2018 and 2019, two Max 8 planes crashed: one in Indonesia operated by Lion Air that plunged into the Java Sea, killing the 189 people on board; and one operated by Ethiopian Airlines that crashed shortly after takeoff from Addis Ababa, killing the 157 people on that flight.Pilots in those Boeing planes fought against a flight-control system, the Maneuvering Characteristics Augmentation System, that pushed the nose of the planes downward repeatedly. The Department of Justice later alleged the company misled the FAA about the system, the charge to which Boeing ultimately agreed to plead guilty.Last year, it looked like Boeing was back on a better footing.""I have heard those outside our company wondering if we've lost a step. I view it as quite the opposite,"" Calhoun said in note to employees last October.Months later, the powerful blast from the Alaska Airlines door plug blowout ripped off head rests, seatbacks and the first officer's headset, leaving a gaping hole in row 26. The incident terrified passengers and exposed the most serious in a series of quality control issues on Boeing jets. Previous issues included mis-drilled holes and incorrect spacing on some of Boeing fuselages.The manufacturer's production portfolio includes a host of jets that are regularly flown commercially around the world: the workhorse 737, the wide-body 787 Dreamliner, and soon, once approved by regulators, the 777X.And while production flaws make headlines, Boeing jets continue to carry travelers safely around the world, with more than 13,000 at the end of last year. The company has a 45% market share of commercial jets currently flying, according to AeroDynamic Advisory.Across all of its divisions, its customers also include the U.S. and foreign militaries, and NASA — and some of those units haven't been without issue either.""Our airplanes have carried the equivalent of more than double the population of the planet,"" Calhoun said in testimony to a Senate panel last month for a hearing titled ""Boeing's Broken Safety Culture.""""Getting this right is critical for our company, for the customers who fly our planes every day, and for our country,"" he said. He apologized during the hearing to the family members of the Lion Air and Ethiopian crash victims, as they held posters with pictures of lost loved ones.Critics say a yearslong push to reward Boeing shareholders and lower costs came at the expense of building totally new aircraft, in favor of updating older models. Boeing also outsourced production of key parts to suppliers that it increasingly put under pressure to deliver, exposing the supply chain to potential flaws.United CEO Scott Kirby told CNBC in January that he believes the issues date back to Boeing's merger with competing airplane manufacturer McDonnell Douglas in 1997. The tie-up is often cited as a turning point for Boeing that replaced its once engineering-led culture with a greater focus on returns.From 2010 to 2019, Boeing spent $68 billion on stock buybacks and dividends, according to Melius Research analyst Rob Spingarn.""This is a long time building,"" Kirby said.In 2001, Boeing moved its corporate headquarters from its original home in Seattle to Chicago, farther away from the factory floors where it had built aircraft since the early 20th century. In 2022, it moved headquarters again to Arlington, Virginia.In 2005, Boeing sold its Wichita division that makes fuselages for many of its planes to a private equity firm for just under $1 billion. That spinoff would eventually become Spirit AeroSystems, which Boeing is now buying back for about $4.7 billion plus debt.And in 2020, Boeing said it would consolidate 787 Dreamliner production in South Carolina, more than 2,400 miles away from its other manufacturing facilities in Washington state, including where the Dreamliners were previously built. It also outsourced parts production to a network of suppliers.Those moves have been put under a microscope in recent years as Boeing disclosed recurring production flaws. Allegations from whistleblowers at the company and at Spirit have claimed Boeing was cutting corners in production.Calhoun, when asked about outsourcing production to Spirit, told CNBC in January: ""Did it go too far? Yeah ... probably did, but now it's here and now I gotta deal with it.""Flaws on its planes have cost Boeing billions of dollars due to periods of production drops, delivery pauses and compensation to customers.Boeing does say that it's on the right track.For one, it's been forced to slow production of its planes. While painful in the near term because it drives up costs and deprives the company of new planes to hand over to customers, executives say it's the way to make sure manufacturing flaws don't reappear.Jefferies estimates Boeing produced about 24 Max jets a month in the second quarter and could move to roughly 35 a month in the last three months of the year. Boeing has said it aims to increase rates to about 50 Max planes a month in the next few years.It's also brought employees into the recovery effort. The company has held so-called ""stand-downs"" at its factories to pause work and discuss problems on the line.And its plea deal with the DOJ, if approved by a judge in the coming weeks, could allow the company to settle a federal probe with a roughly $244 million fine and a probationary period of three years, during which time an independent monitor would oversee quality control, and other conditions.""We are taking comprehensive action today to strengthen safety and quality,"" Calhoun said in his testimony before the Senate panel last month. ""And, we know, as America's premier aerospace manufacturer, this is what you and the flying public have every right to expect from us.""Goldman Sachs aerospace analyst Noah Poponak said Boeing can ""still make a product that's a total marvel. If they can get their act together, I think their reputation can improve quickly.""Promoting and building up the Boeing workforce will be key in the coming years, according to Alex Krutz, managing director of Patriot Industrial Partners, an aerospace consulting firm.The company has more competition for new workers than in previous generations in the Seattle area, he said, because of rapid expansion of tech companies there in the past few decades, as well as engineering competition from the private space industry.""Companies thrive or don't based on leadership,"" he said.The International Association of Machinists and Aerospace Workers, District 751, which represents some 30,000 Boeing technicians in Washington State and Oregon, is currently in contract negotiations with company, seeking more than 40% raises and a seat on Boeing's board.""We have more leverage than we've ever had in our history,"" said Jon Holden, president of IAM District 751. ""There's massive demand for new airplanes.""Some analysts say designing a new plane could help attract talent and set the company up for years to come, a project that was largely set to the backburner after the crashes.The advice of Richard Aboulafia, an longtime aerospace analyst and a managing director at AeroDynamic Advisory is simple: ""Begin a new program, and say, 'We're a company with a future.'""",CNBC,18/07/2024,"['In this articleBoeingexecutives spent years after two fatal 737 Max crashes trying to convince Wall Street, regulators,airlinesand the flying public that they had an eagle eye on quality, reliability and safety.', 'Then on Jan. 5, about six minutes and 16,000 feet into a packed flight out of Portland, Oregon, a door plug blew out of a nearly new Boeing 737 Max 9.', 'The panel was missing key bolts that hold it in place, which the company had removed to fix damaged rivets, according to early accident reports.', ""No one was seriously injured, but the harrowing flight jolted Boeing's leaders back into crisis mode."", 'It also reignited scrutiny and skepticism from the same groups the iconic plane-maker spent years trying to win back after the two Max crashes.', ""Now Boeing's leaders say they have charted a path forward to fix the company: Better oversight, improved safety and manufacturing procedures, and more robust training for workers, many of them new hires after pandemic-era buyouts and layoffs of thousands of employees."", 'Boeing this month unveiled a long-awaited deal to buy back its troubled fuselage supplier, Spirit AeroSystems, in a bid to help stamp out production flaws.', 'A week later, Boeing said it reached a deal with the Justice Department to plead guilty to a federal charge of conspiracy to defraud the U.S. government tied to the fatal 737 Max crashes.', 'Attorneys representing crash victims\' families blasted the agreement as a ""sweetheart"" deal.', 'If approved by a federal judge, it would allow Boeing to avoid a potentially lengthy and costly criminal trial, though it would also brand Boeing as a felon.', '""This past January, the facade quite literally blew off the hollow shell that had been Boeing\'s promises to the world,"" Sen. Richard Blumenthal, D-Conn., said in testimony for a Senate panel hearing he called last month, where Boeing CEO Dave Calhoun was roasted by lawmakers.', 'Industry watchers and insiders say a string of decisions stretching back decades — from a 1997 merger to outsourcing — led to the problems at the longtime touchstone of American manufacturing quality and innovation.', 'Boeing employs some 170,000 people, and its products have landed everywhere from the Maldives to the moon.', ""Even with its road map in hand, fixing its problems and restoringBoeing's reputation will take years — and it won't be cheap."", 'And Boeing still has plenty of people to convince.', ""Boeing hasn't posted an annual profit since 2018, and the plane maker's shares have tumbled about 30% this year while the broader market rallied."", 'Its stock closed at a high of $440.62 in March 2019, days before the second Max crash.', 'It now trades closer to $185 per share.', 'Boeing finance chief Brian West told investors in May that the company expects to burn, rather than generate, cash this year, some $8 billion in the first half of 2024.', 'It reports quarterly results on July 31.""This company is more important than a few quarters of Wall Street,"" Aengus Kelly, CEO of aircraft leasing giant AerCap, a major Boeing customer, said in an interview in the spring. ""', 'It has to be nurtured and rebuilt.', '""Boeing will be back on the global stage next week during the biennial Farnborough Airshow in the United Kingdom, one of the world\'s largest aircraft shows.', ""But the manufacturer will have a muted presence: It's not sending its yet-to-be-certified 777X, 737 Max 7 or Max 10 planes as Boeing employees focus on the fixing problems at home rather than showcase its new planes as it did during past air shows."", 'Boeingbegan 2024 fresh from a surge in annual jetliner sales anda jump in deliveries, welcome tallies that appeared to show the company was turning a corner after the fatal dives of two 737 Maxes in 2018 and 2019 that killed all 346 people on the flights.', ""But the Jan. 5 door plug blowout on Flight 1282, operated byBoeing's crosstown customerAlaskaAirlines, brought a swift response from regulators."", 'The Federal Aviation Administration barred Boeing from increasing output of its Max planes and stepped up hands-on inspections at production plants.', 'The FAA said in March that its audit found""non-compliance issues in Boeing\'s manufacturing process control, parts handling and storage, and product control.', '""Its production limitations have exacerbated delivery delays for Boeing customers, a slowdown that\'s impacting its commercial jet business, as airlines pay the bulk of a plane\'s price when they receive it.', ""That division accounted for more than 43% of Boeing's nearly $78 billion in revenue last year."", 'In the first half of 2024, Boeing delivered 175 airplanes, compared with the 323 aircraft that Airbus handed over during the same period.', 'The two companies dominate the commercial jet market.', 'Leaders at the top of major airlines from Emirates to Southwest have aired their frustration with the jet maker as deliveries run behind schedule.', ""Southwest, United and American have blamed slowdowns in hiring and changed flight plans on Boeing's delays."", '""Boeing needs to become a better company,"" Southwest CEO Bob Jordan said at a JPMorgan industry conference in March, an uncharacteristically strong comment from the leader of the all-Boeing 737 airline.', ""Even if planes arrive late, compensation doesn't often make up for the shortfall of jets."", '""I\'m not in the compensation business.', 'I\'m the airline business,"" Etihad Airways CEO Antonoaldo Nevessaid in an interview.', 'Tight supply at both Boeing and Airbus makes shifting orders over to the European company nearly impossible.', 'Both companies are sold out of narrow-body planes through almost the end of the decade.', 'Boeing has an order book of more than 5,400 jetliners, after accounting adjustments, while Airbus has about 8,000 unfilled orders.', ""And Airbus isn't on solid ground either, warning customers and investors last month that supply chain problems will slow its planned ramp up in production and slow deliveries."", ""Earlier this year as airline executives' patience wore thin, they sought meetings with Boeing's board chairman, people familiar with the matter said."", 'Shortly afterward, Boeing in March announced a leadership shake-up, with the head of its all-important commercial airplane unit replaced.', 'CEO Calhoun, an alumnus of General Electric and Blackstone, said he would step down by the end of the year.', 'Boeing replaced its chairman, too, installing ex-Qualcomm CEO Steve Mollenkopf.', ""Boeing hasn't yet named a replacement for Calhoun."", 'The CEO of Spirit AeroSystems, Pat Shanahan, who previously worked at Boeing and served as former deputy secretary and acting secretary of defense under former President Donald Trump, is considered a strong contender.', 'Across the airline industry, executives publicly and privately say they would rather Boeing take the time to fix problems than face prolonged uncertainty over when new planes will be delivered.', 'The 108-year old Boeing has a firm place in American history.', 'Its bombers were crucial in World War II.', 'It has built presidential aircraft.', 'Former Presidents Barack Obama and Donald Trump have each held events at Boeing 787 Dreamliner factories.', 'And in space, a Boeing-built rocket propelled Apollo 11 to the moon in 1969.Most of the general public knows Boeing as the company to usher in the jet age.', ""It designed and launched four aircraft in just over a decade, including the first 737.The narrow-body plane was soon dwarfed by Boeing's groundbreaking and more glamorous jumbo jet, the 747, which could fit more than 500 people, and in some configurations, a piano bar."", 'The 737 was dubbed ""Baby Boeing"" and went on to become the company\'s bestseller, helping to make Boeing the largest U.S. exporter.', 'It has built more than 11,000 of the 737s to date.', '""Without Boeing, the world is a worse place,"" AerCap\'s Kelly said.', 'But within a five-month span in 2018 and 2019, two Max 8 planes crashed: one in Indonesia operated by Lion Air that plunged into the Java Sea, killing the 189 people on board; and one operated by Ethiopian Airlines that crashed shortly after takeoff from Addis Ababa, killing the 157 people on that flight.', 'Pilots in those Boeing planes fought against a flight-control system, the Maneuvering Characteristics Augmentation System, that pushed the nose of the planes downward repeatedly.', 'The Department of Justice later alleged the company misled the FAA about the system, the charge to which Boeing ultimately agreed to plead guilty.', 'Last year, it looked like Boeing was back on a better footing.', '""I have heard those outside our company wondering if we\'ve lost a step.', 'I view it as quite the opposite,"" Calhoun said in note to employees last October.', ""Months later, the powerful blast from the Alaska Airlines door plug blowout ripped off head rests, seatbacks and the first officer's headset, leaving a gaping hole in row 26."", 'The incident terrified passengers and exposed the most serious in a series of quality control issues on Boeing jets.', 'Previous issues included mis-drilled holes and incorrect spacing on some of Boeing fuselages.', ""The manufacturer's production portfolio includes a host of jets that are regularly flown commercially around the world: the workhorse 737, the wide-body 787 Dreamliner, and soon, once approved by regulators, the 777X.And while production flaws make headlines, Boeing jets continue to carry travelers safely around the world, with more than 13,000 at the end of last year."", 'The company has a 45% market share of commercial jets currently flying, according to AeroDynamic Advisory.', ""Across all of its divisions, its customers also include the U.S. and foreign militaries, and NASA — and some of those units haven't been without issue either."", '""Our airplanes have carried the equivalent of more than double the population of the planet,"" Calhoun said in testimony to a Senate panel last month for a hearing titled ""Boeing\'s Broken Safety Culture.', '""""Getting this right is critical for our company, for the customers who fly our planes every day, and for our country,"" he said.', 'He apologized during the hearing to the family members of the Lion Air and Ethiopian crash victims, as they held posters with pictures of lost loved ones.', 'Critics say a yearslong push to reward Boeing shareholders andlower costs came at the expense of building totally new aircraft, in favor of updating older models.', 'Boeing also outsourced production of key parts to suppliers that it increasingly put under pressure to deliver, exposing the supply chain to potential flaws.', ""United CEO Scott Kirby told CNBC in January that he believes the issues date back to Boeing's merger with competing airplane manufacturer McDonnell Douglas in 1997."", 'The tie-up is often cited as a turning point for Boeing that replaced its once engineering-led culture with a greater focus on returns.', 'From 2010 to 2019, Boeing spent $68 billion on stock buybacks and dividends, according to Melius Research analyst Rob Spingarn.', '""This is a long time building,"" Kirby said.', 'In 2001, Boeing moved its corporate headquarters from its original home in Seattle to Chicago, farther away from the factory floors where it had built aircraft since the early 20th century.', 'In 2022, it moved headquarters again to Arlington, Virginia.', 'In 2005, Boeing sold its Wichita division that makes fuselages for many of its planes to a private equity firm for just under $1 billion.', 'That spinoff would eventually become Spirit AeroSystems, which Boeing is now buying back for about $4.7 billion plus debt.', 'And in 2020, Boeing said it would consolidate 787 Dreamliner production in South Carolina, more than 2,400 miles away from its other manufacturing facilities in Washington state, including where the Dreamliners were previously built.', 'It also outsourced parts production to a network of suppliers.', 'Those moves have been put under a microscope in recent years as Boeing disclosed recurring production flaws.', 'Allegations from whistleblowers at the company and at Spirit have claimed Boeing was cutting corners in production.', 'Calhoun, when asked about outsourcing production to Spirit, told CNBC in January: ""Did it go too far?', ""Yeah ... probably did, but now it's here and now I gotta deal with it."", '""Flaws on its planes have cost Boeing billions of dollars due to periods of production drops, delivery pauses and compensation to customers.', ""Boeing does say that it's on the right track."", ""For one, it's been forced to slow production of its planes."", ""While painful in the near term because it drives up costs and deprives the company of new planes to hand over to customers, executives say it's the way to make sure manufacturing flaws don't reappear."", 'Jefferies estimates Boeing produced about 24 Max jets a month in the second quarter and could move to roughly 35 a month in the last three months of the year.', 'Boeing has said it aims to increase rates to about 50 Max planes a month in the next few years.', ""It's also brought employees into the recovery effort."", 'The company has held so-called ""stand-downs"" at its factories to pause work and discuss problems on the line.', 'And its plea deal with the DOJ, if approved by a judge in the coming weeks, could allow the company to settle a federal probe with a roughly $244 million fine and a probationary period of three years, during which time an independent monitor would oversee quality control, and other conditions.', '""We are taking comprehensive action today to strengthen safety and quality,"" Calhoun said in his testimony before the Senate panel last month. ""', ""And, we know, as America's premier aerospace manufacturer, this is what you and the flying public have every right to expect from us."", '""Goldman Sachs aerospace analyst Noah Poponak said Boeing can ""still make a product that\'s a total marvel.', 'If they can get their act together, I think their reputation can improve quickly.', '""Promoting and building up the Boeing workforce will be key in the coming years, according to Alex Krutz, managing director of Patriot Industrial Partners, an aerospace consulting firm.', 'The company has more competition for new workers than in previous generations in the Seattle area, he said, because of rapid expansion of tech companies there in the past few decades, as well as engineering competition from the private space industry.', '""Companies thrive or don\'t based on leadership,"" he said.', ""The International Association of Machinists and Aerospace Workers, District 751, which represents some 30,000 Boeing technicians in Washington State and Oregon, is currently in contract negotiations with company, seeking more than 40% raises and a seat on Boeing's board."", '""We have more leverage than we\'ve ever had in our history,"" said Jon Holden, president of IAM District 751. ""', ""There's massive demand for new airplanes."", '""Some analysts say designing a new plane could help attract talent and set the company up for years to come, a project that was largely set to the backburner after the crashes.', 'The advice of Richard Aboulafia, an longtime aerospace analyst and a managing director at AeroDynamic Advisory is simple: ""Begin a new program, and say, \'We\'re a company with a future.\'""']",0.0391211584209727,"Now Boeing's leaders say they have charted a path forward to fix the company: Better oversight, improved safety and manufacturing procedures, and more robust training for workers, many of them new hires after pandemic-era buyouts and layoffs of thousands of employees.","But within a five-month span in 2018 and 2019, two Max 8 planes crashed: one in Indonesia operated by Lion Air that plunged into the Java Sea, killing the 189 people on board; and one operated by Ethiopian Airlines that crashed shortly after takeoff from Addis Ababa, killing the 157 people on that flight.",0.0425217005671287,"Boeingbegan 2024 fresh from a surge in annual jetliner sales anda jump in deliveries, welcome tallies that appeared to show the company was turning a corner after the fatal dives of two 737 Maxes in 2018 and 2019 that killed all 346 people on the flights.","Boeing hasn't posted an annual profit since 2018, and the plane maker's shares have tumbled about 30% this year while the broader market rallied.",2024-07-20
Macy's ends buyout talks with Arkhouse and Brigade after months of negotiations,https://www.cnbc.com/2024/07/15/macys-ends-buyout-talks-with-arkhouse-and-brigade-after-months-of-negotiations.html,2024-07-15T15:42:15+0000,"In this articleDepartment store Macy's said Monday its board has unanimously decided to end negotiations with the activist group that had been looking to take the retailer private for roughly $6.9 billion, saying in a statement that questions on financing and premium were insurmountable.""We have concluded that Arkhouse and Brigade's proposal lacks certainty of financing and does not deliver compelling value,"" Macy's lead independent director Paul Varga said in a press release.Arkhouse and Brigade had for months been attempting to buy out the storied retailer. Earlier this month, the bidders increased their offer to $24.80 per share, the latest in a series of price hikes since they first launched their takeover effort last year.Macy's said the company had gone ""well beyond what is customarily required"" in a due diligence period, offering the bidder group store-by-store profit and loss information and leases for each location. The company also noted that Arkhouse and Brigade had been allowed to share that confidential information with more than a dozen ""credible financing sources.""Arkhouse, after its initial efforts had been rebuffed, said earlier this year it intended to mount a proxy fight for control of Macy's. The two sides were able to reach a settlement in April, adding two independent directors to the Macy's board.Arkhouse did not immediately respond to CNBC's request for comment. Shares of Macy's fell roughly 14% in early trading Monday.Macy's is in the middle of a turnaround effort led by CEO Tony Spring, who stepped into the top job in February. The department store operator announced earlier this year that it would close about 150 of its namesake stores and open new locations of Bloomingdale's and Bluemercury, its two brands that have put up stronger results. It is also opening smaller Macy's locations in bustling strip malls in the suburbs.But the legacy department store operator's efforts to grow sales have been stymied by high inflation, as consumers became more selective about spending on discretionary items. Macy's has had to fight to stay relevant, too, as younger shoppers turn to online players such as Shein, big-box stores such as Target and off-price chains such as T.J. Maxx instead of department stores.For the fiscal year, Macy's expects net sales to range between $22.3 billion and $22.9 billion, which would be a drop from $23.09 billion in 2023. It expects comparable sales, which take out the effect of store openings and closures, to range from a decline of about 1% to a gain of 1.5% on an owned-plus-licensed basis and including third-party marketplace sales.On an earnings call in late May, Spring said Macy's is in the ""early innings"" of revitalizing its namesake stores. Yet, he pointed to better sales results at the first 50 stores where Macy's had invested in more staffing, sharper merchandise displays and special events.Prior to Monday's losses, shares of Macy's had fallen about 5% so far in 2024 for a market value of roughly $5 billion, trailing behind the S&P 500's roughly 18% gain during the same period.Arkhouse is a well-known real estate investment firm led by Gavriel Kahane and Jonathon Blackwell. While it is not a conventional activist investing firm, it has made a handful of unsolicited bids for REITs over the past few years. Brigade Capital Management focuses on retail companies, and has previously invested in names such as Sears and Neiman Marcus.Together, the bidding group sought to unlock what it saw as trapped value inside Macy's real estate holdings, while simultaneously overhauling the company's operations. Other department store names have been activist targets in the recent past for similar reasons. In 2022, activist fund Macellum urged Kohl's to sell itself.",CNBC,15/07/2024,"[""In this articleDepartment store Macy's said Monday its board has unanimously decided to end negotiations with the activist group that had been looking to take the retailer private for roughly $6.9 billion, saying in a statement that questions on financing and premium were insurmountable."", '""Wehave concluded that Arkhouse and Brigade\'s proposal lacks certainty of financing and does not deliver compelling value,"" Macy\'s lead independent director Paul Varga said in a press release.', 'Arkhouse and Brigade had for months been attempting to buy out the storied retailer.', 'Earlier this month, the bidders increased their offer to $24.80 per share, the latest in a series of price hikes since they first launched their takeover effort last year.', 'Macy\'s said the company had gone ""well beyond what is customarily required"" in a due diligence period, offering the bidder group store-by-store profit and loss information and leases for each location.', 'The company also noted that Arkhouse and Brigade had been allowed to share that confidential information with more than a dozen ""credible financing sources.', '""Arkhouse, after its initial efforts had been rebuffed, said earlier this year it intended to mount a proxy fight for control of Macy\'s.', ""The two sides were able to reach a settlement in April, adding two independent directors to the Macy's board."", ""Arkhouse did not immediately respond to CNBC's request for comment."", ""Shares of Macy's fell roughly 14% in early trading Monday."", ""Macy's is in the middle of a turnaround effort led by CEO Tony Spring, who stepped into the top job in February."", ""The department store operator announced earlier this year that it wouldclose about 150 of its namesake storesand open new locations of Bloomingdale's and Bluemercury, its two brands that have put up stronger results."", ""It is alsoopening smaller Macy's locationsin bustling strip malls in the suburbs."", ""But the legacy department store operator's efforts to grow sales have been stymied by high inflation, as consumers became more selective about spending on discretionary items."", ""Macy's has had tofight to stay relevant, too, as younger shoppers turn to online players such as Shein, big-box stores such as Target and off-price chains such as T.J. Maxx instead of department stores."", ""For the fiscal year, Macy's expects net sales to range between $22.3 billion and $22.9 billion, which would be a drop from $23.09 billion in 2023.It expects comparable sales, which take out the effect of store openings and closures, to range from a decline of about 1% to a gain of 1.5% on an owned-plus-licensed basis and including third-party marketplace sales."", 'On an earnings call in late May, Spring said Macy\'s is in the ""early innings"" of revitalizing its namesake stores.', ""Yet, hepointed to better sales resultsat the first 50 stores where Macy's had invested in more staffing, sharper merchandise displays and special events."", ""Prior to Monday's losses, shares of Macy's had fallen about 5% so far in 2024 for a market value of roughly $5 billion, trailing behind the S&P 500's roughly 18% gain during the same period."", 'Arkhouse is a well-known real estate investment firm led by Gavriel Kahane and Jonathon Blackwell.', 'While it is not a conventional activist investing firm, it has made a handful of unsolicited bids for REITs over the past few years.', 'Brigade Capital Management focuses on retail companies, and has previously invested in names such as Sears and Neiman Marcus.', ""Together, the bidding group sought to unlock what it saw as trapped value inside Macy's real estate holdings, while simultaneously overhauling the company's operations."", 'Other department store names have been activist targets in the recent past for similar reasons.', ""In 2022, activist fund Macellum urged Kohl's to sell itself.""]",0.1346937520291199,"Yet, hepointed to better sales resultsat the first 50 stores where Macy's had invested in more staffing, sharper merchandise displays and special events.","""Arkhouse, after its initial efforts had been rebuffed, said earlier this year it intended to mount a proxy fight for control of Macy's.",-0.1878453850746154,"The department store operator announced earlier this year that it wouldclose about 150 of its namesake storesand open new locations of Bloomingdale's and Bluemercury, its two brands that have put up stronger results.","For the fiscal year, Macy's expects net sales to range between $22.3 billion and $22.9 billion, which would be a drop from $23.09 billion in 2023.It expects comparable sales, which take out the effect of store openings and closures, to range from a decline of about 1% to a gain of 1.5% on an owned-plus-licensed basis and including third-party marketplace sales.",2024-07-20
Spirit Airlines forecasts wider quarterly loss as revenue falls short of expectations,https://www.cnbc.com/2024/07/16/spirit-airlines-second-quarter-loss-warning.html,2024-07-17T15:18:01+0000,"In this articleSpirit Airlines said Tuesday it would post a wider-than-expected loss for the last quarter because of revenue that came in short of its expectations.Spirit expects to report an adjusted loss of between $160 million and $173 million for the three months ended June 30, compared with a previous estimate for a loss of no more than $145 million. It expects sales of $1.28 billion, down from a forecast of at least $1.32 billion.Spirit said non-ticket revenue, which accounts for the myriad fees long associated with its rock-bottom fares, came in ""several dollars lower than anticipated"" per passenger.Shares of the budget airline were down more than 9% in late-morning trading on Wednesday. Spirit released the revised estimates in securities filing after the market closed on Tuesday.The airline, along with rival Frontier Airlines, has recently revamped how it sells tickets by offering bundles that include things like seat assignments and carry-on bags that it used to sell a la carte. That brings its business practice more in line with larger competitors. Frontier's shares were down more than 4% on Wednesday morning, the second-biggest drop of U.S. airlines.""As the Company progresses on its transformation strategy, it anticipates that over time it will be able to drive improvement in total revenue per passenger segment,"" Spirit said.The company is facing several challenges, such as oversupplied U.S. domestic market, an engine recall from supplier Pratt & Whitney that has grounded dozens of aircraft and the fallout of a federal judge's ruling to block a planned acquisition by JetBlue Airways earlier this year.",CNBC,17/07/2024,"['In this articleSpirit Airlines said Tuesday it would post a wider-than-expected loss for the last quarter because of revenue that came in short of its expectations.', 'Spirit expects to report an adjusted loss of between $160 million and $173 million for the three months ended June 30, compared with a previous estimate for a loss of no more than $145 million.', 'It expects sales of $1.28 billion, down from a forecast of at least $1.32 billion.', 'Spirit said non-ticket revenue, which accounts for the myriad fees long associated with its rock-bottom fares, came in ""several dollars lower than anticipated"" per passenger.', 'Shares of the budget airline were down more than 9% in late-morning trading on Wednesday.', 'Spirit released the revised estimates in securities filing after the market closed on Tuesday.', 'The airline, along with rival Frontier Airlines, has recently revamped how it sells tickets by offering bundles that include things like seat assignments and carry-on bags that it used to sell a la carte.', 'That brings its business practice more in line with larger competitors.', ""Frontier's shares were down more than 4% on Wednesday morning, the second-biggest drop of U.S. airlines."", '""As the Company progresses on its transformation strategy, it anticipates that over time it will be able to drive improvement in total revenue per passenger segment,"" Spirit said.', ""The company is facing several challenges, such as oversupplied U.S. domestic market, an engine recall from supplier Pratt & Whitney that has grounded dozens of aircraft and the fallout of a federal judge's ruling to block a planned acquisition by JetBlue Airways earlier this year.""]",0.0220259319425421,"""As the Company progresses on its transformation strategy, it anticipates that over time it will be able to drive improvement in total revenue per passenger segment,"" Spirit said.","Spirit expects to report an adjusted loss of between $160 million and $173 million for the three months ended June 30, compared with a previous estimate for a loss of no more than $145 million.",-0.3389892180760701,"""As the Company progresses on its transformation strategy, it anticipates that over time it will be able to drive improvement in total revenue per passenger segment,"" Spirit said.","Spirit said non-ticket revenue, which accounts for the myriad fees long associated with its rock-bottom fares, came in ""several dollars lower than anticipated"" per passenger.",2024-07-20
Ford to spend $3 billion to expand large truck production to a plant previously set for EVs,https://www.cnbc.com/2024/07/18/ford-canada-large-truck-production.html,2024-07-18T18:41:53+0000,"In this articleDETROIT – Ford Motor will expand production of its large Super Duty trucks to a Canadian plant that was previously set to be converted into an all-electric vehicle hub.The new plans include investing about $3 billion to expand Super Duty production, including $2.3 billion at Ford's Oakville Assembly Complex in Ontario, Canada, Ford said Thursday. The remaining investment will be used to increase production at supporting facilities in the U.S. and Canada, the company said.Ford currently produces Super Duty trucks – the larger siblings of the F-150 full-size pickup used largely by commercial and business customers – at plants in Ohio and Kentucky.Ford said the Canadian plant, which is expected to come online in 2026, will add capacity of roughly 100,000 units annually.""Super Duty is a vital tool for businesses and people around the world and, even with our Kentucky Truck Plant and Ohio Assembly Plant running flat out, we can't meet the demand,"" Ford CEO Jim Farley said in a release. ""This move benefits our customers and supercharges our Ford Pro commercial business.""Investors responded favorably to the news, sending Ford stock to a new 52-week high before shares leveled off later in the day amid a broader market decline.UBS' Joseph Spak was among the analysts to applaud the additional investment in the highly profitable Super Duty models compared to money-losing EVs amid slower-than-expected adoption of electric cars and trucks.""We believe this shows management's confidence in more sustainable demand for Ford Pro vehicles,"" he said Thursday in an investor note. ""The [internal combustion engine] investment over EV investment should be viewed positively.""Ford had previously announced plans to invest $1.3 billion into the Canadian plant for EV production. Those plans included a new three-row SUV, which the company recently delayed until 2027.The announcement comes weeks after Farley said full electrification of ""big, huge, enormous"" vehicles such as Ford's Super Duty trucks was ""never going to make money.""Ford said it has plans to ""electrify"" the next generation of its Super Duty trucks, however it declined Thursday to disclose additional details.The company said the move supports Farley's Ford+ blueprint for profitable growth, including maximizing Ford's manufacturing footprint. It's the latest pullback for the restructuring plan involving EVs, however the automaker said it still plans to produce the three-row EV at an unspecified plant, starting in 2027.The Ford+ plan initially focused heavily on EVs when it was announced in May 2021 during the company's first investor day under Farley, who took over the helm of the automaker in October 2020.At the time, there was significant optimism around all-electric vehicle adoption and potential profitability that have not materialized as quickly as many had expected.Ford's initial plan called for almost half of its global sales to be electric by 2030, fueled by more than $30 billion in investments in EVs through 2025. It's unclear how much capital the company has spent on EVs to date. Its plans have changed several times, and its ""Model e"" EV unit lost $4.7 billion in 2023.While Ford's EV unit loses billions of dollars, its Ford Pro commercial business including its Super Duty trucks earned $7.2 billion before interest and taxes in 2023.The Ford+ plan also included a target of 8% earnings before interest and tax, or EBIT, profit margin for the EV unit by the end of 2026. Ford withdrew that target earlier this year. It would have been a massive turnaround from a profit margin of roughly negative 40% in 2022.Ford said the new Super Duty production will initially secure approximately 1,800 Canadian jobs at the Oakville Assembly Complex, 400 more than would initially have been needed to produce the three-row EV.",CNBC,18/07/2024,"['In this articleDETROIT – Ford Motor will expand production of its large Super Duty trucks to a Canadian plant that was previously set to be converted into an all-electric vehicle hub.', ""The new plans include investing about $3 billion to expand Super Duty production, including $2.3 billion at Ford's Oakville Assembly Complex in Ontario, Canada, Ford said Thursday."", 'The remaining investment will be used to increase production at supporting facilities in the U.S. and Canada, the company said.', 'Ford currently produces Super Duty trucks – the larger siblings of the F-150 full-size pickup used largely by commercial and business customers – at plants in Ohio and Kentucky.', 'Ford said the Canadian plant, which is expected to come online in 2026, will add capacity of roughly 100,000 units annually.', '""Super Duty is a vital tool for businesses and people around the world and, even with our Kentucky Truck Plant and Ohio Assembly Plant running flat out, we can\'t meet the demand,"" Ford CEO Jim Farley said in a release. ""', 'This move benefits our customers and supercharges our Ford Pro commercial business.', '""Investors responded favorably to the news, sending Ford stock to a new 52-week high before shares leveled off later in the day amid a broader market decline.', ""UBS' Joseph Spak was among the analysts to applaud the additional investment in the highly profitable Super Duty models compared to money-losing EVs amid slower-than-expected adoption of electric cars and trucks."", '""We believe this shows management\'s confidence in more sustainable demand for Ford Pro vehicles,"" he said Thursday in an investor note. ""', 'The [internal combustion engine] investment over EV investment should be viewed positively.', '""Ford had previously announced plans to invest $1.3 billion into the Canadian plant for EV production.', 'Those plans included a new three-row SUV, which the company recently delayed until 2027.The announcement comes weeks after Farley said full electrification of ""big, huge, enormous"" vehicles such as Ford\'s Super Duty trucks was ""never going to make money.', '""Ford said it has plans to ""electrify"" the next generation of its Super Duty trucks, however it declined Thursday to disclose additional details.', ""The company said the move supports Farley's Ford+ blueprint for profitable growth, including maximizing Ford's manufacturing footprint."", ""It's the latest pullback for the restructuring plan involving EVs, however the automaker said it still plans to produce the three-row EV at an unspecified plant, starting in 2027.The Ford+ plan initially focused heavily on EVs when it was announced in May 2021 during the company's first investor day under Farley, who took over the helm of the automaker in October 2020.At the time, there was significant optimism around all-electric vehicle adoption and potential profitability that have not materialized as quickly as many had expected."", ""Ford's initial plan called for almost half of its global sales to be electric by 2030, fueled by more than $30 billion in investments in EVs through 2025."", ""It's unclear how much capital the company has spent on EVs to date."", 'Its plans have changed several times, and its ""Model e"" EV unit lost $4.7 billion in 2023.While Ford\'s EV unit loses billions of dollars, its Ford Pro commercial business including its Super Duty trucks earned $7.2 billion before interest and taxes in 2023.The Ford+ plan also included a target of 8% earnings before interest and tax, or EBIT, profit margin for the EV unit by the end of 2026.', 'Ford withdrew that target earlier this year.', 'It would have been a massive turnaround from a profit margin of roughly negative 40% in 2022.Ford said the new Super Duty production will initially secure approximately 1,800 Canadian jobs at the Oakville Assembly Complex, 400 more than would initially have been needed to produce the three-row EV.']",0.4869136342356719,"Its plans have changed several times, and its ""Model e"" EV unit lost $4.7 billion in 2023.While Ford's EV unit loses billions of dollars, its Ford Pro commercial business including its Super Duty trucks earned $7.2 billion before interest and taxes in 2023.The Ford+ plan also included a target of 8% earnings before interest and tax, or EBIT, profit margin for the EV unit by the end of 2026.",It's unclear how much capital the company has spent on EVs to date.,0.3484998246033986,"The company said the move supports Farley's Ford+ blueprint for profitable growth, including maximizing Ford's manufacturing footprint.","Its plans have changed several times, and its ""Model e"" EV unit lost $4.7 billion in 2023.While Ford's EV unit loses billions of dollars, its Ford Pro commercial business including its Super Duty trucks earned $7.2 billion before interest and taxes in 2023.The Ford+ plan also included a target of 8% earnings before interest and tax, or EBIT, profit margin for the EV unit by the end of 2026.",2024-07-20
Darden Restaurants to acquire Chuy's for approximately $605 million,https://www.cnbc.com/2024/07/17/darden-restaurants-to-acquire-chuys-for-approximately-605-million.html,2024-07-17T22:23:34+0000,"In this articleDarden Restaurants will acquire Chuy's Holdings for approximately $605 million in cash, the companies announced jointly on Wednesday.Darden agreed to acquire all outstanding shares of Chuy's at $37.50 per share, according to a press release. The Tex-Mex restaurant chain joins Darden's portfolio that includes restaurants such as Olive Garden, LongHorn Steakhouse and Ruth's Chris Steak House.""Based on our criteria for adding a brand to the Darden portfolio, we believe Chuy's is an excellent fit that supports our winning strategy,"" Darden CEO Rick Cardenas said in a statement. ""I am excited to welcome their 7,400 team members to Darden and diversify the Darden portfolio into a new dining category.""Chuy's generated total revenues of over $450 million in its latest 12 months ended March 31, according to the release. The company, founded in Austin, Texas, in 1982, has 101 restaurants in 15 states.Cardenas said in the press release that Chuy's has strong performance and growth potential. ""Together we will accelerate our business goals and bring our authentic, made-from-scratch Tex-Mex to more guests and communities,"" Chuy's CEO Steven Hislop said in a statement.Darden expects the transaction to be completed in their fiscal second quarter, according to the release.",CNBC,17/07/2024,"[""In this articleDarden Restaurants will acquire Chuy's Holdings for approximately $605 million in cash, the companies announced jointly on Wednesday."", ""Darden agreed to acquire all outstanding shares of Chuy's at $37.50 per share, according to a press release."", ""The Tex-Mex restaurant chain joins Darden's portfolio that includes restaurants such as Olive Garden, LongHorn Steakhouse and Ruth's Chris Steak House."", '""Based on our criteria for adding a brand to the Darden portfolio, we believe Chuy\'s is an excellent fit that supports our winning strategy,"" Darden CEO Rick Cardenas said in a statement. ""', 'I am excited to welcome their 7,400 team members to Darden and diversify the Darden portfolio into a new dining category.', '""Chuy\'s generated total revenues of over $450 million in its latest 12 months ended March 31, according to the release.', 'The company, founded in Austin, Texas, in 1982, has 101 restaurants in 15 states.', 'Cardenas said in the press release that Chuy\'s has strong performance and growth potential. ""', 'Together we will accelerate our business goals and bring our authentic, made-from-scratch Tex-Mex to more guests and communities,"" Chuy\'s CEO Steven Hislop said in a statement.', 'Darden expects the transaction to be completed in their fiscal second quarter, according to the release.']",0.3130526844693951,"""Based on our criteria for adding a brand to the Darden portfolio, we believe Chuy's is an excellent fit that supports our winning strategy,"" Darden CEO Rick Cardenas said in a statement. """,,0.9989990293979644,"Cardenas said in the press release that Chuy's has strong performance and growth potential. """,,2024-07-20
Dollar General settles with Labor Department over workplace safety violations,https://www.cnbc.com/2024/07/11/dollar-general-labor-department-settle-over-safety-violations.html,2024-07-12T00:56:56+0000,"In this articleThe U.S. Department of Labor announced a settlement Thursday with Dollar General, requiring the retailer and its subsidiaries to pay $12 million in penalties and implement significant workplace safety improvements in its more than 19,000 stores nationwide. The new set of fines adds to the more than $21 million in fines from the federal Occupational Safety and Health Administration that the discounter has racked up since 2017 due to blocked fire exits, dangerous levels of clutter and other safety claims. Gun violence has also been an issue for Dollar General stores: 49 people have been killed and 172 people have been injured at Dollar General stores by gun violence, according to 2023 data from nonprofit Gun Violence Archive.A repeat offender with the Department of Labor, Dollar General became the first company to be added to OSHA's ""severe violators"" of workplace safety rules list in 2023 after the agency expanded the reach of its safety enforcement program.""This agreement commits Dollar General to making worker safety a priority by implementing significant and systematic changes in its operations to improve accountability and compliance, and it gives Dollar General employees essential input on ensuring their own health and safety,"" Assistant Secretary for Occupational Safety and Health Douglas Parker said in a press release.Under the new settlement, the Tennessee-based retailer is required to hire additional safety managers and significantly reduce its inventory and increase stocking efficiency to prevent blocked exits and clutter. It is also required to provide safety and health training to all employees and to develop a safety and health committee with employee participation.Dollar General has hired third-party consultants and auditors to identify hazards and perform unannounced annual compliance audits, created a new Safety Operations Center and maintained an anonymous hotline for employees and the public to report safety concerns.The third-party auditors were first commissioned as a response to a shareholder vote in May 2023 calling for one, a decision that the company opposed at the time.The settlement with the Department of Labor also requires Dollar General to monitor outcomes of those efforts and provide quarterly reports to OSHA.Under the agreement, Dollar General will be required to correct safety hazards such as blocked access to fire extinguishers and electrical panels and improper material storage at its stores within 48 hours and submit proof of correction. The discounter will be subject to additional fines of $100,000 a day up to $500,000 if it fails to do so.CNBC has reached out to Dollar General for additional comment.",CNBC,12/07/2024,"['In this articleThe U.S. Department of Labor announced a settlement Thursday with Dollar General, requiring the retailer and its subsidiaries to pay $12 million in penalties and implement significant workplace safety improvements in its more than 19,000 stores nationwide.', 'The new set of fines adds to the more than $21 million in fines from the federal Occupational Safety and Health Administration that the discounter has racked up since 2017 due to blocked fire exits, dangerous levels of clutter and other safety claims.', 'Gun violence has also been an issue for Dollar General stores: 49 people have been killed and 172 people have been injured at Dollar General stores by gun violence, according to 2023 data from nonprofit Gun Violence Archive.', 'A repeat offender with the Department of Labor, Dollar General became the first company to be added to OSHA\'s ""severe violators"" of workplace safety rules list in 2023 after the agency expanded the reach of its safety enforcement program.', '""This agreement commits Dollar General to making worker safety a priority by implementing significant and systematic changes in its operations to improve accountability and compliance, and it gives Dollar General employees essential input on ensuring their own health and safety,"" Assistant Secretary for Occupational Safety and Health Douglas Parker said in a press release.', 'Under the new settlement, the Tennessee-based retailer is required to hire additional safety managers and significantly reduce its inventory and increase stocking efficiency to prevent blocked exits and clutter.', 'It is also required to provide safety and health training to all employees and to develop a safety and health committee with employee participation.', 'Dollar General has hired third-party consultants and auditors to identify hazards and perform unannounced annual compliance audits, created a new Safety Operations Center and maintained an anonymous hotline for employees and the public to report safety concerns.', 'The third-party auditors were first commissioned as a response to a shareholder vote in May 2023 calling for one, a decision that the company opposed at the time.', 'The settlement with the Department of Labor also requires Dollar General to monitor outcomes of those efforts and provide quarterly reports to OSHA.Under the agreement, Dollar General will be required to correct safety hazards such as blocked access to fire extinguishers and electrical panels and improper material storage at its stores within 48 hours and submit proof of correction.', 'The discounter will be subject to additional fines of $100,000 a day up to $500,000 if it fails to do so.', 'CNBC has reached out to Dollar General for additional comment.']",0.2273865980421969,"""This agreement commits Dollar General to making worker safety a priority by implementing significant and systematic changes in its operations to improve accountability and compliance, and it gives Dollar General employees essential input on ensuring their own health and safety,"" Assistant Secretary for Occupational Safety and Health Douglas Parker said in a press release.","Gun violence has also been an issue for Dollar General stores: 49 people have been killed and 172 people have been injured at Dollar General stores by gun violence, according to 2023 data from nonprofit Gun Violence Archive.",0.2707282185554504,"Under the new settlement, the Tennessee-based retailer is required to hire additional safety managers and significantly reduce its inventory and increase stocking efficiency to prevent blocked exits and clutter.","The new set of fines adds to the more than $21 million in fines from the federal Occupational Safety and Health Administration that the discounter has racked up since 2017 due to blocked fire exits, dangerous levels of clutter and other safety claims.",2024-07-20
Train tickets: Will Labour's Great British Railways plan make them cheaper?,https://www.bbc.co.uk/news/articles/cy63j4x66ylo,2024-04-25T12:39:13.543Z,"The newly-elected Labour government used the King's Speech on Wednesday to lay out its plans for renationalising the railways. But what will this mean for passengers, and how will it work? The government has not guaranteed lower fares, but has promised a ""best fare guarantee"", to make sure people are always paying the lowest fare for their journey. It has also promised its reforms would make buying cheaper tickets simpler. However, railway specialist Tony Miles - who has covered the industry for over 40 years -  told the BBC when the plans were first announced that any savings were likely to be minimal. He said this is because the private operators' profit margins are already so small, at just a few pence for each passenger journey. He argued this would mean Labour would only be able to pass on very small savings per journey. From just after the Second World War until the 1990s the UK rail system was fully nationalised, with the government owning the rail networks and all of the trains. The industry was privatised in the 1990s, with services run by a variety of train operating companies. At the moment the infrastructure is managed by Network Rail, while passenger train services are run by individual operators. The situation is different in Scotland and Wales, where passenger services are already run by the devolved governments. In Northern Ireland, the system is fully nationalised. Labour wants to move further towards nationalisation, confirming plans to establish Great British Railways (GBR). This publicly-owned body would oversee the rail system across England, Wales, and Scotland. It would take over the service contracts currently held by private firms in England as they expire in the future. However, the government has not said GBR would buy back ""rolling stock' (an industry term for the train carriages) from private firms. This implies it would continue to lease them. There is also no suggestion the rail freight companies will be nationalised, with the government instead saying that GBR will support and promote freight operators. The government also plans to set up an independent watchdog, the Passenger Standards Authority, which would ""champion improvement in service against a range of measures"". Whether this will make the trains run better ""comes down to how they’re going to fund things"" and whether it will allow major construction projects to move forward, says Mark Simmons, deputy editor at International Railway Journal. Mr Simmons also queried what expertise GBR would have, suggesting there could still be a ""skills deficit"" at GBR, a problem which he said was affecting rail systems across Europe. ""If lots of people leave as rail operator contracts terminate, what we could see is an exodus of talent,"" he said. Luxembourg operates a fully state-run system where all train journeys are free, and train tickets in other European countries with more state control than the UK can be much cheaper. However, those networks also receive lots of government investment, which can mean higher taxes. Mr Miles argues the UK’s franchising system, whereby the government owns the network through National Rail and hands out operator contracts to private companies, was the “envy of Europe” before Covid hit. He said passenger numbers have increased as a result of the franchise system, but added that the contracts written during Covid were done so “in a rush” and are “too generous”. He pointed to Transport for London and the Manchester bus service as examples of where a state run franchising system to private contractors can work. Mr Simmons says trains in the UK are ""not as bad as people think"". ""Sometimes the perception is that everywhere else is better, and that’s very much not true.” However, he said other countries were “powering ahead” with long-term planning for major projects.  If Labour waits until the current franchise contracts run out and takes them on itself, as the previous government did during Covid, this would not necessarily cost the taxpayer anything. However, doing so would also mean taking on the railway operators debts, leases, and liabilities, such as their pension fund pots and the lease contracts for the rolling stock. Labour says its plans would save the taxpayer £2.2bn a year, but the government has not guaranteed that all this money would be reinvested in the railways. ""It could happen very quickly,"" says Mr Simmons, given the plan is to transfer train networks to public ownership as the current operator contracts begin to run out. Some train operators are already under public control after being taken into the government’s Operator of Last Resort. Many train operators' franchises come up for renewal in the next few years, but some have an earlier ""core term"" expiry date, which would allow the government to take control sooner. All railway operators' contracts or core terms will expire by October 2027. UK private operators' contract expiry dates UK private operators' 'core term' expiry dates* *No 'core term' expiry date for South Western or Essex Thameside (c2c) UK public operators Source: Rail Partners, Department for Transport ",BBC,25/04/2024,"[""The newly-elected Labour government used the King's Speech on Wednesday to lay out its plans for renationalising the railways."", 'But what will this mean for passengers, and how will it work?', 'The government has not guaranteed lower fares, but has promised a ""best fare guarantee"", to make sure people are always paying the lowest fare for their journey.', 'It has also promised its reforms would make buying cheaper tickets simpler.', 'However, railway specialist Tony Miles - who has covered the industry for over 40 years - told the BBC when the plans were first announced that any savings were likely to be minimal.', ""He said this is because the private operators' profit margins are already so small, at just a few pence for each passenger journey."", 'He argued this would mean Labour would only be able to pass on very small savings per journey.', 'From just after the Second World War until the 1990s the UK rail system was fully nationalised, with the government owning the rail networks and all of the trains.', 'The industry was privatised in the 1990s, with services run by a variety of train operating companies.', 'At the moment the infrastructure is managed by Network Rail, while passenger train services are run by individual operators.', 'The situation is different in Scotland and Wales, where passenger services are already run by the devolved governments.', 'In Northern Ireland, the system is fully nationalised.', 'Labour wants to move further towards nationalisation, confirming plans to establish Great British Railways (GBR).', 'This publicly-owned body would oversee the rail system across England, Wales, and Scotland.', 'It would take over the service contracts currently held by private firms in England as they expire in the future.', 'However, the government has not said GBR would buy back ""rolling stock\' (an industry term for the train carriages) from private firms.', 'This implies it would continue to lease them.', 'There is also no suggestion the rail freight companies will be nationalised, with the government instead saying that GBR will support and promote freight operators.', 'The government also plans to set up an independent watchdog, the Passenger Standards Authority, which would ""champion improvement in service against a range of measures"".', 'Whether this will make the trains run better ""comes down to how they’re going to fund things"" and whether it will allow major construction projects to move forward, says Mark Simmons, deputy editor at International Railway Journal.', 'Mr Simmons also queried what expertise GBR would have, suggesting there could still be a ""skills deficit"" at GBR, a problem which he said was affecting rail systems across Europe. ""', 'If lots of people leave as rail operator contracts terminate, what we could see is an exodus of talent,"" he said.', 'Luxembourg operates a fully state-run system where all train journeys are free, and train tickets in other European countries with more state control than the UK can be much cheaper.', 'However, those networks also receive lots of government investment, which can mean higher taxes.', 'Mr Miles argues the UK’s franchising system, whereby the government owns the network through National Rail and hands out operator contracts to private companies, was the “envy of Europe” before Covid hit.', 'He said passenger numbers have increased as a result of the franchise system, but added that the contracts written during Covid were done so “in a rush” and are “too generous”.', 'He pointed to Transport for London and the Manchester bus service as examples of where a state run franchising system to private contractors can work.', 'Mr Simmons says trains in the UK are ""not as bad as people think"". ""', 'Sometimes the perception is that everywhere else is better, and that’s very much not true.”', 'However, he said other countries were “powering ahead” with long-term planning for major projects.', 'If Labour waits until the current franchise contracts run out and takes them on itself, as the previous government did during Covid, this would not necessarily cost the taxpayer anything.', 'However, doing so would also mean taking on the railway operators debts, leases, and liabilities, such as their pension fund pots and the lease contracts for the rolling stock.', 'Labour says its plans would save the taxpayer £2.2bn a year, but the government has not guaranteed that all this money would be reinvested in the railways. ""', 'It could happen very quickly,"" says Mr Simmons, given the plan is to transfer train networks to public ownership as the current operator contracts begin to run out.', 'Some train operators are already under public control after being taken into the government’s Operator of Last Resort.', 'Many train operators\' franchises come up for renewal in the next few years, but some have an earlier ""core term"" expiry date, which would allow the government to take control sooner.', ""All railway operators' contracts or core terms will expire by October 2027."", ""UK private operators' contract expiry dates UK private operators' 'core term' expiry dates* *No 'core term' expiry date for South Western or Essex Thameside (c2c) UK public operators Source: Rail Partners, Department for Transport""]",0.1118810111862596,"The government has not guaranteed lower fares, but has promised a ""best fare guarantee"", to make sure people are always paying the lowest fare for their journey.","Mr Simmons also queried what expertise GBR would have, suggesting there could still be a ""skills deficit"" at GBR, a problem which he said was affecting rail systems across Europe. """,0.336638147632281,"He said passenger numbers have increased as a result of the franchise system, but added that the contracts written during Covid were done so “in a rush” and are “too generous”.","Mr Simmons also queried what expertise GBR would have, suggesting there could still be a ""skills deficit"" at GBR, a problem which he said was affecting rail systems across Europe. """,2024-07-20
The Mirage closes in Las Vegas to make way for Hard Rock Guitar Hotel,https://www.cnbc.com/2024/07/17/the-mirage-closes-in-las-vegas-to-make-way-for-hard-rock-guitar-hotel.html,2024-07-17T20:22:17+0000,"It's the end of an era. The Mirage is closing its doors after 35 years to make way for Hard Rock's new Guitar hotel. The latest turnover in Las Vegas marks a new chapter for the destination city, where sports and entertainment are a bigger draw than the gambling for tourists.Hard Rock International Chairman Jim Allen told CNBC he's humbled and feels fortunate to be remaking the legendary integrated resort. ""When Steve and Elaine Wynn opened the Mirage in December of 1989, it changed not just Las Vegas, but it changed the way people look at gaming. It became a true destination,"" Allen said.The Mirage was the Wynns' first megaresort, the largest hotel in the world at that point. This week, Steve Wynn wrote a tribute to the ground-breaking property, as reported in the Las Vegas Review-Journal.""In the prior 16 years, no completely new hotel had been built in Las Vegas,"" Wynn wrote. ""However, in the next decade following the 1989 arrival of Mirage, we rushed into a virtual doubling of the town's capacity and became the fastest growing city in America. To call The Mirage a catalyst would be an understatement.""The themed resorts that followed hearken to another place and time. Excalibur, Luxor and New York-New York largely now cater to budget-minded visitors and families. Paris Las Vegas offers views of a replica Eiffel Tower. The Venetian attracts tourists with replica canals and gondolas. Caesars Palace with its replica of Michelangelo's David set the early standard for themed resorts when it opened in 1966. But the future is in luxury touch points, access to high-end dining, boast-worthy entertainment and high-priced sports packages. And Hard Rock International has lots of experience providing it, in Florida; Atlantic City, New Jersey; New York; – and in 70 countries around the world. The gambling and entertainment company, owned by the Seminole Tribe of Florida, bought The Mirage from MGM Resorts in December 2022.VICI Properties, a gaming real estate investment trust and the largest property owner on the Las Vegas Strip, owns The Mirage buildings and land, and says it will partner with Hard Rock to bring the new resort to life.Hard Rock will model its Las Vegas renovation on its highly successful Guitar Hotel at Seminole Hard Rock Hollywood in South Florida. Throughout the Sunshine State, Hard Rock enjoys a near monopoly on gambling. But in Las Vegas, competition is fierce. Staying relevant on the Strip requires frequent room renovations, facilities upgrades, and new amenities to attract not only bachelor parties and girls' weekends, but also the midweek bread-and-butter convention crowd.   On Monday Susquehanna gaming analyst Joe Stauff wrote, ""It seems to us that MGM is stepping up its investment in Las Vegas to maximize the benefits of its portfolio positioning that surrounds all the sports venues.""    In the same note, Stauff criticized Caesars for being stingy with its investments in Strip properties and downgraded Caesars stock from a neutral rating to negative.Caesars is scheduled to post second-quarter earnings on July 30. MGM Resorts International reports a day later.When the Mirage ceases operations Wednesday, 3,000 employees will lose their jobs.Allen told CNBC he hopes to rehire many of them when the new resort launches. The company is scheduling a spring 2027 reopening.""I think the world is going to be shocked at some of the artists that we're already talking to for long-term residency,"" Allen said.While Hard Rock's entry to the Las Vegas Strip may provide stiff new competition when it reopens, its closure in the meantime could give its neighbors a boost. CBRE analyst John DeCree estimates the Mirage closure will take nearly a million room nights out of circulation annually.The Strip lost another 400,000 room nights annually when the Tropicana closed in April and is slated for demolition to make way for a new integrated resort and baseball stadium to host the A's of Major League Baseball.In total, 4.9% of the available rooms temporarily disappear at a time when room rates and visitation continue to set records.",CNBC,17/07/2024,"[""It's the end of an era."", ""The Mirage is closing its doors after 35 years to make way for Hard Rock's new Guitar hotel."", 'The latest turnover in Las Vegas marks a new chapter for the destination city, where sports and entertainment are a bigger draw than the gambling for tourists.', ""Hard Rock International Chairman Jim Allen told CNBC he's humbled and feels fortunate to be remaking the legendary integrated resort."", '""When Steve and Elaine Wynn opened the Mirage in December of 1989, it changed not just Las Vegas, but it changed the way people look at gaming.', 'It became a true destination,"" Allen said.', ""The Mirage was the Wynns' first megaresort, the largest hotel in the world at that point."", 'This week, Steve Wynn wrote a tribute to the ground-breaking property, as reported in the Las Vegas Review-Journal.', '""In the prior 16 years, no completely new hotel had been built in Las Vegas,"" Wynn wrote. ""', ""However, in the next decade following the 1989 arrival of Mirage, we rushed into a virtual doubling of the town's capacity and became the fastest growing city in America."", 'To call The Mirage a catalyst would be an understatement.', '""The themed resorts that followed hearken to another place and time.', 'Excalibur, Luxor and New York-New York largely now cater to budget-minded visitors and families.', 'Paris Las Vegas offers views of a replica Eiffel Tower.', 'The Venetian attracts tourists with replica canals and gondolas.', ""Caesars Palace with its replica of Michelangelo's David set the early standard for themed resorts when it opened in 1966.But the future is in luxury touch points, access to high-end dining, boast-worthy entertainment and high-priced sports packages."", 'And Hard Rock International has lots of experience providing it, in Florida; Atlantic City, New Jersey; New York; – and in 70 countries around the world.', 'The gambling and entertainment company, owned by the Seminole Tribe of Florida, bought The Mirage from MGM Resorts in December 2022.VICI Properties, a gaming real estate investment trust and the largest property owner on the Las Vegas Strip, owns The Mirage buildings and land, and says it will partner with Hard Rock to bring the new resort to life.', 'Hard Rock will model its Las Vegas renovation on its highly successful Guitar Hotel at Seminole Hard Rock Hollywood in South Florida.', 'Throughout the Sunshine State, Hard Rock enjoys a near monopoly on gambling.', 'But in Las Vegas, competition is fierce.', ""Staying relevant on the Strip requires frequent room renovations, facilities upgrades, and new amenities to attract not only bachelor parties and girls' weekends, but also the midweek bread-and-butter convention crowd."", 'On Monday Susquehanna gaming analyst Joe Stauff wrote, ""It seems to us that MGM is stepping up its investment in Las Vegas to maximize the benefits of its portfolio positioning that surrounds all the sports venues.""', 'In the same note, Stauff criticized Caesars for being stingy with its investments in Strip properties and downgraded Caesars stock from a neutral rating to negative.', 'Caesars is scheduled to post second-quarter earnings on July 30.', 'MGM Resorts International reports a day later.', 'When the Mirage ceases operations Wednesday, 3,000 employees will lose their jobs.', 'Allen told CNBC he hopes to rehire many of them when the new resort launches.', 'The company is scheduling a spring 2027 reopening.', '""I think the world is going to be shocked at some of the artists that we\'re already talking to for long-term residency,"" Allen said.', ""While Hard Rock's entry to the Las Vegas Strip may provide stiff new competition when it reopens, its closure in the meantime could give its neighbors a boost."", 'CBRE analyst John DeCree estimates the Mirage closure will take nearly a million room nights out of circulation annually.', ""The Strip lost another 400,000 room nights annually when the Tropicana closed in April and is slated for demolition to make way for a new integrated resort and baseball stadium to host the A's of Major League Baseball."", 'In total, 4.9% of the available rooms temporarily disappear at a time when room rates and visitation continue to set records.']",0.0869643736574564,"Throughout the Sunshine State, Hard Rock enjoys a near monopoly on gambling.","In the same note, Stauff criticized Caesars for being stingy with its investments in Strip properties and downgraded Caesars stock from a neutral rating to negative.",0.2546630576252937,"On Monday Susquehanna gaming analyst Joe Stauff wrote, ""It seems to us that MGM is stepping up its investment in Las Vegas to maximize the benefits of its portfolio positioning that surrounds all the sports venues.""","In the same note, Stauff criticized Caesars for being stingy with its investments in Strip properties and downgraded Caesars stock from a neutral rating to negative.",2024-07-20
"NBA sends media terms to Warner Bros. Discovery, officially starting five-day match period",https://www.cnbc.com/2024/07/18/nba-media-rights-warner-bros-discovery-match-period.html,2024-07-18T20:19:18+0000,"In this articleWith National Basketball Association media rights approaching final form, Warner Bros. Discovery is about to make its play.The league has sent official terms of its proposed new media rights contacts to Warner Bros. Discovery, starting a five-day period where the media company can choose to match a package of broadcasting rights.A TNT spokesperson confirmed the receipt of the documents and acknowledged the company is currently reviewing the terms. Warner Bros. Discovery received the contract framework on Wednesday night, according to people familiar with the matter, who asked not to be named because the details are private.The media rights deal, as currently constructed, includes deals with Disney, Comcast's NBCUniversal and Amazon for three different packages of games, totaling $76 billion over 11 years, beginning with the 2025-26 season. It also includes WNBA games, which is worth $2.2 billion of the total sum.Warner Bros. Discovery intends to match a package of games that has been slotted for Amazon, as CNBC first reported in May, which includes both playoff games and the the in-season tournament, according to the people familiar. Amazon signed a deal with the NBA to pay $1.8 billion per year for its package, they said.When Warner Bros. Discovery formally announces its intention to match, it's unclear what will happen next. The NBA may or may not have the right to reject Warner Bros. Discovery's matching rights, and the league has been working with its lawyers for months in preparation of a potential lawsuit, according to people familiar with the matter.Warner Bros. Discovery's Turner Sports has been a broadcast partner of the NBA for almost 40 years. The company plans to argue that its matching rights — a holdover from its current media rights deal — applies to Amazon's package of games, even though that package has been earmarked for a streaming-only service. Along with its cable network TNT, Warner Bros. Discovery owns Max, a competitor to Amazon's Prime Video.Still, Max has fewer subscribers than Prime Video, at about 100 million versus Prime's more than 200 million monthly global subscribers. The streaming rights that are part of the Amazon package are global in nature, one of the people said.TNT is also the home to ""Inside the NBA,"" the popular NBA studio show featuring Ernie Johnson, Charles Barkley, Kenny Smith and Shaquille O'Neal. Barkley has already said he plans to retire from the show after next season no matter the outcome of the media rights deal.""I don't have a sense of that,"" said NBA Commissioner Adam Silver earlier this week at a press conference when asked what may or may not happen with regard to Warner Bros. Discovery or the NBA's own network, NBA TV, which is operated by TNT Sports. ""We'll see.""Losing the NBA would be a blow for Warner Bros. Discovery, which could lose about $600 million in profit from advertising and a potential decrease in cable affiliate fees if it loses the NBA, Wolfe Research media and entertainment analyst Peter Supino told MarketWatch earlier this week.Warner Bros. Discovery shares have fallen 23% this year.""I apologize that this has been a prolonged process, because I know they're committed to their jobs,"" Silver said last month of Warner Bros. Discovery employees who work on NBA programming. ""I know people who work in this industry, it's a large part of their identity and their family's identity, and no one likes this uncertainty. I think it's on the league office to bring these negotiations to a head and conclude them as quickly as we can.""Disclosure: Comcast's NBCUniversal is the parent company of CNBC.",CNBC,18/07/2024,"['In this articleWith National Basketball Association media rights approaching final form, Warner Bros. Discovery is about to make its play.', 'The league has sent official terms of its proposed new media rights contacts to Warner Bros. Discovery, starting a five-day period where the media company can choose to match a package of broadcasting rights.', 'A TNT spokesperson confirmed the receipt of the documents and acknowledged the company is currently reviewing the terms.', 'Warner Bros. Discovery received the contract framework on Wednesday night, according to people familiar with the matter, who asked not to be named because the details are private.', ""The media rights deal, as currently constructed, includes deals with Disney, Comcast's NBCUniversal and Amazon for three different packages of games, totaling $76 billion over 11 years, beginning with the 2025-26 season."", 'It also includes WNBA games, which is worth $2.2 billion of the total sum.', 'Warner Bros. Discovery intends to match a package of games that has been slotted for Amazon, as CNBC first reported in May, which includes both playoff games and the the in-season tournament, according to the people familiar.', 'Amazon signed a deal with the NBA to pay $1.8 billion per year for its package, they said.', ""When Warner Bros. Discovery formally announces its intention to match, it's unclear what will happen next."", ""The NBA may or may not have the right to reject Warner Bros. Discovery's matching rights, and the league has been working with its lawyers for months in preparation of a potential lawsuit, according to people familiar with the matter."", ""Warner Bros. Discovery's Turner Sports has been a broadcast partner of the NBA for almost 40 years."", ""The company plans to argue that its matching rights — a holdover from its current media rights deal — applies to Amazon's package of games, even though that package has been earmarked for a streaming-only service."", ""Along with its cable network TNT, Warner Bros. Discovery owns Max, a competitor to Amazon's Prime Video."", ""Still, Max has fewer subscribers than Prime Video, at about 100 million versus Prime's more than 200 million monthly global subscribers."", 'The streaming rights that are part of the Amazon package are global in nature, one of the people said.', 'TNT is also the home to ""Inside the NBA,"" the popular NBA studio show featuring Ernie Johnson, Charles Barkley, Kenny Smith and Shaquille O\'Neal.', 'Barkley has already said he plans to retire from the show after next season no matter the outcome of the media rights deal.', '""I don\'t have a sense of that,"" said NBA Commissioner Adam Silver earlier this week at a press conference when asked what may or may not happen with regard to Warner Bros. Discovery or the NBA\'s own network, NBA TV, which is operated by TNT Sports. ""', ""We'll see."", '""Losing the NBA would be a blow for Warner Bros. Discovery, which could lose about $600 million in profit from advertising and a potential decrease in cable affiliate fees if it loses the NBA, Wolfe Research media and entertainment analyst Peter Supino told MarketWatch earlier this week.', 'Warner Bros. Discovery shares have fallen 23% this year.', '""I apologize that this has been a prolonged process, because I know they\'re committed to their jobs,"" Silver said last month of Warner Bros. Discovery employees who work on NBA programming. ""', ""I know people who work in this industry, it's a large part of their identity and their family's identity, and no one likes this uncertainty."", ""I think it's on the league office to bring these negotiations to a head and conclude them as quickly as we can."", '""Disclosure: Comcast\'s NBCUniversal is the parent company of CNBC.']",0.0165650987808079,"TNT is also the home to ""Inside the NBA,"" the popular NBA studio show featuring Ernie Johnson, Charles Barkley, Kenny Smith and Shaquille O'Neal.","The NBA may or may not have the right to reject Warner Bros. Discovery's matching rights, and the league has been working with its lawyers for months in preparation of a potential lawsuit, according to people familiar with the matter.",-0.4701328724622726,"Amazon signed a deal with the NBA to pay $1.8 billion per year for its package, they said.",Warner Bros. Discovery shares have fallen 23% this year.,2024-07-20
"Royal Caribbean leans into shorter cruises, more experiences to capture travel demand",https://www.cnbc.com/2024/07/16/royal-caribbean-leans-into-shorter-cruises-more-experiences.html,2024-07-17T23:22:59+0000,"In this articleWith consumers getting more selective on how and where they vacation, cruise lines are fighting for Americans' tourist budgets. Royal Caribbean thinks shortening trips and packing the days with activities and exclusive opportunities will keep customers hooked.""I think we are an experience-driven mindset,"" Royal Caribbean CEO Jason Liberty told CNBC's ""Squawk on the Street"" this week. ""Over half of our guests are actually millennials or younger, and when you survey those guests, about 42% of them say in the next 12 months their plans are to actually go on shorter vacation experiences.""Onboard Royal's Utopia of the Seas, the world's second-largest ship with a maximum capacity of nearly 5,800 passengers, customers are welcomed to 13 pools, 21 dining options, two casinos, and much more. This is the second cruise ship Royal Caribbean is bringing to market in the span of six months. Liberty says the voracious appetite to cruise post-pandemic has not died down.""We're not seeing any pullback from the consumer, whether that's planning their vacation experiences further out ... [or] then on the ships, they go out and they continue to spend,"" Liberty said. ""There is not an area on the ship that we've seen a change in their spending behavior.""To scale its business and widen its appeal, Royal Caribbean is looking at how to better compete with other types of vacations customers opt for, like skiing, casinos or theme parks.""When we look at what our guests are doing when they're not with us, they're going to Orlando, they're going to Vegas, they're going to all-inclusive resorts,"" Liberty said. ""What we're trying to do is make sure that our experience, whether on the ship or at our private islands, is something that is highly competitive with land-based vacation.""Morningstar travel and leisure analyst Jamie Katz thinks Liberty's strategy to get the Disney theme park traveler on board is working.""The American traveler doesn't always have time to take a six- to eight-day cruise due to work schedules and kids' school calendars,"" Katz said. ""A three-day cruise provides customers with more options.""One of the benefits of bringing a new ship to market — you're able to charge more.""You're really seeing sizable pricing premiums. Historically, pricing of a new ship is a 20% premium to existing ships across the industry,"" said Patrick Scholes, travel and leisure analyst at Truist Securities.Scholes said the Utopia price bump for Royal Caribbean could be even higher.Liberty said he expects higher pricing to hold into the second half of the year, pointing to the ""value gap"" between cruises and land-based vacations.Rival Carnival, too, has raised prices amid strong demand.""We haven't seen that sign of a consumer slowdown, if anything, we are seeing an acceleration,"" CEO Josh Weinstein told CNBC after the company's most recent earnings report in mid-June.Analysts point out that cruising is one of the few areas within the travel and hospitality sector where prices continue to sharply rise. Last week, Delta Air Lines revealed softer prices compared with last year. HSBC analysts expect airfares to stay flat or decline in 2024 over 2023.Several analysts and investors will be sailing aboard Utopia this week to better understand what differentiates the cruise ship from its competitors.One area of interest will be the impact of cutting-edge technologies: Liberty said artificial intelligence is helping Utopia reduce food waste by 30% to 40%. The company is also using AI to help with dynamic pricing and smart management of customer data.Beyond Utopia, there aren't too many ships coming online from the cruise giants.Royal Caribbean currently has the strongest order book in the industry. The company's Icon of the Seas, the biggest cruise ship in the world with a capacity of 7,600 passengers, made a splash earlier this year.On Royal Caribbean's recent earnings call, executives said Icon bookings are holding strong through 2025.""We're entering a two- to three-year period where there are minimal number of ships coming online. Typically, the industry grows supply by 5% to 7% ever year,"" Scholes said.But building a massive cruise ship requires extensive work. Wall Street analysts estimate it takes three to five years to order and get a ship delivered.Norwegian Cruise Line is working on bringing eight new ships to market in the next six years.Viking Cruises, which went public earlier this year and has seen its stock trade well above its debut price, is bringing four new ocean cruise ships to market over the course of the next three years, not including its river-based ships.Correction: This story has been updated to reflect the correct number of new ocean cruise ships Viking is bringing in",CNBC,17/07/2024,"[""In this articleWith consumers getting more selective on how and where they vacation, cruise lines are fighting for Americans' tourist budgets."", 'Royal Caribbean thinks shortening trips and packing the days with activities and exclusive opportunities will keep customers hooked.', '""I think we are an experience-driven mindset,"" Royal Caribbean CEO Jason Liberty told CNBC\'s ""Squawk on the Street"" this week. ""', 'Over half of our guests are actually millennials or younger, and when you survey those guests, about 42% of them say in the next 12 months their plans are to actually go on shorter vacation experiences.', '""Onboard Royal\'s Utopia of the Seas, the world\'s second-largest ship with a maximum capacity of nearly 5,800 passengers, customers are welcomed to 13 pools, 21 dining options, two casinos, and much more.', 'This is the second cruise ship Royal Caribbean is bringing to market in the span of six months.', 'Liberty says the voracious appetite to cruise post-pandemic has not died down.', '""We\'re not seeing any pullback from the consumer, whether that\'s planning their vacation experiences further out ... [or] then on the ships, they go out and they continue to spend,"" Liberty said. ""', ""There is not an area on the ship that we've seen a change in their spending behavior."", '""To scale its business and widen its appeal, Royal Caribbean is looking at how to better compete with other types of vacations customers opt for, like skiing, casinos or theme parks.', '""When we look at what our guests are doing when they\'re not with us, they\'re going to Orlando, they\'re going to Vegas, they\'re going to all-inclusive resorts,"" Liberty said. ""', ""What we're trying to do is make sure that our experience, whether on the ship or at our private islands, is something that is highly competitive with land-based vacation."", '""Morningstar travel and leisure analyst Jamie Katz thinks Liberty\'s strategy to get the Disney theme park traveler on board is working.', '""The American traveler doesn\'t always have time to take a six- to eight-day cruise due to work schedules and kids\' school calendars,"" Katz said. ""', 'A three-day cruise provides customers with more options.', '""One of the benefits of bringing a new ship to market — you\'re able to charge more.', '""You\'re really seeing sizable pricing premiums.', 'Historically, pricing of a new ship is a 20% premium to existing ships across the industry,"" said Patrick Scholes, travel and leisure analyst at Truist Securities.', 'Scholes said the Utopia price bump for Royal Caribbean could be even higher.', 'Liberty said he expects higher pricing to hold into the second half of the year, pointing to the ""value gap"" between cruises and land-based vacations.', 'Rival Carnival, too, has raised prices amid strong demand.', '""We haven\'t seen that sign of a consumer slowdown, if anything, we are seeing an acceleration,"" CEO Josh Weinstein told CNBC after the company\'s most recent earnings report in mid-June.', 'Analysts point out that cruising is one of the few areas within the travel and hospitality sector where prices continue to sharply rise.', 'Last week, Delta Air Lines revealed softer prices compared with last year.', 'HSBC analysts expect airfares to stay flat or decline in 2024 over 2023.Several analysts and investors will be sailing aboard Utopia this week to better understand what differentiates the cruise ship from its competitors.', 'One area of interest will be the impact of cutting-edge technologies: Liberty said artificial intelligence is helping Utopia reduce food waste by 30% to 40%.', 'The company is also using AI to help with dynamic pricing and smart management of customer data.', ""Beyond Utopia, there aren't too many ships coming online from the cruise giants."", 'Royal Caribbean currently has the strongest order book in the industry.', ""The company's Icon of the Seas, the biggest cruise ship in the world with a capacity of 7,600 passengers, made a splash earlier this year."", 'On Royal Caribbean\'s recent earnings call, executives said Icon bookings are holding strong through 2025.""We\'re entering a two- to three-year period where there are minimal number of ships coming online.', 'Typically, the industry grows supply by 5% to 7% ever year,"" Scholes said.', 'But building a massive cruise ship requires extensive work.', 'Wall Street analysts estimate it takes three to five years to order and get a ship delivered.', 'Norwegian Cruise Line is working on bringing eight new ships to market in the next sixyears.', 'Viking Cruises, which went public earlier this year and has seen its stock trade well above its debut price, is bringing four new ocean cruise ships to market over the course of the next three years, not including its river-based ships.', 'Correction: This story has been updated to reflect the correct number of new ocean cruise ships Viking is bringing in']",0.2617926636343617,One area of interest will be the impact of cutting-edge technologies: Liberty said artificial intelligence is helping Utopia reduce food waste by 30% to 40%.,"In this articleWith consumers getting more selective on how and where they vacation, cruise lines are fighting for Americans' tourist budgets.",0.3555704788728194,"On Royal Caribbean's recent earnings call, executives said Icon bookings are holding strong through 2025.""We're entering a two- to three-year period where there are minimal number of ships coming online.",HSBC analysts expect airfares to stay flat or decline in 2024 over 2023.Several analysts and investors will be sailing aboard Utopia this week to better understand what differentiates the cruise ship from its competitors.,2024-07-20
Citigroup tops expectations for profit and revenue on strong Wall Street results,https://www.cnbc.com/2024/07/12/citigroup-c-earnings-q2-2024.html,2024-07-12T20:17:18+0000,"In this articleCitigroup on Friday posted second-quarter results that topped expectations for profit and revenue on a rebound in Wall Street activity.Here's what the company reported:The bank said net income jumped 10% from a year earlier to $3.22 billion, or $1.52 a share. Revenue rose 4% to $20.14 billion.Equities trading revenue rose 37% to $1.5 billion, driven by strength in derivatives and a rise in hedge fund balances, roughly $300 million more than the StreetAccount estimate.Fixed income revenue dipped 3% to $3.6 billion, essentially matching analysts' expectations, on lower activity in rates and currency markets.Investment banking revenue surged 60% to $853 million, driven by strong issuance of investment-grade bonds and a rebound in IPO and merger activity from low levels in 2023.Shares of the bank fell nearly 2%.""Our results show the progress we are making in executing our strategy and the benefit of our diversified business model,"" Citigroup CEO Jane Fraser said in the release. ""Markets had a strong finish to the quarter leading to better performance than we had anticipated.""Citigroup was just this week rebuked for failing to fix its regulatory shortfalls.Last year, Fraser announced plans to simplify the management structure and reduce costs at the third-biggest U.S. bank by assets. But earnings will take a backseat if Citigroup cannot appease regulators' concerns about its data and risk management.  JPMorgan Chase announced results earlier Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.Correction: This article has been updated to correct that Citigroup reported revenue of $20.14 billion for the second quarter. A previous version misstated the figure due to a rounding error.",CNBC,12/07/2024,"['In this articleCitigroup on Friday posted second-quarter results that topped expectations for profit and revenue on a rebound in Wall Street activity.', ""Here's what the company reported:The bank said net income jumped 10% from a year earlier to $3.22 billion, or $1.52 a share."", 'Revenue rose 4% to $20.14 billion.', 'Equities trading revenue rose 37% to $1.5 billion, driven by strength in derivatives and a rise in hedge fund balances, roughly $300 million more than the StreetAccount estimate.', ""Fixed income revenue dipped 3% to $3.6 billion, essentially matching analysts' expectations, on lower activity in rates and currency markets."", 'Investment banking revenue surged 60% to $853 million, driven by strong issuance of investment-grade bonds and a rebound in IPO and merger activity from low levels in 2023.Shares of the bank fell nearly 2%.""Our results show the progress we are making in executing our strategy and the benefit of our diversified business model,"" Citigroup CEO Jane Fraser said in the release. ""', 'Markets had a strong finish to the quarter leading to better performance than we had anticipated.', '""Citigroup was just this week rebuked for failing to fix its regulatory shortfalls.', 'Last year, Fraser announced plans to simplify the management structure and reduce costs at the third-biggest U.S. bank by assets.', ""But earnings will take a backseat if Citigroup cannot appease regulators' concerns about its data and risk management."", 'JPMorgan Chase announced results earlier Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.', 'Correction: This article has been updated to correct that Citigroup reported revenue of $20.14 billion for the second quarter.', 'A previous version misstated the figure due to a rounding error.']",0.0869137979931234,"Investment banking revenue surged 60% to $853 million, driven by strong issuance of investment-grade bonds and a rebound in IPO and merger activity from low levels in 2023.Shares of the bank fell nearly 2%.""Our results show the progress we are making in executing our strategy and the benefit of our diversified business model,"" Citigroup CEO Jane Fraser said in the release. """,But earnings will take a backseat if Citigroup cannot appease regulators' concerns about its data and risk management.,0.3167682127519087,"Equities trading revenue rose 37% to $1.5 billion, driven by strength in derivatives and a rise in hedge fund balances, roughly $300 million more than the StreetAccount estimate.","Fixed income revenue dipped 3% to $3.6 billion, essentially matching analysts' expectations, on lower activity in rates and currency markets.",2024-07-20
Dimon and other Wall Street CEOs react to Trump assassination attempt: 'Deeply saddened' by violence,https://www.cnbc.com/2024/07/15/trump-assassination-attempt-wall-street-ceos-react.html,2024-07-16T02:18:50+0000,"The leaders of Wall Street's most powerful firms are speaking out to condemn the attempted assassination of former President Donald Trump at a Pennsylvania rally over the weekend.JPMorgan Chase CEO Jamie Dimon told employees Sunday that he and his management team were ""deeply saddened by the political violence"" and attempt on Trump's life. The shooting killed one bystander and injured two more.""We must all stand firmly together against any acts of hate, intimidation or violence that seek to undermine our democracy or inflict harm,"" Dimon said in the memo. ""It is only through constructive dialogue that we can tackle our nation's toughest challenges.""Goldman Sachs CEO David Solomon addressed the matter at the start of an earnings call Monday morning, calling the attempted assassination a ""horrible act of violence.""""We are grateful that he is safe and also want to extend my sincere condolences to the families of those who were tragically killed and severely injured,"" Solomon said. ""It is a sad moment for our country. There's no place in our politics for violence.""The shooting on Saturday shocked a nation gearing up for a contentious November election. Wall Street firms don't officially endorse political candidates since they have to deal with both Republican and Democrat officials, though their executives and employees often donate to campaigns.BlackRock CEO Larry Fink told CNBC's ""Squawk on the Street"" on Monday that the weekend events were ""a tragedy.""""It is a statement of America today, though. We need to create hope. All of us have a responsibility, every political candidate, every leader, every pastor, minister, rabbi, we all have a responsibility of bringing our community together to bring hope,"" Fink said.BlackRock, the world's largest asset manager, said Sunday in an email that it ran an advertisement in 2022 in which the suspected shooter, Thomas Matthew Crooks, appears briefly in the background along with other students of Bethel Park High School in Pennsylvania.""We will make all video footage available to the appropriate authorities, and we have removed the video from circulation out of respect for the victims,"" BlackRock said in a statement.Bank of America CEO Brian Moynihan also addressed employees over the weekend.""We are deeply saddened for the family of the rally attendee who died at the event,"" Moynihan said in the staff email. ""Our thoughts are with former President Donald Trump, all those injured, and their families.""— CNBC's Jim Forkin contributed to this report.",CNBC,16/07/2024,"[""The leaders of Wall Street's most powerful firms are speaking out to condemn the attempted assassination of former President Donald Trump at a Pennsylvania rally over the weekend."", 'JPMorgan Chase CEO Jamie Dimon told employees Sunday that he and his management team were ""deeply saddened by the political violence"" and attempt on Trump\'s life.', 'The shooting killed one bystander and injured two more.', '""We must all stand firmly together against any acts of hate, intimidation or violence that seek to undermine our democracy or inflict harm,"" Dimon said in the memo. ""', ""It is only through constructive dialogue that we can tackle our nation's toughest challenges."", '""Goldman Sachs CEO David Solomon addressed the matter at the start of an earnings call Monday morning, calling the attempted assassination a ""horrible act of violence.', '""""We are grateful that he is safe and also want to extend my sincere condolences to the families of those who were tragically killed and severely injured,"" Solomon said. ""', 'It is a sad moment for our country.', ""There's no place in our politics for violence."", '""The shooting on Saturday shocked a nation gearing up for a contentious November election.', ""Wall Street firms don't officially endorse political candidates since they have to deal with both Republican and Democrat officials, though their executives and employees often donate to campaigns."", 'BlackRock CEO Larry Fink told CNBC\'s ""Squawk on the Street"" on Monday that the weekend events were ""a tragedy.', '""""It is a statement of America today, though.', 'We need to create hope.', 'All of us have a responsibility, every political candidate, every leader, every pastor, minister, rabbi, we all have a responsibility of bringing our community together to bring hope,"" Fink said.', ""BlackRock, the world's largest asset manager, said Sunday in an email that it ran an advertisement in 2022 in which the suspected shooter, Thomas Matthew Crooks, appears briefly in the background along with other students of Bethel Park High School in Pennsylvania."", '""We will make all video footage available to the appropriate authorities, and we have removed the video from circulation out of respect for the victims,"" BlackRock said in a statement.', 'Bank of America CEO Brian Moynihan also addressed employees over the weekend.', '""We are deeply saddened for the family of the rally attendee who died at the event,"" Moynihan said in the staff email. ""', 'Our thoughts are with former President Donald Trump, all those injured, and their families.""—', ""CNBC's Jim Forkin contributed to this report.""]",-0.3127679088021329,We need to create hope.,"""We must all stand firmly together against any acts of hate, intimidation or violence that seek to undermine our democracy or inflict harm,"" Dimon said in the memo. """,-0.7676489800214767,,It is a sad moment for our country.,2024-07-20
"SpaceX’s Falcon 9 rocket suffers rare inflight failure, is grounded during investigation",https://www.cnbc.com/2024/07/12/spacex-falcon-9-rocket-grounded-after-rare-inflight-failure.html,2024-07-12T17:32:12+0000,"SpaceX's Falcon 9 rocket is grounded, pending an incident investigation, after an inflight failure — a rare misfire for the company's workhorse vehicle.The mission, known as ""Starlink Group 9-3,"" launched from California's Vandenberg Space Force Base on Thursday evening and was carrying 20 satellites bound for low Earth orbit.The rocket's lower first stage, or booster, operated as expected before returning to land. But the rocket's upper second stage failed to reignite its engine as planned and was destroyed, SpaceX CEO Elon Musk confirmed.""Upper stage restart to raise perigee resulted in an engine RUD for reasons currently unknown,"" Musk wrote in a post on social media. RUD, or ""rapid unscheduled disassembly,"" is a term SpaceX uses to refer to an explosive or destructive event. The company said in a later update that the engine failure came after a leak of liquid oxygen in the second stage.Falcon 9 is grounded until the Federal Aviation Administration signs off on SpaceX's investigation of the incident, the federal regulator confirmed.""The FAA will be involved in every step of the investigation process and must approve SpaceX's final report, including any corrective actions,"" the agency said in a statement to CNBC.The Starlink mission was the 69th Falcon 9 launch of the year — with the company averaging a blistering pace of a launch every two to three days in 2024 — but the investigation will likely delay launches planned in the weeks ahead, including two crewed missions: The private Polaris Dawn and NASA's Crew-9.Sign up here to receive weekly editions of CNBC's Investing in Space newsletter.SpaceX still deployed the 20 Starlink satellites but noted that the second stage engine failure means the satellites were in ""a lower than intended orbit."" In an update Friday afternoon, the company said it made contact with 10 of the satellites in an effort to use the satellites onboard thrusters to climb higher in orbit.Despite the attempted recovery, SpaceX confirmed that the ""enormously high-drag environment"" from being in the wrong, lower orbit means the satellites will not be recovered. The 20 satellites will re-enter the Earth's atmosphere and burn up.""They do not pose a threat to other satellites in orbit or to public safety,"" the company wrote in a statement on its website.Falcon 9 has been on an unrivaled run of success for nearly a decade, chocking up more than 300 consecutive successful orbital launches since its previous inflight failure in June 2015, during the NASA cargo mission CRS-7.In total, SpaceX's Falcon 9 has launched 354 missions to orbit, with more than 300 of those featuring successful landings and resulting in the reuse of rocket boosters more than 280 times.",CNBC,12/07/2024,"[""SpaceX's Falcon 9 rocket is grounded, pending an incident investigation, after an inflight failure — a rare misfire for the company's workhorse vehicle."", 'The mission, known as ""Starlink Group 9-3,"" launched from California\'s Vandenberg Space Force Base on Thursday evening and was carrying 20 satellites bound for low Earth orbit.', ""The rocket's lower first stage, or booster, operated as expected before returning to land."", ""But the rocket's upper second stage failed to reignite its engine as planned and was destroyed, SpaceX CEO Elon Musk confirmed."", '""Upper stage restart to raise perigee resulted in an engine RUD for reasons currently unknown,"" Musk wrote in a post on social media.', 'RUD, or ""rapid unscheduled disassembly,"" is a term SpaceX uses to refer to an explosive or destructive event.', 'The company said in a later update that the engine failure came after a leak of liquid oxygen in the second stage.', ""Falcon 9 is grounded until the Federal Aviation Administration signs off on SpaceX's investigation of the incident, the federal regulator confirmed."", '""The FAA will be involved in every step of the investigation process and must approve SpaceX\'s final report, including any corrective actions,"" the agency said in a statement to CNBC.The Starlink mission was the 69th Falcon 9 launch of the year — with the company averaging a blistering pace of a launch every two to three days in 2024 — but the investigation will likely delay launches planned in the weeks ahead, including two crewed missions: The private Polaris Dawn and NASA\'s Crew-9.Sign up here to receive weekly editions of CNBC\'s Investing in Space newsletter.', 'SpaceX still deployed the 20 Starlink satellites but noted that the second stage engine failure means the satellites were in ""a lower than intended orbit.""', 'In an update Friday afternoon, the company said it made contact with 10 of the satellites in an effort to use the satellites onboard thrusters to climb higher in orbit.', 'Despite the attempted recovery, SpaceX confirmed that the ""enormously high-drag environment"" from being in the wrong, lower orbit means the satellites will not be recovered.', ""The 20 satellites will re-enter the Earth's atmosphere and burn up."", '""They do not pose a threat to other satellites in orbit or to public safety,"" the company wrote in a statement on its website.', ""Falcon 9 has been on an unrivaled run of success for nearly a decade, chocking up more than 300 consecutive successful orbital launches since its previous inflight failure in June 2015, during the NASA cargo mission CRS-7.In total, SpaceX's Falcon 9 has launched 354 missions to orbit, with more than 300 of those featuring successful landings and resulting in the reuse of rocket boosters more than 280 times.""]",-0.2401648490956937,"Falcon 9 has been on an unrivaled run of success for nearly a decade, chocking up more than 300 consecutive successful orbital launches since its previous inflight failure in June 2015, during the NASA cargo mission CRS-7.In total, SpaceX's Falcon 9 has launched 354 missions to orbit, with more than 300 of those featuring successful landings and resulting in the reuse of rocket boosters more than 280 times.","But the rocket's upper second stage failed to reignite its engine as planned and was destroyed, SpaceX CEO Elon Musk confirmed.",-0.6828810742923191,"Falcon 9 has been on an unrivaled run of success for nearly a decade, chocking up more than 300 consecutive successful orbital launches since its previous inflight failure in June 2015, during the NASA cargo mission CRS-7.In total, SpaceX's Falcon 9 has launched 354 missions to orbit, with more than 300 of those featuring successful landings and resulting in the reuse of rocket boosters more than 280 times.","""Upper stage restart to raise perigee resulted in an engine RUD for reasons currently unknown,"" Musk wrote in a post on social media.",2024-07-20
Penn lays off about 100 employees as it focuses on ESPN Bet growth,https://www.cnbc.com/2024/07/18/penn-layoffs-espnbet-growth.html,2024-07-18T16:49:52+0000,"In this articlePenn Entertainment will lay off about 100 employees as it focuses on growth for ESPN Bet.CEO Jay Snowden told staff members in an internal email that the changes will enhance operational efficiencies following its 2021 acquisition of Canadian media and gaming powerhouse theScore.The company employs about 20,000 people.""When PENN acquired theScore, we hit the ground running with the build-out of our proprietary tech stack and the migration of our sportsbook to theScore's best-in-class-platform,"" Snowden wrote in the memo, which was seen by CNBC. ""This led us to temporarily set aside any potential organizational changes that would typically follow a major acquisition.""Penn went on to say it's embarking on a new phase of growth in its interactive business, which includes ESPN Bet, a $2 billion branding partnership with Disney's ESPN. Snowden said the initiatives include product enhancements and deeper integration into ESPN's ecosystem.Investors are impatient for Penn to demonstrate its muscle with the rebranded sportsbook, and activist investor Donerail Group has called on the board to sell the casino company.Rumors have swirled about the potential interest from many other online gaming and brick-and-mortar casino companies.Truist gaming analyst Barry Jonas wrote in a note Thursday that a sale is unlikely in the near term because of the complexity of a transaction that would likely involve major divestitures.Penn's release of new ESPN Bet features this fall during football season should meaningfully improve its product, Jonas said, and a focus on costs indicate the company's commitment to seeing its investment yield results.Penn shares have plummeted 25% year to date. It has missed earnings expectations the last two quarters and lowered guidance.""Investors continue to wonder what an ESPN Bet success could look like, and how much more investment (beyond what's guided) it'll take to reach,"" Jonas notes.Truist has a buy rating on Penn and a price target of $25.",CNBC,18/07/2024,"['In this articlePenn Entertainment will lay off about 100 employees as it focuses on growth for ESPN Bet.', 'CEO Jay Snowden told staff members in an internal email that the changes will enhance operational efficiencies following its 2021 acquisition of Canadian media and gaming powerhouse theScore.', 'The company employs about 20,000 people.', '""When PENN acquired theScore, we hit the ground running with the build-out of our proprietary tech stack and the migration of our sportsbook to theScore\'s best-in-class-platform,"" Snowden wrote in the memo, which was seen by CNBC. ""', 'This led us to temporarily set aside any potential organizational changes that would typically follow a major acquisition.', '""Penn went on to say it\'s embarking on a new phase of growth in its interactive business, which includes ESPN Bet, a $2 billion branding partnership with Disney\'s ESPN.', ""Snowden said the initiatives include product enhancements and deeper integration into ESPN's ecosystem."", 'Investors are impatient for Penn to demonstrate its muscle with the rebranded sportsbook, and activist investor Donerail Group has called on the board to sell the casino company.', 'Rumors have swirled about the potential interest from many other online gaming and brick-and-mortar casino companies.', 'Truist gaming analyst Barry Jonas wrote in a note Thursday that a sale is unlikely in the near term because of the complexity of a transaction that would likely involve major divestitures.', ""Penn's release of new ESPN Bet features this fall during football season should meaningfully improve its product, Jonas said, and a focus on costs indicate the company's commitment to seeing its investment yield results."", 'Penn shares have plummeted 25% year to date.', 'It has missed earnings expectations the last two quarters and lowered guidance.', '""Investors continue to wonder what an ESPN Bet success could look like, and how much more investment (beyond what\'s guided) it\'ll take to reach,"" Jonas notes.', 'Truist has a buy rating on Penn and a price target of $25.']",0.2353826682122434,"""Investors continue to wonder what an ESPN Bet success could look like, and how much more investment (beyond what's guided) it'll take to reach,"" Jonas notes.",It has missed earnings expectations the last two quarters and lowered guidance.,0.4261627963611057,"Penn's release of new ESPN Bet features this fall during football season should meaningfully improve its product, Jonas said, and a focus on costs indicate the company's commitment to seeing its investment yield results.",It has missed earnings expectations the last two quarters and lowered guidance.,2024-07-20
Bridgerton and Baby Reindeer drive up Netflix sign-ups,https://www.bbc.co.uk/news/articles/cpwd67gge94o,2024-07-18T21:20:19.566Z,"Netflix said it added more than eight million subscribers in the three months to June, reeling in audiences for the new season of Bridgerton and new drama Baby Reindeer. The gain was almost double what investors had predicted, proving the lasting power of the firm's tightened restrictions on password sharing. But the streaming giant warned the impact of the crackdown on sharing passwords may run out in coming months, leading to slower growth in the months ahead. It said it was looking into new areas, such as sports, live events and gaming to extend its lead. Its plans include a multi-player video game tied to the release of a new season of the popular dystopian series Squid Game later this year, as well as offerings linked to shows such as Emily in Paris. ""If we execute well - better stories, easier discovery and more fandom - while also establishing ourselves in newer areas like live, games and advertising, we believe that we have a lot more room to grow,"" the company said to investors. For now, the streaming giant remains the leader to beat for the industry.  The gains last quarter brought its total number of subscribers to more than 277 million globally.  With more than two people in most households, it estimated that its total audience numbers more than 600 million. In the UK, Netflix's cheapest package, which comes with adverts, costs £4.99. The same deal in the US costs $6.99. Netflix said its ads business was making ""steady progress"", with subscriptions to the plan up 34% in the quarter. But it did not share the total number and warned that the ads business would not start having a meaningful impact on revenue until 2026, noting that for now, subscribers were growing far faster than advertisers. Jamie Lumley, an analyst at Third Bridge, said while Netflix's ad-supported tier continued to be an ""important part of the subscriber growth"", it had ""yet to prove itself from a revenue standpoint"". ""Our experts highlight that Amazon has made a much bigger splash in the ad market and Netflix needs to continue working on scale in this segment if it wants to be a major player,"" he added. Total revenue was $9.56bn, up 17% compared with the same period in 2023, while profits were $2.15bn, compared to $1.5bn a year ago.  The firm said it was expecting year-on-year growth of 14% in the July-September period.  ",BBC,18/07/2024,"['Netflix said it added more than eight million subscribers in the three months to June, reeling in audiences for the new season of Bridgerton and new drama Baby Reindeer.', ""The gain was almost double what investors had predicted, proving the lasting power of the firm's tightened restrictions on password sharing."", 'But the streaming giant warned the impact of the crackdown on sharing passwords may run out in coming months, leading to slower growth in the months ahead.', 'It said it was looking into new areas, such as sports, live events and gaming to extend its lead.', 'Its plans include a multi-player video game tied to the release of a new season of the popular dystopian series Squid Game later this year, as well as offerings linked to shows such as Emily in Paris. ""', 'If we execute well - better stories, easier discovery and more fandom - while also establishing ourselves in newer areas like live, games and advertising, we believe that we have a lot more room to grow,"" the company said to investors.', 'For now, the streaming giant remains the leader to beat for the industry.', 'The gains last quarter brought its total number of subscribers to more than 277 million globally.', 'With more than two people in most households, it estimated that its total audience numbers more than 600 million.', ""In the UK, Netflix's cheapest package, which comes with adverts, costs £4.99."", 'The same deal in the US costs $6.99.', 'Netflix said its ads business was making ""steady progress"", with subscriptions to the plan up 34% in the quarter.', 'But it did not share the total number and warned that the ads business would not start having a meaningful impact on revenue until 2026, noting that for now, subscribers were growing far faster than advertisers.', 'Jamie Lumley, an analyst at Third Bridge, said while Netflix\'s ad-supported tier continued to be an ""important part of the subscriber growth"", it had ""yet to prove itself from a revenue standpoint"". ""', 'Our experts highlight that Amazon has made a much bigger splash in the ad market and Netflix needs to continue working on scale in this segment if it wants to be a major player,"" he added.', 'Total revenue was $9.56bn, up 17% compared with the same period in 2023, while profits were $2.15bn, compared to $1.5bn a year ago.', 'The firm said it was expecting year-on-year growth of 14% in the July-September period.']",0.3546579182603535,"If we execute well - better stories, easier discovery and more fandom - while also establishing ourselves in newer areas like live, games and advertising, we believe that we have a lot more room to grow,"" the company said to investors.",,0.8170114308595657,The gains last quarter brought its total number of subscribers to more than 277 million globally.,"But the streaming giant warned the impact of the crackdown on sharing passwords may run out in coming months, leading to slower growth in the months ahead.",2024-07-20
Chip stocks drop on report US plans to tighten China curbs,https://www.bbc.co.uk/news/articles/c7241wmknm3o,2024-07-18T03:16:45.300Z,"Technology stocks around the world have slumped on fears about the global computer chip industry. The sell-off came after a report that the Biden administration could be set to further tighten restrictions on exports of semiconductor equipment to China. Comments by former US President Donald Trump that Taiwan, the biggest producer of chips, should pay for its own defence added to the concerns. In the US, the tech-heavy Nasdaq index closed 2.7% lower on Wednesday, while chip stocks have also tumbled in Europe and Asia. ""Regardless of the outcome of the elections... I think we will see the US increase some of the restrictions"" said Bob O'Donnell, chief analyst at TECHnalysis Research. ""How far they will take it, though, is the big question."" In Asia, chip making giant TSMC lost 2.4% on Thursday, while semiconductor equipment maker Tokyo Electron was down by around 8.8%. That came after Nvidia closed 6.6% lower in New York on Wednesday, while AMD lost more than 10%. In Europe, shares in ASML, which makes chip making machines, tumbled by almost 11%. The falls came after Bloomberg News reported on Wednesday that the US government is preparing to impose its tightest curbs yet on semiconductor making equipment to China if firms like ASML and Tokyo Electron continue to give the country access to their advanced chip technology. The US Commerce Department, ASML, and Tokyo Electron declined to comment when contacted by BBC News. The Biden administration has previously taken steps to restrict China's access to advanced chip technology. In October, it restricted exports to China of advanced semiconductors used in artificial intelligence (AI) technology. The remarks on Taiwan by Mr Trump also hinted at possible disruption of global chip supplies.  Taiwan produces most of the world's advanced chips. “Investors always react to any remarks from the US but despite these comments, the long term business trend for the semiconductor industry is clearly going up,” said Marco Mezger, Executive Vice President of memory chip technology company Neumonda. ",BBC,18/07/2024,"['Technology stocks around the world have slumped on fears about the global computer chip industry.', 'The sell-off came after a report that the Biden administration could be set to further tighten restrictions on exports of semiconductor equipment to China.', 'Comments by former US President Donald Trump that Taiwan, the biggest producer of chips, should pay for its own defence added to the concerns.', 'In the US, the tech-heavy Nasdaq index closed 2.7% lower on Wednesday, while chip stocks have also tumbled in Europe and Asia. ""', 'Regardless of the outcome of the elections... I think we will see the US increase some of the restrictions"" said Bob O\'Donnell, chief analyst at TECHnalysis Research. ""', 'How far they will take it, though, is the big question.""', 'In Asia, chip making giant TSMC lost 2.4% on Thursday, while semiconductor equipment maker Tokyo Electron was down by around 8.8%.', 'That came after Nvidia closed 6.6% lower in New York on Wednesday, while AMD lost more than 10%.', 'In Europe, shares in ASML, which makes chip making machines, tumbled by almost 11%.', 'The falls came after Bloomberg News reported on Wednesday that the US government is preparing to impose its tightest curbs yet on semiconductor making equipment to China if firms like ASML and Tokyo Electron continue to give the country access to their advanced chip technology.', 'The US Commerce Department, ASML, and Tokyo Electron declined to comment when contacted by BBC News.', ""The Biden administration has previously taken steps to restrict China's access to advanced chip technology."", 'In October, it restricted exports to China of advanced semiconductors used in artificial intelligence (AI) technology.', 'The remarks on Taiwan by Mr Trump also hinted at possible disruption of global chip supplies.', ""Taiwan produces most of the world's advanced chips. “"", 'Investors always react to any remarks from the US but despite these comments, the long term business trend for the semiconductor industry is clearly going up,” said Marco Mezger, Executive Vice President of memory chip technology company Neumonda.']",7.77062839646056e-05,"Investors always react to any remarks from the US but despite these comments, the long term business trend for the semiconductor industry is clearly going up,” said Marco Mezger, Executive Vice President of memory chip technology company Neumonda.","That came after Nvidia closed 6.6% lower in New York on Wednesday, while AMD lost more than 10%.",-0.8008243716680087,"Investors always react to any remarks from the US but despite these comments, the long term business trend for the semiconductor industry is clearly going up,” said Marco Mezger, Executive Vice President of memory chip technology company Neumonda.","In Europe, shares in ASML, which makes chip making machines, tumbled by almost 11%.",2024-07-20
"Willow Bay, Bob Iger to take controlling stake in NWSL's Angel City FC at a $250 million valuation",https://www.cnbc.com/2024/07/17/nwsl-angel-city-fc-willow-bay-bob-iger-controlling-stake.html,2024-07-17T17:56:26+0000,"Willow Bay and Bob Iger will take a controlling stake in Angel City Football Club, the world's most valuable women's professional sports team.On Wednesday, Angel City of the National Women's Soccer League announced the couple had agreed to an investment of an undisclosed amount that values the team at $250 million. The club said Bay and Iger will invest an additional $50 million in the club's future growth.According to NWSL bylaws, controlling owners must own at least 35% of the team, which puts the pair's purchase agreement at a minimum of $87.5 million. Bay will serve on and have full control of the Angel City FC board, the team said.The sale comes as women's sports and the NWSL have seen explosive growth in viewership and attendance and drawn growing investment.Last year, Angel City FC generated the highest revenue of any women's team in the world. It was also No. 1 in NWSL attendance and sponsorship revenue.""We know they are the right partners to lead us into this new era – they are committed to further strengthening ACFC's position as a preeminent organization and brand in women's sports and to championing the team's broader mission, including the advancement of equity for athletes and women-founded businesses,"" the ACFC Board of Directors said in a statement.Angel City FC was founded in 2020 by actress Natalie Portman, venture capitalist Kara Nortman and entrepreneur Julie Uhrman.The ownership group also includes a long list of sports icons including Billie Jean King, Abby Wambach, Lindsey Vonn and 13 former players from the U.S. Women's National Team. The team has prioritized female ownership and equal pay for women.Reddit cofounder Alexis Ohanian had been the club's controlling owner.The unique ownership structure had brought tensions over finances and operations, reportedly one of the motivations for a sale.All of the existing owners will stay on with this new team structure, the club said Wednesday.Bay, a lifelong sports fan, who also serves as dean of the USC Annenberg School for Communication and Journalism, said she's committed to advancing the club's mission of driving equity on and off the field.""With this investment of resources and capital, we hope to accelerate the growth of the Club and the NWSL,"" she said in a statement.Correction: This story has been updated to correct the spelling of Julie Uhrman's name.",CNBC,17/07/2024,"[""Willow Bay and Bob Iger will take a controlling stake in Angel City Football Club, the world's most valuable women's professional sports team."", ""On Wednesday, Angel City of the National Women's Soccer League announced the couple had agreed to an investment of an undisclosed amount that values the team at $250 million."", ""The club said Bay and Iger will invest an additional $50 million in the club's future growth."", ""According to NWSL bylaws, controlling owners must own at least 35% of the team, which puts the pair's purchase agreement at a minimum of $87.5 million."", 'Bay will serve on and have full control of the Angel City FC board, the team said.', ""The sale comes as women's sports and the NWSL have seen explosive growth in viewership and attendance and drawn growing investment."", ""Last year, Angel City FC generated the highest revenue of any women's team in the world."", 'It was also No.', '1 in NWSL attendance and sponsorship revenue.', '""We know they are the right partners to lead us into this new era – they are committed to further strengthening ACFC\'s position as a preeminent organization and brand in women\'s sports and to championing the team\'s broader mission, including the advancement of equity for athletes and women-founded businesses,"" the ACFC Board of Directors said in a statement.', 'Angel City FC was founded in 2020 by actress Natalie Portman, venture capitalist Kara Nortman and entrepreneur Julie Uhrman.', ""The ownership group also includes a long list of sports icons including Billie Jean King, Abby Wambach, Lindsey Vonn and 13 former players from the U.S. Women's National Team."", 'The team has prioritized female ownership and equal pay for women.', ""Reddit cofounder Alexis Ohanian had been the club's controlling owner."", 'The unique ownership structure had brought tensions over finances and operations, reportedly one of the motivations for a sale.', 'All of the existing owners will stay on with this new team structure, the club said Wednesday.', ""Bay, a lifelong sports fan, who also serves as dean of the USC Annenberg School for Communication and Journalism, said she's committed to advancing the club's mission of driving equity on and off the field."", '""With this investment of resources and capital, we hope to accelerate the growth of the Club and the NWSL,"" she said in a statement.', ""Correction: This story has been updated to correct the spelling of Julie Uhrman's name.""]",0.1942550844635906,"""We know they are the right partners to lead us into this new era – they are committed to further strengthening ACFC's position as a preeminent organization and brand in women's sports and to championing the team's broader mission, including the advancement of equity for athletes and women-founded businesses,"" the ACFC Board of Directors said in a statement.","The unique ownership structure had brought tensions over finances and operations, reportedly one of the motivations for a sale.",0.7409164682030678,The sale comes as women's sports and the NWSL have seen explosive growth in viewership and attendance and drawn growing investment.,"The unique ownership structure had brought tensions over finances and operations, reportedly one of the motivations for a sale.",2024-07-20
"United Airlines profit jumps 23%, but third-quarter forecast disappoints amid industry overcapacity",https://www.cnbc.com/2024/07/17/united-ual-earnings-q2-2024.html,2024-07-18T17:28:54+0000,"In this articleUnited Airlines' second-quarter profit rose more than 20% from last year as strong demand for international travel boosted the carrier's results, but its third-quarter forecast came in shy of estimates as an oversupply of flights weighs on fares.United said Wednesday that it expects to earn between $2.75 and $3.25 a share on an adjusted basis in the current quarter, lower than the $3.44 a share analysts polled by LSEG estimated.Here's what United reported for the second quarter compared with what Wall Street expected, based on average estimates compiled by LSEG:United earned $1.32 billion, or $3.96 per share, in the three months ended June 30, up from $1.08 billion, or $3.24 per share, a year earlier. Adjusting for one-time items, it reported earnings of $4.14 a share, compared with $3.93 that analysts expected.Revenue of $14.99 billion jumped 5.7% from the year-earlier period, though it was just shy of estimates.United reiterated its full-year forecast for adjusted earnings of $9 to $11 a share.""Looking back at the quarter now, it is increasingly clear that demand was in fact strong, it just could not keep up with the incremental industry domestic capacity added in 2024. Excess capacity, in turn, pressured yields,"" United Chief Commercial Officer Andrew Nocella said during the company's earnings call.United and Delta Air Lines, which also disappointed with its third-quarter guidance, have still been standouts in the U.S. airline industry. Most carriers have been struggling with an increase in domestic capacity that has weighed on airfares, despite the record demand.Both carriers have added international flights, which have been in high demand after the pandemic, and premium offerings, like bigger lounges and more spacious seats, capitalizing on travelers willing to pay more for a ticket.United said on Wednesday that premium revenue grew more than 8% from last year, while sales from the most restrictive basic economy tickets rose 38%, as it works to cater to both ends of the market.The company expanded domestic flying by more than 5% in the second quarter over last year, and unit revenues fell more than 1% over last year. Yields on flights to and from Europe, which is a smaller slice of United's sales, rose more than 5%, compared with the second quarter of 2023.United CEO Scott Kirby said airlines have been trimming their schedules and that there will be an inflection point to moderate the supply in mid-August.""I've been through these cycles with capacity many times in my career, this is the fastest respond and it's also the biggest gap between the leading airlines and the other airlines, which I think is part of the reason the response is so fast,"" Kirby said Thursday during the earnings call.On Tuesday, Spirit Airlines cut its second-quarter forecast, citing weaker-than-expected revenue for fees like seating or luggage. Southwest Airlines and American Airlines, which report results on July 25, previously reduced their second-quarter estimates.— CNBC's Ece Yildirim contributed to this report.",CNBC,18/07/2024,"[""In this articleUnited Airlines' second-quarter profit rose more than 20% from last year as strong demand for international travel boosted the carrier's results, but its third-quarter forecast came in shy of estimates as an oversupply of flights weighs on fares."", 'United said Wednesday that it expects to earn between $2.75 and $3.25 a share on an adjusted basis in the current quarter, lower than the $3.44 a share analysts polled by LSEG estimated.', ""Here's whatUnited reported for the second quarter compared with what Wall Street expected, based on average estimates compiled by LSEG:United earned $1.32 billion, or $3.96 per share, in the three months ended June 30, up from $1.08 billion, or $3.24 per share, a year earlier."", 'Adjusting for one-time items, it reported earnings of $4.14 a share, compared with $3.93 that analysts expected.', 'Revenue of $14.99 billion jumped 5.7% from the year-earlier period, though it was just shy of estimates.', 'United reiterated its full-year forecast for adjusted earnings of $9 to $11 a share.', '""Looking back at the quarter now, it is increasingly clear that demand was in fact strong, it just could not keep up with the incremental industry domestic capacity added in 2024.', 'Excess capacity, in turn, pressured yields,"" United Chief Commercial Officer Andrew Nocella said during the company\'s earnings call.', 'United and Delta Air Lines, which also disappointed with its third-quarter guidance, have still been standouts in the U.S. airline industry.', 'Most carriers have been struggling with an increase in domestic capacity that has weighed on airfares, despite the record demand.', 'Both carriers have added international flights, which have been in high demand after the pandemic, and premium offerings, like bigger lounges and more spacious seats, capitalizing on travelers willing to pay more for a ticket.', 'United said on Wednesday that premium revenue grew more than 8% from last year, while sales from the most restrictive basic economy tickets rose 38%, as it works to cater to both ends of the market.', 'The company expanded domestic flying by more than 5% in the second quarter over last year, and unit revenues fell more than 1% over last year.', ""Yields on flights to and from Europe, which is a smaller slice of United's sales, rose more than 5%, compared with the second quarter of 2023.United CEO Scott Kirby said airlines have been trimming their schedules and that there will be an inflection point to moderate the supply in mid-August."", '""I\'ve been through these cycles with capacity many times in my career, this is the fastest respond and it\'s also the biggest gap between the leading airlines and the other airlines, which I think is part of the reason the response is so fast,"" Kirby said Thursday during the earnings call.', 'On Tuesday, Spirit Airlines cut its second-quarter forecast, citing weaker-than-expected revenue for fees like seating or luggage.', 'Southwest Airlines and American Airlines, which report results on July 25, previously reduced their second-quarter estimates.—', ""CNBC's Ece Yildirim contributed to this report.""]",0.2137830683116299,"Here's whatUnited reported for the second quarter compared with what Wall Street expected, based on average estimates compiled by LSEG:United earned $1.32 billion, or $3.96 per share, in the three months ended June 30, up from $1.08 billion, or $3.24 per share, a year earlier.","Revenue of $14.99 billion jumped 5.7% from the year-earlier period, though it was just shy of estimates.",0.2082946896553039,"Yields on flights to and from Europe, which is a smaller slice of United's sales, rose more than 5%, compared with the second quarter of 2023.United CEO Scott Kirby said airlines have been trimming their schedules and that there will be an inflection point to moderate the supply in mid-August.","United said Wednesday that it expects to earn between $2.75 and $3.25 a share on an adjusted basis in the current quarter, lower than the $3.44 a share analysts polled by LSEG estimated.",2024-07-20
Banks in Synapse mess make progress toward releasing deposits of stranded fintech customers,https://www.cnbc.com/2024/07/11/synapse-banks-get-closer-to-releasing-deposits.html,2024-07-12T15:17:23+0000,"There may be relief for the thousands of Americans whose savings have been locked in frozen fintech accounts for the past two months.Banks involved in the mess caused by the collapse of fintech intermediary Synapse have made progress piecing together account information for stranded customers that could result in a release of funds in a matter of weeks, according to a person briefed on the matter.Staff of Evolve Bank & Trust and Lineage Bank in particular have made headway after hiring a former Synapse engineer late last month to unlock data from the failed fintech middleman, said the person, who asked for anonymity to speak candidly about the process.The development comes as regulators, including the Federal Reserve and the Federal Deposit Insurance Corp., pressure the banks involved to release funds after media and lawmakers have heightened awareness of the debacle.Beginning in May, more than 100,000 customers of fintech apps like Yotta, Juno and Copper have been locked out of their accounts.""We're strongly encouraging Evolve to do whatever it can to help make money available to those depositors,"" Federal Reserve Chair Jerome Powell told the Senate Banking Committee on Tuesday.  The sudden optimism of key players involved in the negotiations, including Evolve founder and Chairman Scot Lenoir, comes after weeks of apparent gridlock in a California bankruptcy court. Shoddy record-keeping and a dearth of funds to pay for a forensic analysis have made it difficult to piece together who is owed what, bankruptcy trustee Jelena McWilliams has said.The episode revealed how small banks involved in the ""banking-as-a-service"" sector didn't properly manage unregulated partners like Synapse, founded in 2014 by a first-time entrepreneur named Sankaet Pathak. Evolve and a string of peers have been reprimanded by bank regulators for shortcomings tied to their programs.Evolve Bank initially planned to release $46 million it held from payment processing accounts to give fintech customers partial payments, according to the person with knowledge of the matter.That plan changed in recent days when it became clear that something approximating a full reconciliation of customer accounts was possible, the person said.But it remains unknown how the four main banks involved — Evolve, Lineage, AMG National Trust and American Bank — and what remains of Synapse will deal with a likely shortfall of funds, and that could hinder repayment efforts. Up to $96 million owed to customers is missing, McWilliams has said.The Synapse trustee didn't respond to a request for comment. Neither did representatives for AMG, American Bank and Lineage. The FDIC declined to comment for this article.On Friday, Evolve posted a statement to its website, saying in part that it was the bank's priority to ""facilitate the distribution of funds to the customers to whom they belong as soon as possible.""Earlier this week, Evolve filed a response to questioning from a regulator, FINRA, seeking to make it clear that while it holds some payment processing funds, deposits from the app Yotta migrated out of Evolve and to a network of banks in late October 2023.""We believe there is still some confusion regarding who is in possession and control of customer funds,"" Evolve told FINRA, according to documents obtained by CNBC.The bank included an Oct. 27, 2023, email from Yotta CEO Adam Moelis to Lenoir where Moelis confirmed that funds had left Evolve as of that date.""Synapse and Evolve are now saying contradictory things,"" Moelis said this week in response to an inquiry from CNBC. ""We don't know who's telling the truth.""",CNBC,12/07/2024,"['There may be relief for the thousands of Americans whose savings have been locked in frozen fintech accounts for the past two months.', 'Banks involved in the mess caused by the collapse of fintech intermediary Synapse have made progress piecing together account information for stranded customers that could result in a release of funds in a matter of weeks, according to a person briefed on the matter.', 'Staff of Evolve Bank & Trust and Lineage Bank in particular have made headway after hiring a former Synapse engineer late last month to unlock data from the failed fintech middleman, said the person, who asked for anonymity to speak candidly about the process.', 'The development comes as regulators, including the Federal Reserve and the Federal Deposit Insurance Corp., pressure the banks involved to release funds after media and lawmakers have heightened awareness of the debacle.', 'Beginning in May, more than 100,000 customers of fintech apps like Yotta, Juno and Copper have been locked out of their accounts.', '""We\'re strongly encouraging Evolve to do whatever it can to help make money available to those depositors,"" Federal Reserve Chair Jerome Powell told the Senate Banking Committee on Tuesday.', 'The sudden optimism of key players involved in the negotiations, including Evolve founder and Chairman Scot Lenoir, comes after weeks of apparent gridlock in a California bankruptcy court.', 'Shoddy record-keeping and a dearth of funds to pay for a forensic analysis have made it difficult to piece together who is owed what, bankruptcy trustee Jelena McWilliams has said.', 'The episode revealed how small banks involved in the ""banking-as-a-service"" sector didn\'t properly manage unregulated partners like Synapse, founded in 2014 by a first-time entrepreneur namedSankaet Pathak.', 'Evolve and a string of peers have been reprimanded by bank regulators for shortcomings tied to their programs.', 'Evolve Bank initially planned to release $46 million it held from payment processing accounts to give fintech customers partial payments, according to the person with knowledge of the matter.', 'That plan changed in recent days when it became clear that something approximating a full reconciliation of customer accounts was possible, the person said.', 'But it remains unknown how the four main banks involved — Evolve, Lineage, AMG National Trust and American Bank — and what remains of Synapse will deal with a likely shortfall of funds, and that could hinder repayment efforts.', 'Up to $96 million owed to customers is missing, McWilliams has said.', ""The Synapse trustee didn't respond to a request for comment."", 'Neither did representatives for AMG, American Bank and Lineage.', 'The FDIC declined to comment for this article.', 'On Friday, Evolve posted a statement to its website, saying in part that it was the bank\'s priority to ""facilitate the distribution of fundsto the customers to whom they belong as soon as possible.', '""Earlier this week, Evolve filed a response to questioning from a regulator, FINRA, seeking to make it clear that while it holds some payment processing funds, deposits from the app Yotta migrated out of Evolve and to a network of banks in late October 2023.""We believe there is still some confusion regarding who is in possession and control of customer funds,"" Evolve told FINRA, according to documents obtained by CNBC.The bank included an Oct. 27, 2023, email from Yotta CEO Adam Moelis to Lenoir where Moelis confirmed that funds had left Evolve as of that date.', '""Synapse and Evolve are now saying contradictory things,"" Moelis said this week in response to an inquiry from CNBC. ""', 'We don\'t know who\'s telling the truth.""']",0.1054071728279107,"""We're strongly encouraging Evolve to do whatever it can to help make money available to those depositors,"" Federal Reserve Chair Jerome Powell told the Senate Banking Committee on Tuesday.","Shoddy record-keeping and a dearth of funds to pay for a forensic analysis have made it difficult to piece together who is owed what, bankruptcy trustee Jelena McWilliams has said.",0.1702185670534769,"Staff of Evolve Bank & Trust and Lineage Bank in particular have made headway after hiring a former Synapse engineer late last month to unlock data from the failed fintech middleman, said the person, who asked for anonymity to speak candidly about the process.","But it remains unknown how the four main banks involved — Evolve, Lineage, AMG National Trust and American Bank — and what remains of Synapse will deal with a likely shortfall of funds, and that could hinder repayment efforts.",2024-07-20
Inside a $60 million beachfront mansion with subterranean secrets and Italian flair,https://www.cnbc.com/2024/07/12/tour-delray-beach-florida-mansion.html,2024-07-12T16:22:21+0000,"The owner of a beachfront mansion in Delray Beach, Florida, is looking to shatter a local price record with a home that delivers old-school Italian flair above ground and hidden personality below.While the upper levels are adorned with 300 stone-carved columns, vaulted ceilings and even a fresco painted in Florence, Italy, the home's subterranean space is packed with modern luxuries including a super car gallery, glowing tequila bar and a steel vault packed with piles of cash.The two distinct design themes are wrapped in a limestone-clad residence located on the town's ultra-high-end South Ocean Boulevard. The 23,000-plus square-foot home is called Mar Pietra, Italian for ""sea stone.""""So much stone went into this house, I thought it was appropriate,"" owner Massimo Musa told CNBC.Musa founded and sold several companies in the eye-care industry. He also develops real estate and built Mar Pietra with this now ex-wife.The passion project took five years to complete and employed dozens of craftsmen, painters and sculptors, many of them from Italy. Tons of limestone were shipped here from Mexico's Yucatan Peninsula; hand-carved marble made the journey from Verona, Italy; and massive panels of cedar arrived from Colombia.According to the listing, the mega home sits on 100 feet of beachfront. There is a main residence and guest house and all together nine bedrooms, 12 full baths and seven half baths. The climate-controlled subterranean garage adds 4,000 more square feet, with even more space added via covered areas such as a luxurious loggia that houses another kitchen, bar, lounge and dining area.The massive estate is five times the size of the average Delray Beach home sold during the first quarter, and its eight-figure price tag is more than 18 times the area's almost $3.3 million average sales price for a luxury home, according to the Elliman Report. The report defines luxury homes as the top 10% of sales.The highest sale price ever achieved in Delray Beach was $34 million for a listing also located on South Ocean Boulevard that sold in 2021. According to public records, the top sale price per square foot was also recorded in 2021, at just under $2,600 per square foot. Mar Pietra's list price would put it right in line with that value metric.The trophy home's massive footprint and its giant oceanfront lawn are a rare sight on this strip of beach in Palm Beach County. According to Musa, that is because of the lot's unique zoning history.Public records show he bought the lot, along with the lot across the street on the Intracoastal Waterway, for $9 million back in in 2002. At the time, the oceanfront parcel had a hotel on it, which means the land was under hotel zoning regulations. Musa, who immigrated to the U.S. from Italy, tore down the old building so he could build a beachfront family home that paid homage to his home country.Even after the hotel's demolition, Musa says, the land's hotel zoning remained intact. That allowed him to build a home with a larger footprint and smaller setbacks. Plus, the residence could extend closer to the shoreline than current residential zoning typically allows. Also grandfathered in was a portion of beachfront lot that was cleared decades ago by the hotel's owners, something Musa told CNBC current regulation would never allow. That clearing is now a lush evergreen lawn, made of artificial grass, that rolls across the back of his one-acre property where it meets the natural vegetation on the sandy shoreline.The home's position 21 feet above sea level and its sheer size is impressive, but like many listings at this price point, it is not always easy to find a buyer. While the estate has been on and off the market since December 2021, its $60 million price tag holds steady. It is currently offered by South Florida listing agent Senada Adzem of Douglas Elliman.""This trophy estate stands as one of South Florida's finest bespoke luxury properties, designed to evoke timeless elegance,"" Adzem told CNBC.According to the Elliman Report, luxury single-family home inventory in the first quarter rose more than 12% over the previous year, and the average sales price of a luxury single-family home in Delray Beach dropped more than 33%.Despite data that suggests the market may be experiencing some headwinds, Adzem remains confident in the list price and South Florida's high-end real estate market.""The ultra-luxury real estate market will continue to prosper,"" she said. ""Wealthy clients love Palm Beach County, valuing oceanfront locations, privacy and uniqueness above all else.""To support that claim, Adzem points just 400 meters down the street to a sale in Highland Beach, where just this May an oceanfront home traded for $50 million, or more than $2,800 per square foot. On this coastline, Mar Pietra could actually be considered a relative bargain. A nearby smaller home, also on South Ocean Boulevard, recently listed for $74 million, or about $5,100 a square foot.According to Adzem, Mar Pietra commands a premium in part for its quality of construction and the property's rare zoning allowances, which she called priceless.""These generous zoning allowances enabled our client to create a truly unique property that would otherwise be impossible,"" she said.It is hard to imagine a potential buyer taking issue with the estate for being too small, but Adzem said in this part of Florida, it is not out of the question. So, the real estate broker and her client are ready to offer a solution.""What's really unique about the home is the fact that my client is willing to sell it with the Intracoastal Waterway lot that would create the only ocean-to-intracoastal compound in Delray Beach, Florida.""The two-lot deal, Adzem said, would deliver enough land to develop another waterfront house that could include a rare spot on the Intracoastal Waterway to dock a mega yacht. As for the price tag to buy the full package deal, Adzem said she would only discuss that number with prospective buyers.The home's driveway passes through a grand archway called a porte-cochere that leads to a circular motor court. Inside the limestone structure is a two-story guesthouse spanning more than 2,700 square feet with three bedrooms, three full baths and two half baths.Beyond the circular motor court is a giant stone staircase that ascends to the main residence.Through the arches at the top of the stairway is a central open-air courtyard. Musa says the design was inspired by Vizcaya Museum and Gardens in Miami.The courtyard leads to the home's main entrance, where a butterfly staircase reigns over a double-height foyer.The home's library spans two levels with a spiral staircase that rises up to the second floor — and the room delivers much more than books.Musa says the cedar-wrapped room's design was inspired by the Vanderbilt estate, while the fresco on the ceiling takes inspiration from the Sistine Chapel. The mural, Adzem told CNBC, was painted in Florence, Italy, shipped to Florida and affixed to the ceiling, where the artist made the final finishing touches.The lower level of the library includes an onyx bar and a lounge area. On the upper level, windows around the home office are filled with views of the pool and ocean.The primary suite is also on the second floor, with views from every window.The suite's two baths feature contemporary designs, imported marbles and walk-in closets. The white marble bath flows seamlessly into a boutique-style, walk-in wardrobe with a cabinet island, jewelry showcase and separate shoe closet.Deep below the dune that Mar Pietra is perched upon is a subterranean lair with a very different design story. It is more modern down there and packed with contemporary luxuries.The home's so-called auto lounge is an underground garage adorned with giant crystal chandeliers, ornate ceilings and parking for seven cars. During CNBC's visit, it was staged bumper to bumper with $5 million worth of rare Lamborghinis. The parking area leads to a lounge designed for people who like to admire their rides. A wall of curved glass separates the lounge from the garage and delivers a great view of the parked supercars. The steel vault on the side wall is an art piece with a functioning door and stacks of money inside.The lower level also includes a tequila-only bar wrapped in quartzite. After dark, lights embedded in the stone can ignite the surfaces with a milky-white glow. There is also a state-of-the-art theater, with a floor-to-ceiling and wall-to-wall electronic screen, and it is one of the home's two cinemas.",CNBC,12/07/2024,"['The owner of a beachfront mansion in Delray Beach, Florida, is looking to shatter a local price record with a home that delivers old-school Italian flair above ground and hidden personality below.', ""While the upper levels are adorned with 300 stone-carved columns, vaulted ceilings and even a fresco painted in Florence, Italy, the home's subterranean space is packed with modern luxuries including a super car gallery, glowing tequila bar and a steel vault packed with piles of cash."", ""The two distinct design themes are wrapped in a limestone-clad residence located on the town's ultra-high-end South Ocean Boulevard."", 'The 23,000-plus square-foot home is called Mar Pietra, Italian for ""sea stone.', '""""So much stone went into this house, I thought it was appropriate,"" owner Massimo Musa told CNBC.Musa founded and sold several companies in the eye-care industry.', 'He also develops real estate and built Mar Pietra with this now ex-wife.', 'The passion project took five years to complete and employed dozens of craftsmen, painters and sculptors, many of them from Italy.', ""Tons of limestone were shipped here from Mexico's Yucatan Peninsula; hand-carved marble made the journey from Verona, Italy; and massive panels of cedar arrived from Colombia."", 'According to the listing, the mega home sits on 100 feet of beachfront.', 'There is a main residence and guest house and all together nine bedrooms, 12 full baths and seven half baths.', 'The climate-controlled subterranean garage adds 4,000 more square feet, with even more space added via covered areas such as a luxurious loggia that houses another kitchen, bar, lounge and dining area.', ""The massive estate is five times the size of the average Delray Beach home sold during the first quarter, and its eight-figure price tag is more than 18 times the area's almost $3.3 million average sales price for a luxury home, according to the Elliman Report."", 'The report defines luxury homes as the top 10% of sales.', 'The highest sale price ever achieved in Delray Beach was $34 million for a listing also located on South Ocean Boulevard that sold in 2021.', 'According to public records, the top sale price per square foot was also recorded in 2021, at just under $2,600 per square foot.', ""Mar Pietra's list price would put it right in line with that value metric."", ""The trophy home's massive footprint and its giant oceanfront lawn are a rare sight on this strip of beach in Palm Beach County."", ""According to Musa, that is because of the lot's unique zoning history."", 'Public records show he bought the lot, along with the lot across the street on the Intracoastal Waterway, for $9 million back in in 2002.At the time, the oceanfront parcel had a hotel on it, which means the land was under hotel zoning regulations.', 'Musa, who immigrated to the U.S. from Italy, tore down the old building so he could build a beachfront family home that paid homage to his home country.', ""Even after the hotel's demolition, Musa says, the land's hotel zoning remained intact."", 'That allowed him to build a home with a larger footprint and smaller setbacks.', 'Plus, the residence could extend closer to the shoreline than current residential zoning typically allows.', ""Also grandfathered in was a portion of beachfront lot that was cleared decades ago by the hotel's owners, something Musa told CNBC current regulation would never allow."", 'That clearing is now a lush evergreen lawn, made of artificial grass, that rolls across the back of his one-acre property where it meets the natural vegetation on the sandy shoreline.', ""The home's position 21 feet above sea level and its sheer size is impressive, but like many listings at this price point, it is not always easy to find a buyer."", 'While the estate has been on and off the market since December 2021, its $60 million price tag holds steady.', 'It is currently offered by South Florida listing agent Senada Adzem of Douglas Elliman.', '""This trophy estate stands as one of South Florida\'s finest bespoke luxury properties, designed to evoke timeless elegance,"" Adzem told CNBC.According to the Elliman Report, luxury single-family home inventory in the first quarter rose more than 12% over the previous year, and the average sales price of a luxury single-family home in Delray Beach dropped more than 33%.Despite data that suggests the market may be experiencing some headwinds, Adzem remains confident in the list price and South Florida\'s high-end real estate market.', '""The ultra-luxury real estate market will continue to prosper,"" she said. ""', 'Wealthy clients love Palm Beach County, valuing oceanfront locations, privacy and uniqueness above all else.', '""To support that claim, Adzem points just 400 meters down the street to a sale in Highland Beach, where just this May an oceanfront home traded for $50 million, or more than $2,800 per square foot.', 'On this coastline, Mar Pietra could actually be considered a relative bargain.', 'A nearby smaller home, also on South Ocean Boulevard, recently listed for $74 million, or about $5,100 a square foot.', ""According to Adzem, Mar Pietra commands a premium in part for its quality of construction and the property's rare zoning allowances, which she called priceless."", '""These generous zoning allowances enabled our client to create a truly unique property that would otherwise be impossible,"" she said.', 'It is hard to imagine a potential buyer taking issue with the estate for being too small, but Adzem said in this part of Florida, it is not out of the question.', 'So, the real estate broker and her client are ready to offer a solution.', '""What\'s really unique about the home is the fact that my client is willing to sell it with the Intracoastal Waterway lot that would create the only ocean-to-intracoastal compound in Delray Beach, Florida.', '""The two-lot deal, Adzem said, would deliver enough land to develop another waterfront house that could include a rare spot on the Intracoastal Waterway to dock a mega yacht.', 'As for the price tag to buy the full package deal, Adzem said she would only discuss that number with prospective buyers.', ""The home's driveway passes through a grand archway called a porte-cochere that leads to a circular motor court."", 'Inside the limestone structure is a two-story guesthouse spanning more than 2,700 square feet with three bedrooms, three full baths and two half baths.', 'Beyond the circular motor court is a giant stone staircase that ascends to the main residence.', 'Through the arches at the top of the stairway is a central open-air courtyard.', 'Musa says the design was inspired by Vizcaya Museum and Gardens in Miami.', ""The courtyard leads to the home's main entrance, where a butterfly staircase reigns over a double-height foyer."", ""The home's library spans two levels with a spiral staircase that rises up to the second floor — and the room delivers much more than books."", ""Musa says the cedar-wrapped room's design was inspired by the Vanderbilt estate, while the fresco on the ceiling takes inspiration from the Sistine Chapel."", 'The mural, Adzem told CNBC, was painted in Florence, Italy, shipped to Florida and affixed to the ceiling, where the artist made the final finishing touches.', 'The lower level of the library includes an onyx bar and a lounge area.', 'On the upper level, windows around the home office are filled with views of the pool and ocean.', 'The primary suite is also on the second floor, with views from every window.', ""The suite's two baths feature contemporary designs, imported marbles and walk-in closets."", 'The white marble bath flows seamlessly into a boutique-style, walk-in wardrobe with a cabinet island, jewelry showcase and separate shoe closet.', 'Deep below the dune that Mar Pietra is perched upon is a subterranean lair with a very different design story.', 'It is more modern down there and packed with contemporary luxuries.', ""The home's so-called auto lounge is an underground garage adorned with giant crystal chandeliers, ornate ceilings and parking for seven cars."", ""During CNBC's visit, it was staged bumper to bumper with $5 million worth of rare Lamborghinis."", 'The parking area leads to a lounge designed for people who like to admire their rides.', 'A wall of curved glass separates the lounge from the garage and delivers a great view of the parked supercars.', 'The steel vault on the side wall is an art piece with a functioning door and stacks of money inside.', 'The lower level also includes a tequila-only bar wrapped in quartzite.', 'After dark, lights embedded in the stone can ignite the surfaces with a milky-white glow.', ""There is also a state-of-the-art theater, with a floor-to-ceiling and wall-to-wall electronic screen, and it is one of the home's two cinemas.""]",0.1664158554806378,"Wealthy clients love Palm Beach County, valuing oceanfront locations, privacy and uniqueness above all else.",The lower level of the library includes an onyx bar and a lounge area.,0.9435006247626412,"""The ultra-luxury real estate market will continue to prosper,"" she said. """,,2024-07-20
JPMorgan Chase tops second-quarter revenue expectations on strong investment banking,https://www.cnbc.com/2024/07/12/jpmorgan-chase-jpm-earnings-q2-2024.html,2024-07-12T20:16:06+0000,"In this articleJPMorgan Chase on Friday posted second-quarter profit and revenue that topped analysts' expectations as investment banking fees surged 52% from a year earlier.Here's what the company reported:The bank said earnings jumped 25% from the year-earlier period to $18.15 billion, or $6.12 per share. Excluding items related to the bank's stake in Visa, profit was $4.26 per share.Revenue rose 20% to $50.99 billion, topping the consensus estimate of analysts surveyed by LSEG, helped by better-than-expected investment banking fees and equities trading results.CEO Jamie Dimon noted in the release that his firm was wary of potential future risks, including higher-than-expected inflation and interest rates, even while stock and bond valuations currently ""reflect a rather benign economic outlook.""""The geopolitical situation remains complex and potentially the most dangerous since World War II — though its outcome and effect on the global economy remain unknown,"" Dimon said. ""There has been some progress bringing inflation down, but there are still multiple inflationary forces in front of us: large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world.""A rebound in Wall Street activity, especially on the advisory side, was expected to aid banks this quarter, and JPMorgan's results bear that out.JPMorgan reaped $2.3 billion in investment banking fees, exceeding the StreetAccount estimate by roughly $300 million.Equities trading revenue jumped 21% to $3 billion, topping the estimate by $230 million, on strong derivatives results. Fixed income trading jumped 5% to $4.8 billion, matching the estimate.But the bank had a $3.05 billion provision for credit losses in the quarter, exceeding the $2.78 billion estimate, which indicated that it expects more borrowers will default in the future. A rise in charge-offs and moves to build loan loss reserves in the quarter was driven by the firm's massive credit-card business, the bank said.""JPMorgan has navigated a challenging interest rate environment very well,"" said Octavio Marenzi, CEO of consulting firm Opimas.Still, while banking and equities trading boosted results, ""We see Main Street banking beginning to sputter,"" Marenzi said. ""Provisions for credit losses were up significantly, showing us that JPMorgan is expecting to see a rough patch in the US economy.""Shares of JPMorgan fell about 1% Friday.JPMorgan CFO Jeremy Barnum told reporters Friday during a call that overall he saw ""quite a healthy consumer"" despite some weakness in the lower-income segment. About half of the increase in card reserves was tied to rising balances, he noted.""The overall picture on charge-offs is consistent with the story of normalization rather than deterioration at this point,"" Barnum said. ""Yes, the economy is slowing, but it seems to be on trend for very much of a soft landing.""Wells Fargo and Citigroup also posted earnings Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.",CNBC,12/07/2024,"[""In this articleJPMorgan Chase on Friday posted second-quarter profit and revenue that topped analysts' expectations as investment banking fees surged 52% from a year earlier."", ""Here's what the company reported:The bank said earnings jumped 25% from the year-earlier period to $18.15 billion, or $6.12 per share."", ""Excluding items related to the bank's stake in Visa, profit was $4.26 per share."", 'Revenue rose 20% to $50.99 billion, topping the consensus estimate of analysts surveyed by LSEG, helped by better-than-expected investment banking fees and equities trading results.', 'CEO Jamie Dimon noted in the release that his firm was wary of potential future risks, including higher-than-expected inflation and interest rates, even while stock and bond valuations currently ""reflect a rather benign economic outlook.', '""""The geopolitical situation remains complex and potentially the most dangerous since World War II — though its outcome and effect on the global economy remain unknown,"" Dimon said. ""', 'There has been some progress bringing inflation down, but there are still multiple inflationary forces in front of us: large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world.', '""A rebound in Wall Street activity, especially on the advisory side, was expected to aid banks this quarter, and JPMorgan\'s results bear that out.', 'JPMorgan reaped $2.3 billion in investment banking fees, exceeding the StreetAccount estimate by roughly $300 million.', 'Equities trading revenue jumped 21% to $3 billion, topping the estimate by $230 million, on strong derivatives results.', 'Fixed income trading jumped 5% to $4.8 billion, matching the estimate.', 'But the bank had a $3.05 billion provision for credit losses in the quarter, exceeding the $2.78 billion estimate, which indicated that it expects more borrowers will default in the future.', ""A rise in charge-offs and moves to build loan loss reserves in the quarter was driven by the firm's massive credit-card business, the bank said."", '""JPMorgan has navigated a challenging interest rate environment very well,"" said Octavio Marenzi, CEO of consulting firm Opimas.', 'Still, while banking and equities trading boosted results, ""We see Main Street banking beginning to sputter,"" Marenzi said. ""', 'Provisions for credit losses were up significantly, showing us that JPMorgan is expecting to see a rough patch in the US economy.', '""Shares of JPMorgan fell about 1% Friday.', 'JPMorgan CFO Jeremy Barnum told reporters Friday during a call that overall he saw ""quite a healthy consumer"" despite some weakness in the lower-income segment.', 'About half of the increase in card reserves was tied to rising balances, he noted.', '""The overall picture on charge-offs is consistent with the story of normalization rather than deterioration at this point,"" Barnum said. ""', 'Yes, the economy is slowing, but it seems to be on trend for very much of a soft landing.', '""Wells Fargo and Citigroup also posted earnings Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.']",0.2215570068899473,"""JPMorgan has navigated a challenging interest rate environment very well,"" said Octavio Marenzi, CEO of consulting firm Opimas.","""""The geopolitical situation remains complex and potentially the most dangerous since World War II — though its outcome and effect on the global economy remain unknown,"" Dimon said. """,0.4677889503930744,"Revenue rose 20% to $50.99 billion, topping the consensus estimate of analysts surveyed by LSEG, helped by better-than-expected investment banking fees and equities trading results.","""Shares of JPMorgan fell about 1% Friday.",2024-07-20
Netflix beats estimates as ad-supported memberships rise 34%,https://www.cnbc.com/2024/07/18/netflix-nflx-earnings-q2-2024.html,2024-07-18T22:07:41+0000,"In this articleNetflix reported second-quarter earnings Thursday that showcased the media giant's position at the head of the streaming race as it added more global subscribers and saw strong growth in its advertising business.The streamer said its ad-supported memberships grew 34% during the period compared to the same quarter last year.Advertising has become an increasingly important business model for media companies to boost — or in some cases, achieve — profitability for streaming. Netflix's stock has been boosted in recent quarters by its push to gain subscribers on its cheaper, ad-supported tier, in addition to its crackdown on password sharing.Here's how the company performed for the period ended June 30, compared with Wall Street expectations:Revenue was roughly $9.6 billion, up 17% compared to the year-earlier period, driven primarily by the increase in average paid memberships.Netflix said it now expects full-year reported revenue growth of 14% to 15%, compared with previous guidance of 13% to 15%.The company reported net income of $2.15 billion, or $4.88 per share, up from $1.49 billion, or $3.29 per share, during the second quarter of 2023.Netflix's global paid memberships rose 16.5% year over year to 278 million. This marks one of the last updates Netflix will release regarding its membership numbers.Last quarter, the company warned investors it would stop providing quarterly membership numbers or average revenue per user beginning in 2025, noting the company is ""focused on revenue and operating margin as our primary financial metrics — and engagement (i.e. time spent) as our best proxy for customer satisfaction.""Netflix began focusing on different business strategies to drive revenue growth after the streamer saw subscriber growth slow in 2022. In May, Netflix said it would launch its own ad platform and no longer partner with Microsoft for that technology. The company also has begun adding live sports, such as NFL games on Christmas Day over the next three years, a move that will likely attract more ad dollars for the streamer.""We're in live [TV] because our members love it, and it drives a ton of engagement and a ton of excitement ... and the good thing is advertisers like it for the exact same reason,"" said Netflix co-CEO Ted Sarandos on Thursday's earnings call.Netflix had been dipping its toe into live content even before its deal with the NFL, with Sarandos noting the company's focus on ""buzzy, exclusive live entertainment.""Still, original shows like ""Bridgerton"" and ""Baby Reindeer"" continue to drive engagement for the streamer.The company said Thursday its cheaper, ad-supported tier has been gaining traction among its base, with these subscribers accounting for more than 45% of signups in the markets where the option is offered.However, Netflix noted on Thursday that the ad-supported business is still young, and it doesn't expect ad revenue to be a ""primary driver of our revenue growth in 2024 or 2025.""""The near term challenge (and medium term opportunity) is that we're scaling faster than our ability to monetize our growing ad inventory,"" the company said in its earnings release, meaning the streamer isn't able to meet advertiser demand yet.Netflix co-CEO Greg Peters said on the earnings call Thursday that Netflix has so far been focused on scaling its ad-supported subscriber base. With the company on track to achieve its subscriber goals for 2025, Netflix is now shifting its focus to monetizing its ad inventory, he said.As the company beefs up its advertising operation, it's giving ""advertisers more effective ways to buy ... a big point of feedback we heard from advertisers,"" Peters said Thursday.On this note, Netflix added it believes it's on track to ""achieve critical ad subscriber scale for our advertisers"" next year, allowing it to further increase its ad-tier memberships in 2026 and beyond.",CNBC,18/07/2024,"[""In this articleNetflix reported second-quarter earnings Thursday that showcased the media giant's position at the head of the streaming race as it added more global subscribers and saw strong growth in its advertising business."", 'The streamer said its ad-supported memberships grew 34% during the period compared to the same quarter last year.', 'Advertising has become an increasingly important business model for media companies to boost — or in some cases, achieve — profitability for streaming.', ""Netflix's stock has been boosted in recent quarters by its push to gain subscribers on its cheaper, ad-supported tier, in addition to its crackdown on password sharing."", ""Here's how the company performed for the period ended June 30, compared with Wall Street expectations:Revenue was roughly $9.6 billion, up 17% compared to the year-earlier period, driven primarily by the increase in average paid memberships."", ""Netflix said it now expects full-year reported revenue growth of 14% to 15%, compared with previous guidance of 13% to 15%.The company reported net income of $2.15 billion, or $4.88 per share, up from $1.49 billion, or $3.29 per share, during the second quarter of 2023.Netflix's global paid memberships rose 16.5% year over year to 278 million."", 'This marks one of the last updates Netflix will release regarding its membership numbers.', 'Last quarter, the company warned investors it would stop providing quarterly membership numbers or average revenue per user beginning in 2025, noting the company is ""focused on revenue and operating margin as our primary financial metrics — and engagement (i.e. time spent) as our best proxy for customer satisfaction.', '""Netflix began focusing on different business strategies to drive revenue growth after the streamer saw subscriber growth slow in 2022.', 'In May, Netflix said it would launch its own ad platform and no longer partner with Microsoft for that technology.', 'The company also has begun adding live sports, such as NFL games on Christmas Day over the next three years, a move that will likely attract more ad dollars for the streamer.', '""We\'re in live [TV] because our members love it, and it drives a ton of engagement and a ton of excitement ... and the good thing is advertisers like it for the exact same reason,"" said Netflix co-CEO Ted Sarandos on Thursday\'s earnings call.', 'Netflix had been dipping its toe into live content even before its deal with the NFL, with Sarandos noting the company\'s focus on ""buzzy, exclusive live entertainment.', '""Still, original shows like ""Bridgerton"" and ""Baby Reindeer"" continue to drive engagement for the streamer.', 'The company said Thursday its cheaper, ad-supported tier has been gaining traction among its base, with these subscribers accounting for more than 45% of signups in the markets where the option is offered.', 'However, Netflix noted on Thursday that the ad-supported business is still young, and it doesn\'t expect ad revenue to be a ""primary driver of our revenue growth in 2024 or 2025.""""The near term challenge (and medium term opportunity) is that we\'re scaling faster than our ability to monetize our growing ad inventory,"" the company said in its earnings release, meaning the streamer isn\'t able to meet advertiser demand yet.', 'Netflix co-CEO Greg Peters said on the earnings call Thursday that Netflix has so far been focused on scaling its ad-supported subscriber base.', 'With the company on track to achieve its subscriber goals for 2025, Netflix is now shifting its focus to monetizing its ad inventory, he said.', 'As the company beefs up its advertising operation, it\'s giving ""advertisers more effective ways to buy ... a big point of feedback we heard from advertisers,"" Peters said Thursday.', 'On this note, Netflix added it believes it\'s on track to ""achieve critical ad subscriber scale for our advertisers"" next year, allowing it to further increase its ad-tier memberships in 2026 and beyond.']",0.5112177885002156,"""We're in live [TV] because our members love it, and it drives a ton of engagement and a ton of excitement ... and the good thing is advertisers like it for the exact same reason,"" said Netflix co-CEO Ted Sarandos on Thursday's earnings call.","In May, Netflix said it would launch its own ad platform and no longer partner with Microsoft for that technology.",0.8337669037282467,"Netflix's stock has been boosted in recent quarters by its push to gain subscribers on its cheaper, ad-supported tier, in addition to its crackdown on password sharing.","""Netflix began focusing on different business strategies to drive revenue growth after the streamer saw subscriber growth slow in 2022.",2024-07-20
"Activist Elliott reportedly has a significant stake in Starbucks, in talks with management",https://www.cnbc.com/2024/07/19/elliott-starbucks-sbux-stake.html,2024-07-19T20:21:07+0000,"In this articleElliott Management has taken a significant stake in coffee chain Starbucks and is engaging with management to find ways to improve the company's share price, the Wall Street Journal reported Friday, citing people familiar with the matter.Representatives for Elliott declined to comment. The firm did not hold a Starbucks stake as of March 31, its most recent disclosure.A Starbucks spokesperson said the company does not comment on rumors and speculation. Starbucks shares jumped more than 6% Friday.Elliott is one of the most prolific activist investors and one of the largest hedge funds in the world. The firm has taken up a number of sizable positions in recent months, including stakes at Southwest, SoftBank, Johnson Controls and Texas Instruments.The Journal could not learn the size of Elliott's position nor its specific demands, but noted it was possible a settlement could be reached.Starbucks contended with an activist effort from its own workers unions earlier this year. That effort, off the back of an organization effort that began in 2021, ended with the Strategic Organizing Center withdrawing its candidates. Conversations between management and labor are ongoing.Starbucks has been facing challenges for several quarters and has undergone a series of leadership changes in recent years. In April, the company reported disappointing quarterly results, with U.S. same-store sales falling 3% and traffic dropping 7%. The coffee chain also cut its 2024 outlook.Starbucks reported rates of incomplete mobile app orders in the mid-teens and said occasional customers came in less often.CEO Laxman Narasimhan, now under heightened pressure, has mentioned the need to make improvements to stores.Narasimhan was hand-picked by returnee Starbucks CEO Howard Schultz to lead the company after his prior successor, Kevin Johnson, stepped down. Schultz recently weighed in on Starbuck's challenges, but has said he does not plan to return as CEO for a fourth stint.— CNBC's Amelia Lucas contributed to this report.Correction: This story has been updated to correct the Strategic Organizing Center withdrew its candidates for the Starbucks board of directors. A previous version mischaracterized the events.",CNBC,19/07/2024,"[""In this articleElliott Management has taken a significant stake in coffee chain Starbucks and is engaging with management to find ways to improve the company's share price, the Wall Street Journal reported Friday, citing people familiar with the matter."", 'Representatives for Elliott declined to comment.', 'The firm did not hold a Starbucks stake as of March 31, its most recent disclosure.', 'A Starbucks spokesperson said the company does not comment on rumors and speculation.', 'Starbucks shares jumped more than 6% Friday.', 'Elliott is one of the most prolific activist investors and one of the largest hedge funds in the world.', 'The firm has taken up a number of sizable positions in recent months, including stakes at Southwest, SoftBank, Johnson Controls and Texas Instruments.', ""The Journal could not learn the size of Elliott's position nor its specific demands, but noted it was possible a settlement could be reached."", 'Starbucks contended with an activist effort from its own workers unions earlier this year.', 'That effort, off the back of an organization effort that began in 2021, ended with the Strategic Organizing Center withdrawing its candidates.', 'Conversations between management and labor are ongoing.', 'Starbucks has been facing challenges for several quarters and has undergone a series of leadership changes in recent years.', 'In April, the companyreported disappointing quarterly results, with U.S. same-store sales falling 3% and traffic dropping 7%.', 'The coffee chain also cut its 2024 outlook.', 'Starbucks reported rates of incomplete mobile app orders in the mid-teens and said occasional customers came in less often.', 'CEO Laxman Narasimhan, now under heightened pressure, has mentioned the need to make improvements to stores.', 'Narasimhan was hand-picked by returnee Starbucks CEO Howard Schultz to lead the company after his prior successor, Kevin Johnson, stepped down.', ""Schultz recently weighed in on Starbuck's challenges, but has said he does not plan to return as CEO for a fourth stint.—"", ""CNBC's Amelia Lucas contributed to this report."", 'Correction: This story has been updated to correct the Strategic Organizing Center withdrew its candidates for the Starbucks board of directors.', 'A previous version mischaracterized the events.']",0.0593534871370079,"In this articleElliott Management has taken a significant stake in coffee chain Starbucks and is engaging with management to find ways to improve the company's share price, the Wall Street Journal reported Friday, citing people familiar with the matter.","In April, the companyreported disappointing quarterly results, with U.S. same-store sales falling 3% and traffic dropping 7%.",-0.0541959603627522,Starbucks shares jumped more than 6% Friday.,"In April, the companyreported disappointing quarterly results, with U.S. same-store sales falling 3% and traffic dropping 7%.",2024-07-20
UK Airports set to be busy after IT outages,https://www.bbc.co.uk/news/articles/c903vw4zp2eo,2024-07-20T04:42:59.001Z,"Airports are expected to be busy over the weekend after massive outages hit computer systems globally.  Journeys could still be affected by delays and cancellations, and a number of airports have said passengers should continue to check for potential disruption before they travel. The outages came on one of the busiest days of the year, with many schools in England and Wales having broken up for summer this week.  GPs, pharmacies, banks, payment systems, and train services were also affected.  The problems were caused by a faulty software update for Microsoft Windows issued by cyber-security firm CrowdStrike. Speaking to BBC Radio 4's Today programme, computer scientist Sir Nigel Shadbolt said most IT systems similar to CrowdStrike's software work to ""very high levels of quality"". But ""it's like a pandemic"" when they go wrong, he added, saying lessons should be drawn.  Mr Shadbolt said using multiple systems may be the way forward. In a blog post on Saturday, CrowdStrike CEO George Kurtz apologised and said his company ""understands the gravity and impact of the situation"". London Heathrow was operating as usual this morning but with added footfall, as passengers who were due to fly on Friday continue their journeys over the weekend. London Gatwick said its system were ""operating as normal"" but that ""some delays and cancellations will however continue"" in the next couple of days. Manchester Airport, where check-in was for a period on Friday being carried out manually, said its check-in systems were up and running but that flights ""may still be subject to delays and cancellations"". Belfast International said it was operating as normal but that ""we recommend passengers keep in contact with their airlines"". The Port of Dover said it was not experiencing IT issues on Saturday morning, but but hundreds of people unable to fly on Friday are coming to the port, some without ferry bookings. There is a two-and-a-half hour wait at the port, ferry firm DFDS said. As of Friday evening, 338 flights in and out of the UK - 167 departures and 171 arrivals - had been cancelled, according to aviation analytics firm Cirium. Simon Calder, travel correspondent for the Independent, said the passengers he had spoken to at airports were ""absolutely despondent"". Speaking to BBC Breakfast on Saturday, he said the ordeal was ""horrible"" for those hoping to travel in and out of the UK. “There are 50,000 British travellers waking up this morning where they didn’t expect to be,” he added. Delayed and cancelled flights can often have knock-on effects beyond the initial disruption because planes and crews are not where they had been scheduled to be.  On the rail network, National Rail said the issue was no longer affecting operators, though some operators are still advising customers to check their journey before travelling. The outages meant several retailers - including Morrisons and Waitrose - were unable to take card payments for the part of the day, while TV channel Sky News was briefly off air. GPs struggled to access their records systems, which include online bookings. Pharmacy services, such as access to prescriptions, have also been affected. On Friday, Mr Kurtz said he was ""deeply sorry for the inconvenience and disruption"" caused by the outages, though stressed that they were not the result of a security breach or cyber attack.  He later told the company's customers in an open letter: ""You have my commitment to provide full transparency on how this occurred and steps we’re taking to prevent anything like this from happening again."" You can get in touch via this link ",BBC,20/07/2024,"['Airports are expected to be busy over the weekend after massive outages hit computer systems globally.', 'Journeys could still be affected by delays and cancellations, and a number of airports have said passengers should continue to check for potential disruption before they travel.', 'The outages came on one of the busiest days of the year, with many schools in England and Wales having broken up for summer this week.', 'GPs, pharmacies, banks, payment systems, and train services were also affected.', 'The problems were caused by a faulty software update for Microsoft Windows issued by cyber-security firm CrowdStrike.', 'Speaking to BBC Radio 4\'s Today programme, computer scientist Sir Nigel Shadbolt said most IT systems similar to CrowdStrike\'s software work to ""very high levels of quality"".', 'But ""it\'s like a pandemic"" when they go wrong, he added, saying lessons should be drawn.', 'Mr Shadbolt said using multiple systems may be the way forward.', 'In a blog post on Saturday, CrowdStrike CEO George Kurtz apologised and said his company ""understands the gravity and impact of the situation"".', 'London Heathrow was operating as usual this morning but with added footfall, as passengers who were due to fly on Friday continue their journeys over the weekend.', 'London Gatwick said its system were ""operating as normal"" but that ""some delays and cancellations will however continue"" in the next couple of days.', 'Manchester Airport, where check-in was for a period on Friday being carried out manually, said its check-in systems were up and running but that flights ""may still be subject to delays and cancellations"".', 'Belfast International said it was operating as normal but that ""we recommend passengers keep in contact with their airlines"".', 'The Port of Dover said it was not experiencing IT issues on Saturday morning, but but hundreds of people unable to fly on Friday are coming to the port, some without ferry bookings.', 'There is a two-and-a-half hour wait at the port, ferry firm DFDS said.', 'As of Friday evening, 338 flights in and out of the UK - 167 departures and 171 arrivals - had been cancelled, according to aviation analytics firm Cirium.', 'Simon Calder, travel correspondent for the Independent, said the passengers he had spoken to at airports were ""absolutely despondent"".', 'Speaking to BBC Breakfast on Saturday, he said the ordeal was ""horrible"" for those hoping to travel in and out of the UK. “', 'There are 50,000 British travellers waking up this morning where they didn’t expect to be,” he added.', 'Delayed and cancelled flights can often have knock-on effects beyond the initial disruption because planes and crews are not where they had been scheduled to be.', 'On the rail network, National Rail said the issue was no longer affecting operators, though some operators are still advising customers to check their journey before travelling.', 'The outages meant several retailers - including Morrisons and Waitrose - were unable to take card payments for the part of the day, while TV channel Sky News was briefly off air.', 'GPs struggled to access their records systems, which include online bookings.', 'Pharmacy services, such as access to prescriptions, have also been affected.', 'On Friday, Mr Kurtz said he was ""deeply sorry for the inconvenience and disruption"" caused by the outages, though stressed that they were not the result of a security breach or cyber attack.', 'He later told the company\'s customers in an open letter: ""You have my commitment to provide full transparency on how this occurred and steps we’re taking to prevent anything like this from happening again.""', 'You can get in touch via this link']",-0.1350515968635575,"He later told the company's customers in an open letter: ""You have my commitment to provide full transparency on how this occurred and steps we’re taking to prevent anything like this from happening again.""","On Friday, Mr Kurtz said he was ""deeply sorry for the inconvenience and disruption"" caused by the outages, though stressed that they were not the result of a security breach or cyber attack.",-0.7671869337558747,"Speaking to BBC Radio 4's Today programme, computer scientist Sir Nigel Shadbolt said most IT systems similar to CrowdStrike's software work to ""very high levels of quality"".","Speaking to BBC Breakfast on Saturday, he said the ordeal was ""horrible"" for those hoping to travel in and out of the UK. “",2024-07-20
Disneyland workers want to strike - but love the magic,https://www.bbc.co.uk/news/articles/cv2gpx7pnwdo,2024-07-19T21:06:38.875Z,"Cynthia “Cyn” Carranza meticulously scavenged for a shady parking spot in the car she called home. The overnight custodian at Disneyland has to sleep during the day - a difficulty for anyone, let alone when you're living in your car with two dogs. Ms Carranza says she makes $20.65 an hour (about £15.99) at the park but last summer, she couldn't afford rent in this Southern California city where the average apartment can run more than $2,000 (about £1,550) a month. Ms Carranza teared up as she recounted the struggles of that summer, including sneaking for showers in Disneyland's costume department. She now shares a small apartment with her boyfriend, who also works at the park, but still makes barely enough to make ends meet. “That’s not something that anybody should experience working a full-time job for a company like Disney,” she told the BBC. Ms Carranza, like others who work at the park, detailed to the BBC the financial hardships that come with working at what’s supposed to be the “Happiest Place on Earth”. About 10,000 union workers at Disneyland - the first of 12 parks created around the globe - are threatening to strike over the wages and what they say are retaliatory anti-union practices. Hundreds of workers protested outside the park this week, with an array of signs and pins showing Mickey Mouse's gloved fist in defiance.  “Mickey would want fair pay,” workers chanted outside Disneyland near the park's gates.  They voted almost unanimously to authorise strike action on Friday, just days before union contract negotiations for workers are set to resume.  While the vote does not mean a strike is imminent, it could set workers up to act quickly if negotiations sour. Authorisation also gives the unions leverage as talks with Disney management continue again next week. The contract for cast members at Disneyland expired 16 June, and the current negotiations involves a coalition of unions that represent nearly 10,000 employees at the park, which includes everyone from those who work as characters and operate rides to sales, restaurant, and janitorial workers.  Union officials say about one in 10 Disneyland cast members have experienced homelessness while working at the park. A survey of employees showed 73% say they don't make enough to cover basic expenses each month and about a third said they experienced housing insecurity within the last year.  “We’re the ones who make the magic,” says L Slaughter, a host at the Toontown-themed part of the park. “We need Disney to pay us a liveable wage.” Ms Slaughter spent two years living in her car while working at the park. She now has a small apartment about an hour's drive from Disneyland.  She spent a lot of that time trying to find a safe parking spot to sleep, she says, adding that staff are not allowed to sleep in the Disneyland parking lots. “My rent just went up $200 and I won’t be able to make rent again,” she says. Ms Slaughter makes $19.90 an hour - thanks to a minimum wage mandate passed by city voters in 2018. Disney unsuccessfully fought the wage hike, but workers say it’s still not enough to survive in Southern California. A living wage calculator built by the Massachusetts Institute of Technology, or MIT, says a single person with no children would need to be paid $30.48 an hour to afford to live near Disneyland in Orange County, which is about 30 miles southeast of Los Angeles. Workers who talked to the BBC said they have kept their jobs at the park because they love the Disney brand, and they rely on the generous healthcare benefits and union-operated food bank, which some workers described as a saving-grace.  Disney says it is committed to negotiations with its “cast members” - the company's term for employees who play princesses and pirates as well as the chefs or janitors who maintain the park. ""We respect and value our cast members and recognize the important role they play in creating happiness for our guests,"" Disney said in a statement, adding that talks with the unions representing its workers will resume 22 July and they are committed to reaching a deal ""that focuses on what matters most to our current cast members, helps us attract new cast, and positions Disneyland Resort for growth and the creation of more jobs"". The last Disneyland strike was in 1984, and it lasted 22 days. Ms Carranza described the back-breaking work she does nightly at the park - cleaning, polishing, repairing floors and sometimes installing carpets. She said last summer living in her car was the lowest point in her life, and she credits her dogs with keeping her alive. “I know that they’re the reason why I’m still here, why I didn’t let go,"" she said. ""There were times when I questioned what I was doing here and how I was going to get back on my feet.""  But even with the small studio apartment Ms Carranza now has, she says she's still living paycheck-to-paycheck and sometimes can only afford to eat rice or noodles.  Although workers’ demands are economic, the vote to strike was called in response to complaints that workers were disciplined for wearing the Mickey badges and distributing union information in the park.  In June, the unions filed unfair labour practice charges with the National Labor Relations Board against Disney for “unlawful discipline, intimidation and surveillance of union members exercising their right to wear union buttons at work.” Colleen Palmer, one of the negotiators from Local UFCW 324, has worked at Disneyland for nearly 37 years and makes almost $24 an hour as a “merchandise hostess”. She says she wore her union badge for less than half an hour before management told her to take it off. Palmer says workers are responsible for the experience that customers enjoy at Disneyland, and that her loyalty and experience should be rewarded. She said workers believe the pay gap between the workers and the company’s executives is outrageous: Disney CEO Bob Iger’s compensation was $31.6 million in 2023 - hundreds of times the amount Disneyland cast members earn. “It makes me wonder, why don’t you want to recognize me? Because I’m making you that money, so that you can buy that sports team now,” she said, referring to news that Mr Iger and his wife had taken over the LA women’s soccer team, Angel City Football Club. The disparity between workers pay and management has been fuelling labour unrest in the United States. According to the left-leaning Economic Policy Institute, CEO compensation rose 1,460 percent between 1978 and 2021. Disneyland is a unique workplace. Many consider it a career, not a job, and workers are often also fans of the Disney brand - some call it the cult of Disney. Workers get perks like free admission to Disney parks for their family and friends. But they also say Disney is not flexible when they have a family crisis or get sick. Many have second and third jobs that Disneyland's unpredictable schedules make challenging to juggle. For students and retirees working part-time, it can be a dream job, but it no longer provides a living wage for people in and around Anaheim, a wealthy city whose biggest employer is Disney, workers say. “Without us, Disney would be like anywhere else,” says Morgan, who lived in motels around Disneyland for four years with his children and wanted to be identified by his middle name only. The breakup of Morgan’s marriage caused him to lose his housing and cheap motels were all he could afford with his Disney wages.  When his children were with their mother, he often slept outside and hid in shadows to avoid police or theft.  He now has a second full-time job as a recruiter - which he can do from home - and an apartment he can afford with the combined income. Still, he takes pride in his job selling Disney merchandise and says every cast member takes the job seriously. “It’s not the animatronics - it’s us. At least respect us enough to pay us a decent wage.” ",BBC,19/07/2024,"['Cynthia “Cyn” Carranza meticulously scavenged for a shady parking spot in the car she called home.', ""The overnight custodian at Disneyland has to sleep during the day - a difficulty for anyone, let alone when you're living in your car with two dogs."", ""Ms Carranza says she makes $20.65 an hour (about £15.99) at the park but last summer, she couldn't afford rent in this Southern California city where the average apartment can run more than $2,000 (about £1,550) a month."", ""Ms Carranza teared up as she recounted the struggles of that summer, including sneaking for showers in Disneyland's costume department."", 'She now shares a small apartment with her boyfriend, who also works at the park, but still makes barely enough to make ends meet. “', 'That’s not something that anybody should experience working a full-time job for a company like Disney,” she told the BBC.', 'Ms Carranza, like others who work at the park, detailed to the BBC the financial hardships that come with working at what’s supposed to be the “Happiest Place on Earth”.', 'About 10,000 union workers at Disneyland - the first of 12 parks created around the globe - are threatening to strike over the wages and what they say are retaliatory anti-union practices.', ""Hundreds of workers protested outside the park this week, with an array of signs and pins showing Mickey Mouse's gloved fist in defiance. “"", ""Mickey would want fair pay,” workers chanted outside Disneyland near the park's gates."", 'They voted almost unanimously to authorise strike action on Friday, just days before union contract negotiations for workers are set to resume.', 'While the vote does not mean a strike is imminent, it could set workers up to act quickly if negotiations sour.', 'Authorisation also gives the unions leverage as talks with Disney management continue again next week.', 'The contract for cast members at Disneyland expired 16 June, and the current negotiations involves a coalition of unions that represent nearly 10,000 employees at the park, which includes everyone from those who work as characters and operate rides to sales, restaurant, and janitorial workers.', 'Union officials say about one in 10 Disneyland cast members have experienced homelessness while working at the park.', ""A survey of employees showed 73% say they don't make enough to cover basic expenses each month and about a third said they experienced housing insecurity within the last year. “"", 'We’re the ones who make the magic,” says L Slaughter, a host at the Toontown-themed part of the park. “', 'We need Disney to pay us a liveable wage.”', 'Ms Slaughter spent two years living in her car while working at the park.', ""She now has a small apartment about an hour's drive from Disneyland."", 'She spent a lot of that time trying to find a safe parking spot to sleep, she says, adding that staff are not allowed to sleep in the Disneyland parking lots. “', 'My rent just went up $200 and I won’t be able to make rent again,” she says.', 'Ms Slaughter makes $19.90 an hour - thanks to a minimum wage mandate passed by city voters in 2018.', 'Disney unsuccessfully fought the wage hike, but workers say it’s still not enough to survive in Southern California.', 'A living wage calculator built by the Massachusetts Institute of Technology, or MIT, says a single person with no children would need to be paid $30.48 an hour to afford to live near Disneyland in Orange County, which is about 30 miles southeast of Los Angeles.', 'Workers who talked to the BBC said they have kept their jobs at the park because they love the Disney brand, and they rely on the generous healthcare benefits and union-operated food bank, which some workers described as a saving-grace.', 'Disney says it is committed to negotiations with its “cast members” - the company\'s term for employees who play princesses and pirates as well as the chefs or janitors who maintain the park. ""', 'We respect and value our cast members and recognize the important role they play in creating happiness for our guests,"" Disney said in a statement, adding that talks with the unions representing its workers will resume 22 July and they are committed to reaching a deal ""that focuses on what matters most to our current cast members, helps us attract new cast, and positions Disneyland Resort for growth and the creation of more jobs"".', 'The last Disneyland strike was in 1984, and it lasted 22 days.', 'Ms Carranza described the back-breaking work she does nightly at the park - cleaning, polishing, repairing floors and sometimes installing carpets.', 'She said last summer living in her car was the lowest point in her life, and she credits her dogs with keeping her alive. “', 'I know that they’re the reason why I’m still here, why I didn’t let go,"" she said. ""', 'There were times when I questioned what I was doing here and how I was going to get back on my feet.""', ""But even with the small studio apartment Ms Carranza now has, she says she's still living paycheck-to-paycheck and sometimes can only afford to eat rice or noodles."", 'Although workers’ demands are economic, the vote to strike was called in response to complaints that workers were disciplined for wearing the Mickey badges and distributing union information in the park.', 'In June, the unions filed unfair labour practice charges with the National Labor Relations Board against Disney for “unlawful discipline, intimidation and surveillance of union members exercising their right to wear union buttons at work.”', 'Colleen Palmer, one of the negotiators from Local UFCW 324, has worked at Disneyland for nearly 37 years and makes almost $24 an hour as a “merchandise hostess”.', 'She says she wore her union badge for less than half an hour before management told her to take it off.', 'Palmer says workers are responsible for the experience that customers enjoy at Disneyland, and that her loyalty and experience should be rewarded.', 'She said workers believe the pay gap between the workers and the company’s executives is outrageous: Disney CEO Bob Iger’s compensation was $31.6 million in 2023 - hundreds of times the amount Disneyland cast members earn. “', 'It makes me wonder, why don’t you want to recognize me?', 'Because I’m making you that money, so that you can buy that sports team now,” she said, referring to news that Mr Iger and his wife had taken over the LA women’s soccer team, Angel City Football Club.', 'The disparity between workers pay and management has been fuelling labour unrest in the United States.', 'According to the left-leaning Economic Policy Institute, CEO compensation rose 1,460 percent between 1978 and 2021.', 'Disneyland is a unique workplace.', 'Many consider it a career, not a job, and workers are often also fans of the Disney brand - some call it the cult of Disney.', 'Workers get perks like free admission to Disney parks for their family and friends.', 'But they also say Disney is not flexible when they have a family crisis or get sick.', ""Many have second and third jobs that Disneyland's unpredictable schedules make challenging to juggle."", 'For students and retirees working part-time, it can be a dream job, but it no longer provides a living wage for people in and around Anaheim, a wealthy city whose biggest employer is Disney, workers say. “', 'Without us, Disney would be like anywhere else,” says Morgan, who lived in motels around Disneyland for four years with his children and wanted to be identified by his middle name only.', 'The breakup of Morgan’s marriage caused him to lose his housing and cheap motels were all he could afford with his Disney wages.', 'When his children were with their mother, he often slept outside and hid in shadows to avoid police or theft.', 'He now has a second full-time job as a recruiter - which he can do from home - and an apartment he can afford with the combined income.', 'Still, he takes pride in his job selling Disney merchandise and says every cast member takes the job seriously. “', 'It’s not the animatronics - it’s us.', 'At least respect us enough to pay us a decent wage.”']",0.0500136968586186,"We respect and value our cast members and recognize the important role they play in creating happiness for our guests,"" Disney said in a statement, adding that talks with the unions representing its workers will resume 22 July and they are committed to reaching a deal ""that focuses on what matters most to our current cast members, helps us attract new cast, and positions Disneyland Resort for growth and the creation of more jobs"".",But they also say Disney is not flexible when they have a family crisis or get sick.,-0.2360192894935608,"According to the left-leaning Economic Policy Institute, CEO compensation rose 1,460 percent between 1978 and 2021.",The breakup of Morgan’s marriage caused him to lose his housing and cheap motels were all he could afford with his Disney wages.,2024-07-20
How a single IT update caused global havoc,https://www.bbc.co.uk/news/articles/cpwdyxx0v64o,2024-07-19T11:29:22.101Z,"A single update pushed out from an anti-virus company in the US has managed to cause global havoc today. It’s being described as the biggest outage ever, and while there have been a few lately, it’s certainly hard to recall something that has taken out as many services and companies across the world as this one has. I stopped updating my list of brands reporting issues within an hour of starting it because there were simply so many names to keep track of. You may never have heard of the anti-virus firm Crowdstrike before but something it did to its virus scanner Falcon had a very adverse effect on computers running Windows software – in their millions.  Blue Screen of Death reported worldwide. You probably don’t need me to tell you what that is. Microsoft was quick to say it was a “third-party issue” – in other words, not its fault. Apple and Linux users, unaffected, rejoiced. Crowdstrike says it has now issued a fix but several IT contacts have told me every single machine in their organisations will require a manual reboot in safe mode, and some of these devices are likely to be more physically accessible than others. There is currently no suggestion that it was malicious, or that anybody’s data has been compromised, accessed or stolen. The cyber-security world still advises that it’s a good idea to keep on top of software updates – although perhaps today is not the day to bang that particular drum. Crowdstrike’s statement, when it arrived, stopped short of an apology, which infuriated people online. However, shortly after the statement was released, CEO George Kurtz told US broadcaster NBC News: ""We're deeply sorry for the impact that we've caused to customers, to travellers, to anyone affected by this, including our companies."" It is a poignant reminder of how reliant the world has become on devices managed remotely by huge companies, and how powerless it leaves us when they fail.  These enormous platforms are bombarded all the time with attempted cyber-attacks, and ill-thought out software updates, and most of them are caught by the tech giants’ robust systems. There will no doubt be a post-mortem at Microsoft as to why this one was not. Timing is also everything. “Never push an update on a Friday,” sighed one computer scientist I spoke to, head in hands. That's because if something goes wrong and it takes time to fix, firms typically have fewer people working at weekends so it will inevitably take even longer to resolve. For that reason, many big firms do tend to prefer updates during the middle of the week. If you are a Crowdstrike customer, there are details on its support website explaining the fix. If you work for a company with an IT team, they may well be co-ordinating a company-wide response. Often by the time you’ve noticed an outage, it has fixed itself. This is certainly not the case here. It is likely to be a few days at least before the world returns to normal. ",BBC,19/07/2024,"['A single update pushed out from an anti-virus company in the US has managed to cause global havoc today.', 'It’s being described as the biggest outage ever, and while there have been a few lately, it’s certainly hard to recall something that has taken out as many services and companies across the world as this one has.', 'I stopped updating my list of brands reporting issues within an hour of starting it because there were simply so many names to keep track of.', 'You may never have heard of the anti-virus firm Crowdstrike before but something it did to its virus scanner Falcon had a very adverse effect on computers running Windows software – in their millions.', 'Blue Screen of Death reported worldwide.', 'You probably don’t need me to tell you what that is.', 'Microsoft was quick to say it was a “third-party issue” – in other words, not its fault.', 'Apple and Linux users, unaffected, rejoiced.', 'Crowdstrike says it has now issued a fix but several IT contacts have told me every single machine in their organisations will require a manual reboot in safe mode, and some of these devices are likely to be more physically accessible than others.', 'There is currently no suggestion that it was malicious, or that anybody’s data has been compromised, accessed or stolen.', 'The cyber-security world still advises that it’s a good idea to keep on top of software updates – although perhaps today is not the day to bang that particular drum.', 'Crowdstrike’s statement, when it arrived, stopped short of an apology, which infuriated people online.', 'However, shortly after the statement was released, CEO George Kurtz told US broadcaster NBC News: ""We\'re deeply sorry for the impact that we\'ve caused to customers, to travellers, to anyone affected by this, including our companies.""', 'It is a poignant reminder of how reliant the world has become on devices managed remotely by huge companies, and how powerless it leaves us when they fail.', 'These enormous platforms are bombarded all the time with attempted cyber-attacks, and ill-thought out software updates, and most of them are caught by the tech giants’ robust systems.', 'There will no doubt be a post-mortem at Microsoft as to why this one was not.', 'Timing is also everything. “', 'Never push an update on a Friday,” sighed one computer scientist I spoke to, head in hands.', ""That's because if something goes wrong and it takes time to fix, firms typically have fewer people working at weekends so it will inevitably take even longer to resolve."", 'For that reason, many big firms do tend to prefer updates during the middle of the week.', 'If you are a Crowdstrike customer, there are details on its support website explaining the fix.', 'If you work for a company with an IT team, they may well be co-ordinating a company-wide response.', 'Often by the time you’ve noticed an outage, it has fixed itself.', 'This is certainly not the case here.', 'It is likely to be a few days at least before the world returns to normal.']",-0.0807259851375817,The cyber-security world still advises that it’s a good idea to keep on top of software updates – although perhaps today is not the day to bang that particular drum.,A single update pushed out from an anti-virus company in the US has managed to cause global havoc today.,-0.6588210378374372,"Apple and Linux users, unaffected, rejoiced.",You may never have heard of the anti-virus firm Crowdstrike before but something it did to its virus scanner Falcon had a very adverse effect on computers running Windows software – in their millions.,2024-07-20
Crowdstrike: How China swerved worst of global tech meltdown,https://www.bbc.co.uk/news/articles/c3g01y047pdo,2024-07-20T15:14:06.240Z,"While most of the world was grappling with the blue screen of death on Friday, one country that managed to escape largely unscathed was China. The reason is actually quite simple: CrowdStrike is hardly used there.  Very few organisations will buy software from an American firm that, in the past, has been vocal about the cyber-security threat posed by Beijing. Additionally, China is not as reliant on Microsoft as the rest of the world. Domestic companies such as Alibaba, Tencent and Huawei are the dominant cloud providers. So reports of outages in China, when they did come, were mainly at foreign firms or organisations. On Chinese social media sites, for example, some users complained they were not able to check into international chain hotels such as Sheraton, Marriott and Hyatt in Chinese cities. Over recent years, government organisations, businesses and infrastructure operators have increasingly been replacing foreign IT systems with domestic ones. Some analysts like to call this parallel network the ""splinternet"". ""It's a testament to China's strategic handling of foreign tech operations,"" says Josh Kennedy White, a cybersecurity expert based in Singapore. ""Microsoft operates in China through a local partner, 21Vianet, which manages its services independently of its global infrastructure. This setup insulates China’s essential services - like banking and aviation - from global disruptions."" Beijing sees avoiding reliance on foreign systems as a way of shoring up national security. It is similar to the way some Western countries banned Chinese tech firm Huawei’s technology in 2019 - or the UK's move to ban the use of Chinese-owned TikTok on government devices in 2023. Since then, the US has launched a concerted effort to ban sales of advanced semiconductor chip tech to China, as well as attempts to stop American companies from investing in Chinese technology. The US government says all of these restrictions are on national security grounds. An editorial published on Saturday in the state-run Global Times newspaper made a thinly veiled reference to these curbs on Chinese technology. ""Some countries constantly talk about security, generalise the concept of security, but ignore the real security, this is ironic,"" the editorial said. The argument here is that the US tries to dictate the terms of who can use global technology and how it is used, yet one of its own companies has caused global chaos through lack of care. The Global Times also took a jab at the internet giants who ""monopolise"" the industry: ""Relying solely on top companies to lead network security efforts, as some countries advocate, may hinder not just the inclusive sharing of governance outcomes but also introduce new security risks."" The reference to “sharing” is probably an allusion to the debate over intellectual property insofar as China is often accused of copying or stealing western technology. Beijing insists this is not the case and advocates for an open global technology marketplace - while still keeping tight control over its domestic scene. Not everything was totally unaffected in China, however. A small numbers of workers expressed thanks to an American software giant for ending their working week early.   “Thank you Microsoft for an early vacation,” was trending on the social media site Weibo on Friday, with users posting pictures of blue error screens. ",BBC,20/07/2024,"['While most of the world was grappling with the blue screen of death on Friday, one country that managed to escape largely unscathed was China.', 'The reason is actually quite simple: CrowdStrike is hardly used there.', 'Very few organisations will buy software from an American firm that, in the past, has been vocal about the cyber-security threat posed by Beijing.', 'Additionally, China is not as reliant on Microsoft as the rest of the world.', 'Domestic companies such as Alibaba, Tencent and Huawei are the dominant cloud providers.', 'So reports of outages in China, when they did come, were mainly at foreign firms or organisations.', 'On Chinese social media sites, for example, some users complained they were not able to check into international chain hotels such as Sheraton, Marriott and Hyatt in Chinese cities.', 'Over recent years, government organisations, businesses and infrastructure operators have increasingly been replacing foreign IT systems with domestic ones.', 'Some analysts like to call this parallel network the ""splinternet"". ""', 'It\'s a testament to China\'s strategic handling of foreign tech operations,"" says Josh Kennedy White, a cybersecurity expert based in Singapore. ""', 'Microsoft operates in China through a local partner, 21Vianet, which manages its services independently of its global infrastructure.', 'This setup insulates China’s essential services - like banking and aviation - from global disruptions.""', 'Beijing sees avoiding reliance on foreign systems as a way of shoring up national security.', ""It is similar to the way some Western countries banned Chinese tech firm Huawei’s technology in 2019 - or the UK's move to ban the use of Chinese-owned TikTok on government devices in 2023."", 'Since then, the US has launched a concerted effort to ban sales of advanced semiconductor chip tech to China, as well as attempts to stop American companies from investing in Chinese technology.', 'The US government says all of these restrictions are on national security grounds.', 'An editorial published on Saturday in the state-run Global Times newspaper made a thinly veiled reference to these curbs on Chinese technology. ""', 'Some countries constantly talk about security, generalise the concept of security, but ignore the real security, this is ironic,"" the editorial said.', 'The argument here is that the US tries to dictate the terms of who can use global technology and how it is used, yet one of its own companies has caused global chaos through lack of care.', 'The Global Times also took a jab at the internet giants who ""monopolise"" the industry: ""Relying solely on top companies to lead network security efforts, as some countries advocate, may hinder not just the inclusive sharing of governance outcomes but also introduce new security risks.""', 'The reference to “sharing” is probably an allusion to the debate over intellectual property insofar as China is often accused of copying or stealing western technology.', 'Beijing insists this is not the case and advocates for an open global technology marketplace - while still keeping tight control over its domestic scene.', 'Not everything was totally unaffected in China, however.', 'A small numbers of workers expressed thanks to an American software giant for ending their working week early. “', 'Thank you Microsoft for an early vacation,” was trending on the social media site Weibo on Friday, with users posting pictures of blue error screens.']",-0.0448172435287942,"The Global Times also took a jab at the internet giants who ""monopolise"" the industry: ""Relying solely on top companies to lead network security efforts, as some countries advocate, may hinder not just the inclusive sharing of governance outcomes but also introduce new security risks.""",It is similar to the way some Western countries banned Chinese tech firm Huawei’s technology in 2019 - or the UK's move to ban the use of Chinese-owned TikTok on government devices in 2023.,-0.6083213806152343,"It's a testament to China's strategic handling of foreign tech operations,"" says Josh Kennedy White, a cybersecurity expert based in Singapore. ""","The Global Times also took a jab at the internet giants who ""monopolise"" the industry: ""Relying solely on top companies to lead network security efforts, as some countries advocate, may hinder not just the inclusive sharing of governance outcomes but also introduce new security risks.""",2024-07-20
Delta says the Olympics will cost it $100 million as travelers skip Paris,https://www.cnbc.com/2024/07/11/delta-paris-olympics-hit.html,2024-07-11T18:44:20+0000,"In this articleFor more than 10,000 Olympic athletes, making it to Paris this summer is a dream come true. Thousands of potential tourists feel otherwise.Delta Air Lines says travelers are avoiding the city this summer and booking to destinations elsewhere, amounting to a $100 million hit for the airline during an otherwise bustling summer for European travel, CEO Ed Bastian said.Delta's third-quarter profit and revenue forecast fell short of Wall Street expectations after airlines flooded the market with added flights. The airline reiterated its full-year outlook on Thursday.""Unless you're going to the Olympics, people aren't going to Paris ... very few are,"" Bastian told CNBC. ""Business travel, you know, other type of tourism is potentially going elsewhere.""Delta has the most service of any U.S. airline to Paris and holds a joint venture with Air France. Together, the two carriers have approximately 70% market share in nonstop service between the U.S. and France, according to consulting firm ICF.On July 1, Air France-KLM, the parent of Air France, forecast a revenue hit of as much as 180 million euros ($195.5 million) in June through August because of the Olympic Games.""International markets show a significant avoidance of Paris,"" the company said. ""Travel between the city and other destinations is also below the usual June-August average as residents in France seem to be postponing their holidays until after the Olympic Games or considering alternative travel plans.""Bastian said Paris demand after the Olympics, which run July 26 through August 11, will likely be strong. ""During the period itself there's a little bit of a hesitation,"" he said. Air France-KLM had a similar projection.One clear deterrent for mid-summer travel to Paris: Prices for hotel rooms are set to skyrocket.Hotel-data firm STR said revenue per available room for upscale hotels in the City of Light will soar as much as 45% in July and August from the year-earlier period. Meanwhile, it forecasts a 3% to 5% increase in the metric in London and 2% to 4% increase in Rome for the same months.Many travelers were already shifting their European vacations beyond the traditional summer travel season, Delta's president, Glen Hauenstein, said on an earnings call on Thursday. That gives airlines a chance to earn more revenue outside of traditional peak seasons.""We see the season extending as a whole group of people, whether or not it's retirees, whether or not it's people with double incomes and without children, who don't have the school concerns,"" he said. ""It's actually a better time to go to Europe in September and October than it is potentially in July and August when the weather is so hot and everything is so packed.""He also said Delta is seeing a boom in travel to Japan, thanks in large part to a favorable exchange rate for U.S. tourists.""When the yen was 83 [per U.S. dollar], it was very difficult to be able to afford to go see Japan and all the great things that Japan has to offer. With the yen at 160, it's a very different world for U.S. travelers and they seem to be taking great advantage of that,"" Hauenstein said.Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.",CNBC,11/07/2024,"['In this articleFor more than 10,000 Olympic athletes, making it to Paris this summer is a dream come true.', 'Thousands of potential tourists feel otherwise.', 'Delta Air Lines says travelers are avoiding the city this summer and booking to destinations elsewhere, amounting to a $100 million hit for the airline during an otherwise bustling summer for European travel, CEO Ed Bastian said.', ""Delta's third-quarter profit and revenue forecast fell short of Wall Street expectations after airlines flooded the market with added flights."", 'The airline reiterated its full-year outlook on Thursday.', '""Unless you\'re going to the Olympics, people aren\'t going to Paris ... very few are,"" Bastian told CNBC. ""', 'Business travel, you know, other type of tourism is potentially going elsewhere.', '""Delta has the most service of any U.S. airline to Paris and holds a joint venture with Air France.', 'Together, the two carriers have approximately 70% market share in nonstop service between the U.S. and France, according to consulting firm ICF.On July 1, Air France-KLM, the parent of Air France, forecast a revenue hit of as much as 180 million euros ($195.5 million) in June through August because of the Olympic Games.', '""International markets show a significant avoidance of Paris,"" the company said. ""', 'Travel between the city and other destinations is also below the usual June-August average as residents in France seem to be postponing their holidays until after the Olympic Games or considering alternative travel plans.', '""Bastian said Paris demand after the Olympics, which run July 26 through August 11, will likely be strong. ""', 'During the period itself there\'s a little bit of a hesitation,"" he said.', 'Air France-KLM had a similar projection.', 'One clear deterrent for mid-summer travel to Paris: Prices for hotel rooms are set to skyrocket.', 'Hotel-data firm STR said revenue per available room for upscale hotels in the City of Light will soar as much as 45% in July and August from the year-earlier period.', 'Meanwhile, it forecasts a 3% to 5% increase in the metric in London and 2% to 4% increase in Rome for the same months.', ""Many travelers were already shifting their European vacations beyond the traditional summer travel season, Delta's president, Glen Hauenstein, said on an earnings call on Thursday."", 'That gives airlines a chance to earn more revenue outside of traditional peak seasons.', '""We see the season extending as a whole group of people, whether or not it\'s retirees, whether or not it\'s people with double incomes and without children, who don\'t have the school concerns,"" he said. ""', ""It's actually a better time to go to Europe in September and October than it is potentially in July and August when the weather is so hot and everything is so packed."", '""He also said Delta is seeing a boom in travel to Japan, thanks in large part to a favorable exchange rate for U.S. tourists.', '""When the yen was 83 [per U.S. dollar], it was very difficult to be able to afford to go see Japan and all the great things that Japan has to offer.', 'With the yen at 160, it\'s a very different world for U.S. travelers and they seem to be taking great advantage of that,"" Hauenstein said.', 'Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics.', 'NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.']",0.1758530358221156,"With the yen at 160, it's a very different world for U.S. travelers and they seem to be taking great advantage of that,"" Hauenstein said.","Delta Air Lines says travelers are avoiding the city this summer and booking to destinations elsewhere, amounting to a $100 million hit for the airline during an otherwise bustling summer for European travel, CEO Ed Bastian said.",0.0673267722129821,"Meanwhile, it forecasts a 3% to 5% increase in the metric in London and 2% to 4% increase in Rome for the same months.",Delta's third-quarter profit and revenue forecast fell short of Wall Street expectations after airlines flooded the market with added flights.,2024-07-20
UK government debt highest since 1962,https://www.bbc.co.uk/news/articles/cgxqzp2zdw4o,2024-07-19T06:22:32.348Z,"The UK's national debt has reached its highest level since 1962, according to new official figures. The total stock of government debt was worth 99.5% of the value of the economy in June, exceeding the highs reached during the coronavirus pandemic for the first time. The Office for National Statistics (ONS) figures also showed that the amount the government borrowed was more than expected in June. A statement on the state of the public finances is expected from the Chancellor, Rachel Reeves, by the end of the month. Government debt refers to the overall amount of money owed by the government that has built up over years.  Borrowing refers to the difference between public sector spending and income from taxes in a given period. The Chief Secretary to the Treasury, Darren Jones, said the latest figures were a “clear reminder” of the “worst economic inheritance” since the Second World War. While last month's borrowing figure of £14.5bn was the lowest June total for five years, helped by lower interest costs linked to falling inflation, it was still higher than economists had forecast. With pressures to spend more on some public services, and election promises not to raise rates of income tax, corporation tax or VAT, many economists expect borrowing to increase.   Dennis Tatarkov, senior economist at KPMG UK, said: “The new chancellor faces the daunting task of funding the new government’s agenda, while maintaining public finances on a sustainable footing. ""A combination of high levels of spending and weak growth prospects will present uncomfortable choices – deciding between even more borrowing or substantially raising taxes if spending levels are to be maintained."" Separate figures from the ONS showed that retail sales fell by more than expected last month, with shops saying they had been hit by cold weather and election uncertainty. Retail sales volumes dropped by 1.2% in June, the ONS said, following strong growth in May. Sales at non-food retailers such as clothes shops and department stores saw the biggest fall, down 2.1%. ""Retailers suggested election uncertainty, poor weather, and low footfall affected sales,"" the ONS said. ",BBC,19/07/2024,"[""The UK's national debt has reached its highest level since 1962, according to new official figures."", 'The total stock of government debt was worth 99.5% of the value of the economy in June, exceeding the highs reached during the coronavirus pandemic for the first time.', 'The Office for National Statistics (ONS) figures also showed that the amount the government borrowed was more than expected in June.', 'A statement on the state of the public finances is expected from the Chancellor, Rachel Reeves, by the end of the month.', 'Government debt refers to the overall amount of money owed by the government that has built up over years.', 'Borrowing refers to the difference between public sector spending and income from taxes in a given period.', 'The Chief Secretary to the Treasury, Darren Jones, said the latest figures were a “clear reminder” of the “worst economic inheritance” since the Second World War.', ""While last month's borrowing figure of £14.5bn was the lowest June total for five years, helped by lower interest costs linked to falling inflation, it was still higher than economists had forecast."", 'With pressures to spend more on some public services, and election promises not to raise rates of income tax, corporation tax or VAT, many economists expect borrowing to increase.', 'Dennis Tatarkov, senior economist at KPMG UK, said: “The new chancellor faces the daunting task of funding the new government’s agenda, while maintaining public finances on a sustainable footing. ""', 'A combination of high levels of spending and weak growth prospects will present uncomfortable choices – deciding between even more borrowing or substantially raising taxes if spending levels are to be maintained.""', 'Separate figures from the ONS showed that retail sales fell by more than expected last month, with shops saying they had been hit by cold weather and election uncertainty.', 'Retail sales volumes dropped by 1.2% in June, the ONS said, following strong growth in May.', 'Sales at non-food retailers such as clothes shops and department stores saw the biggest fall, down 2.1%. ""', 'Retailers suggested election uncertainty, poor weather, and low footfall affected sales,"" the ONS said.']",-0.1058405804400314,"Retail sales volumes dropped by 1.2% in June, the ONS said, following strong growth in May.","Retailers suggested election uncertainty, poor weather, and low footfall affected sales,"" the ONS said.",-0.2700546492229808,The Office for National Statistics (ONS) figures also showed that the amount the government borrowed was more than expected in June.,"Separate figures from the ONS showed that retail sales fell by more than expected last month, with shops saying they had been hit by cold weather and election uncertainty.",2024-07-20
Phone and broadband mid-contract price surprise rises banned,https://www.bbc.co.uk/news/articles/c51ydz24lj2o,2024-07-19T06:17:43.545Z,"Mobile phone, pay TV, and broadband companies have been banned from surprise price rises during a contract. In new deals from 17 January, providers must tell customers about any mid-contract price rises at the point of sale and ""in pounds and pence"". This must be done in a ""clear and comprehensible"" way, Ofcom has ordered. Complaints from customers have risen about large, unexpected price rises at a time when other bills had been soaring. Ofcom said that many telecoms companies had changed contract terms in recent years to include price rises during a contract that were linked to inflation. This was usually on top of a 3.9% standard increase. That meant customers, when agreeing to a deal, could not budget for unknown price rises in the future.  Cristina Luna-Esteban, Ofcom's telecoms policy director, said: “People need to have certainty about their monthly outgoings. But that’s impossible if you’re tied into a contract where the price could change based on something as hard to predict as future inflation. “We’re stepping in on behalf of phone, broadband and pay TV customers to stamp out this practice, so people can be certain of the price they will pay, compare deals more easily and take advantage of the competitive market we have in the UK.” The move was proposed in December and has been through a consultation process. Ofcom said, as of April, about six in 10 broadband and mobile customers were on contracts subject to inflation-linked price rises.  Many were unaware of the rates of inflation - which chart the rising cost of living - and so found it difficult to estimate the effect on their payments. However, some providers were offering fixed-price deals in what the regulator described as a competitive market. Consumer groups were circumspect about the change in the rules. Tom MacInnes, from Citizens Advice, criticised Ofcom for the time it had taken to reach the decision. In the meantime, billions of pounds had collectively been added to bills when many people were struggling. “While we welcome steps to ban inflation-linked hikes, the announcement falls short of a full ban on prices rising mid-contract,"" he said. “Ofcom has also left the door wide open for mobile and broadband providers to sneakily include ‘prices may vary’ small print in their contracts, leaving consumers exposed to wholly unpredictable price rises. That's why we've always been clear that fixed should mean fixed.” ",BBC,19/07/2024,"['Mobile phone, pay TV, and broadband companies have been banned from surprise price rises during a contract.', 'In new deals from 17 January, providers must tell customers about any mid-contract price rises at the point of sale and ""in pounds and pence"".', 'This must be done in a ""clear and comprehensible"" way, Ofcom has ordered.', 'Complaints from customers have risen about large, unexpected price rises at a time when other bills had been soaring.', 'Ofcom said that many telecoms companies had changed contract terms in recent years to include price rises during a contract that were linked to inflation.', 'This was usually on top of a 3.9% standard increase.', 'That meant customers, when agreeing to a deal, could not budget for unknown price rises in the future.', ""Cristina Luna-Esteban, Ofcom's telecoms policy director, said: “People need to have certainty about their monthly outgoings."", 'But that’s impossible if you’re tied into a contract where the price could change based on something as hard to predict as future inflation. “', 'We’re stepping in on behalf of phone, broadband and pay TV customers to stamp out this practice, so people can be certain of the price they will pay, compare deals more easily and take advantage of the competitive market we have in the UK.”', 'The move was proposed in December and has been through a consultation process.', 'Ofcom said, as of April, about six in 10 broadband and mobile customers were on contracts subject to inflation-linked price rises.', 'Many were unaware of the rates of inflation - which chart the rising cost of living - and so found it difficult to estimate the effect on their payments.', 'However, some providers were offering fixed-price deals in what the regulator described as a competitive market.', 'Consumer groups were circumspect about the change in the rules.', 'Tom MacInnes, from Citizens Advice, criticised Ofcom for the time it had taken to reach the decision.', 'In the meantime, billions of pounds had collectively been added to bills when many people were struggling. “', 'While we welcome steps to ban inflation-linked hikes, the announcement falls short of a full ban on prices rising mid-contract,"" he said. “', 'Ofcom has also left the door wide open for mobile and broadband providers to sneakily include ‘prices may vary’ small print in their contracts, leaving consumers exposed to wholly unpredictable price rises.', ""That's why we've always been clear that fixed should mean fixed.”""]",-0.0132285350070373,"We’re stepping in on behalf of phone, broadband and pay TV customers to stamp out this practice, so people can be certain of the price they will pay, compare deals more easily and take advantage of the competitive market we have in the UK.”","While we welcome steps to ban inflation-linked hikes, the announcement falls short of a full ban on prices rising mid-contract,"" he said. “",-0.0864041745662689,This was usually on top of a 3.9% standard increase.,"Mobile phone, pay TV, and broadband companies have been banned from surprise price rises during a contract.",2024-07-20
Thousands of flights in US cancelled and delayed due to IT crash,https://www.bbc.co.uk/news/articles/cpd9jzrygnno,2024-07-19T08:59:57.927Z,"Major airlines have restored some operations after grounding flights across the US, citing communication issues caused by a global IT crash. The failure - which also affected banks and emergency services - was caused by a faulty software update from cybersecurity firm Crowdstrike. Delta Airlines and American Airlines grounded all flights on Friday but have since resumed services. Crowdstrike apologised and said that the issue had been identified and would be fixed, although it did not say when. More than 42,000 flights were delayed and over 4,700 cancelled worldwide, according to FlightAware. American Airlines and Delta have told passengers they would be issuing travel waivers for the disrupted services. US tourist Stephanie Thompson was unable to board her flight back to Dallas after a holiday in the UK. ""We couldn't get an answer from anybody,” she said, speaking from Edinburgh Airport. “I was on hold with American (Airlines) for about an hour and 10 minutes before I finally hung up. ""We just paid $6,800 (£5,260) for a one-way trip home, hopefully leaving tonight. I didn't know what else to do. I just wanted something to get us home."" Los Angeles International Airport told the BBC that “some flights"" were taking off and landing”, indicating that the issue was primarily affecting airlines rather than airports. United Airlines and a number of smaller carriers were also affected. In a statement, United said several different systems had been affected, including those that calculate aeroplane weight, phone systems and self check-in kiosks. The first indication of the Crowdstrike issue affecting US airlines emerged late on Thursday, when US airline Frontier said a major ""technical outage"" had affected its operations. Pete Buttigieg, the US transport secretary, said his department was ""monitoring technical issues” at Frontier that were “leading to cancellations and delays across their network."" The disruptions also affected hospitals, courts and government offices. The New York-based Kaleida Health network, which runs five hospitals in the Buffalo area, said on Friday morning that its systems were momentarily down. At Mass Brigham General hospitals, in Boston, Massachusetts, all appointments considered non-urgent were cancelled on Friday. Vehicles travelling across both the northern border with Canada and the southern border with Mexico were also delayed. ",BBC,19/07/2024,"['Major airlines have restored some operations after grounding flights across the US, citing communication issues caused by a global IT crash.', 'The failure - which also affected banks and emergency services - was caused by a faulty software update from cybersecurity firm Crowdstrike.', 'Delta Airlines and American Airlines grounded all flights on Friday but have since resumed services.', 'Crowdstrike apologised and said that the issue had been identified and would be fixed, although it did not say when.', 'More than 42,000 flights were delayed and over 4,700 cancelled worldwide, according to FlightAware.', 'American Airlines and Delta have told passengers they would be issuing travel waivers for the disrupted services.', 'US tourist Stephanie Thompson was unable to board her flight back to Dallas after a holiday in the UK. ""', ""We couldn't get an answer from anybody,” she said, speaking from Edinburgh Airport. “"", 'I was on hold with American (Airlines) for about an hour and 10 minutes before I finally hung up. ""', 'We just paid $6,800 (£5,260) for a one-way trip home, hopefully leaving tonight.', ""I didn't know what else to do."", 'I just wanted something to get us home.""', 'Los Angeles International Airport told the BBC that “some flights"" were taking off and landing”, indicating that the issue was primarily affecting airlines rather than airports.', 'United Airlines and a number of smaller carriers were also affected.', 'In a statement, United said several different systems had been affected, including those that calculate aeroplane weight, phone systems and self check-in kiosks.', 'The first indication of the Crowdstrike issue affecting US airlines emerged late on Thursday, when US airline Frontier said a major ""technical outage"" had affected its operations.', 'Pete Buttigieg, the US transport secretary, said his department was ""monitoring technical issues” at Frontier that were “leading to cancellations and delays across their network.""', 'The disruptions also affected hospitals, courts and government offices.', 'The New York-based Kaleida Health network, which runs five hospitals in the Buffalo area, said on Friday morning that its systems were momentarily down.', 'At Mass Brigham General hospitals, in Boston, Massachusetts, all appointments considered non-urgent were cancelled on Friday.', 'Vehicles travelling across both the northern border with Canada and the southern border with Mexico were also delayed.']",-0.0321638592731137,"US tourist Stephanie Thompson was unable to board her flight back to Dallas after a holiday in the UK. """,The failure - which also affected banks and emergency services - was caused by a faulty software update from cybersecurity firm Crowdstrike.,-0.8738730624318123,,"Pete Buttigieg, the US transport secretary, said his department was ""monitoring technical issues” at Frontier that were “leading to cancellations and delays across their network.""",2024-07-20
Probe started into house purchase payments delay,https://www.bbc.co.uk/news/articles/cq5xql07n29o,2024-07-18T14:08:12.739Z,"Global banking officials are investigating the cause of a worldwide ""payments issue"" which delayed some high value and time sensitive money transfers, including house purchases for several hours.  Swift, the global financial artery that allows the smooth and rapid transfer of money across borders, said that it was taking the incident ""extremely seriously"" and apologised for the disruption caused. Earlier, the Bank of England had warned that payments made via the CHAPS system, used by traditional UK High Street banks as well as international lenders, could be affected by a problem in the wider global payments network. The Bank said the issue at Swift had been fixed after few hours. Swift said the problem causing payments to be delayed for some customers had been caused by ""an operational incident"". The problem was not cyber-related, it said.  ""We are in contact with our customers to support them in mitigating the consequences on their operations and in turn on their own customers’ transactions,"" a statement said. The issue did not affect ordinary debit and credit payments, cash machines or bank transfers. The Bank of England said any outstanding payments which had been set to be transferred would be settled by the end of the day and advised anyone who was worried about a CHAPS payment to contact their bank. ""We are pleased to confirm that the third party supplier has restored service following their earlier issues, and CHAPS payments are settling as normal,"" the Bank said. Banks and lenders use the CHAPS system to transfer money between them. Overall, there are 200,000 payments via it every day in the UK, at a value of £363bn. Several thousand financial institutions in the UK could have been affected, either directly or indirectly. Individuals use it for high-value transfers such as house completions and the purchase of cars. On average there are around 4,000 housing transactions a day. Andrew Montlake, from mortgage broker Coreco, said the situation earlier on Thursday had the ""potential to be a nightmare scenario for home buyers on the day of completion, potentially leaving them and their removal vans all packed up with nowhere to go"". The issue originated with part of the Swift system. It stands for Society for Worldwide Interbank Financial Telecommunication. Created in 1973 and based in Belgium, Swift links 11,000 banks and institutions in more than 200 countries. Not a bank in itself, it is a co-operative running an instant messaging system that informs users when payments have been sent and arrived. It sends more than 40 million messages a day, as trillions of dollars change hands between companies and governments. ",BBC,18/07/2024,"['Global banking officials are investigating the cause of a worldwide ""payments issue"" which delayed some high value and time sensitive money transfers, including house purchases for several hours.', 'Swift, the global financial artery that allows the smooth and rapid transfer of money across borders, said that it was taking the incident ""extremely seriously"" and apologised for the disruption caused.', 'Earlier, the Bank of England had warned that payments made via the CHAPS system, used by traditional UK High Street banks as well as international lenders, could be affected by a problem in the wider global payments network.', 'The Bank said the issue at Swift had been fixed after few hours.', 'Swift said the problem causing payments to be delayed for some customers had been caused by ""an operational incident"".', 'The problem was not cyber-related, it said. ""', 'We are in contact with our customers to support them in mitigating the consequences on their operations and in turn on their own customers’ transactions,"" a statement said.', 'The issue did not affect ordinary debit and credit payments, cash machines or bank transfers.', 'The Bank of England said any outstanding payments which had been set to be transferred would be settled by the end of the day and advised anyone who was worried about a CHAPS payment to contact their bank. ""', 'We are pleased to confirm that the third party supplier has restored service following their earlier issues, and CHAPS payments are settling as normal,"" the Bank said.', 'Banks and lenders use the CHAPS system to transfer money between them.', 'Overall, there are 200,000 payments via it every day in the UK, at a value of £363bn.', 'Several thousand financial institutions in the UK could have been affected, either directly or indirectly.', 'Individuals use it for high-value transfers such as house completions and the purchase of cars.', 'On average there are around 4,000 housing transactions a day.', 'Andrew Montlake, from mortgage broker Coreco, said the situation earlier on Thursday had the ""potential to be a nightmare scenario for home buyers on the day of completion, potentially leaving them and their removal vans all packed up with nowhere to go"".', 'The issue originated with part of the Swift system.', 'It stands for Society for Worldwide Interbank Financial Telecommunication.', 'Created in 1973 and based in Belgium, Swift links 11,000 banks and institutions in more than 200 countries.', 'Not a bank in itself, it is a co-operative running an instant messaging system that informs users when payments have been sent and arrived.', 'It sends more than 40 million messages a day, as trillions of dollars change hands between companies and governments.']",0.0869522195819651,"We are pleased to confirm that the third party supplier has restored service following their earlier issues, and CHAPS payments are settling as normal,"" the Bank said.","Earlier, the Bank of England had warned that payments made via the CHAPS system, used by traditional UK High Street banks as well as international lenders, could be affected by a problem in the wider global payments network.",-0.5868449211120605,"We are pleased to confirm that the third party supplier has restored service following their earlier issues, and CHAPS payments are settling as normal,"" the Bank said.","Andrew Montlake, from mortgage broker Coreco, said the situation earlier on Thursday had the ""potential to be a nightmare scenario for home buyers on the day of completion, potentially leaving them and their removal vans all packed up with nowhere to go"".",2024-07-20
The Mirage closes in Las Vegas to make way for Hard Rock Guitar Hotel,https://www.cnbc.com/2024/07/17/the-mirage-closes-in-las-vegas-to-make-way-for-hard-rock-guitar-hotel.html,2024-07-17T20:22:17+0000,"It's the end of an era. The Mirage is closing its doors after 35 years to make way for Hard Rock's new Guitar hotel. The latest turnover in Las Vegas marks a new chapter for the destination city, where sports and entertainment are a bigger draw than the gambling for tourists.Hard Rock International Chairman Jim Allen told CNBC he's humbled and feels fortunate to be remaking the legendary integrated resort. ""When Steve and Elaine Wynn opened the Mirage in December of 1989, it changed not just Las Vegas, but it changed the way people look at gaming. It became a true destination,"" Allen said.The Mirage was the Wynns' first megaresort, the largest hotel in the world at that point. This week, Steve Wynn wrote a tribute to the ground-breaking property, as reported in the Las Vegas Review-Journal.""In the prior 16 years, no completely new hotel had been built in Las Vegas,"" Wynn wrote. ""However, in the next decade following the 1989 arrival of Mirage, we rushed into a virtual doubling of the town's capacity and became the fastest growing city in America. To call The Mirage a catalyst would be an understatement.""The themed resorts that followed hearken to another place and time. Excalibur, Luxor and New York-New York largely now cater to budget-minded visitors and families. Paris Las Vegas offers views of a replica Eiffel Tower. The Venetian attracts tourists with replica canals and gondolas. Caesars Palace with its replica of Michelangelo's David set the early standard for themed resorts when it opened in 1966. But the future is in luxury touch points, access to high-end dining, boast-worthy entertainment and high-priced sports packages. And Hard Rock International has lots of experience providing it, in Florida; Atlantic City, New Jersey; New York; – and in 70 countries around the world. The gambling and entertainment company, owned by the Seminole Tribe of Florida, bought The Mirage from MGM Resorts in December 2022.VICI Properties, a gaming real estate investment trust and the largest property owner on the Las Vegas Strip, owns The Mirage buildings and land, and says it will partner with Hard Rock to bring the new resort to life.Hard Rock will model its Las Vegas renovation on its highly successful Guitar Hotel at Seminole Hard Rock Hollywood in South Florida. Throughout the Sunshine State, Hard Rock enjoys a near monopoly on gambling. But in Las Vegas, competition is fierce. Staying relevant on the Strip requires frequent room renovations, facilities upgrades, and new amenities to attract not only bachelor parties and girls' weekends, but also the midweek bread-and-butter convention crowd.   On Monday Susquehanna gaming analyst Joe Stauff wrote, ""It seems to us that MGM is stepping up its investment in Las Vegas to maximize the benefits of its portfolio positioning that surrounds all the sports venues.""    In the same note, Stauff criticized Caesars for being stingy with its investments in Strip properties and downgraded Caesars stock from a neutral rating to negative.Caesars is scheduled to post second-quarter earnings on July 30. MGM Resorts International reports a day later.When the Mirage ceases operations Wednesday, 3,000 employees will lose their jobs.Allen told CNBC he hopes to rehire many of them when the new resort launches. The company is scheduling a spring 2027 reopening.""I think the world is going to be shocked at some of the artists that we're already talking to for long-term residency,"" Allen said.While Hard Rock's entry to the Las Vegas Strip may provide stiff new competition when it reopens, its closure in the meantime could give its neighbors a boost. CBRE analyst John DeCree estimates the Mirage closure will take nearly a million room nights out of circulation annually.The Strip lost another 400,000 room nights annually when the Tropicana closed in April and is slated for demolition to make way for a new integrated resort and baseball stadium to host the A's of Major League Baseball.In total, 4.9% of the available rooms temporarily disappear at a time when room rates and visitation continue to set records.",CNBC,17/07/2024,"[""It's the end of an era."", ""The Mirage is closing its doors after 35 years to make way for Hard Rock's new Guitar hotel."", 'The latest turnover in Las Vegas marks a new chapter for the destination city, where sports and entertainment are a bigger draw than the gambling for tourists.', ""Hard Rock International Chairman Jim Allen told CNBC he's humbled and feels fortunate to be remaking the legendary integrated resort."", '""When Steve and Elaine Wynn opened the Mirage in December of 1989, it changed not just Las Vegas, but it changed the way people look at gaming.', 'It became a true destination,"" Allen said.', ""The Mirage was the Wynns' first megaresort, the largest hotel in the world at that point."", 'This week, Steve Wynn wrote a tribute to the ground-breaking property, as reported in the Las Vegas Review-Journal.', '""In the prior 16 years, no completely new hotel had been built in Las Vegas,"" Wynn wrote. ""', ""However, in the next decade following the 1989 arrival of Mirage, we rushed into a virtual doubling of the town's capacity and became the fastest growing city in America."", 'To call The Mirage a catalyst would be an understatement.', '""The themed resorts that followed hearken to another place and time.', 'Excalibur, Luxor and New York-New York largely now cater to budget-minded visitors and families.', 'Paris Las Vegas offers views of a replica Eiffel Tower.', 'The Venetian attracts tourists with replica canals and gondolas.', ""Caesars Palace with its replica of Michelangelo's David set the early standard for themed resorts when it opened in 1966.But the future is in luxury touch points, access to high-end dining, boast-worthy entertainment and high-priced sports packages."", 'And Hard Rock International has lots of experience providing it, in Florida; Atlantic City, New Jersey; New York; – and in 70 countries around the world.', 'The gambling and entertainment company, owned by the Seminole Tribe of Florida, bought The Mirage from MGM Resorts in December 2022.VICI Properties, a gaming real estate investment trust and the largest property owner on the Las Vegas Strip, owns The Mirage buildings and land, and says it will partner with Hard Rock to bring the new resort to life.', 'Hard Rock will model its Las Vegas renovation on its highly successful Guitar Hotel at Seminole Hard Rock Hollywood in South Florida.', 'Throughout the Sunshine State, Hard Rock enjoys a near monopoly on gambling.', 'But in Las Vegas, competition is fierce.', ""Staying relevant on the Strip requires frequent room renovations, facilities upgrades, and new amenities to attract not only bachelor parties and girls' weekends, but also the midweek bread-and-butter convention crowd."", 'On Monday Susquehanna gaming analyst Joe Stauff wrote, ""It seems to us that MGM is stepping up its investment in Las Vegas to maximize the benefits of its portfolio positioning that surrounds all the sports venues.""', 'In the same note, Stauff criticized Caesars for being stingy with its investments in Strip properties and downgraded Caesars stock from a neutral rating to negative.', 'Caesars is scheduled to post second-quarter earnings on July 30.', 'MGM Resorts International reports a day later.', 'When the Mirage ceases operations Wednesday, 3,000 employees will lose their jobs.', 'Allen told CNBC he hopes to rehire many of them when the new resort launches.', 'The company is scheduling a spring 2027 reopening.', '""I think the world is going to be shocked at some of the artists that we\'re already talking to for long-term residency,"" Allen said.', ""While Hard Rock's entry to the Las Vegas Strip may provide stiff new competition when it reopens, its closure in the meantime could give its neighbors a boost."", 'CBRE analyst John DeCree estimates the Mirage closure will take nearly a million room nights out of circulation annually.', ""The Strip lost another 400,000 room nights annually when the Tropicana closed in April and is slated for demolition to make way for a new integrated resort and baseball stadium to host the A's of Major League Baseball."", 'In total, 4.9% of the available rooms temporarily disappear at a time when room rates and visitation continue to set records.']",0.0869643736574564,"Throughout the Sunshine State, Hard Rock enjoys a near monopoly on gambling.","In the same note, Stauff criticized Caesars for being stingy with its investments in Strip properties and downgraded Caesars stock from a neutral rating to negative.",0.2546630576252937,"On Monday Susquehanna gaming analyst Joe Stauff wrote, ""It seems to us that MGM is stepping up its investment in Las Vegas to maximize the benefits of its portfolio positioning that surrounds all the sports venues.""","In the same note, Stauff criticized Caesars for being stingy with its investments in Strip properties and downgraded Caesars stock from a neutral rating to negative.",2024-07-20
Inside a $60 million beachfront mansion with subterranean secrets and Italian flair,https://www.cnbc.com/2024/07/12/tour-delray-beach-florida-mansion.html,2024-07-12T16:22:21+0000,"The owner of a beachfront mansion in Delray Beach, Florida, is looking to shatter a local price record with a home that delivers old-school Italian flair above ground and hidden personality below.While the upper levels are adorned with 300 stone-carved columns, vaulted ceilings and even a fresco painted in Florence, Italy, the home's subterranean space is packed with modern luxuries including a super car gallery, glowing tequila bar and a steel vault packed with piles of cash.The two distinct design themes are wrapped in a limestone-clad residence located on the town's ultra-high-end South Ocean Boulevard. The 23,000-plus square-foot home is called Mar Pietra, Italian for ""sea stone.""""So much stone went into this house, I thought it was appropriate,"" owner Massimo Musa told CNBC.Musa founded and sold several companies in the eye-care industry. He also develops real estate and built Mar Pietra with this now ex-wife.The passion project took five years to complete and employed dozens of craftsmen, painters and sculptors, many of them from Italy. Tons of limestone were shipped here from Mexico's Yucatan Peninsula; hand-carved marble made the journey from Verona, Italy; and massive panels of cedar arrived from Colombia.According to the listing, the mega home sits on 100 feet of beachfront. There is a main residence and guest house and all together nine bedrooms, 12 full baths and seven half baths. The climate-controlled subterranean garage adds 4,000 more square feet, with even more space added via covered areas such as a luxurious loggia that houses another kitchen, bar, lounge and dining area.The massive estate is five times the size of the average Delray Beach home sold during the first quarter, and its eight-figure price tag is more than 18 times the area's almost $3.3 million average sales price for a luxury home, according to the Elliman Report. The report defines luxury homes as the top 10% of sales.The highest sale price ever achieved in Delray Beach was $34 million for a listing also located on South Ocean Boulevard that sold in 2021. According to public records, the top sale price per square foot was also recorded in 2021, at just under $2,600 per square foot. Mar Pietra's list price would put it right in line with that value metric.The trophy home's massive footprint and its giant oceanfront lawn are a rare sight on this strip of beach in Palm Beach County. According to Musa, that is because of the lot's unique zoning history.Public records show he bought the lot, along with the lot across the street on the Intracoastal Waterway, for $9 million back in in 2002. At the time, the oceanfront parcel had a hotel on it, which means the land was under hotel zoning regulations. Musa, who immigrated to the U.S. from Italy, tore down the old building so he could build a beachfront family home that paid homage to his home country.Even after the hotel's demolition, Musa says, the land's hotel zoning remained intact. That allowed him to build a home with a larger footprint and smaller setbacks. Plus, the residence could extend closer to the shoreline than current residential zoning typically allows. Also grandfathered in was a portion of beachfront lot that was cleared decades ago by the hotel's owners, something Musa told CNBC current regulation would never allow. That clearing is now a lush evergreen lawn, made of artificial grass, that rolls across the back of his one-acre property where it meets the natural vegetation on the sandy shoreline.The home's position 21 feet above sea level and its sheer size is impressive, but like many listings at this price point, it is not always easy to find a buyer. While the estate has been on and off the market since December 2021, its $60 million price tag holds steady. It is currently offered by South Florida listing agent Senada Adzem of Douglas Elliman.""This trophy estate stands as one of South Florida's finest bespoke luxury properties, designed to evoke timeless elegance,"" Adzem told CNBC.According to the Elliman Report, luxury single-family home inventory in the first quarter rose more than 12% over the previous year, and the average sales price of a luxury single-family home in Delray Beach dropped more than 33%.Despite data that suggests the market may be experiencing some headwinds, Adzem remains confident in the list price and South Florida's high-end real estate market.""The ultra-luxury real estate market will continue to prosper,"" she said. ""Wealthy clients love Palm Beach County, valuing oceanfront locations, privacy and uniqueness above all else.""To support that claim, Adzem points just 400 meters down the street to a sale in Highland Beach, where just this May an oceanfront home traded for $50 million, or more than $2,800 per square foot. On this coastline, Mar Pietra could actually be considered a relative bargain. A nearby smaller home, also on South Ocean Boulevard, recently listed for $74 million, or about $5,100 a square foot.According to Adzem, Mar Pietra commands a premium in part for its quality of construction and the property's rare zoning allowances, which she called priceless.""These generous zoning allowances enabled our client to create a truly unique property that would otherwise be impossible,"" she said.It is hard to imagine a potential buyer taking issue with the estate for being too small, but Adzem said in this part of Florida, it is not out of the question. So, the real estate broker and her client are ready to offer a solution.""What's really unique about the home is the fact that my client is willing to sell it with the Intracoastal Waterway lot that would create the only ocean-to-intracoastal compound in Delray Beach, Florida.""The two-lot deal, Adzem said, would deliver enough land to develop another waterfront house that could include a rare spot on the Intracoastal Waterway to dock a mega yacht. As for the price tag to buy the full package deal, Adzem said she would only discuss that number with prospective buyers.The home's driveway passes through a grand archway called a porte-cochere that leads to a circular motor court. Inside the limestone structure is a two-story guesthouse spanning more than 2,700 square feet with three bedrooms, three full baths and two half baths.Beyond the circular motor court is a giant stone staircase that ascends to the main residence.Through the arches at the top of the stairway is a central open-air courtyard. Musa says the design was inspired by Vizcaya Museum and Gardens in Miami.The courtyard leads to the home's main entrance, where a butterfly staircase reigns over a double-height foyer.The home's library spans two levels with a spiral staircase that rises up to the second floor — and the room delivers much more than books.Musa says the cedar-wrapped room's design was inspired by the Vanderbilt estate, while the fresco on the ceiling takes inspiration from the Sistine Chapel. The mural, Adzem told CNBC, was painted in Florence, Italy, shipped to Florida and affixed to the ceiling, where the artist made the final finishing touches.The lower level of the library includes an onyx bar and a lounge area. On the upper level, windows around the home office are filled with views of the pool and ocean.The primary suite is also on the second floor, with views from every window.The suite's two baths feature contemporary designs, imported marbles and walk-in closets. The white marble bath flows seamlessly into a boutique-style, walk-in wardrobe with a cabinet island, jewelry showcase and separate shoe closet.Deep below the dune that Mar Pietra is perched upon is a subterranean lair with a very different design story. It is more modern down there and packed with contemporary luxuries.The home's so-called auto lounge is an underground garage adorned with giant crystal chandeliers, ornate ceilings and parking for seven cars. During CNBC's visit, it was staged bumper to bumper with $5 million worth of rare Lamborghinis. The parking area leads to a lounge designed for people who like to admire their rides. A wall of curved glass separates the lounge from the garage and delivers a great view of the parked supercars. The steel vault on the side wall is an art piece with a functioning door and stacks of money inside.The lower level also includes a tequila-only bar wrapped in quartzite. After dark, lights embedded in the stone can ignite the surfaces with a milky-white glow. There is also a state-of-the-art theater, with a floor-to-ceiling and wall-to-wall electronic screen, and it is one of the home's two cinemas.",CNBC,12/07/2024,"['The owner of a beachfront mansion in Delray Beach, Florida, is looking to shatter a local price record with a home that delivers old-school Italian flair above ground and hidden personality below.', ""While the upper levels are adorned with 300 stone-carved columns, vaulted ceilings and even a fresco painted in Florence, Italy, the home's subterranean space is packed with modern luxuries including a super car gallery, glowing tequila bar and a steel vault packed with piles of cash."", ""The two distinct design themes are wrapped in a limestone-clad residence located on the town's ultra-high-end South Ocean Boulevard."", 'The 23,000-plus square-foot home is called Mar Pietra, Italian for ""sea stone.', '""""So much stone went into this house, I thought it was appropriate,"" owner Massimo Musa told CNBC.Musa founded and sold several companies in the eye-care industry.', 'He also develops real estate and built Mar Pietra with this now ex-wife.', 'The passion project took five years to complete and employed dozens of craftsmen, painters and sculptors, many of them from Italy.', ""Tons of limestone were shipped here from Mexico's Yucatan Peninsula; hand-carved marble made the journey from Verona, Italy; and massive panels of cedar arrived from Colombia."", 'According to the listing, the mega home sits on 100 feet of beachfront.', 'There is a main residence and guest house and all together nine bedrooms, 12 full baths and seven half baths.', 'The climate-controlled subterranean garage adds 4,000 more square feet, with even more space added via covered areas such as a luxurious loggia that houses another kitchen, bar, lounge and dining area.', ""The massive estate is five times the size of the average Delray Beach home sold during the first quarter, and its eight-figure price tag is more than 18 times the area's almost $3.3 million average sales price for a luxury home, according to the Elliman Report."", 'The report defines luxury homes as the top 10% of sales.', 'The highest sale price ever achieved in Delray Beach was $34 million for a listing also located on South Ocean Boulevard that sold in 2021.', 'According to public records, the top sale price per square foot was also recorded in 2021, at just under $2,600 per square foot.', ""Mar Pietra's list price would put it right in line with that value metric."", ""The trophy home's massive footprint and its giant oceanfront lawn are a rare sight on this strip of beach in Palm Beach County."", ""According to Musa, that is because of the lot's unique zoning history."", 'Public records show he bought the lot, along with the lot across the street on the Intracoastal Waterway, for $9 million back in in 2002.At the time, the oceanfront parcel had a hotel on it, which means the land was under hotel zoning regulations.', 'Musa, who immigrated to the U.S. from Italy, tore down the old building so he could build a beachfront family home that paid homage to his home country.', ""Even after the hotel's demolition, Musa says, the land's hotel zoning remained intact."", 'That allowed him to build a home with a larger footprint and smaller setbacks.', 'Plus, the residence could extend closer to the shoreline than current residential zoning typically allows.', ""Also grandfathered in was a portion of beachfront lot that was cleared decades ago by the hotel's owners, something Musa told CNBC current regulation would never allow."", 'That clearing is now a lush evergreen lawn, made of artificial grass, that rolls across the back of his one-acre property where it meets the natural vegetation on the sandy shoreline.', ""The home's position 21 feet above sea level and its sheer size is impressive, but like many listings at this price point, it is not always easy to find a buyer."", 'While the estate has been on and off the market since December 2021, its $60 million price tag holds steady.', 'It is currently offered by South Florida listing agent Senada Adzem of Douglas Elliman.', '""This trophy estate stands as one of South Florida\'s finest bespoke luxury properties, designed to evoke timeless elegance,"" Adzem told CNBC.According to the Elliman Report, luxury single-family home inventory in the first quarter rose more than 12% over the previous year, and the average sales price of a luxury single-family home in Delray Beach dropped more than 33%.Despite data that suggests the market may be experiencing some headwinds, Adzem remains confident in the list price and South Florida\'s high-end real estate market.', '""The ultra-luxury real estate market will continue to prosper,"" she said. ""', 'Wealthy clients love Palm Beach County, valuing oceanfront locations, privacy and uniqueness above all else.', '""To support that claim, Adzem points just 400 meters down the street to a sale in Highland Beach, where just this May an oceanfront home traded for $50 million, or more than $2,800 per square foot.', 'On this coastline, Mar Pietra could actually be considered a relative bargain.', 'A nearby smaller home, also on South Ocean Boulevard, recently listed for $74 million, or about $5,100 a square foot.', ""According to Adzem, Mar Pietra commands a premium in part for its quality of construction and the property's rare zoning allowances, which she called priceless."", '""These generous zoning allowances enabled our client to create a truly unique property that would otherwise be impossible,"" she said.', 'It is hard to imagine a potential buyer taking issue with the estate for being too small, but Adzem said in this part of Florida, it is not out of the question.', 'So, the real estate broker and her client are ready to offer a solution.', '""What\'s really unique about the home is the fact that my client is willing to sell it with the Intracoastal Waterway lot that would create the only ocean-to-intracoastal compound in Delray Beach, Florida.', '""The two-lot deal, Adzem said, would deliver enough land to develop another waterfront house that could include a rare spot on the Intracoastal Waterway to dock a mega yacht.', 'As for the price tag to buy the full package deal, Adzem said she would only discuss that number with prospective buyers.', ""The home's driveway passes through a grand archway called a porte-cochere that leads to a circular motor court."", 'Inside the limestone structure is a two-story guesthouse spanning more than 2,700 square feet with three bedrooms, three full baths and two half baths.', 'Beyond the circular motor court is a giant stone staircase that ascends to the main residence.', 'Through the arches at the top of the stairway is a central open-air courtyard.', 'Musa says the design was inspired by Vizcaya Museum and Gardens in Miami.', ""The courtyard leads to the home's main entrance, where a butterfly staircase reigns over a double-height foyer."", ""The home's library spans two levels with a spiral staircase that rises up to the second floor — and the room delivers much more than books."", ""Musa says the cedar-wrapped room's design was inspired by the Vanderbilt estate, while the fresco on the ceiling takes inspiration from the Sistine Chapel."", 'The mural, Adzem told CNBC, was painted in Florence, Italy, shipped to Florida and affixed to the ceiling, where the artist made the final finishing touches.', 'The lower level of the library includes an onyx bar and a lounge area.', 'On the upper level, windows around the home office are filled with views of the pool and ocean.', 'The primary suite is also on the second floor, with views from every window.', ""The suite's two baths feature contemporary designs, imported marbles and walk-in closets."", 'The white marble bath flows seamlessly into a boutique-style, walk-in wardrobe with a cabinet island, jewelry showcase and separate shoe closet.', 'Deep below the dune that Mar Pietra is perched upon is a subterranean lair with a very different design story.', 'It is more modern down there and packed with contemporary luxuries.', ""The home's so-called auto lounge is an underground garage adorned with giant crystal chandeliers, ornate ceilings and parking for seven cars."", ""During CNBC's visit, it was staged bumper to bumper with $5 million worth of rare Lamborghinis."", 'The parking area leads to a lounge designed for people who like to admire their rides.', 'A wall of curved glass separates the lounge from the garage and delivers a great view of the parked supercars.', 'The steel vault on the side wall is an art piece with a functioning door and stacks of money inside.', 'The lower level also includes a tequila-only bar wrapped in quartzite.', 'After dark, lights embedded in the stone can ignite the surfaces with a milky-white glow.', ""There is also a state-of-the-art theater, with a floor-to-ceiling and wall-to-wall electronic screen, and it is one of the home's two cinemas.""]",0.1664158554806378,"Wealthy clients love Palm Beach County, valuing oceanfront locations, privacy and uniqueness above all else.",The lower level of the library includes an onyx bar and a lounge area.,0.9435006247626412,"""The ultra-luxury real estate market will continue to prosper,"" she said. """,,2024-07-20
"United Airlines profit jumps 23%, but third-quarter forecast disappoints amid industry overcapacity",https://www.cnbc.com/2024/07/17/united-ual-earnings-q2-2024.html,2024-07-18T17:28:54+0000,"In this articleUnited Airlines' second-quarter profit rose more than 20% from last year as strong demand for international travel boosted the carrier's results, but its third-quarter forecast came in shy of estimates as an oversupply of flights weighs on fares.United said Wednesday that it expects to earn between $2.75 and $3.25 a share on an adjusted basis in the current quarter, lower than the $3.44 a share analysts polled by LSEG estimated.Here's what United reported for the second quarter compared with what Wall Street expected, based on average estimates compiled by LSEG:United earned $1.32 billion, or $3.96 per share, in the three months ended June 30, up from $1.08 billion, or $3.24 per share, a year earlier. Adjusting for one-time items, it reported earnings of $4.14 a share, compared with $3.93 that analysts expected.Revenue of $14.99 billion jumped 5.7% from the year-earlier period, though it was just shy of estimates.United reiterated its full-year forecast for adjusted earnings of $9 to $11 a share.""Looking back at the quarter now, it is increasingly clear that demand was in fact strong, it just could not keep up with the incremental industry domestic capacity added in 2024. Excess capacity, in turn, pressured yields,"" United Chief Commercial Officer Andrew Nocella said during the company's earnings call.United and Delta Air Lines, which also disappointed with its third-quarter guidance, have still been standouts in the U.S. airline industry. Most carriers have been struggling with an increase in domestic capacity that has weighed on airfares, despite the record demand.Both carriers have added international flights, which have been in high demand after the pandemic, and premium offerings, like bigger lounges and more spacious seats, capitalizing on travelers willing to pay more for a ticket.United said on Wednesday that premium revenue grew more than 8% from last year, while sales from the most restrictive basic economy tickets rose 38%, as it works to cater to both ends of the market.The company expanded domestic flying by more than 5% in the second quarter over last year, and unit revenues fell more than 1% over last year. Yields on flights to and from Europe, which is a smaller slice of United's sales, rose more than 5%, compared with the second quarter of 2023.United CEO Scott Kirby said airlines have been trimming their schedules and that there will be an inflection point to moderate the supply in mid-August.""I've been through these cycles with capacity many times in my career, this is the fastest respond and it's also the biggest gap between the leading airlines and the other airlines, which I think is part of the reason the response is so fast,"" Kirby said Thursday during the earnings call.On Tuesday, Spirit Airlines cut its second-quarter forecast, citing weaker-than-expected revenue for fees like seating or luggage. Southwest Airlines and American Airlines, which report results on July 25, previously reduced their second-quarter estimates.— CNBC's Ece Yildirim contributed to this report.",CNBC,18/07/2024,"[""In this articleUnited Airlines' second-quarter profit rose more than 20% from last year as strong demand for international travel boosted the carrier's results, but its third-quarter forecast came in shy of estimates as an oversupply of flights weighs on fares."", 'United said Wednesday that it expects to earn between $2.75 and $3.25 a share on an adjusted basis in the current quarter, lower than the $3.44 a share analysts polled by LSEG estimated.', ""Here's whatUnited reported for the second quarter compared with what Wall Street expected, based on average estimates compiled by LSEG:United earned $1.32 billion, or $3.96 per share, in the three months ended June 30, up from $1.08 billion, or $3.24 per share, a year earlier."", 'Adjusting for one-time items, it reported earnings of $4.14 a share, compared with $3.93 that analysts expected.', 'Revenue of $14.99 billion jumped 5.7% from the year-earlier period, though it was just shy of estimates.', 'United reiterated its full-year forecast for adjusted earnings of $9 to $11 a share.', '""Looking back at the quarter now, it is increasingly clear that demand was in fact strong, it just could not keep up with the incremental industry domestic capacity added in 2024.', 'Excess capacity, in turn, pressured yields,"" United Chief Commercial Officer Andrew Nocella said during the company\'s earnings call.', 'United and Delta Air Lines, which also disappointed with its third-quarter guidance, have still been standouts in the U.S. airline industry.', 'Most carriers have been struggling with an increase in domestic capacity that has weighed on airfares, despite the record demand.', 'Both carriers have added international flights, which have been in high demand after the pandemic, and premium offerings, like bigger lounges and more spacious seats, capitalizing on travelers willing to pay more for a ticket.', 'United said on Wednesday that premium revenue grew more than 8% from last year, while sales from the most restrictive basic economy tickets rose 38%, as it works to cater to both ends of the market.', 'The company expanded domestic flying by more than 5% in the second quarter over last year, and unit revenues fell more than 1% over last year.', ""Yields on flights to and from Europe, which is a smaller slice of United's sales, rose more than 5%, compared with the second quarter of 2023.United CEO Scott Kirby said airlines have been trimming their schedules and that there will be an inflection point to moderate the supply in mid-August."", '""I\'ve been through these cycles with capacity many times in my career, this is the fastest respond and it\'s also the biggest gap between the leading airlines and the other airlines, which I think is part of the reason the response is so fast,"" Kirby said Thursday during the earnings call.', 'On Tuesday, Spirit Airlines cut its second-quarter forecast, citing weaker-than-expected revenue for fees like seating or luggage.', 'Southwest Airlines and American Airlines, which report results on July 25, previously reduced their second-quarter estimates.—', ""CNBC's Ece Yildirim contributed to this report.""]",0.2137830683116299,"Here's whatUnited reported for the second quarter compared with what Wall Street expected, based on average estimates compiled by LSEG:United earned $1.32 billion, or $3.96 per share, in the three months ended June 30, up from $1.08 billion, or $3.24 per share, a year earlier.","Revenue of $14.99 billion jumped 5.7% from the year-earlier period, though it was just shy of estimates.",0.2082946896553039,"Yields on flights to and from Europe, which is a smaller slice of United's sales, rose more than 5%, compared with the second quarter of 2023.United CEO Scott Kirby said airlines have been trimming their schedules and that there will be an inflection point to moderate the supply in mid-August.","United said Wednesday that it expects to earn between $2.75 and $3.25 a share on an adjusted basis in the current quarter, lower than the $3.44 a share analysts polled by LSEG estimated.",2024-07-20
Delta says the Olympics will cost it $100 million as travelers skip Paris,https://www.cnbc.com/2024/07/11/delta-paris-olympics-hit.html,2024-07-11T18:44:20+0000,"In this articleFor more than 10,000 Olympic athletes, making it to Paris this summer is a dream come true. Thousands of potential tourists feel otherwise.Delta Air Lines says travelers are avoiding the city this summer and booking to destinations elsewhere, amounting to a $100 million hit for the airline during an otherwise bustling summer for European travel, CEO Ed Bastian said.Delta's third-quarter profit and revenue forecast fell short of Wall Street expectations after airlines flooded the market with added flights. The airline reiterated its full-year outlook on Thursday.""Unless you're going to the Olympics, people aren't going to Paris ... very few are,"" Bastian told CNBC. ""Business travel, you know, other type of tourism is potentially going elsewhere.""Delta has the most service of any U.S. airline to Paris and holds a joint venture with Air France. Together, the two carriers have approximately 70% market share in nonstop service between the U.S. and France, according to consulting firm ICF.On July 1, Air France-KLM, the parent of Air France, forecast a revenue hit of as much as 180 million euros ($195.5 million) in June through August because of the Olympic Games.""International markets show a significant avoidance of Paris,"" the company said. ""Travel between the city and other destinations is also below the usual June-August average as residents in France seem to be postponing their holidays until after the Olympic Games or considering alternative travel plans.""Bastian said Paris demand after the Olympics, which run July 26 through August 11, will likely be strong. ""During the period itself there's a little bit of a hesitation,"" he said. Air France-KLM had a similar projection.One clear deterrent for mid-summer travel to Paris: Prices for hotel rooms are set to skyrocket.Hotel-data firm STR said revenue per available room for upscale hotels in the City of Light will soar as much as 45% in July and August from the year-earlier period. Meanwhile, it forecasts a 3% to 5% increase in the metric in London and 2% to 4% increase in Rome for the same months.Many travelers were already shifting their European vacations beyond the traditional summer travel season, Delta's president, Glen Hauenstein, said on an earnings call on Thursday. That gives airlines a chance to earn more revenue outside of traditional peak seasons.""We see the season extending as a whole group of people, whether or not it's retirees, whether or not it's people with double incomes and without children, who don't have the school concerns,"" he said. ""It's actually a better time to go to Europe in September and October than it is potentially in July and August when the weather is so hot and everything is so packed.""He also said Delta is seeing a boom in travel to Japan, thanks in large part to a favorable exchange rate for U.S. tourists.""When the yen was 83 [per U.S. dollar], it was very difficult to be able to afford to go see Japan and all the great things that Japan has to offer. With the yen at 160, it's a very different world for U.S. travelers and they seem to be taking great advantage of that,"" Hauenstein said.Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.",CNBC,11/07/2024,"['In this articleFor more than 10,000 Olympic athletes, making it to Paris this summer is a dream come true.', 'Thousands of potential tourists feel otherwise.', 'Delta Air Lines says travelers are avoiding the city this summer and booking to destinations elsewhere, amounting to a $100 million hit for the airline during an otherwise bustling summer for European travel, CEO Ed Bastian said.', ""Delta's third-quarter profit and revenue forecast fell short of Wall Street expectations after airlines flooded the market with added flights."", 'The airline reiterated its full-year outlook on Thursday.', '""Unless you\'re going to the Olympics, people aren\'t going to Paris ... very few are,"" Bastian told CNBC. ""', 'Business travel, you know, other type of tourism is potentially going elsewhere.', '""Delta has the most service of any U.S. airline to Paris and holds a joint venture with Air France.', 'Together, the two carriers have approximately 70% market share in nonstop service between the U.S. and France, according to consulting firm ICF.On July 1, Air France-KLM, the parent of Air France, forecast a revenue hit of as much as 180 million euros ($195.5 million) in June through August because of the Olympic Games.', '""International markets show a significant avoidance of Paris,"" the company said. ""', 'Travel between the city and other destinations is also below the usual June-August average as residents in France seem to be postponing their holidays until after the Olympic Games or considering alternative travel plans.', '""Bastian said Paris demand after the Olympics, which run July 26 through August 11, will likely be strong. ""', 'During the period itself there\'s a little bit of a hesitation,"" he said.', 'Air France-KLM had a similar projection.', 'One clear deterrent for mid-summer travel to Paris: Prices for hotel rooms are set to skyrocket.', 'Hotel-data firm STR said revenue per available room for upscale hotels in the City of Light will soar as much as 45% in July and August from the year-earlier period.', 'Meanwhile, it forecasts a 3% to 5% increase in the metric in London and 2% to 4% increase in Rome for the same months.', ""Many travelers were already shifting their European vacations beyond the traditional summer travel season, Delta's president, Glen Hauenstein, said on an earnings call on Thursday."", 'That gives airlines a chance to earn more revenue outside of traditional peak seasons.', '""We see the season extending as a whole group of people, whether or not it\'s retirees, whether or not it\'s people with double incomes and without children, who don\'t have the school concerns,"" he said. ""', ""It's actually a better time to go to Europe in September and October than it is potentially in July and August when the weather is so hot and everything is so packed."", '""He also said Delta is seeing a boom in travel to Japan, thanks in large part to a favorable exchange rate for U.S. tourists.', '""When the yen was 83 [per U.S. dollar], it was very difficult to be able to afford to go see Japan and all the great things that Japan has to offer.', 'With the yen at 160, it\'s a very different world for U.S. travelers and they seem to be taking great advantage of that,"" Hauenstein said.', 'Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics.', 'NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.']",0.1758530358221156,"With the yen at 160, it's a very different world for U.S. travelers and they seem to be taking great advantage of that,"" Hauenstein said.","Delta Air Lines says travelers are avoiding the city this summer and booking to destinations elsewhere, amounting to a $100 million hit for the airline during an otherwise bustling summer for European travel, CEO Ed Bastian said.",0.0673267722129821,"Meanwhile, it forecasts a 3% to 5% increase in the metric in London and 2% to 4% increase in Rome for the same months.",Delta's third-quarter profit and revenue forecast fell short of Wall Street expectations after airlines flooded the market with added flights.,2024-07-20
"SpaceX’s Falcon 9 rocket suffers rare inflight failure, is grounded during investigation",https://www.cnbc.com/2024/07/12/spacex-falcon-9-rocket-grounded-after-rare-inflight-failure.html,2024-07-12T17:32:12+0000,"SpaceX's Falcon 9 rocket is grounded, pending an incident investigation, after an inflight failure — a rare misfire for the company's workhorse vehicle.The mission, known as ""Starlink Group 9-3,"" launched from California's Vandenberg Space Force Base on Thursday evening and was carrying 20 satellites bound for low Earth orbit.The rocket's lower first stage, or booster, operated as expected before returning to land. But the rocket's upper second stage failed to reignite its engine as planned and was destroyed, SpaceX CEO Elon Musk confirmed.""Upper stage restart to raise perigee resulted in an engine RUD for reasons currently unknown,"" Musk wrote in a post on social media. RUD, or ""rapid unscheduled disassembly,"" is a term SpaceX uses to refer to an explosive or destructive event. The company said in a later update that the engine failure came after a leak of liquid oxygen in the second stage.Falcon 9 is grounded until the Federal Aviation Administration signs off on SpaceX's investigation of the incident, the federal regulator confirmed.""The FAA will be involved in every step of the investigation process and must approve SpaceX's final report, including any corrective actions,"" the agency said in a statement to CNBC.The Starlink mission was the 69th Falcon 9 launch of the year — with the company averaging a blistering pace of a launch every two to three days in 2024 — but the investigation will likely delay launches planned in the weeks ahead, including two crewed missions: The private Polaris Dawn and NASA's Crew-9.Sign up here to receive weekly editions of CNBC's Investing in Space newsletter.SpaceX still deployed the 20 Starlink satellites but noted that the second stage engine failure means the satellites were in ""a lower than intended orbit."" In an update Friday afternoon, the company said it made contact with 10 of the satellites in an effort to use the satellites onboard thrusters to climb higher in orbit.Despite the attempted recovery, SpaceX confirmed that the ""enormously high-drag environment"" from being in the wrong, lower orbit means the satellites will not be recovered. The 20 satellites will re-enter the Earth's atmosphere and burn up.""They do not pose a threat to other satellites in orbit or to public safety,"" the company wrote in a statement on its website.Falcon 9 has been on an unrivaled run of success for nearly a decade, chocking up more than 300 consecutive successful orbital launches since its previous inflight failure in June 2015, during the NASA cargo mission CRS-7.In total, SpaceX's Falcon 9 has launched 354 missions to orbit, with more than 300 of those featuring successful landings and resulting in the reuse of rocket boosters more than 280 times.",CNBC,12/07/2024,"[""SpaceX's Falcon 9 rocket is grounded, pending an incident investigation, after an inflight failure — a rare misfire for the company's workhorse vehicle."", 'The mission, known as ""Starlink Group 9-3,"" launched from California\'s Vandenberg Space Force Base on Thursday evening and was carrying 20 satellites bound for low Earth orbit.', ""The rocket's lower first stage, or booster, operated as expected before returning to land."", ""But the rocket's upper second stage failed to reignite its engine as planned and was destroyed, SpaceX CEO Elon Musk confirmed."", '""Upper stage restart to raise perigee resulted in an engine RUD for reasons currently unknown,"" Musk wrote in a post on social media.', 'RUD, or ""rapid unscheduled disassembly,"" is a term SpaceX uses to refer to an explosive or destructive event.', 'The company said in a later update that the engine failure came after a leak of liquid oxygen in the second stage.', ""Falcon 9 is grounded until the Federal Aviation Administration signs off on SpaceX's investigation of the incident, the federal regulator confirmed."", '""The FAA will be involved in every step of the investigation process and must approve SpaceX\'s final report, including any corrective actions,"" the agency said in a statement to CNBC.The Starlink mission was the 69th Falcon 9 launch of the year — with the company averaging a blistering pace of a launch every two to three days in 2024 — but the investigation will likely delay launches planned in the weeks ahead, including two crewed missions: The private Polaris Dawn and NASA\'s Crew-9.Sign up here to receive weekly editions of CNBC\'s Investing in Space newsletter.', 'SpaceX still deployed the 20 Starlink satellites but noted that the second stage engine failure means the satellites were in ""a lower than intended orbit.""', 'In an update Friday afternoon, the company said it made contact with 10 of the satellites in an effort to use the satellites onboard thrusters to climb higher in orbit.', 'Despite the attempted recovery, SpaceX confirmed that the ""enormously high-drag environment"" from being in the wrong, lower orbit means the satellites will not be recovered.', ""The 20 satellites will re-enter the Earth's atmosphere and burn up."", '""They do not pose a threat to other satellites in orbit or to public safety,"" the company wrote in a statement on its website.', ""Falcon 9 has been on an unrivaled run of success for nearly a decade, chocking up more than 300 consecutive successful orbital launches since its previous inflight failure in June 2015, during the NASA cargo mission CRS-7.In total, SpaceX's Falcon 9 has launched 354 missions to orbit, with more than 300 of those featuring successful landings and resulting in the reuse of rocket boosters more than 280 times.""]",-0.2401648490956937,"Falcon 9 has been on an unrivaled run of success for nearly a decade, chocking up more than 300 consecutive successful orbital launches since its previous inflight failure in June 2015, during the NASA cargo mission CRS-7.In total, SpaceX's Falcon 9 has launched 354 missions to orbit, with more than 300 of those featuring successful landings and resulting in the reuse of rocket boosters more than 280 times.","But the rocket's upper second stage failed to reignite its engine as planned and was destroyed, SpaceX CEO Elon Musk confirmed.",-0.6828810742923191,"Falcon 9 has been on an unrivaled run of success for nearly a decade, chocking up more than 300 consecutive successful orbital launches since its previous inflight failure in June 2015, during the NASA cargo mission CRS-7.In total, SpaceX's Falcon 9 has launched 354 missions to orbit, with more than 300 of those featuring successful landings and resulting in the reuse of rocket boosters more than 280 times.","""Upper stage restart to raise perigee resulted in an engine RUD for reasons currently unknown,"" Musk wrote in a post on social media.",2024-07-20
Macy's ends buyout talks with Arkhouse and Brigade after months of negotiations,https://www.cnbc.com/2024/07/15/macys-ends-buyout-talks-with-arkhouse-and-brigade-after-months-of-negotiations.html,2024-07-15T15:42:15+0000,"In this articleDepartment store Macy's said Monday its board has unanimously decided to end negotiations with the activist group that had been looking to take the retailer private for roughly $6.9 billion, saying in a statement that questions on financing and premium were insurmountable.""We have concluded that Arkhouse and Brigade's proposal lacks certainty of financing and does not deliver compelling value,"" Macy's lead independent director Paul Varga said in a press release.Arkhouse and Brigade had for months been attempting to buy out the storied retailer. Earlier this month, the bidders increased their offer to $24.80 per share, the latest in a series of price hikes since they first launched their takeover effort last year.Macy's said the company had gone ""well beyond what is customarily required"" in a due diligence period, offering the bidder group store-by-store profit and loss information and leases for each location. The company also noted that Arkhouse and Brigade had been allowed to share that confidential information with more than a dozen ""credible financing sources.""Arkhouse, after its initial efforts had been rebuffed, said earlier this year it intended to mount a proxy fight for control of Macy's. The two sides were able to reach a settlement in April, adding two independent directors to the Macy's board.Arkhouse did not immediately respond to CNBC's request for comment. Shares of Macy's fell roughly 14% in early trading Monday.Macy's is in the middle of a turnaround effort led by CEO Tony Spring, who stepped into the top job in February. The department store operator announced earlier this year that it would close about 150 of its namesake stores and open new locations of Bloomingdale's and Bluemercury, its two brands that have put up stronger results. It is also opening smaller Macy's locations in bustling strip malls in the suburbs.But the legacy department store operator's efforts to grow sales have been stymied by high inflation, as consumers became more selective about spending on discretionary items. Macy's has had to fight to stay relevant, too, as younger shoppers turn to online players such as Shein, big-box stores such as Target and off-price chains such as T.J. Maxx instead of department stores.For the fiscal year, Macy's expects net sales to range between $22.3 billion and $22.9 billion, which would be a drop from $23.09 billion in 2023. It expects comparable sales, which take out the effect of store openings and closures, to range from a decline of about 1% to a gain of 1.5% on an owned-plus-licensed basis and including third-party marketplace sales.On an earnings call in late May, Spring said Macy's is in the ""early innings"" of revitalizing its namesake stores. Yet, he pointed to better sales results at the first 50 stores where Macy's had invested in more staffing, sharper merchandise displays and special events.Prior to Monday's losses, shares of Macy's had fallen about 5% so far in 2024 for a market value of roughly $5 billion, trailing behind the S&P 500's roughly 18% gain during the same period.Arkhouse is a well-known real estate investment firm led by Gavriel Kahane and Jonathon Blackwell. While it is not a conventional activist investing firm, it has made a handful of unsolicited bids for REITs over the past few years. Brigade Capital Management focuses on retail companies, and has previously invested in names such as Sears and Neiman Marcus.Together, the bidding group sought to unlock what it saw as trapped value inside Macy's real estate holdings, while simultaneously overhauling the company's operations. Other department store names have been activist targets in the recent past for similar reasons. In 2022, activist fund Macellum urged Kohl's to sell itself.",CNBC,15/07/2024,"[""In this articleDepartment store Macy's said Monday its board has unanimously decided to end negotiations with the activist group that had been looking to take the retailer private for roughly $6.9 billion, saying in a statement that questions on financing and premium were insurmountable."", '""Wehave concluded that Arkhouse and Brigade\'s proposal lacks certainty of financing and does not deliver compelling value,"" Macy\'s lead independent director Paul Varga said in a press release.', 'Arkhouse and Brigade had for months been attempting to buy out the storied retailer.', 'Earlier this month, the bidders increased their offer to $24.80 per share, the latest in a series of price hikes since they first launched their takeover effort last year.', 'Macy\'s said the company had gone ""well beyond what is customarily required"" in a due diligence period, offering the bidder group store-by-store profit and loss information and leases for each location.', 'The company also noted that Arkhouse and Brigade had been allowed to share that confidential information with more than a dozen ""credible financing sources.', '""Arkhouse, after its initial efforts had been rebuffed, said earlier this year it intended to mount a proxy fight for control of Macy\'s.', ""The two sides were able to reach a settlement in April, adding two independent directors to the Macy's board."", ""Arkhouse did not immediately respond to CNBC's request for comment."", ""Shares of Macy's fell roughly 14% in early trading Monday."", ""Macy's is in the middle of a turnaround effort led by CEO Tony Spring, who stepped into the top job in February."", ""The department store operator announced earlier this year that it wouldclose about 150 of its namesake storesand open new locations of Bloomingdale's and Bluemercury, its two brands that have put up stronger results."", ""It is alsoopening smaller Macy's locationsin bustling strip malls in the suburbs."", ""But the legacy department store operator's efforts to grow sales have been stymied by high inflation, as consumers became more selective about spending on discretionary items."", ""Macy's has had tofight to stay relevant, too, as younger shoppers turn to online players such as Shein, big-box stores such as Target and off-price chains such as T.J. Maxx instead of department stores."", ""For the fiscal year, Macy's expects net sales to range between $22.3 billion and $22.9 billion, which would be a drop from $23.09 billion in 2023.It expects comparable sales, which take out the effect of store openings and closures, to range from a decline of about 1% to a gain of 1.5% on an owned-plus-licensed basis and including third-party marketplace sales."", 'On an earnings call in late May, Spring said Macy\'s is in the ""early innings"" of revitalizing its namesake stores.', ""Yet, hepointed to better sales resultsat the first 50 stores where Macy's had invested in more staffing, sharper merchandise displays and special events."", ""Prior to Monday's losses, shares of Macy's had fallen about 5% so far in 2024 for a market value of roughly $5 billion, trailing behind the S&P 500's roughly 18% gain during the same period."", 'Arkhouse is a well-known real estate investment firm led by Gavriel Kahane and Jonathon Blackwell.', 'While it is not a conventional activist investing firm, it has made a handful of unsolicited bids for REITs over the past few years.', 'Brigade Capital Management focuses on retail companies, and has previously invested in names such as Sears and Neiman Marcus.', ""Together, the bidding group sought to unlock what it saw as trapped value inside Macy's real estate holdings, while simultaneously overhauling the company's operations."", 'Other department store names have been activist targets in the recent past for similar reasons.', ""In 2022, activist fund Macellum urged Kohl's to sell itself.""]",0.1346937520291199,"Yet, hepointed to better sales resultsat the first 50 stores where Macy's had invested in more staffing, sharper merchandise displays and special events.","""Arkhouse, after its initial efforts had been rebuffed, said earlier this year it intended to mount a proxy fight for control of Macy's.",-0.1878453850746154,"The department store operator announced earlier this year that it wouldclose about 150 of its namesake storesand open new locations of Bloomingdale's and Bluemercury, its two brands that have put up stronger results.","For the fiscal year, Macy's expects net sales to range between $22.3 billion and $22.9 billion, which would be a drop from $23.09 billion in 2023.It expects comparable sales, which take out the effect of store openings and closures, to range from a decline of about 1% to a gain of 1.5% on an owned-plus-licensed basis and including third-party marketplace sales.",2024-07-20
Can Boeing get back to its glory days?,https://www.cnbc.com/2024/07/18/boeing-path-forward.html,2024-07-21T13:33:12+0000,"In this articleBoeing executives spent years after two fatal 737 Max crashes trying to convince Wall Street, regulators, airlines and the flying public that they had an eagle eye on quality, reliability and safety.Then on Jan. 5, about six minutes and 16,000 feet into a packed flight out of Portland, Oregon, a door plug blew out of a nearly new Boeing 737 Max 9. The panel was missing key bolts that hold it in place, which the company had removed to fix damaged rivets, according to early accident reports.No one was seriously injured, but the harrowing flight jolted Boeing's leaders back into crisis mode. It also reignited scrutiny and skepticism from the same groups the iconic plane-maker spent years trying to win back after the two Max crashes.Now Boeing's leaders say they have charted a path forward to fix the company: Better oversight, improved safety and manufacturing procedures, and more robust training for workers, many of them new hires after pandemic-era buyouts and layoffs of thousands of employees.Boeing this month unveiled a long-awaited deal to buy back its troubled fuselage supplier, Spirit AeroSystems, in a bid to help stamp out production flaws.A week later, Boeing said it reached a deal with the Justice Department to plead guilty to a federal charge of conspiracy to defraud the U.S. government tied to the fatal 737 Max crashes. Attorneys representing crash victims' families blasted the agreement as a ""sweetheart"" deal. If approved by a federal judge, it would allow Boeing to avoid a potentially lengthy and costly criminal trial, though it would also brand Boeing as a felon.""This past January, the facade quite literally blew off the hollow shell that had been Boeing's promises to the world,"" Sen. Richard Blumenthal, D-Conn., said in testimony for a Senate panel hearing he called last month, where Boeing CEO Dave Calhoun was roasted by lawmakers.Industry watchers and insiders say a string of decisions stretching back decades — from a 1997 merger to outsourcing — led to the problems at the longtime touchstone of American manufacturing quality and innovation. Boeing employs some 170,000 people, and its products have landed everywhere from the Maldives to the moon.Even with its road map in hand, fixing its problems and restoring Boeing's reputation will take years — and it won't be cheap.And Boeing still has plenty of people to convince.Boeing hasn't posted an annual profit since 2018, and the plane maker's shares have tumbled about 30% this year while the broader market rallied. Its stock closed at a high of $440.62 in March 2019, days before the second Max crash. It now trades closer to $185 per share.Boeing finance chief Brian West told investors in May that the company expects to burn, rather than generate, cash this year, some $8 billion in the first half of 2024. It reports quarterly results on July 31.""This company is more important than a few quarters of Wall Street,"" Aengus Kelly, CEO of aircraft leasing giant AerCap, a major Boeing customer, said in an interview in the spring. ""It has to be nurtured and rebuilt.""Boeing will be back on the global stage next week during the biennial Farnborough Airshow in the United Kingdom, one of the world's largest aircraft shows. But the manufacturer will have a muted presence: It's not sending its yet-to-be-certified 777X, 737 Max 7 or Max 10 planes as Boeing employees focus on the fixing problems at home rather than showcase its new planes as it did during past air shows.Boeing began 2024 fresh from a surge in annual jetliner sales and a jump in deliveries, welcome tallies that appeared to show the company was turning a corner after the fatal dives of two 737 Maxes in 2018 and 2019 that killed all 346 people on the flights.But the Jan. 5 door plug blowout on Flight 1282, operated by Boeing's crosstown customer Alaska Airlines, brought a swift response from regulators. The Federal Aviation Administration barred Boeing from increasing output of its Max planes and stepped up hands-on inspections at production plants. The FAA said in March that its audit found ""non-compliance issues in Boeing's manufacturing process control, parts handling and storage, and product control.""Its production limitations have exacerbated delivery delays for Boeing customers, a slowdown that's impacting its commercial jet business, as airlines pay the bulk of a plane's price when they receive it. That division accounted for more than 43% of Boeing's nearly $78 billion in revenue last year.In the first half of 2024, Boeing delivered 175 airplanes, compared with the 323 aircraft that Airbus handed over during the same period. The two companies dominate the commercial jet market.Leaders at the top of major airlines from Emirates to Southwest have aired their frustration with the jet maker as deliveries run behind schedule. Southwest, United and American have blamed slowdowns in hiring and changed flight plans on Boeing's delays.""Boeing needs to become a better company,"" Southwest CEO Bob Jordan said at a JPMorgan industry conference in March, an uncharacteristically strong comment from the leader of the all-Boeing 737 airline.Even if planes arrive late, compensation doesn't often make up for the shortfall of jets.""I'm not in the compensation business. I'm the airline business,"" Etihad Airways CEO Antonoaldo Neves said in an interview.Tight supply at both Boeing and Airbus makes shifting orders over to the European company nearly impossible. Both companies are sold out of narrow-body planes through almost the end of the decade. Boeing has an order book of more than 5,400 jetliners, after accounting adjustments, while Airbus has about 8,000 unfilled orders.And Airbus isn't on solid ground either, warning customers and investors last month that supply chain problems will slow its planned ramp up in production and slow deliveries.Earlier this year as airline executives' patience wore thin, they sought meetings with Boeing's board chairman, people familiar with the matter said.Shortly afterward, Boeing in March announced a leadership shake-up, with the head of its all-important commercial airplane unit replaced. CEO Calhoun, an alumnus of General Electric and Blackstone, said he would step down by the end of the year. Boeing replaced its chairman, too, installing ex-Qualcomm CEO Steve Mollenkopf.Boeing hasn't yet named a replacement for Calhoun. The CEO of Spirit AeroSystems, Pat Shanahan, who previously worked at Boeing and served as former deputy secretary and acting secretary of defense under former President Donald Trump, is considered a strong contender.Across the airline industry, executives publicly and privately say they would rather Boeing take the time to fix problems than face prolonged uncertainty over when new planes will be delivered.The 108-year old Boeing has a firm place in American history. Its bombers were crucial in World War II. It has built presidential aircraft. Former Presidents Barack Obama and Donald Trump have each held events at Boeing 787 Dreamliner factories. And in space, a Boeing-built rocket propelled Apollo 11 to the moon in 1969.Most of the general public knows Boeing as the company to usher in the jet age. It designed and launched four aircraft in just over a decade, including the first 737.The narrow-body plane was soon dwarfed by Boeing's groundbreaking and more glamorous jumbo jet, the 747, which could fit more than 500 people, and in some configurations, a piano bar. The 737 was dubbed ""Baby Boeing"" and went on to become the company's bestseller, helping to make Boeing the largest U.S. exporter. It has built more than 11,000 of the 737s to date.""Without Boeing, the world is a worse place,"" AerCap's Kelly said.But within a five-month span in 2018 and 2019, two Max 8 planes crashed: one in Indonesia operated by Lion Air that plunged into the Java Sea, killing the 189 people on board; and one operated by Ethiopian Airlines that crashed shortly after takeoff from Addis Ababa, killing the 157 people on that flight.Pilots in those Boeing planes fought against a flight-control system, the Maneuvering Characteristics Augmentation System, that pushed the nose of the planes downward repeatedly. The Department of Justice later alleged the company misled the FAA about the system, the charge to which Boeing ultimately agreed to plead guilty.Last year, it looked like Boeing was back on a better footing.""I have heard those outside our company wondering if we've lost a step. I view it as quite the opposite,"" Calhoun said in note to employees last October.Months later, the powerful blast from the Alaska Airlines door plug blowout ripped off head rests, seatbacks and the first officer's headset, leaving a gaping hole in row 26. The incident terrified passengers and exposed the most serious in a series of quality control issues on Boeing jets. Previous issues included mis-drilled holes and incorrect spacing on some of Boeing fuselages.The manufacturer's production portfolio includes a host of jets that are regularly flown commercially around the world: the workhorse 737, the wide-body 787 Dreamliner, and soon, once approved by regulators, the 777X.And while production flaws make headlines, Boeing jets continue to carry travelers safely around the world, with more than 13,000 at the end of last year. The company has a 45% market share of commercial jets currently flying, according to AeroDynamic Advisory.Across all of its divisions, its customers also include the U.S. and foreign militaries, and NASA — and some of those units haven't been without issue either.""Our airplanes have carried the equivalent of more than double the population of the planet,"" Calhoun said in testimony to a Senate panel last month for a hearing titled ""Boeing's Broken Safety Culture.""""Getting this right is critical for our company, for the customers who fly our planes every day, and for our country,"" he said. He apologized during the hearing to the family members of the Lion Air and Ethiopian crash victims, as they held posters with pictures of lost loved ones.Critics say a yearslong push to reward Boeing shareholders and lower costs came at the expense of building totally new aircraft, in favor of updating older models. Boeing also outsourced production of key parts to suppliers that it increasingly put under pressure to deliver, exposing the supply chain to potential flaws.United CEO Scott Kirby told CNBC in January that he believes the issues date back to Boeing's merger with competing airplane manufacturer McDonnell Douglas in 1997. The tie-up is often cited as a turning point for Boeing that replaced its once engineering-led culture with a greater focus on returns.From 2010 to 2019, Boeing spent $68 billion on stock buybacks and dividends, according to Melius Research analyst Rob Spingarn.""This is a long time building,"" Kirby said.In 2001, Boeing moved its corporate headquarters from its original home in Seattle to Chicago, farther away from the factory floors where it had built aircraft since the early 20th century. In 2022, it moved headquarters again to Arlington, Virginia.In 2005, Boeing sold its Wichita division that makes fuselages for many of its planes to a private equity firm for just under $1 billion. That spinoff would eventually become Spirit AeroSystems, which Boeing is now buying back for about $4.7 billion plus debt.And in 2020, Boeing said it would consolidate 787 Dreamliner production in South Carolina, more than 2,400 miles away from its other manufacturing facilities in Washington state, including where the Dreamliners were previously built. It also outsourced parts production to a network of suppliers.Those moves have been put under a microscope in recent years as Boeing disclosed recurring production flaws. Allegations from whistleblowers at the company and at Spirit have claimed Boeing was cutting corners in production.Calhoun, when asked about outsourcing production to Spirit, told CNBC in January: ""Did it go too far? Yeah ... probably did, but now it's here and now I gotta deal with it.""Flaws on its planes have cost Boeing billions of dollars due to periods of production drops, delivery pauses and compensation to customers.Boeing does say that it's on the right track.For one, it's been forced to slow production of its planes. While painful in the near term because it drives up costs and deprives the company of new planes to hand over to customers, executives say it's the way to make sure manufacturing flaws don't reappear.Jefferies estimates Boeing produced about 24 Max jets a month in the second quarter and could move to roughly 35 a month in the last three months of the year. Boeing has said it aims to increase rates to about 50 Max planes a month in the next few years.It's also brought employees into the recovery effort. The company has held so-called ""stand-downs"" at its factories to pause work and discuss problems on the line.And its plea deal with the DOJ, if approved by a judge in the coming weeks, could allow the company to settle a federal probe with a roughly $244 million fine and a probationary period of three years, during which time an independent monitor would oversee quality control, and other conditions.""We are taking comprehensive action today to strengthen safety and quality,"" Calhoun said in his testimony before the Senate panel last month. ""And, we know, as America's premier aerospace manufacturer, this is what you and the flying public have every right to expect from us.""Goldman Sachs aerospace analyst Noah Poponak said Boeing can ""still make a product that's a total marvel. If they can get their act together, I think their reputation can improve quickly.""Promoting and building up the Boeing workforce will be key in the coming years, according to Alex Krutz, managing director of Patriot Industrial Partners, an aerospace consulting firm.The company has more competition for new workers than in previous generations in the Seattle area, he said, because of rapid expansion of tech companies there in the past few decades, as well as engineering competition from the private space industry.""Companies thrive or don't based on leadership,"" he said.The International Association of Machinists and Aerospace Workers, District 751, which represents some 30,000 Boeing technicians in Washington State and Oregon, is currently in contract negotiations with company, seeking more than 40% raises and a seat on Boeing's board.""We have more leverage than we've ever had in our history,"" said Jon Holden, president of IAM District 751. ""There's massive demand for new airplanes.""Some analysts say designing a new plane could help attract talent and set the company up for years to come, a project that was largely set to the backburner after the crashes.The advice of Richard Aboulafia, an longtime aerospace analyst and a managing director at AeroDynamic Advisory is simple: ""Begin a new program, and say, 'We're a company with a future.'""",CNBC,21/07/2024,"['In this articleBoeingexecutives spent years after two fatal 737 Max crashes trying to convince Wall Street, regulators,airlinesand the flying public that they had an eagle eye on quality, reliability and safety.', 'Then on Jan. 5, about six minutes and 16,000 feet into a packed flight out of Portland, Oregon, a door plug blew out of a nearly new Boeing 737 Max 9.', 'The panel was missing key bolts that hold it in place, which the company had removed to fix damaged rivets, according to early accident reports.', ""No one was seriously injured, but the harrowing flight jolted Boeing's leaders back into crisis mode."", 'It also reignited scrutiny and skepticism from the same groups the iconic plane-maker spent years trying to win back after the two Max crashes.', ""Now Boeing's leaders say they have charted a path forward to fix the company: Better oversight, improved safety and manufacturing procedures, and more robust training for workers, many of them new hires after pandemic-era buyouts and layoffs of thousands of employees."", 'Boeing this month unveiled a long-awaited deal to buy back its troubled fuselage supplier, Spirit AeroSystems, in a bid to help stamp out production flaws.', 'A week later, Boeing said it reached a deal with the Justice Department to plead guilty to a federal charge of conspiracy to defraud the U.S. government tied to the fatal 737 Max crashes.', 'Attorneys representing crash victims\' families blasted the agreement as a ""sweetheart"" deal.', 'If approved by a federal judge, it would allow Boeing to avoid a potentially lengthy and costly criminal trial, though it would also brand Boeing as a felon.', '""This past January, the facade quite literally blew off the hollow shell that had been Boeing\'s promises to the world,"" Sen. Richard Blumenthal, D-Conn., said in testimony for a Senate panel hearing he called last month, where Boeing CEO Dave Calhoun was roasted by lawmakers.', 'Industry watchers and insiders say a string of decisions stretching back decades — from a 1997 merger to outsourcing — led to the problems at the longtime touchstone of American manufacturing quality and innovation.', 'Boeing employs some 170,000 people, and its products have landed everywhere from the Maldives to the moon.', ""Even with its road map in hand, fixing its problems and restoringBoeing's reputation will take years — and it won't be cheap."", 'And Boeing still has plenty of people to convince.', ""Boeing hasn't posted an annual profit since 2018, and the plane maker's shares have tumbled about 30% this year while the broader market rallied."", 'Its stock closed at a high of $440.62 in March 2019, days before the second Max crash.', 'It now trades closer to $185 per share.', 'Boeing finance chief Brian West told investors in May that the company expects to burn, rather than generate, cash this year, some $8 billion in the first half of 2024.', 'It reports quarterly results on July 31.""This company is more important than a few quarters of Wall Street,"" Aengus Kelly, CEO of aircraft leasing giant AerCap, a major Boeing customer, said in an interview in the spring. ""', 'It has to be nurtured and rebuilt.', '""Boeing will be back on the global stage next week during the biennial Farnborough Airshow in the United Kingdom, one of the world\'s largest aircraft shows.', ""But the manufacturer will have a muted presence: It's not sending its yet-to-be-certified 777X, 737 Max 7 or Max 10 planes as Boeing employees focus on the fixing problems at home rather than showcase its new planes as it did during past air shows."", 'Boeingbegan 2024 fresh from a surge in annual jetliner sales anda jump in deliveries, welcome tallies that appeared to show the company was turning a corner after the fatal dives of two 737 Maxes in 2018 and 2019 that killed all 346 people on the flights.', ""But the Jan. 5 door plug blowout on Flight 1282, operated byBoeing's crosstown customerAlaskaAirlines, brought a swift response from regulators."", 'The Federal Aviation Administration barred Boeing from increasing output of its Max planes and stepped up hands-on inspections at production plants.', 'The FAA said in March that its audit found""non-compliance issues in Boeing\'s manufacturing process control, parts handling and storage, and product control.', '""Its production limitations have exacerbated delivery delays for Boeing customers, a slowdown that\'s impacting its commercial jet business, as airlines pay the bulk of a plane\'s price when they receive it.', ""That division accounted for more than 43% of Boeing's nearly $78 billion in revenue last year."", 'In the first half of 2024, Boeing delivered 175 airplanes, compared with the 323 aircraft that Airbus handed over during the same period.', 'The two companies dominate the commercial jet market.', 'Leaders at the top of major airlines from Emirates to Southwest have aired their frustration with the jet maker as deliveries run behind schedule.', ""Southwest, United and American have blamed slowdowns in hiring and changed flight plans on Boeing's delays."", '""Boeing needs to become a better company,"" Southwest CEO Bob Jordan said at a JPMorgan industry conference in March, an uncharacteristically strong comment from the leader of the all-Boeing 737 airline.', ""Even if planes arrive late, compensation doesn't often make up for the shortfall of jets."", '""I\'m not in the compensation business.', 'I\'m the airline business,"" Etihad Airways CEO Antonoaldo Nevessaid in an interview.', 'Tight supply at both Boeing and Airbus makes shifting orders over to the European company nearly impossible.', 'Both companies are sold out of narrow-body planes through almost the end of the decade.', 'Boeing has an order book of more than 5,400 jetliners, after accounting adjustments, while Airbus has about 8,000 unfilled orders.', ""And Airbus isn't on solid ground either, warning customers and investors last month that supply chain problems will slow its planned ramp up in production and slow deliveries."", ""Earlier this year as airline executives' patience wore thin, they sought meetings with Boeing's board chairman, people familiar with the matter said."", 'Shortly afterward, Boeing in March announced a leadership shake-up, with the head of its all-important commercial airplane unit replaced.', 'CEO Calhoun, an alumnus of General Electric and Blackstone, said he would step down by the end of the year.', 'Boeing replaced its chairman, too, installing ex-Qualcomm CEO Steve Mollenkopf.', ""Boeing hasn't yet named a replacement for Calhoun."", 'The CEO of Spirit AeroSystems, Pat Shanahan, who previously worked at Boeing and served as former deputy secretary and acting secretary of defense under former President Donald Trump, is considered a strong contender.', 'Across the airline industry, executives publicly and privately say they would rather Boeing take the time to fix problems than face prolonged uncertainty over when new planes will be delivered.', 'The 108-year old Boeing has a firm place in American history.', 'Its bombers were crucial in World War II.', 'It has built presidential aircraft.', 'Former Presidents Barack Obama and Donald Trump have each held events at Boeing 787 Dreamliner factories.', 'And in space, a Boeing-built rocket propelled Apollo 11 to the moon in 1969.Most of the general public knows Boeing as the company to usher in the jet age.', ""It designed and launched four aircraft in just over a decade, including the first 737.The narrow-body plane was soon dwarfed by Boeing's groundbreaking and more glamorous jumbo jet, the 747, which could fit more than 500 people, and in some configurations, a piano bar."", 'The 737 was dubbed ""Baby Boeing"" and went on to become the company\'s bestseller, helping to make Boeing the largest U.S. exporter.', 'It has built more than 11,000 of the 737s to date.', '""Without Boeing, the world is a worse place,"" AerCap\'s Kelly said.', 'But within a five-month span in 2018 and 2019, two Max 8 planes crashed: one in Indonesia operated by Lion Air that plunged into the Java Sea, killing the 189 people on board; and one operated by Ethiopian Airlines that crashed shortly after takeoff from Addis Ababa, killing the 157 people on that flight.', 'Pilots in those Boeing planes fought against a flight-control system, the Maneuvering Characteristics Augmentation System, that pushed the nose of the planes downward repeatedly.', 'The Department of Justice later alleged the company misled the FAA about the system, the charge to which Boeing ultimately agreed to plead guilty.', 'Last year, it looked like Boeing was back on a better footing.', '""I have heard those outside our company wondering if we\'ve lost a step.', 'I view it as quite the opposite,"" Calhoun said in note to employees last October.', ""Months later, the powerful blast from the Alaska Airlines door plug blowout ripped off head rests, seatbacks and the first officer's headset, leaving a gaping hole in row 26."", 'The incident terrified passengers and exposed the most serious in a series of quality control issues on Boeing jets.', 'Previous issues included mis-drilled holes and incorrect spacing on some of Boeing fuselages.', ""The manufacturer's production portfolio includes a host of jets that are regularly flown commercially around the world: the workhorse 737, the wide-body 787 Dreamliner, and soon, once approved by regulators, the 777X.And while production flaws make headlines, Boeing jets continue to carry travelers safely around the world, with more than 13,000 at the end of last year."", 'The company has a 45% market share of commercial jets currently flying, according to AeroDynamic Advisory.', ""Across all of its divisions, its customers also include the U.S. and foreign militaries, and NASA — and some of those units haven't been without issue either."", '""Our airplanes have carried the equivalent of more than double the population of the planet,"" Calhoun said in testimony to a Senate panel last month for a hearing titled ""Boeing\'s Broken Safety Culture.', '""""Getting this right is critical for our company, for the customers who fly our planes every day, and for our country,"" he said.', 'He apologized during the hearing to the family members of the Lion Air and Ethiopian crash victims, as they held posters with pictures of lost loved ones.', 'Critics say a yearslong push to reward Boeing shareholders andlower costs came at the expense of building totally new aircraft, in favor of updating older models.', 'Boeing also outsourced production of key parts to suppliers that it increasingly put under pressure to deliver, exposing the supply chain to potential flaws.', ""United CEO Scott Kirby told CNBC in January that he believes the issues date back to Boeing's merger with competing airplane manufacturer McDonnell Douglas in 1997."", 'The tie-up is often cited as a turning point for Boeing that replaced its once engineering-led culture with a greater focus on returns.', 'From 2010 to 2019, Boeing spent $68 billion on stock buybacks and dividends, according to Melius Research analyst Rob Spingarn.', '""This is a long time building,"" Kirby said.', 'In 2001, Boeing moved its corporate headquarters from its original home in Seattle to Chicago, farther away from the factory floors where it had built aircraft since the early 20th century.', 'In 2022, it moved headquarters again to Arlington, Virginia.', 'In 2005, Boeing sold its Wichita division that makes fuselages for many of its planes to a private equity firm for just under $1 billion.', 'That spinoff would eventually become Spirit AeroSystems, which Boeing is now buying back for about $4.7 billion plus debt.', 'And in 2020, Boeing said it would consolidate 787 Dreamliner production in South Carolina, more than 2,400 miles away from its other manufacturing facilities in Washington state, including where the Dreamliners were previously built.', 'It also outsourced parts production to a network of suppliers.', 'Those moves have been put under a microscope in recent years as Boeing disclosed recurring production flaws.', 'Allegations from whistleblowers at the company and at Spirit have claimed Boeing was cutting corners in production.', 'Calhoun, when asked about outsourcing production to Spirit, told CNBC in January: ""Did it go too far?', ""Yeah ... probably did, but now it's here and now I gotta deal with it."", '""Flaws on its planes have cost Boeing billions of dollars due to periods of production drops, delivery pauses and compensation to customers.', ""Boeing does say that it's on the right track."", ""For one, it's been forced to slow production of its planes."", ""While painful in the near term because it drives up costs and deprives the company of new planes to hand over to customers, executives say it's the way to make sure manufacturing flaws don't reappear."", 'Jefferies estimates Boeing produced about 24 Max jets a month in the second quarter and could move to roughly 35 a month in the last three months of the year.', 'Boeing has said it aims to increase rates to about 50 Max planes a month in the next few years.', ""It's also brought employees into the recovery effort."", 'The company has held so-called ""stand-downs"" at its factories to pause work and discuss problems on the line.', 'And its plea deal with the DOJ, if approved by a judge in the coming weeks, could allow the company to settle a federal probe with a roughly $244 million fine and a probationary period of three years, during which time an independent monitor would oversee quality control, and other conditions.', '""We are taking comprehensive action today to strengthen safety and quality,"" Calhoun said in his testimony before the Senate panel last month. ""', ""And, we know, as America's premier aerospace manufacturer, this is what you and the flying public have every right to expect from us."", '""Goldman Sachs aerospace analyst Noah Poponak said Boeing can ""still make a product that\'s a total marvel.', 'If they can get their act together, I think their reputation can improve quickly.', '""Promoting and building up the Boeing workforce will be key in the coming years, according to Alex Krutz, managing director of Patriot Industrial Partners, an aerospace consulting firm.', 'The company has more competition for new workers than in previous generations in the Seattle area, he said, because of rapid expansion of tech companies there in the past few decades, as well as engineering competition from the private space industry.', '""Companies thrive or don\'t based on leadership,"" he said.', ""The International Association of Machinists and Aerospace Workers, District 751, which represents some 30,000 Boeing technicians in Washington State and Oregon, is currently in contract negotiations with company, seeking more than 40% raises and a seat on Boeing's board."", '""We have more leverage than we\'ve ever had in our history,"" said Jon Holden, president of IAM District 751. ""', ""There's massive demand for new airplanes."", '""Some analysts say designing a new plane could help attract talent and set the company up for years to come, a project that was largely set to the backburner after the crashes.', 'The advice of Richard Aboulafia, an longtime aerospace analyst and a managing director at AeroDynamic Advisory is simple: ""Begin a new program, and say, \'We\'re a company with a future.\'""']",0.0391211584209727,"Now Boeing's leaders say they have charted a path forward to fix the company: Better oversight, improved safety and manufacturing procedures, and more robust training for workers, many of them new hires after pandemic-era buyouts and layoffs of thousands of employees.","But within a five-month span in 2018 and 2019, two Max 8 planes crashed: one in Indonesia operated by Lion Air that plunged into the Java Sea, killing the 189 people on board; and one operated by Ethiopian Airlines that crashed shortly after takeoff from Addis Ababa, killing the 157 people on that flight.",0.0425217005671287,"Boeingbegan 2024 fresh from a surge in annual jetliner sales anda jump in deliveries, welcome tallies that appeared to show the company was turning a corner after the fatal dives of two 737 Maxes in 2018 and 2019 that killed all 346 people on the flights.","Boeing hasn't posted an annual profit since 2018, and the plane maker's shares have tumbled about 30% this year while the broader market rallied.",2024-07-20
Dollar General settles with Labor Department over workplace safety violations,https://www.cnbc.com/2024/07/11/dollar-general-labor-department-settle-over-safety-violations.html,2024-07-12T00:56:56+0000,"In this articleThe U.S. Department of Labor announced a settlement Thursday with Dollar General, requiring the retailer and its subsidiaries to pay $12 million in penalties and implement significant workplace safety improvements in its more than 19,000 stores nationwide. The new set of fines adds to the more than $21 million in fines from the federal Occupational Safety and Health Administration that the discounter has racked up since 2017 due to blocked fire exits, dangerous levels of clutter and other safety claims. Gun violence has also been an issue for Dollar General stores: 49 people have been killed and 172 people have been injured at Dollar General stores by gun violence, according to 2023 data from nonprofit Gun Violence Archive.A repeat offender with the Department of Labor, Dollar General became the first company to be added to OSHA's ""severe violators"" of workplace safety rules list in 2023 after the agency expanded the reach of its safety enforcement program.""This agreement commits Dollar General to making worker safety a priority by implementing significant and systematic changes in its operations to improve accountability and compliance, and it gives Dollar General employees essential input on ensuring their own health and safety,"" Assistant Secretary for Occupational Safety and Health Douglas Parker said in a press release.Under the new settlement, the Tennessee-based retailer is required to hire additional safety managers and significantly reduce its inventory and increase stocking efficiency to prevent blocked exits and clutter. It is also required to provide safety and health training to all employees and to develop a safety and health committee with employee participation.Dollar General has hired third-party consultants and auditors to identify hazards and perform unannounced annual compliance audits, created a new Safety Operations Center and maintained an anonymous hotline for employees and the public to report safety concerns.The third-party auditors were first commissioned as a response to a shareholder vote in May 2023 calling for one, a decision that the company opposed at the time.The settlement with the Department of Labor also requires Dollar General to monitor outcomes of those efforts and provide quarterly reports to OSHA.Under the agreement, Dollar General will be required to correct safety hazards such as blocked access to fire extinguishers and electrical panels and improper material storage at its stores within 48 hours and submit proof of correction. The discounter will be subject to additional fines of $100,000 a day up to $500,000 if it fails to do so.CNBC has reached out to Dollar General for additional comment.",CNBC,12/07/2024,"['In this articleThe U.S. Department of Labor announced a settlement Thursday with Dollar General, requiring the retailer and its subsidiaries to pay $12 million in penalties and implement significant workplace safety improvements in its more than 19,000 stores nationwide.', 'The new set of fines adds to the more than $21 million in fines from the federal Occupational Safety and Health Administration that the discounter has racked up since 2017 due to blocked fire exits, dangerous levels of clutter and other safety claims.', 'Gun violence has also been an issue for Dollar General stores: 49 people have been killed and 172 people have been injured at Dollar General stores by gun violence, according to 2023 data from nonprofit Gun Violence Archive.', 'A repeat offender with the Department of Labor, Dollar General became the first company to be added to OSHA\'s ""severe violators"" of workplace safety rules list in 2023 after the agency expanded the reach of its safety enforcement program.', '""This agreement commits Dollar General to making worker safety a priority by implementing significant and systematic changes in its operations to improve accountability and compliance, and it gives Dollar General employees essential input on ensuring their own health and safety,"" Assistant Secretary for Occupational Safety and Health Douglas Parker said in a press release.', 'Under the new settlement, the Tennessee-based retailer is required to hire additional safety managers and significantly reduce its inventory and increase stocking efficiency to prevent blocked exits and clutter.', 'It is also required to provide safety and health training to all employees and to develop a safety and health committee with employee participation.', 'Dollar General has hired third-party consultants and auditors to identify hazards and perform unannounced annual compliance audits, created a new Safety Operations Center and maintained an anonymous hotline for employees and the public to report safety concerns.', 'The third-party auditors were first commissioned as a response to a shareholder vote in May 2023 calling for one, a decision that the company opposed at the time.', 'The settlement with the Department of Labor also requires Dollar General to monitor outcomes of those efforts and provide quarterly reports to OSHA.Under the agreement, Dollar General will be required to correct safety hazards such as blocked access to fire extinguishers and electrical panels and improper material storage at its stores within 48 hours and submit proof of correction.', 'The discounter will be subject to additional fines of $100,000 a day up to $500,000 if it fails to do so.', 'CNBC has reached out to Dollar General for additional comment.']",0.2273865980421969,"""This agreement commits Dollar General to making worker safety a priority by implementing significant and systematic changes in its operations to improve accountability and compliance, and it gives Dollar General employees essential input on ensuring their own health and safety,"" Assistant Secretary for Occupational Safety and Health Douglas Parker said in a press release.","Gun violence has also been an issue for Dollar General stores: 49 people have been killed and 172 people have been injured at Dollar General stores by gun violence, according to 2023 data from nonprofit Gun Violence Archive.",0.2707282185554504,"Under the new settlement, the Tennessee-based retailer is required to hire additional safety managers and significantly reduce its inventory and increase stocking efficiency to prevent blocked exits and clutter.","The new set of fines adds to the more than $21 million in fines from the federal Occupational Safety and Health Administration that the discounter has racked up since 2017 due to blocked fire exits, dangerous levels of clutter and other safety claims.",2024-07-20
Goldman Sachs tops estimates on better-than-expected fixed income trading,https://www.cnbc.com/2024/07/15/goldman-sachs-gs-earnings-2q-2024.html,2024-07-15T16:07:14+0000,"In this articleGoldman Sachs said Monday that it topped profit and revenue estimates on better-than-expected fixed income results and smaller-than-expected loan loss provisions.Here's what the company reported:Goldman said second-quarter profit jumped 150% from a year earlier to $3.04 billion, or $8.62 per share; the bank's results a year ago were hamstrung by write-downs tied to commercial real estate and the sale of a consumer business.Companywide revenue rose a more modest 17% to $12.73 billion on growth in the bank's core trading, advisory, and asset and wealth management operations.Fixed income was a highlight for the quarter; revenue there jumped 17% to $3.18 billion, roughly $220 million more than the StreetAccount estimate, on activity in interest rate, currency and mortgage trading markets.Another boost for Goldman came thanks to the firm's shrinking exposure to consumer loans: The bank's provision for credit losses in the quarter fell 54% to $282 million; that is significantly below the $435.4 million StreetAccount estimate.In other places, the bank was merely in line with expectations; for instance, equities trading climbed 7% to $3.17 billion, matching the StreetAccount estimate, on strength in derivatives activity.The bank's asset and wealth management division produced a 27% increase in revenue to $3.88 billion, also essentially matching the StreetAccount estimate, on gains in equity investments and rising management fees.The firm's platform solutions division saw revenue climb 2% to $669 million, edging out the $652.1 million estimate, on rising credit card balances and deposits.But Goldman's well-known investment banking business disappointed compared to rivals; investment banking fees rose 21% to $1.73 billion, slightly under the $1.8 billion StreetAccount estimate. The source of the miss appeared to be lighter-than-expected advisory fees of $688 million, compared with the $757.3 million estimate.Goldman's 21% increase in investment banking fees in the quarter compared with jumps of over 50% for both JPMorgan Chase and Citigroup; JPMorgan in particular cited a flurry of activity toward the end of the period that boosted results.Goldman CFO Denis Coleman told reporters that the bank still had a No. 1 market share for mergers and the comparison had to do with better relative performance a year ago.Shares of New York-based Goldman were up more than 1% in midday trading.Expectations have been set high for Goldman Sachs, with Wall Street businesses in the midst of a rebound after a dismal 2023. That's because out of the six biggest U.S. banks, Goldman is the most reliant on investment banking and trading to generate revenue.On Friday, rivals JPMorgan and Citigroup both topped expectations thanks to surging investment banking fees and better-than-expected equities trading results.Bank of America and Morgan Stanley report results Tuesday.",CNBC,15/07/2024,"['In this articleGoldman Sachs said Monday that it topped profit and revenue estimates on better-than-expected fixed income results and smaller-than-expected loan loss provisions.', ""Here's what the company reported:Goldman said second-quarter profit jumped 150% from a year earlier to $3.04 billion, or $8.62 per share; the bank's results a year ago were hamstrung by write-downs tied to commercial real estate and the sale of a consumer business."", ""Companywide revenue rose a more modest 17% to $12.73 billion on growth in the bank's core trading, advisory, and asset and wealth management operations."", 'Fixed income was a highlight for the quarter; revenue there jumped 17% to $3.18 billion, roughly $220 million more than the StreetAccount estimate, on activity in interest rate, currency and mortgage trading markets.', ""Another boost for Goldman came thanks to the firm's shrinking exposure to consumer loans: The bank's provision for credit losses in the quarter fell 54% to $282 million; that is significantly below the $435.4 million StreetAccount estimate."", 'In other places, the bank was merely in line with expectations; for instance, equities trading climbed 7% to $3.17 billion, matching the StreetAccount estimate, on strength in derivatives activity.', ""The bank's asset and wealth management division produced a 27% increase in revenue to $3.88 billion, also essentially matching the StreetAccount estimate, on gains in equity investments and rising management fees."", ""The firm's platform solutions division saw revenue climb 2% to $669 million, edging out the $652.1 million estimate, on rising credit card balances and deposits."", ""But Goldman's well-known investment banking business disappointed compared to rivals; investment banking fees rose 21% to $1.73 billion, slightly under the $1.8 billion StreetAccount estimate."", 'The source of the miss appeared to be lighter-than-expected advisory fees of $688 million, compared with the $757.3 million estimate.', ""Goldman's 21% increase in investment banking fees in the quarter compared with jumps of over 50% for both JPMorgan Chase and Citigroup; JPMorgan in particular cited a flurry of activity toward the end of the period that boosted results."", 'Goldman CFO Denis Coleman told reporters that the bank still had a No.', '1 market share for mergers and the comparison had to do with better relative performance a year ago.', 'Shares of New York-based Goldman were up more than 1% in midday trading.', 'Expectations have been set high for Goldman Sachs, with Wall Street businesses in the midst of a rebound after a dismal 2023.', ""That's because out of the six biggest U.S. banks, Goldman is the most reliant on investment banking and trading to generate revenue."", 'On Friday, rivals JPMorgan and Citigroup both topped expectations thanks to surging investment banking fees and better-than-expected equities trading results.', 'Bank of America and Morgan Stanley report results Tuesday.']",0.3416654676569024,"The bank's asset and wealth management division produced a 27% increase in revenue to $3.88 billion, also essentially matching the StreetAccount estimate, on gains in equity investments and rising management fees.","Expectations have been set high for Goldman Sachs, with Wall Street businesses in the midst of a rebound after a dismal 2023.",0.9988433931555066,"Companywide revenue rose a more modest 17% to $12.73 billion on growth in the bank's core trading, advisory, and asset and wealth management operations.",,2024-07-20
Citigroup tops expectations for profit and revenue on strong Wall Street results,https://www.cnbc.com/2024/07/12/citigroup-c-earnings-q2-2024.html,2024-07-12T20:17:18+0000,"In this articleCitigroup on Friday posted second-quarter results that topped expectations for profit and revenue on a rebound in Wall Street activity.Here's what the company reported:The bank said net income jumped 10% from a year earlier to $3.22 billion, or $1.52 a share. Revenue rose 4% to $20.14 billion.Equities trading revenue rose 37% to $1.5 billion, driven by strength in derivatives and a rise in hedge fund balances, roughly $300 million more than the StreetAccount estimate.Fixed income revenue dipped 3% to $3.6 billion, essentially matching analysts' expectations, on lower activity in rates and currency markets.Investment banking revenue surged 60% to $853 million, driven by strong issuance of investment-grade bonds and a rebound in IPO and merger activity from low levels in 2023.Shares of the bank fell nearly 2%.""Our results show the progress we are making in executing our strategy and the benefit of our diversified business model,"" Citigroup CEO Jane Fraser said in the release. ""Markets had a strong finish to the quarter leading to better performance than we had anticipated.""Citigroup was just this week rebuked for failing to fix its regulatory shortfalls.Last year, Fraser announced plans to simplify the management structure and reduce costs at the third-biggest U.S. bank by assets. But earnings will take a backseat if Citigroup cannot appease regulators' concerns about its data and risk management.  JPMorgan Chase announced results earlier Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.Correction: This article has been updated to correct that Citigroup reported revenue of $20.14 billion for the second quarter. A previous version misstated the figure due to a rounding error.",CNBC,12/07/2024,"['In this articleCitigroup on Friday posted second-quarter results that topped expectations for profit and revenue on a rebound in Wall Street activity.', ""Here's what the company reported:The bank said net income jumped 10% from a year earlier to $3.22 billion, or $1.52 a share."", 'Revenue rose 4% to $20.14 billion.', 'Equities trading revenue rose 37% to $1.5 billion, driven by strength in derivatives and a rise in hedge fund balances, roughly $300 million more than the StreetAccount estimate.', ""Fixed income revenue dipped 3% to $3.6 billion, essentially matching analysts' expectations, on lower activity in rates and currency markets."", 'Investment banking revenue surged 60% to $853 million, driven by strong issuance of investment-grade bonds and a rebound in IPO and merger activity from low levels in 2023.Shares of the bank fell nearly 2%.""Our results show the progress we are making in executing our strategy and the benefit of our diversified business model,"" Citigroup CEO Jane Fraser said in the release. ""', 'Markets had a strong finish to the quarter leading to better performance than we had anticipated.', '""Citigroup was just this week rebuked for failing to fix its regulatory shortfalls.', 'Last year, Fraser announced plans to simplify the management structure and reduce costs at the third-biggest U.S. bank by assets.', ""But earnings will take a backseat if Citigroup cannot appease regulators' concerns about its data and risk management."", 'JPMorgan Chase announced results earlier Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.', 'Correction: This article has been updated to correct that Citigroup reported revenue of $20.14 billion for the second quarter.', 'A previous version misstated the figure due to a rounding error.']",0.0869137979931234,"Investment banking revenue surged 60% to $853 million, driven by strong issuance of investment-grade bonds and a rebound in IPO and merger activity from low levels in 2023.Shares of the bank fell nearly 2%.""Our results show the progress we are making in executing our strategy and the benefit of our diversified business model,"" Citigroup CEO Jane Fraser said in the release. """,But earnings will take a backseat if Citigroup cannot appease regulators' concerns about its data and risk management.,0.3167682127519087,"Equities trading revenue rose 37% to $1.5 billion, driven by strength in derivatives and a rise in hedge fund balances, roughly $300 million more than the StreetAccount estimate.","Fixed income revenue dipped 3% to $3.6 billion, essentially matching analysts' expectations, on lower activity in rates and currency markets.",2024-07-20
Morgan Stanley tops estimates on stronger-than-expected trading and investment banking,https://www.cnbc.com/2024/07/16/morgan-stanley-ms-earnings-q2-2024.html,2024-07-16T20:28:27+0000,"In this articleMorgan Stanley said second-quarter profit and revenue topped analysts' estimates on stronger-than-expected trading and investment banking results.Here's what the company reported:The bank said profit surged 41% from the year-earlier period to $3.08 billion, or $1.82 per share, helped by a rebound in Wall Street activity. Revenue rose 12% to $15.02 billion.Shares of the bank had declined earlier in the session after the bank's wealth management division missed estimates on a decline in interest income. They were up less than 1% on Tuesday. Wealth management revenue rose 2% to $6.79 billion, below the $6.88 billion estimate, and interest income plunged 17% from a year earlier to $1.79 billion.Morgan Stanley said that's because its rich clients were continuing to shift cash into higher-yielding assets, thanks to the rate environment, resulting in lower deposit levels.Morgan Stanley investors value the more steady nature of the wealth management business versus the less predictable nature of investment banking and trading, and they will want to hear more about expectations for the business going forward.Still, the bank benefited from its Wall Street-centric business model in the quarter, as a rebound in trading and investment banking helped the bank's institutional securities division earn more revenue than its wealth management division, flipping the usual dynamic.Equity trading generated an 18% jump in revenue to $3.02 billion, exceeding the StreetAccount estimate by about $330 million. Fixed income trading revenue rose 16% to $1.99 billion, topping the estimate by $130 million.Investment banking revenue surged 51% to $1.62 billion, exceeding the estimate by $220 million, on rising fixed income underwriting activity. Morgan Stanley said that was primarily driven by non-investment-grade companies raising debt.""The firm delivered another strong quarter in an improving capital markets environment,"" CEO Ted Pick said in the release. ""We continue to execute on our strategy and remain well positioned to deliver growth and long-term value for our shareholders.""Last week, JPMorgan Chase, Wells Fargo and Citigroup each topped expectations for revenue and profit, a streak continued by Goldman Sachs on Monday, helped by a rebound in Wall Street activity.",CNBC,16/07/2024,"[""In this articleMorgan Stanley said second-quarter profit and revenue topped analysts' estimates on stronger-than-expected trading and investment banking results."", ""Here's what the company reported:The bank said profit surged 41% from the year-earlier period to $3.08 billion, or $1.82 per share, helped by a rebound in Wall Street activity."", 'Revenue rose 12% to $15.02 billion.', ""Shares of the bank had declined earlier in the session after the bank's wealth management division missed estimates on a decline in interest income."", 'They were up less than 1% on Tuesday.', 'Wealth management revenue rose 2% to $6.79 billion, below the $6.88 billion estimate, and interest income plunged 17% from a year earlier to $1.79 billion.', ""Morgan Stanley said that's because its rich clients were continuing to shift cash into higher-yielding assets, thanks to the rate environment, resulting in lower deposit levels."", 'Morgan Stanley investors value the more steady nature of the wealth management business versus the less predictable nature of investment banking and trading, and they will want to hear more about expectations for the business going forward.', ""Still, the bank benefited from its Wall Street-centric business model in the quarter, as a rebound in trading and investment banking helped the bank's institutional securities division earn more revenue than its wealth management division, flipping the usual dynamic."", 'Equity trading generated an 18% jump in revenue to $3.02 billion, exceeding the StreetAccount estimate by about $330 million.', 'Fixed income trading revenue rose 16% to $1.99 billion, topping the estimate by $130 million.', 'Investment banking revenue surged 51% to $1.62 billion, exceeding the estimate by $220 million, on rising fixed income underwriting activity.', 'Morgan Stanley said that was primarily driven by non-investment-grade companies raising debt.', '""The firm delivered another strong quarter in an improving capital markets environment,"" CEO Ted Pick said in the release. ""', 'We continue to execute on our strategy and remain well positioned to deliver growth and long-term value for our shareholders.', '""Last week, JPMorgan Chase,Wells Fargoand Citigroup each topped expectations for revenue and profit, a streak continued by Goldman Sachs on Monday, helped by a rebound in Wall Street activity.']",0.4182008956094056,"Still, the bank benefited from its Wall Street-centric business model in the quarter, as a rebound in trading and investment banking helped the bank's institutional securities division earn more revenue than its wealth management division, flipping the usual dynamic.",Morgan Stanley said that was primarily driven by non-investment-grade companies raising debt.,0.8341009815533956,Revenue rose 12% to $15.02 billion.,Shares of the bank had declined earlier in the session after the bank's wealth management division missed estimates on a decline in interest income.,2024-07-20
"NBA sends media terms to Warner Bros. Discovery, officially starting five-day match period",https://www.cnbc.com/2024/07/18/nba-media-rights-warner-bros-discovery-match-period.html,2024-07-18T20:19:18+0000,"In this articleWith National Basketball Association media rights approaching final form, Warner Bros. Discovery is about to make its play.The league has sent official terms of its proposed new media rights contacts to Warner Bros. Discovery, starting a five-day period where the media company can choose to match a package of broadcasting rights.A TNT spokesperson confirmed the receipt of the documents and acknowledged the company is currently reviewing the terms. Warner Bros. Discovery received the contract framework on Wednesday night, according to people familiar with the matter, who asked not to be named because the details are private.The media rights deal, as currently constructed, includes deals with Disney, Comcast's NBCUniversal and Amazon for three different packages of games, totaling $76 billion over 11 years, beginning with the 2025-26 season. It also includes WNBA games, which is worth $2.2 billion of the total sum.Warner Bros. Discovery intends to match a package of games that has been slotted for Amazon, as CNBC first reported in May, which includes both playoff games and the the in-season tournament, according to the people familiar. Amazon signed a deal with the NBA to pay $1.8 billion per year for its package, they said.When Warner Bros. Discovery formally announces its intention to match, it's unclear what will happen next. The NBA may or may not have the right to reject Warner Bros. Discovery's matching rights, and the league has been working with its lawyers for months in preparation of a potential lawsuit, according to people familiar with the matter.Warner Bros. Discovery's Turner Sports has been a broadcast partner of the NBA for almost 40 years. The company plans to argue that its matching rights — a holdover from its current media rights deal — applies to Amazon's package of games, even though that package has been earmarked for a streaming-only service. Along with its cable network TNT, Warner Bros. Discovery owns Max, a competitor to Amazon's Prime Video.Still, Max has fewer subscribers than Prime Video, at about 100 million versus Prime's more than 200 million monthly global subscribers. The streaming rights that are part of the Amazon package are global in nature, one of the people said.TNT is also the home to ""Inside the NBA,"" the popular NBA studio show featuring Ernie Johnson, Charles Barkley, Kenny Smith and Shaquille O'Neal. Barkley has already said he plans to retire from the show after next season no matter the outcome of the media rights deal.""I don't have a sense of that,"" said NBA Commissioner Adam Silver earlier this week at a press conference when asked what may or may not happen with regard to Warner Bros. Discovery or the NBA's own network, NBA TV, which is operated by TNT Sports. ""We'll see.""Losing the NBA would be a blow for Warner Bros. Discovery, which could lose about $600 million in profit from advertising and a potential decrease in cable affiliate fees if it loses the NBA, Wolfe Research media and entertainment analyst Peter Supino told MarketWatch earlier this week.Warner Bros. Discovery shares have fallen 23% this year.""I apologize that this has been a prolonged process, because I know they're committed to their jobs,"" Silver said last month of Warner Bros. Discovery employees who work on NBA programming. ""I know people who work in this industry, it's a large part of their identity and their family's identity, and no one likes this uncertainty. I think it's on the league office to bring these negotiations to a head and conclude them as quickly as we can.""Disclosure: Comcast's NBCUniversal is the parent company of CNBC.",CNBC,18/07/2024,"['In this articleWith National Basketball Association media rights approaching final form, Warner Bros. Discovery is about to make its play.', 'The league has sent official terms of its proposed new media rights contacts to Warner Bros. Discovery, starting a five-day period where the media company can choose to match a package of broadcasting rights.', 'A TNT spokesperson confirmed the receipt of the documents and acknowledged the company is currently reviewing the terms.', 'Warner Bros. Discovery received the contract framework on Wednesday night, according to people familiar with the matter, who asked not to be named because the details are private.', ""The media rights deal, as currently constructed, includes deals with Disney, Comcast's NBCUniversal and Amazon for three different packages of games, totaling $76 billion over 11 years, beginning with the 2025-26 season."", 'It also includes WNBA games, which is worth $2.2 billion of the total sum.', 'Warner Bros. Discovery intends to match a package of games that has been slotted for Amazon, as CNBC first reported in May, which includes both playoff games and the the in-season tournament, according to the people familiar.', 'Amazon signed a deal with the NBA to pay $1.8 billion per year for its package, they said.', ""When Warner Bros. Discovery formally announces its intention to match, it's unclear what will happen next."", ""The NBA may or may not have the right to reject Warner Bros. Discovery's matching rights, and the league has been working with its lawyers for months in preparation of a potential lawsuit, according to people familiar with the matter."", ""Warner Bros. Discovery's Turner Sports has been a broadcast partner of the NBA for almost 40 years."", ""The company plans to argue that its matching rights — a holdover from its current media rights deal — applies to Amazon's package of games, even though that package has been earmarked for a streaming-only service."", ""Along with its cable network TNT, Warner Bros. Discovery owns Max, a competitor to Amazon's Prime Video."", ""Still, Max has fewer subscribers than Prime Video, at about 100 million versus Prime's more than 200 million monthly global subscribers."", 'The streaming rights that are part of the Amazon package are global in nature, one of the people said.', 'TNT is also the home to ""Inside the NBA,"" the popular NBA studio show featuring Ernie Johnson, Charles Barkley, Kenny Smith and Shaquille O\'Neal.', 'Barkley has already said he plans to retire from the show after next season no matter the outcome of the media rights deal.', '""I don\'t have a sense of that,"" said NBA Commissioner Adam Silver earlier this week at a press conference when asked what may or may not happen with regard to Warner Bros. Discovery or the NBA\'s own network, NBA TV, which is operated by TNT Sports. ""', ""We'll see."", '""Losing the NBA would be a blow for Warner Bros. Discovery, which could lose about $600 million in profit from advertising and a potential decrease in cable affiliate fees if it loses the NBA, Wolfe Research media and entertainment analyst Peter Supino told MarketWatch earlier this week.', 'Warner Bros. Discovery shares have fallen 23% this year.', '""I apologize that this has been a prolonged process, because I know they\'re committed to their jobs,"" Silver said last month of Warner Bros. Discovery employees who work on NBA programming. ""', ""I know people who work in this industry, it's a large part of their identity and their family's identity, and no one likes this uncertainty."", ""I think it's on the league office to bring these negotiations to a head and conclude them as quickly as we can."", '""Disclosure: Comcast\'s NBCUniversal is the parent company of CNBC.']",0.0165650987808079,"TNT is also the home to ""Inside the NBA,"" the popular NBA studio show featuring Ernie Johnson, Charles Barkley, Kenny Smith and Shaquille O'Neal.","The NBA may or may not have the right to reject Warner Bros. Discovery's matching rights, and the league has been working with its lawyers for months in preparation of a potential lawsuit, according to people familiar with the matter.",-0.4701328724622726,"Amazon signed a deal with the NBA to pay $1.8 billion per year for its package, they said.",Warner Bros. Discovery shares have fallen 23% this year.,2024-07-20
JPMorgan Chase tops second-quarter revenue expectations on strong investment banking,https://www.cnbc.com/2024/07/12/jpmorgan-chase-jpm-earnings-q2-2024.html,2024-07-12T20:16:06+0000,"In this articleJPMorgan Chase on Friday posted second-quarter profit and revenue that topped analysts' expectations as investment banking fees surged 52% from a year earlier.Here's what the company reported:The bank said earnings jumped 25% from the year-earlier period to $18.15 billion, or $6.12 per share. Excluding items related to the bank's stake in Visa, profit was $4.26 per share.Revenue rose 20% to $50.99 billion, topping the consensus estimate of analysts surveyed by LSEG, helped by better-than-expected investment banking fees and equities trading results.CEO Jamie Dimon noted in the release that his firm was wary of potential future risks, including higher-than-expected inflation and interest rates, even while stock and bond valuations currently ""reflect a rather benign economic outlook.""""The geopolitical situation remains complex and potentially the most dangerous since World War II — though its outcome and effect on the global economy remain unknown,"" Dimon said. ""There has been some progress bringing inflation down, but there are still multiple inflationary forces in front of us: large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world.""A rebound in Wall Street activity, especially on the advisory side, was expected to aid banks this quarter, and JPMorgan's results bear that out.JPMorgan reaped $2.3 billion in investment banking fees, exceeding the StreetAccount estimate by roughly $300 million.Equities trading revenue jumped 21% to $3 billion, topping the estimate by $230 million, on strong derivatives results. Fixed income trading jumped 5% to $4.8 billion, matching the estimate.But the bank had a $3.05 billion provision for credit losses in the quarter, exceeding the $2.78 billion estimate, which indicated that it expects more borrowers will default in the future. A rise in charge-offs and moves to build loan loss reserves in the quarter was driven by the firm's massive credit-card business, the bank said.""JPMorgan has navigated a challenging interest rate environment very well,"" said Octavio Marenzi, CEO of consulting firm Opimas.Still, while banking and equities trading boosted results, ""We see Main Street banking beginning to sputter,"" Marenzi said. ""Provisions for credit losses were up significantly, showing us that JPMorgan is expecting to see a rough patch in the US economy.""Shares of JPMorgan fell about 1% Friday.JPMorgan CFO Jeremy Barnum told reporters Friday during a call that overall he saw ""quite a healthy consumer"" despite some weakness in the lower-income segment. About half of the increase in card reserves was tied to rising balances, he noted.""The overall picture on charge-offs is consistent with the story of normalization rather than deterioration at this point,"" Barnum said. ""Yes, the economy is slowing, but it seems to be on trend for very much of a soft landing.""Wells Fargo and Citigroup also posted earnings Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.",CNBC,12/07/2024,"[""In this articleJPMorgan Chase on Friday posted second-quarter profit and revenue that topped analysts' expectations as investment banking fees surged 52% from a year earlier."", ""Here's what the company reported:The bank said earnings jumped 25% from the year-earlier period to $18.15 billion, or $6.12 per share."", ""Excluding items related to the bank's stake in Visa, profit was $4.26 per share."", 'Revenue rose 20% to $50.99 billion, topping the consensus estimate of analysts surveyed by LSEG, helped by better-than-expected investment banking fees and equities trading results.', 'CEO Jamie Dimon noted in the release that his firm was wary of potential future risks, including higher-than-expected inflation and interest rates, even while stock and bond valuations currently ""reflect a rather benign economic outlook.', '""""The geopolitical situation remains complex and potentially the most dangerous since World War II — though its outcome and effect on the global economy remain unknown,"" Dimon said. ""', 'There has been some progress bringing inflation down, but there are still multiple inflationary forces in front of us: large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world.', '""A rebound in Wall Street activity, especially on the advisory side, was expected to aid banks this quarter, and JPMorgan\'s results bear that out.', 'JPMorgan reaped $2.3 billion in investment banking fees, exceeding the StreetAccount estimate by roughly $300 million.', 'Equities trading revenue jumped 21% to $3 billion, topping the estimate by $230 million, on strong derivatives results.', 'Fixed income trading jumped 5% to $4.8 billion, matching the estimate.', 'But the bank had a $3.05 billion provision for credit losses in the quarter, exceeding the $2.78 billion estimate, which indicated that it expects more borrowers will default in the future.', ""A rise in charge-offs and moves to build loan loss reserves in the quarter was driven by the firm's massive credit-card business, the bank said."", '""JPMorgan has navigated a challenging interest rate environment very well,"" said Octavio Marenzi, CEO of consulting firm Opimas.', 'Still, while banking and equities trading boosted results, ""We see Main Street banking beginning to sputter,"" Marenzi said. ""', 'Provisions for credit losses were up significantly, showing us that JPMorgan is expecting to see a rough patch in the US economy.', '""Shares of JPMorgan fell about 1% Friday.', 'JPMorgan CFO Jeremy Barnum told reporters Friday during a call that overall he saw ""quite a healthy consumer"" despite some weakness in the lower-income segment.', 'About half of the increase in card reserves was tied to rising balances, he noted.', '""The overall picture on charge-offs is consistent with the story of normalization rather than deterioration at this point,"" Barnum said. ""', 'Yes, the economy is slowing, but it seems to be on trend for very much of a soft landing.', '""Wells Fargo and Citigroup also posted earnings Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.']",0.2215570068899473,"""JPMorgan has navigated a challenging interest rate environment very well,"" said Octavio Marenzi, CEO of consulting firm Opimas.","""""The geopolitical situation remains complex and potentially the most dangerous since World War II — though its outcome and effect on the global economy remain unknown,"" Dimon said. """,0.4677889503930744,"Revenue rose 20% to $50.99 billion, topping the consensus estimate of analysts surveyed by LSEG, helped by better-than-expected investment banking fees and equities trading results.","""Shares of JPMorgan fell about 1% Friday.",2024-07-20
GM's 2025 EV production capacity target in doubt after Barra comments,https://www.cnbc.com/2024/07/15/gms-2025-ev-production-capacity-target-in-doubt-after-barra-comments.html,2024-07-15T22:59:12+0000,"In this articleGeneral Motors' goal of being capable of producing 1 million all-electric vehicles in North America by the end of 2025 in heavily in doubt, following comments Monday by CEO Mary Barra.The production capacity target for next year was one of the last EV targets the automaker hadn't lowered or withdrawn as demand for EVs has not materialized as quickly as many companies such as GM previously expected.""We won't get to a million just because the market is not developing, but it will get there,"" Barra said Monday at a virtual CNBC CEO Council event. ""We're going to be guided by the customer.""For more than two years, GM has said it would have production capacity of 1 million in EVs in each China and North America by 2025. Even after it changed or withdrew several EV targets and product plans in the last year, the company continued to say it would install the North American capacity for EVs.A GM spokesman said the company's target was about the production capacity, while the question was regarding actually producing 1 million EVs in 2025. Barra did not specifcally address whether it was production or production capacity that she was referring to.The spokesman later said the company would no longer reiterate the EV production capacity plans for 2025. The company has continually said its EV plans will be flexible to meet demand.More details about the automaker's EV plans could come when GM reports second-quarter results on July 23.",CNBC,15/07/2024,"[""In this articleGeneral Motors' goal of being capable of producing 1 million all-electric vehicles in North America by the end of 2025 in heavily in doubt, following comments Monday by CEO Mary Barra."", ""The production capacity target for next year was one of the last EV targets the automaker hadn't lowered or withdrawn as demand for EVs has not materialized as quickly as many companies such as GM previously expected."", '""We won\'t get to a million just because the market is not developing, but it will get there,"" Barra said Monday at a virtual CNBC CEO Council event. ""', ""We're going to be guided by the customer."", '""For more than two years, GM has said it would have production capacity of 1 million in EVs in each China and North America by 2025.', 'Even after it changed or withdrew several EV targets and product plans in the last year, the company continued to say it would install the North American capacity for EVs.', ""A GM spokesman said the company's target was about the production capacity, while the question was regarding actually producing 1 million EVs in 2025."", 'Barra did not specifcally address whether it was production or production capacity that she was referring to.', 'The spokesman later said the company would no longer reiterate the EV production capacity plans for 2025.', 'The company has continually said its EV plans will be flexible to meet demand.', ""More details about the automaker's EV plans could come when GM reports second-quarter results on July 23.""]",-0.0379467080151552,,The spokesman later said the company would no longer reiterate the EV production capacity plans for 2025.,-0.0472483932971954,The production capacity target for next year was one of the last EV targets the automaker hadn't lowered or withdrawn as demand for EVs has not materialized as quickly as many companies such as GM previously expected.,"In this articleGeneral Motors' goal of being capable of producing 1 million all-electric vehicles in North America by the end of 2025 in heavily in doubt, following comments Monday by CEO Mary Barra.",2024-07-20
"Retail crime 'queenpin' faces five years in prison, millions in restitution",https://www.cnbc.com/2024/07/19/michelle-mack-retail-crime-queenpin-sentenced.html,2024-07-19T19:38:09+0000,"The ringleader of a nationwide organized retail crime operation that targeted Ulta Beauty and other major retailers is facing more than five years in a California state prison.Michelle Mack, of Bonsall, California, received a delayed sentence of five years and four months, which will be officially set in January. It was handed down by a San Diego County Superior Court judge on Thursday,Her husband, Kenneth, received the same sentence and is already incarcerated. As part of his plea deal, he will be released after one year and then put on probation and community service for the remainder of his sentence.The judge allowed Mack to serve her sentence after her husband is released so she can care for their children. She was ordered not to leave the state or go near any Ulta or Sephora stores.The couple also must pay about $3 million in restitution to Ulta and another $13,000 to Sephora, according to a court official.Michelle Mack ran her operation from her 4,500-square-foot mansion in Bonsall, which is outside San Diego, where authorities say she oversaw a network of about a dozen people who stole millions of dollars in merchandise from Ulta, Sephora and other major retailers.The Macks had pleaded guilty last month to conspiracy to commit a felony and organized retail theft, petty theft, and receiving stolen property.Attorneys for the Macks declined to comment, according to NBC 7 San Diego.A CNBC investigation in March detailed Mack's operation and showed how law enforcement traces stolen items from organized retail rings.Investigators began referring to the theft group as the ""California Girls"" and considered Mack the crew's ringleader. She made millions reselling the stolen items on Amazon via the ""Online Makeup Store"" to unwitting customers at a fraction of their typical retail price, investigators said, before she and her husband were arrested in December.Since 2012, Mack had sold nearly $8 million in cosmetics through the storefront before it was shut down, and she brought in $1.89 million in 2022 alone, Amazon sales records provided to investigators show.The site was closed down after the December arrests.Earlier this year, Ulta Beauty CEO Dave Kimbell told CNBC in an extended interview about organized retail crime that the ""financial impact is real, but way more important is the human impact, the impact it has to our associates, the impact it has to our guests.""The Macks and seven members of the crew were originally charged with 140 felonies. One of the defendants has received a three-year and four-month sentence, while cases against the others are pending, according to court records.— CNBC's Paige Tortorelli, Gabrielle Fonrouge and Courtney Reagan contributed to this story.",CNBC,19/07/2024,"['The ringleader of a nationwide organized retail crime operation that targeted Ulta Beauty and other major retailers is facing more than five years in a California state prison.', 'Michelle Mack, of Bonsall, California, received a delayed sentence of five years and four months, which will be officially set in January.', 'It was handed down by a San Diego County Superior Court judge on Thursday,Her husband, Kenneth, received the same sentence and is already incarcerated.', 'As part of his plea deal, he will be released after one year and then put on probation and community service for the remainder of his sentence.', 'The judge allowed Mack to serve her sentence after her husband is released so she can care for their children.', 'She was ordered not to leave the state or go near any Ulta or Sephora stores.', 'The couple also must pay about $3 million in restitution to Ulta and another $13,000 to Sephora, according to a court official.', 'Michelle Mack ran her operation from her 4,500-square-foot mansion in Bonsall, which is outside San Diego, where authorities say she oversaw a network of about a dozen people who stole millions of dollars in merchandise from Ulta, Sephora and other major retailers.', 'The Macks had pleaded guilty last month to conspiracy to commit a felony and organized retail theft, petty theft, and receiving stolen property.', 'Attorneys for the Macks declined to comment, according to NBC 7 San Diego.', ""A CNBC investigation in March detailed Mack's operation and showed how law enforcement traces stolen items from organized retail rings."", 'Investigators began referring to the theft group as the ""California Girls"" and considered Mack the crew\'s ringleader.', 'She made millions reselling the stolen items on Amazon via the ""Online Makeup Store"" to unwitting customers at a fraction of their typical retail price, investigators said, before she and her husband were arrested in December.', 'Since 2012, Mack had sold nearly $8 million in cosmetics through the storefront before it was shut down, and she brought in $1.89 million in 2022 alone, Amazon sales records provided to investigators show.', 'The site was closed down after the December arrests.', 'Earlier this year, Ulta Beauty CEO Dave Kimbell told CNBC in an extended interview about organized retail crime that the ""financial impact is real, but way more important is the human impact, the impact it has to our associates, the impact it has to our guests.', '""The Macks and seven members of the crew were originally charged with 140 felonies.', 'One of the defendants has received a three-year and four-month sentence, while cases against the others are pending, according to court records.—', ""CNBC's Paige Tortorelli, Gabrielle Fonrouge and Courtney Reagan contributed to this story.""]",-0.1150936725051408,"It was handed down by a San Diego County Superior Court judge on Thursday,Her husband, Kenneth, received the same sentence and is already incarcerated.","The Macks had pleaded guilty last month to conspiracy to commit a felony and organized retail theft, petty theft, and receiving stolen property.",,,,2024-07-20
"Willow Bay, Bob Iger to take controlling stake in NWSL's Angel City FC at a $250 million valuation",https://www.cnbc.com/2024/07/17/nwsl-angel-city-fc-willow-bay-bob-iger-controlling-stake.html,2024-07-17T17:56:26+0000,"Willow Bay and Bob Iger will take a controlling stake in Angel City Football Club, the world's most valuable women's professional sports team.On Wednesday, Angel City of the National Women's Soccer League announced the couple had agreed to an investment of an undisclosed amount that values the team at $250 million. The club said Bay and Iger will invest an additional $50 million in the club's future growth.According to NWSL bylaws, controlling owners must own at least 35% of the team, which puts the pair's purchase agreement at a minimum of $87.5 million. Bay will serve on and have full control of the Angel City FC board, the team said.The sale comes as women's sports and the NWSL have seen explosive growth in viewership and attendance and drawn growing investment.Last year, Angel City FC generated the highest revenue of any women's team in the world. It was also No. 1 in NWSL attendance and sponsorship revenue.""We know they are the right partners to lead us into this new era – they are committed to further strengthening ACFC's position as a preeminent organization and brand in women's sports and to championing the team's broader mission, including the advancement of equity for athletes and women-founded businesses,"" the ACFC Board of Directors said in a statement.Angel City FC was founded in 2020 by actress Natalie Portman, venture capitalist Kara Nortman and entrepreneur Julie Uhrman.The ownership group also includes a long list of sports icons including Billie Jean King, Abby Wambach, Lindsey Vonn and 13 former players from the U.S. Women's National Team. The team has prioritized female ownership and equal pay for women.Reddit cofounder Alexis Ohanian had been the club's controlling owner.The unique ownership structure had brought tensions over finances and operations, reportedly one of the motivations for a sale.All of the existing owners will stay on with this new team structure, the club said Wednesday.Bay, a lifelong sports fan, who also serves as dean of the USC Annenberg School for Communication and Journalism, said she's committed to advancing the club's mission of driving equity on and off the field.""With this investment of resources and capital, we hope to accelerate the growth of the Club and the NWSL,"" she said in a statement.Correction: This story has been updated to correct the spelling of Julie Uhrman's name.",CNBC,17/07/2024,"[""Willow Bay and Bob Iger will take a controlling stake in Angel City Football Club, the world's most valuable women's professional sports team."", ""On Wednesday, Angel City of the National Women's Soccer League announced the couple had agreed to an investment of an undisclosed amount that values the team at $250 million."", ""The club said Bay and Iger will invest an additional $50 million in the club's future growth."", ""According to NWSL bylaws, controlling owners must own at least 35% of the team, which puts the pair's purchase agreement at a minimum of $87.5 million."", 'Bay will serve on and have full control of the Angel City FC board, the team said.', ""The sale comes as women's sports and the NWSL have seen explosive growth in viewership and attendance and drawn growing investment."", ""Last year, Angel City FC generated the highest revenue of any women's team in the world."", 'It was also No.', '1 in NWSL attendance and sponsorship revenue.', '""We know they are the right partners to lead us into this new era – they are committed to further strengthening ACFC\'s position as a preeminent organization and brand in women\'s sports and to championing the team\'s broader mission, including the advancement of equity for athletes and women-founded businesses,"" the ACFC Board of Directors said in a statement.', 'Angel City FC was founded in 2020 by actress Natalie Portman, venture capitalist Kara Nortman and entrepreneur Julie Uhrman.', ""The ownership group also includes a long list of sports icons including Billie Jean King, Abby Wambach, Lindsey Vonn and 13 former players from the U.S. Women's National Team."", 'The team has prioritized female ownership and equal pay for women.', ""Reddit cofounder Alexis Ohanian had been the club's controlling owner."", 'The unique ownership structure had brought tensions over finances and operations, reportedly one of the motivations for a sale.', 'All of the existing owners will stay on with this new team structure, the club said Wednesday.', ""Bay, a lifelong sports fan, who also serves as dean of the USC Annenberg School for Communication and Journalism, said she's committed to advancing the club's mission of driving equity on and off the field."", '""With this investment of resources and capital, we hope to accelerate the growth of the Club and the NWSL,"" she said in a statement.', ""Correction: This story has been updated to correct the spelling of Julie Uhrman's name.""]",0.1942550844635906,"""We know they are the right partners to lead us into this new era – they are committed to further strengthening ACFC's position as a preeminent organization and brand in women's sports and to championing the team's broader mission, including the advancement of equity for athletes and women-founded businesses,"" the ACFC Board of Directors said in a statement.","The unique ownership structure had brought tensions over finances and operations, reportedly one of the motivations for a sale.",0.7409164682030678,The sale comes as women's sports and the NWSL have seen explosive growth in viewership and attendance and drawn growing investment.,"The unique ownership structure had brought tensions over finances and operations, reportedly one of the motivations for a sale.",2024-07-20
"Royal Caribbean leans into shorter cruises, more experiences to capture travel demand",https://www.cnbc.com/2024/07/16/royal-caribbean-leans-into-shorter-cruises-more-experiences.html,2024-07-17T23:22:59+0000,"In this articleWith consumers getting more selective on how and where they vacation, cruise lines are fighting for Americans' tourist budgets. Royal Caribbean thinks shortening trips and packing the days with activities and exclusive opportunities will keep customers hooked.""I think we are an experience-driven mindset,"" Royal Caribbean CEO Jason Liberty told CNBC's ""Squawk on the Street"" this week. ""Over half of our guests are actually millennials or younger, and when you survey those guests, about 42% of them say in the next 12 months their plans are to actually go on shorter vacation experiences.""Onboard Royal's Utopia of the Seas, the world's second-largest ship with a maximum capacity of nearly 5,800 passengers, customers are welcomed to 13 pools, 21 dining options, two casinos, and much more. This is the second cruise ship Royal Caribbean is bringing to market in the span of six months. Liberty says the voracious appetite to cruise post-pandemic has not died down.""We're not seeing any pullback from the consumer, whether that's planning their vacation experiences further out ... [or] then on the ships, they go out and they continue to spend,"" Liberty said. ""There is not an area on the ship that we've seen a change in their spending behavior.""To scale its business and widen its appeal, Royal Caribbean is looking at how to better compete with other types of vacations customers opt for, like skiing, casinos or theme parks.""When we look at what our guests are doing when they're not with us, they're going to Orlando, they're going to Vegas, they're going to all-inclusive resorts,"" Liberty said. ""What we're trying to do is make sure that our experience, whether on the ship or at our private islands, is something that is highly competitive with land-based vacation.""Morningstar travel and leisure analyst Jamie Katz thinks Liberty's strategy to get the Disney theme park traveler on board is working.""The American traveler doesn't always have time to take a six- to eight-day cruise due to work schedules and kids' school calendars,"" Katz said. ""A three-day cruise provides customers with more options.""One of the benefits of bringing a new ship to market — you're able to charge more.""You're really seeing sizable pricing premiums. Historically, pricing of a new ship is a 20% premium to existing ships across the industry,"" said Patrick Scholes, travel and leisure analyst at Truist Securities.Scholes said the Utopia price bump for Royal Caribbean could be even higher.Liberty said he expects higher pricing to hold into the second half of the year, pointing to the ""value gap"" between cruises and land-based vacations.Rival Carnival, too, has raised prices amid strong demand.""We haven't seen that sign of a consumer slowdown, if anything, we are seeing an acceleration,"" CEO Josh Weinstein told CNBC after the company's most recent earnings report in mid-June.Analysts point out that cruising is one of the few areas within the travel and hospitality sector where prices continue to sharply rise. Last week, Delta Air Lines revealed softer prices compared with last year. HSBC analysts expect airfares to stay flat or decline in 2024 over 2023.Several analysts and investors will be sailing aboard Utopia this week to better understand what differentiates the cruise ship from its competitors.One area of interest will be the impact of cutting-edge technologies: Liberty said artificial intelligence is helping Utopia reduce food waste by 30% to 40%. The company is also using AI to help with dynamic pricing and smart management of customer data.Beyond Utopia, there aren't too many ships coming online from the cruise giants.Royal Caribbean currently has the strongest order book in the industry. The company's Icon of the Seas, the biggest cruise ship in the world with a capacity of 7,600 passengers, made a splash earlier this year.On Royal Caribbean's recent earnings call, executives said Icon bookings are holding strong through 2025.""We're entering a two- to three-year period where there are minimal number of ships coming online. Typically, the industry grows supply by 5% to 7% ever year,"" Scholes said.But building a massive cruise ship requires extensive work. Wall Street analysts estimate it takes three to five years to order and get a ship delivered.Norwegian Cruise Line is working on bringing eight new ships to market in the next six years.Viking Cruises, which went public earlier this year and has seen its stock trade well above its debut price, is bringing four new ocean cruise ships to market over the course of the next three years, not including its river-based ships.Correction: This story has been updated to reflect the correct number of new ocean cruise ships Viking is bringing in",CNBC,17/07/2024,"[""In this articleWith consumers getting more selective on how and where they vacation, cruise lines are fighting for Americans' tourist budgets."", 'Royal Caribbean thinks shortening trips and packing the days with activities and exclusive opportunities will keep customers hooked.', '""I think we are an experience-driven mindset,"" Royal Caribbean CEO Jason Liberty told CNBC\'s ""Squawk on the Street"" this week. ""', 'Over half of our guests are actually millennials or younger, and when you survey those guests, about 42% of them say in the next 12 months their plans are to actually go on shorter vacation experiences.', '""Onboard Royal\'s Utopia of the Seas, the world\'s second-largest ship with a maximum capacity of nearly 5,800 passengers, customers are welcomed to 13 pools, 21 dining options, two casinos, and much more.', 'This is the second cruise ship Royal Caribbean is bringing to market in the span of six months.', 'Liberty says the voracious appetite to cruise post-pandemic has not died down.', '""We\'re not seeing any pullback from the consumer, whether that\'s planning their vacation experiences further out ... [or] then on the ships, they go out and they continue to spend,"" Liberty said. ""', ""There is not an area on the ship that we've seen a change in their spending behavior."", '""To scale its business and widen its appeal, Royal Caribbean is looking at how to better compete with other types of vacations customers opt for, like skiing, casinos or theme parks.', '""When we look at what our guests are doing when they\'re not with us, they\'re going to Orlando, they\'re going to Vegas, they\'re going to all-inclusive resorts,"" Liberty said. ""', ""What we're trying to do is make sure that our experience, whether on the ship or at our private islands, is something that is highly competitive with land-based vacation."", '""Morningstar travel and leisure analyst Jamie Katz thinks Liberty\'s strategy to get the Disney theme park traveler on board is working.', '""The American traveler doesn\'t always have time to take a six- to eight-day cruise due to work schedules and kids\' school calendars,"" Katz said. ""', 'A three-day cruise provides customers with more options.', '""One of the benefits of bringing a new ship to market — you\'re able to charge more.', '""You\'re really seeing sizable pricing premiums.', 'Historically, pricing of a new ship is a 20% premium to existing ships across the industry,"" said Patrick Scholes, travel and leisure analyst at Truist Securities.', 'Scholes said the Utopia price bump for Royal Caribbean could be even higher.', 'Liberty said he expects higher pricing to hold into the second half of the year, pointing to the ""value gap"" between cruises and land-based vacations.', 'Rival Carnival, too, has raised prices amid strong demand.', '""We haven\'t seen that sign of a consumer slowdown, if anything, we are seeing an acceleration,"" CEO Josh Weinstein told CNBC after the company\'s most recent earnings report in mid-June.', 'Analysts point out that cruising is one of the few areas within the travel and hospitality sector where prices continue to sharply rise.', 'Last week, Delta Air Lines revealed softer prices compared with last year.', 'HSBC analysts expect airfares to stay flat or decline in 2024 over 2023.Several analysts and investors will be sailing aboard Utopia this week to better understand what differentiates the cruise ship from its competitors.', 'One area of interest will be the impact of cutting-edge technologies: Liberty said artificial intelligence is helping Utopia reduce food waste by 30% to 40%.', 'The company is also using AI to help with dynamic pricing and smart management of customer data.', ""Beyond Utopia, there aren't too many ships coming online from the cruise giants."", 'Royal Caribbean currently has the strongest order book in the industry.', ""The company's Icon of the Seas, the biggest cruise ship in the world with a capacity of 7,600 passengers, made a splash earlier this year."", 'On Royal Caribbean\'s recent earnings call, executives said Icon bookings are holding strong through 2025.""We\'re entering a two- to three-year period where there are minimal number of ships coming online.', 'Typically, the industry grows supply by 5% to 7% ever year,"" Scholes said.', 'But building a massive cruise ship requires extensive work.', 'Wall Street analysts estimate it takes three to five years to order and get a ship delivered.', 'Norwegian Cruise Line is working on bringing eight new ships to market in the next sixyears.', 'Viking Cruises, which went public earlier this year and has seen its stock trade well above its debut price, is bringing four new ocean cruise ships to market over the course of the next three years, not including its river-based ships.', 'Correction: This story has been updated to reflect the correct number of new ocean cruise ships Viking is bringing in']",0.2617926636343617,One area of interest will be the impact of cutting-edge technologies: Liberty said artificial intelligence is helping Utopia reduce food waste by 30% to 40%.,"In this articleWith consumers getting more selective on how and where they vacation, cruise lines are fighting for Americans' tourist budgets.",0.3555704788728194,"On Royal Caribbean's recent earnings call, executives said Icon bookings are holding strong through 2025.""We're entering a two- to three-year period where there are minimal number of ships coming online.",HSBC analysts expect airfares to stay flat or decline in 2024 over 2023.Several analysts and investors will be sailing aboard Utopia this week to better understand what differentiates the cruise ship from its competitors.,2024-07-20
Flights grounded and passengers warned of delays amid global IT outage,https://www.cnbc.com/2024/07/19/flights-grounded-passengers-to-see-delays-amid-unprecedented-it-outage.html,2024-07-19T21:00:49+0000,"Several airlines halted flights on Friday, while others warned of delays and service disruptions as an unprecedented IT outage impacted global operations.Early on Friday, cybersecurity giant CrowdStrike experienced a major disruption linked to a tech update. Organizations including Microsoft were left scrambling to restore apps and services used by a huge number of firms.Flight update and check-in monitors at airports around the world displayed the so-called blue screen of death, indicating a Microsoft system error. Images shared to social media showed a whiteboard displaying flight updates at Belfast International Airport in Northern Ireland, and a handwritten boarding pass for a flight with India's IndiGo.""It seems that for the first time we are facing a real global blackout. ... The disruption affected not only individual users, but especially large institutions such as banks (including central banks), stock exchanges, airports, paralysing operations during the peak holiday season and causing chaos in many other sectors,"" Grzegorz Drozdz, market analyst at Conotoxia, said in emailed comments.Over 38,000 flights had been delayed globally as of about 5 p.m. ET Friday, with roughly 9,200 of those delays within, into or out of the United States, according to FlightAware data. More than 4,200 flights had been canceled, with roughly 2,650 of them U.S. flights.U.S. Secretary of Transportation Pete Buttigieg said Friday on CNBC's ""Squawk on the Street"" that he expects the transportation delays to be smoothed out and ""resembling normal"" by Saturday.""The issue has been identified. It's really a matter of the kind of ripple or cascade effects as they get everything in their networks back to normal,"" Buttigieg said. ""These flights, they run so tightly, so back-to-back that even after a root cause is addressed, you can still be feeling those impacts throughout the day.""Airlines across Europe, the Middle East, the Americas and Asia issued updates outlining the suspected extent of the impact on their flight schedules and wider services, with passengers advised to check their flight status.The U.S. Federal Aviation Administration said at 10:22 a.m. ET: ""The FAA continues to work closely with airlines as they work to resume normal operations. Ground stops and delays will be intermittent at various airports as the airlines work through residual technology issues.""American Airlines said that as of 5 a.m. ET it had been able to ""safely reestablish our operation."" The carrier also said, ""We expect there will be impact to our flight schedule today, including delays and cancellations.""Delta and United both said they had resumed some flight departures but expected delays and cancelations through Friday. All three airlines issued waivers to allow customers to change their travel plans.Colby Black, 45, took the delays in stride, even though he wasn't sure when his rescheduled flight to Los Angeles would take off.""It says 8 a.m. on the board, but 9 a.m. on my app, so who knows,"" he said of the flight that was originally set to depart at 6 a.m. ""I'm just tired. I want to sleep,"" said Black, who woke up at 3 a.m. ""But otherwise, yeah, it happens.""In Europe, Dutch airline KLM said its IT issues had been ""almost completely resolved"" and that air traffic to and from Amsterdam's Schiphol airport could be ""fully resumed"" after most of KLM's operations were suspended in the morning.However, the carrier added that many flights had been delayed or canceled and that disruption would continue through the evening and into the weekend, with more cancellations possible.KLM's partner carrier Air France said late Friday afternoon that its operations were ""back to normal on the entire network,"" after only certain flights to Amsterdam and Berlin were affected during the day, but that delays could not be ruled out.Germany's Lufthansa was only ""slightly affected"" by the global outage, it said, with the biggest impact on Berlin, Amsterdam and Zurich routes. Low-cost German airline Eurowings, part of the same group, said it planned to operate around 80% of its flights, with most cancellations on domestic routes.During the morning, Swiss air navigation service provider Skyguide said it had reduced the capacity of Swiss transit traffic by 30% as a precautionary measure after it was affected by the disruption.U.K. carriers British Airways and Virgin Atlantic both said some flight disruption was expected on Friday.Aviation analytics firm Cirium said Friday, July 19, was set to be the busiest day of flights of the year, with the highest number of daily departures scheduled — 3,214 — since October 2019.As of 5 p.m. in London, 4,295 flights had been canceled globally, Cirium said, which equates to 3.9% of all scheduled flights globally.London airports Gatwick and Heathrow both said they were continuing to manageissues and delays were expected. Gatwick said the issues spanned ""some airlines' check-in systems and security, including eGates.""Self-check-in systems went down temporarily at numerous airports Friday, including Taiwan's Taoyuan International Airport, Singapore's Changi Airport and Hong Kong International Airport.Mainland Chinese airlines such as Air China and China Southern were not impacted as they use a different system, Reuters reported, citing state media.— CNBC's Kevin Breuninger, Leslie Josephs and Ece Yildirim and NBC News' Carlo Angerer contributed reporting.Correction: This story has been updated to correct a time reference.",CNBC,19/07/2024,"['Several airlines halted flights on Friday, while others warned of delays and service disruptions as an unprecedented IT outage impacted global operations.', 'Early on Friday, cybersecurity giant CrowdStrikeexperienced a major disruption linked to a tech update.', 'Organizations including Microsoft were left scrambling to restore apps and services used by a huge number of firms.', 'Flight update and check-in monitors at airports around the world displayed the so-calledblue screen of death,indicating a Microsoft system error.', ""Images shared to social media showed a whiteboard displaying flight updates at Belfast International Airport in Northern Ireland, and a handwritten boarding pass for a flight with India's IndiGo."", '""It seems that for the first time we are facing a real global blackout. ...', 'The disruption affected not only individual users, but especially large institutions such as banks (including central banks), stock exchanges, airports, paralysing operations during the peak holiday season and causing chaos in many other sectors,"" Grzegorz Drozdz, market analyst at Conotoxia, said in emailed comments.', 'Over 38,000 flights had been delayed globally as of about 5 p.m. ET Friday, with roughly 9,200 of those delays within, into or out of the United States, according to FlightAware data.', 'More than 4,200 flights had been canceled, with roughly 2,650 of them U.S. flights.', 'U.S. Secretary of Transportation Pete Buttigieg said Friday on CNBC\'s ""Squawk on the Street"" that he expects the transportation delays to be smoothed out and ""resembling normal"" by Saturday.', '""The issue has been identified.', 'It\'s really a matter of the kind of ripple or cascade effects as they get everything in their networks back to normal,"" Buttigieg said. ""', 'These flights, they run so tightly, so back-to-back that even after a root cause is addressed, you can still be feeling those impacts throughout the day.', '""Airlines across Europe, the Middle East, the Americas and Asia issued updates outlining the suspected extent of the impact on their flight schedules and wider services, with passengers advised to check their flight status.', 'The U.S. Federal Aviation Administration said at 10:22 a.m. ET: ""The FAA continues to work closely with airlines as they work to resume normal operations.', 'Ground stops and delays will be intermittent at various airports as the airlines work through residual technology issues.', '""American Airlines said that as of 5 a.m. ET it had been able to ""safely reestablish our operation.""', 'The carrier also said, ""We expect there will be impact to our flight schedule today, including delays and cancellations.', '""Delta and United both said they had resumed some flight departures but expected delays and cancelations through Friday.', 'All three airlines issued waivers to allow customers to change their travel plans.', ""Colby Black, 45, took the delays in stride, even though he wasn't sure when his rescheduled flight to Los Angeles would take off."", '""It says 8 a.m. on the board, but 9 a.m. on my app, so who knows,"" he said of the flight that was originally set to depart at 6 a.m. ""I\'m just tired.', 'I want to sleep,"" said Black, who woke up at 3 a.m. ""But otherwise, yeah, it happens.', '""In Europe, Dutch airline KLMsaidits IT issues had been ""almost completely resolved"" and that air traffic to and from Amsterdam\'s Schiphol airport could be ""fully resumed"" after most of KLM\'s operations were suspended in the morning.', 'However, the carrier added that many flights had been delayed or canceled and that disruption would continue through the evening and into the weekend, with more cancellations possible.', 'KLM\'s partner carrier Air France said late Friday afternoon that its operations were ""back to normal on the entire network,"" after only certain flights to Amsterdam and Berlin were affected during the day, but that delays could not be ruled out.', 'Germany\'s Lufthansa was only ""slightly affected"" by the global outage, it said, with the biggest impact on Berlin, Amsterdam and Zurich routes.', 'Low-cost German airline Eurowings, part of the same group, said it planned to operate around 80% of its flights, with most cancellations on domestic routes.', 'During the morning, Swiss air navigation service provider Skyguide said it had reduced the capacity of Swiss transit traffic by 30% as a precautionary measure after it was affected by the disruption.', 'U.K. carriers British Airways and Virgin Atlantic both said some flight disruption was expected on Friday.', 'Aviation analytics firm Cirium said Friday, July 19, was set to be the busiest day of flights of the year, with the highest number of daily departures scheduled — 3,214 — since October 2019.As of 5 p.m. in London, 4,295 flights had been canceled globally, Cirium said, which equates to 3.9% of all scheduled flights globally.', 'London airports Gatwick and Heathrow both said they were continuing to manageissues and delays were expected.', 'Gatwick said the issues spanned ""some airlines\' check-in systems and security, including eGates.', '""Self-check-in systems went down temporarily at numerous airports Friday, including Taiwan\'s Taoyuan International Airport, Singapore\'s Changi Airport and Hong Kong International Airport.', 'Mainland Chinese airlines such as Air China and China Southern were not impacted as they use a different system, Reuters reported, citing state media.—', ""CNBC's Kevin Breuninger, Leslie Josephs and Ece Yildirim and NBC News' Carlo Angerer contributed reporting."", 'Correction: This story has been updated to correct a time reference.']",-0.0336165147491114,Organizations including Microsoft were left scrambling to restore apps and services used by a huge number of firms.,"Flight update and check-in monitors at airports around the world displayed the so-calledblue screen of death,indicating a Microsoft system error.",-0.3801316916942596,"""American Airlines said that as of 5 a.m. ET it had been able to ""safely reestablish our operation.""","During the morning, Swiss air navigation service provider Skyguide said it had reduced the capacity of Swiss transit traffic by 30% as a precautionary measure after it was affected by the disruption.",2024-07-20
Banks in Synapse mess make progress toward releasing deposits of stranded fintech customers,https://www.cnbc.com/2024/07/11/synapse-banks-get-closer-to-releasing-deposits.html,2024-07-12T15:17:23+0000,"There may be relief for the thousands of Americans whose savings have been locked in frozen fintech accounts for the past two months.Banks involved in the mess caused by the collapse of fintech intermediary Synapse have made progress piecing together account information for stranded customers that could result in a release of funds in a matter of weeks, according to a person briefed on the matter.Staff of Evolve Bank & Trust and Lineage Bank in particular have made headway after hiring a former Synapse engineer late last month to unlock data from the failed fintech middleman, said the person, who asked for anonymity to speak candidly about the process.The development comes as regulators, including the Federal Reserve and the Federal Deposit Insurance Corp., pressure the banks involved to release funds after media and lawmakers have heightened awareness of the debacle.Beginning in May, more than 100,000 customers of fintech apps like Yotta, Juno and Copper have been locked out of their accounts.""We're strongly encouraging Evolve to do whatever it can to help make money available to those depositors,"" Federal Reserve Chair Jerome Powell told the Senate Banking Committee on Tuesday.  The sudden optimism of key players involved in the negotiations, including Evolve founder and Chairman Scot Lenoir, comes after weeks of apparent gridlock in a California bankruptcy court. Shoddy record-keeping and a dearth of funds to pay for a forensic analysis have made it difficult to piece together who is owed what, bankruptcy trustee Jelena McWilliams has said.The episode revealed how small banks involved in the ""banking-as-a-service"" sector didn't properly manage unregulated partners like Synapse, founded in 2014 by a first-time entrepreneur named Sankaet Pathak. Evolve and a string of peers have been reprimanded by bank regulators for shortcomings tied to their programs.Evolve Bank initially planned to release $46 million it held from payment processing accounts to give fintech customers partial payments, according to the person with knowledge of the matter.That plan changed in recent days when it became clear that something approximating a full reconciliation of customer accounts was possible, the person said.But it remains unknown how the four main banks involved — Evolve, Lineage, AMG National Trust and American Bank — and what remains of Synapse will deal with a likely shortfall of funds, and that could hinder repayment efforts. Up to $96 million owed to customers is missing, McWilliams has said.The Synapse trustee didn't respond to a request for comment. Neither did representatives for AMG, American Bank and Lineage. The FDIC declined to comment for this article.On Friday, Evolve posted a statement to its website, saying in part that it was the bank's priority to ""facilitate the distribution of funds to the customers to whom they belong as soon as possible.""Earlier this week, Evolve filed a response to questioning from a regulator, FINRA, seeking to make it clear that while it holds some payment processing funds, deposits from the app Yotta migrated out of Evolve and to a network of banks in late October 2023.""We believe there is still some confusion regarding who is in possession and control of customer funds,"" Evolve told FINRA, according to documents obtained by CNBC.The bank included an Oct. 27, 2023, email from Yotta CEO Adam Moelis to Lenoir where Moelis confirmed that funds had left Evolve as of that date.""Synapse and Evolve are now saying contradictory things,"" Moelis said this week in response to an inquiry from CNBC. ""We don't know who's telling the truth.""",CNBC,12/07/2024,"['There may be relief for the thousands of Americans whose savings have been locked in frozen fintech accounts for the past two months.', 'Banks involved in the mess caused by the collapse of fintech intermediary Synapse have made progress piecing together account information for stranded customers that could result in a release of funds in a matter of weeks, according to a person briefed on the matter.', 'Staff of Evolve Bank & Trust and Lineage Bank in particular have made headway after hiring a former Synapse engineer late last month to unlock data from the failed fintech middleman, said the person, who asked for anonymity to speak candidly about the process.', 'The development comes as regulators, including the Federal Reserve and the Federal Deposit Insurance Corp., pressure the banks involved to release funds after media and lawmakers have heightened awareness of the debacle.', 'Beginning in May, more than 100,000 customers of fintech apps like Yotta, Juno and Copper have been locked out of their accounts.', '""We\'re strongly encouraging Evolve to do whatever it can to help make money available to those depositors,"" Federal Reserve Chair Jerome Powell told the Senate Banking Committee on Tuesday.', 'The sudden optimism of key players involved in the negotiations, including Evolve founder and Chairman Scot Lenoir, comes after weeks of apparent gridlock in a California bankruptcy court.', 'Shoddy record-keeping and a dearth of funds to pay for a forensic analysis have made it difficult to piece together who is owed what, bankruptcy trustee Jelena McWilliams has said.', 'The episode revealed how small banks involved in the ""banking-as-a-service"" sector didn\'t properly manage unregulated partners like Synapse, founded in 2014 by a first-time entrepreneur namedSankaet Pathak.', 'Evolve and a string of peers have been reprimanded by bank regulators for shortcomings tied to their programs.', 'Evolve Bank initially planned to release $46 million it held from payment processing accounts to give fintech customers partial payments, according to the person with knowledge of the matter.', 'That plan changed in recent days when it became clear that something approximating a full reconciliation of customer accounts was possible, the person said.', 'But it remains unknown how the four main banks involved — Evolve, Lineage, AMG National Trust and American Bank — and what remains of Synapse will deal with a likely shortfall of funds, and that could hinder repayment efforts.', 'Up to $96 million owed to customers is missing, McWilliams has said.', ""The Synapse trustee didn't respond to a request for comment."", 'Neither did representatives for AMG, American Bank and Lineage.', 'The FDIC declined to comment for this article.', 'On Friday, Evolve posted a statement to its website, saying in part that it was the bank\'s priority to ""facilitate the distribution of fundsto the customers to whom they belong as soon as possible.', '""Earlier this week, Evolve filed a response to questioning from a regulator, FINRA, seeking to make it clear that while it holds some payment processing funds, deposits from the app Yotta migrated out of Evolve and to a network of banks in late October 2023.""We believe there is still some confusion regarding who is in possession and control of customer funds,"" Evolve told FINRA, according to documents obtained by CNBC.The bank included an Oct. 27, 2023, email from Yotta CEO Adam Moelis to Lenoir where Moelis confirmed that funds had left Evolve as of that date.', '""Synapse and Evolve are now saying contradictory things,"" Moelis said this week in response to an inquiry from CNBC. ""', 'We don\'t know who\'s telling the truth.""']",0.1054071728279107,"""We're strongly encouraging Evolve to do whatever it can to help make money available to those depositors,"" Federal Reserve Chair Jerome Powell told the Senate Banking Committee on Tuesday.","Shoddy record-keeping and a dearth of funds to pay for a forensic analysis have made it difficult to piece together who is owed what, bankruptcy trustee Jelena McWilliams has said.",0.1702185670534769,"Staff of Evolve Bank & Trust and Lineage Bank in particular have made headway after hiring a former Synapse engineer late last month to unlock data from the failed fintech middleman, said the person, who asked for anonymity to speak candidly about the process.","But it remains unknown how the four main banks involved — Evolve, Lineage, AMG National Trust and American Bank — and what remains of Synapse will deal with a likely shortfall of funds, and that could hinder repayment efforts.",2024-07-20
Spirit Airlines forecasts wider quarterly loss as revenue falls short of expectations,https://www.cnbc.com/2024/07/16/spirit-airlines-second-quarter-loss-warning.html,2024-07-17T15:18:01+0000,"In this articleSpirit Airlines said Tuesday it would post a wider-than-expected loss for the last quarter because of revenue that came in short of its expectations.Spirit expects to report an adjusted loss of between $160 million and $173 million for the three months ended June 30, compared with a previous estimate for a loss of no more than $145 million. It expects sales of $1.28 billion, down from a forecast of at least $1.32 billion.Spirit said non-ticket revenue, which accounts for the myriad fees long associated with its rock-bottom fares, came in ""several dollars lower than anticipated"" per passenger.Shares of the budget airline were down more than 9% in late-morning trading on Wednesday. Spirit released the revised estimates in securities filing after the market closed on Tuesday.The airline, along with rival Frontier Airlines, has recently revamped how it sells tickets by offering bundles that include things like seat assignments and carry-on bags that it used to sell a la carte. That brings its business practice more in line with larger competitors. Frontier's shares were down more than 4% on Wednesday morning, the second-biggest drop of U.S. airlines.""As the Company progresses on its transformation strategy, it anticipates that over time it will be able to drive improvement in total revenue per passenger segment,"" Spirit said.The company is facing several challenges, such as oversupplied U.S. domestic market, an engine recall from supplier Pratt & Whitney that has grounded dozens of aircraft and the fallout of a federal judge's ruling to block a planned acquisition by JetBlue Airways earlier this year.",CNBC,17/07/2024,"['In this articleSpirit Airlines said Tuesday it would post a wider-than-expected loss for the last quarter because of revenue that came in short of its expectations.', 'Spirit expects to report an adjusted loss of between $160 million and $173 million for the three months ended June 30, compared with a previous estimate for a loss of no more than $145 million.', 'It expects sales of $1.28 billion, down from a forecast of at least $1.32 billion.', 'Spirit said non-ticket revenue, which accounts for the myriad fees long associated with its rock-bottom fares, came in ""several dollars lower than anticipated"" per passenger.', 'Shares of the budget airline were down more than 9% in late-morning trading on Wednesday.', 'Spirit released the revised estimates in securities filing after the market closed on Tuesday.', 'The airline, along with rival Frontier Airlines, has recently revamped how it sells tickets by offering bundles that include things like seat assignments and carry-on bags that it used to sell a la carte.', 'That brings its business practice more in line with larger competitors.', ""Frontier's shares were down more than 4% on Wednesday morning, the second-biggest drop of U.S. airlines."", '""As the Company progresses on its transformation strategy, it anticipates that over time it will be able to drive improvement in total revenue per passenger segment,"" Spirit said.', ""The company is facing several challenges, such as oversupplied U.S. domestic market, an engine recall from supplier Pratt & Whitney that has grounded dozens of aircraft and the fallout of a federal judge's ruling to block a planned acquisition by JetBlue Airways earlier this year.""]",0.0220259319425421,"""As the Company progresses on its transformation strategy, it anticipates that over time it will be able to drive improvement in total revenue per passenger segment,"" Spirit said.","Spirit expects to report an adjusted loss of between $160 million and $173 million for the three months ended June 30, compared with a previous estimate for a loss of no more than $145 million.",-0.3389892180760701,"""As the Company progresses on its transformation strategy, it anticipates that over time it will be able to drive improvement in total revenue per passenger segment,"" Spirit said.","Spirit said non-ticket revenue, which accounts for the myriad fees long associated with its rock-bottom fares, came in ""several dollars lower than anticipated"" per passenger.",2024-07-20
"Postmasters had fingers in the till, minister told",https://www.bbc.co.uk/news/articles/c4ngr82zedxo,2024-07-19T16:03:29.994Z,"Jo Swinson has claimed that former Post Office chief executive Paula Vennells said  “something to the effect” that some sub-postmasters had “their fingers in the till."" The Former Liberal Democrat leader said that Vennells told her “although these might seem to be lovely people, clearly some of them are actually just at it”. Ms Swinson, who was Postal Affairs Minister between 2012 and 2015 also accused Ms Vennells of failing to tell her about the unreliability of a key witness in the prosecution of sub postmasters. She was referring to the former Fujitsu engineer, Gareth Jenkins, who defended the Horizon system in court cases where sub postmasters were sent to prison. Ms Swinson said Ms Vennells made the comments to her over the phone in the manner of ""taking me into her confidence."" In 2013, the barrister Simon Clarke KC advised the Post Office that Jenkins was  aware of bugs in the Horizon system and said the IT expert should have disclosed the existence of software bugs to the defence. Ms Swinson told the inquiry that Ms Vennells should have realised that the Clarke memo demanded ‘’urgent attention’’ and said ‘’she never told me’’ about it. Ms Vennells’ barrister Samantha Leak KC was quick to challenge Jo Swinson about her evidence.  She said that there was no evidence that Ms Vennells was shown the Clarke advice by the Post Office lawyer Susan Crichton or any of the company’s other lawyers.  Ms Swinson responded that she would have expected a chief executive to have asked to see it. The Former Liberal Democrat leader became emotional whilst giving evidence.  ""I’m sorry. I asked lots of questions but that wasn’t enough,"" she said to sub postmasters in the room while holding back tears. ",BBC,19/07/2024,"['Jo Swinson has claimed that former Post Office chief executive Paula Vennells said “something to the effect” that some sub-postmasters had “their fingers in the till.""', 'The Former Liberal Democrat leader said that Vennells told her “although these might seem to be lovely people, clearly some of them are actually just at it”.', 'Ms Swinson, who was Postal Affairs Minister between 2012 and 2015 also accused Ms Vennells of failing to tell her about the unreliability of a key witness in the prosecution of sub postmasters.', 'She was referring to the former Fujitsu engineer, Gareth Jenkins, who defended the Horizon system in court cases where sub postmasters were sent to prison.', 'Ms Swinson said Ms Vennells made the comments to her over the phone in the manner of ""taking me into her confidence.""', 'In 2013, the barrister Simon Clarke KC advised the Post Office that Jenkins was aware of bugs in the Horizon system and said the IT expert should have disclosed the existence of software bugs to the defence.', 'Ms Swinson told the inquiry that Ms Vennells should have realised that the Clarke memo demanded ‘’urgent attention’’ and said ‘’she never told me’’ about it.', 'Ms Vennells’ barrister Samantha Leak KC was quick to challenge Jo Swinson about her evidence.', 'She said that there was no evidence that Ms Vennells was shown the Clarke advice by the Post Office lawyer Susan Crichton or any of the company’s other lawyers.', 'Ms Swinson responded that she would have expected a chief executive to have asked to see it.', 'The Former Liberal Democrat leader became emotional whilst giving evidence. ""', 'I’m sorry.', 'I asked lots of questions but that wasn’t enough,"" she said to sub postmasters in the room while holding back tears.']",-0.039152716357377,"The Former Liberal Democrat leader said that Vennells told her “although these might seem to be lovely people, clearly some of them are actually just at it”.","Ms Swinson, who was Postal Affairs Minister between 2012 and 2015 also accused Ms Vennells of failing to tell her about the unreliability of a key witness in the prosecution of sub postmasters.",,,,2024-07-20
Bank of America shares jump 5% after saying net interest income rebound is coming,https://www.cnbc.com/2024/07/16/bank-of-america-bac-earnings-q2-2024.html,2024-07-16T20:27:41+0000,"In this articleBank of America on Tuesday said second-quarter revenue and profit topped expectations on rising investment banking and asset management fees.Here's what the company reported:The bank said profit slipped 6.9% from the year earlier period to $6.9 billion, or 83 cents a share, as the company's net interest income declined amid higher interest rates. Revenue climbed less than 1% to $25.54 billion.The firm was helped by a 29% increase in investment banking fees to $1.56 billion, edging out the $1.51 billion StreetAccount estimate. Asset management fees rose 14% to $3.37 billion, buoyed by higher stock market values, helping the firm's wealth management division post a 6.3% increase in revenue to $5.57 billion, essentially matching the estimate.Net interest income slipped 3% to $13.86 billion, also matching the StreetAccount estimate.But new guidance on the measure, known as NII, gave investors confidence that a turnaround is in the making. NII is one of the main ways that banks earn money.The measure, which is the difference between what a bank earns on loans and what it pays depositors for their savings, will rise to about $14.5 billion in the fourth quarter of this year, Bank of America said in a slide presentation.That confirms what executives previously told investors, which is that net interest income would probably bottom in the second quarter.Wells Fargo shares fell on Friday when it posted disappointing NII figures, showing how much investors are fixated on the metric.Shares of Bank of America climbed 5.4%, aided by the NII guidance.Last week, JPMorgan Chase, Wells Fargo and Citigroup each topped expectations for revenue and profit, a streak continued by Goldman Sachs on Monday, helped by a rebound in Wall Street activity.",CNBC,16/07/2024,"['In this articleBank of America on Tuesday said second-quarter revenue and profit topped expectations on rising investment banking and asset management fees.', ""Here's what the company reported:The bank said profit slipped 6.9% from the year earlier period to $6.9 billion, or 83 cents a share, as the company's net interest income declined amid higher interest rates."", 'Revenue climbed less than 1% to $25.54 billion.', 'The firm was helped by a 29% increase in investment banking fees to $1.56 billion, edging out the $1.51 billion StreetAccount estimate.', ""Asset management fees rose 14% to $3.37 billion, buoyed by higher stock market values, helping the firm's wealth management division post a 6.3% increase in revenue to $5.57 billion, essentially matching the estimate."", 'Net interest income slipped 3% to $13.86 billion, also matching the StreetAccount estimate.', 'But new guidance on the measure, known as NII, gave investors confidence that a turnaround is in the making.', 'NII is one of the main ways that banks earn money.', 'The measure, which is the difference between what a bank earns on loans and what it pays depositors for their savings, will rise to about $14.5 billion in the fourth quarter of this year, Bank of America said in a slide presentation.', 'That confirms what executives previously told investors, which is that net interest income would probably bottom in the second quarter.', 'Wells Fargo shares fell on Friday when it posted disappointing NII figures, showing how much investors are fixated on the metric.', 'Shares of Bank of America climbed 5.4%, aided by the NII guidance.', 'Last week, JPMorgan Chase,Wells Fargoand Citigroup each topped expectations for revenue and profit, a streak continued by Goldman Sachs on Monday, helped by a rebound in Wall Street activity.']",0.4024516582040477,"Asset management fees rose 14% to $3.37 billion, buoyed by higher stock market values, helping the firm's wealth management division post a 6.3% increase in revenue to $5.57 billion, essentially matching the estimate.",,0.333440234263738,In this articleBank of America on Tuesday said second-quarter revenue and profit topped expectations on rising investment banking and asset management fees.,"Wells Fargo shares fell on Friday when it posted disappointing NII figures, showing how much investors are fixated on the metric.",2024-07-20
Netflix beats estimates as ad-supported memberships rise 34%,https://www.cnbc.com/2024/07/18/netflix-nflx-earnings-q2-2024.html,2024-07-18T22:07:41+0000,"In this articleNetflix reported second-quarter earnings Thursday that showcased the media giant's position at the head of the streaming race as it added more global subscribers and saw strong growth in its advertising business.The streamer said its ad-supported memberships grew 34% during the period compared to the same quarter last year.Advertising has become an increasingly important business model for media companies to boost — or in some cases, achieve — profitability for streaming. Netflix's stock has been boosted in recent quarters by its push to gain subscribers on its cheaper, ad-supported tier, in addition to its crackdown on password sharing.Here's how the company performed for the period ended June 30, compared with Wall Street expectations:Revenue was roughly $9.6 billion, up 17% compared to the year-earlier period, driven primarily by the increase in average paid memberships.Netflix said it now expects full-year reported revenue growth of 14% to 15%, compared with previous guidance of 13% to 15%.The company reported net income of $2.15 billion, or $4.88 per share, up from $1.49 billion, or $3.29 per share, during the second quarter of 2023.Netflix's global paid memberships rose 16.5% year over year to 278 million. This marks one of the last updates Netflix will release regarding its membership numbers.Last quarter, the company warned investors it would stop providing quarterly membership numbers or average revenue per user beginning in 2025, noting the company is ""focused on revenue and operating margin as our primary financial metrics — and engagement (i.e. time spent) as our best proxy for customer satisfaction.""Netflix began focusing on different business strategies to drive revenue growth after the streamer saw subscriber growth slow in 2022. In May, Netflix said it would launch its own ad platform and no longer partner with Microsoft for that technology. The company also has begun adding live sports, such as NFL games on Christmas Day over the next three years, a move that will likely attract more ad dollars for the streamer.""We're in live [TV] because our members love it, and it drives a ton of engagement and a ton of excitement ... and the good thing is advertisers like it for the exact same reason,"" said Netflix co-CEO Ted Sarandos on Thursday's earnings call.Netflix had been dipping its toe into live content even before its deal with the NFL, with Sarandos noting the company's focus on ""buzzy, exclusive live entertainment.""Still, original shows like ""Bridgerton"" and ""Baby Reindeer"" continue to drive engagement for the streamer.The company said Thursday its cheaper, ad-supported tier has been gaining traction among its base, with these subscribers accounting for more than 45% of signups in the markets where the option is offered.However, Netflix noted on Thursday that the ad-supported business is still young, and it doesn't expect ad revenue to be a ""primary driver of our revenue growth in 2024 or 2025.""""The near term challenge (and medium term opportunity) is that we're scaling faster than our ability to monetize our growing ad inventory,"" the company said in its earnings release, meaning the streamer isn't able to meet advertiser demand yet.Netflix co-CEO Greg Peters said on the earnings call Thursday that Netflix has so far been focused on scaling its ad-supported subscriber base. With the company on track to achieve its subscriber goals for 2025, Netflix is now shifting its focus to monetizing its ad inventory, he said.As the company beefs up its advertising operation, it's giving ""advertisers more effective ways to buy ... a big point of feedback we heard from advertisers,"" Peters said Thursday.On this note, Netflix added it believes it's on track to ""achieve critical ad subscriber scale for our advertisers"" next year, allowing it to further increase its ad-tier memberships in 2026 and beyond.",CNBC,18/07/2024,"[""In this articleNetflix reported second-quarter earnings Thursday that showcased the media giant's position at the head of the streaming race as it added more global subscribers and saw strong growth in its advertising business."", 'The streamer said its ad-supported memberships grew 34% during the period compared to the same quarter last year.', 'Advertising has become an increasingly important business model for media companies to boost — or in some cases, achieve — profitability for streaming.', ""Netflix's stock has been boosted in recent quarters by its push to gain subscribers on its cheaper, ad-supported tier, in addition to its crackdown on password sharing."", ""Here's how the company performed for the period ended June 30, compared with Wall Street expectations:Revenue was roughly $9.6 billion, up 17% compared to the year-earlier period, driven primarily by the increase in average paid memberships."", ""Netflix said it now expects full-year reported revenue growth of 14% to 15%, compared with previous guidance of 13% to 15%.The company reported net income of $2.15 billion, or $4.88 per share, up from $1.49 billion, or $3.29 per share, during the second quarter of 2023.Netflix's global paid memberships rose 16.5% year over year to 278 million."", 'This marks one of the last updates Netflix will release regarding its membership numbers.', 'Last quarter, the company warned investors it would stop providing quarterly membership numbers or average revenue per user beginning in 2025, noting the company is ""focused on revenue and operating margin as our primary financial metrics — and engagement (i.e. time spent) as our best proxy for customer satisfaction.', '""Netflix began focusing on different business strategies to drive revenue growth after the streamer saw subscriber growth slow in 2022.', 'In May, Netflix said it would launch its own ad platform and no longer partner with Microsoft for that technology.', 'The company also has begun adding live sports, such as NFL games on Christmas Day over the next three years, a move that will likely attract more ad dollars for the streamer.', '""We\'re in live [TV] because our members love it, and it drives a ton of engagement and a ton of excitement ... and the good thing is advertisers like it for the exact same reason,"" said Netflix co-CEO Ted Sarandos on Thursday\'s earnings call.', 'Netflix had been dipping its toe into live content even before its deal with the NFL, with Sarandos noting the company\'s focus on ""buzzy, exclusive live entertainment.', '""Still, original shows like ""Bridgerton"" and ""Baby Reindeer"" continue to drive engagement for the streamer.', 'The company said Thursday its cheaper, ad-supported tier has been gaining traction among its base, with these subscribers accounting for more than 45% of signups in the markets where the option is offered.', 'However, Netflix noted on Thursday that the ad-supported business is still young, and it doesn\'t expect ad revenue to be a ""primary driver of our revenue growth in 2024 or 2025.""""The near term challenge (and medium term opportunity) is that we\'re scaling faster than our ability to monetize our growing ad inventory,"" the company said in its earnings release, meaning the streamer isn\'t able to meet advertiser demand yet.', 'Netflix co-CEO Greg Peters said on the earnings call Thursday that Netflix has so far been focused on scaling its ad-supported subscriber base.', 'With the company on track to achieve its subscriber goals for 2025, Netflix is now shifting its focus to monetizing its ad inventory, he said.', 'As the company beefs up its advertising operation, it\'s giving ""advertisers more effective ways to buy ... a big point of feedback we heard from advertisers,"" Peters said Thursday.', 'On this note, Netflix added it believes it\'s on track to ""achieve critical ad subscriber scale for our advertisers"" next year, allowing it to further increase its ad-tier memberships in 2026 and beyond.']",0.5112177885002156,"""We're in live [TV] because our members love it, and it drives a ton of engagement and a ton of excitement ... and the good thing is advertisers like it for the exact same reason,"" said Netflix co-CEO Ted Sarandos on Thursday's earnings call.","In May, Netflix said it would launch its own ad platform and no longer partner with Microsoft for that technology.",0.8337669037282467,"Netflix's stock has been boosted in recent quarters by its push to gain subscribers on its cheaper, ad-supported tier, in addition to its crackdown on password sharing.","""Netflix began focusing on different business strategies to drive revenue growth after the streamer saw subscriber growth slow in 2022.",2024-07-20
"Activist Elliott reportedly has a significant stake in Starbucks, in talks with management",https://www.cnbc.com/2024/07/19/elliott-starbucks-sbux-stake.html,2024-07-19T20:21:07+0000,"In this articleElliott Management has taken a significant stake in coffee chain Starbucks and is engaging with management to find ways to improve the company's share price, the Wall Street Journal reported Friday, citing people familiar with the matter.Representatives for Elliott declined to comment. The firm did not hold a Starbucks stake as of March 31, its most recent disclosure.A Starbucks spokesperson said the company does not comment on rumors and speculation. Starbucks shares jumped more than 6% Friday.Elliott is one of the most prolific activist investors and one of the largest hedge funds in the world. The firm has taken up a number of sizable positions in recent months, including stakes at Southwest, SoftBank, Johnson Controls and Texas Instruments.The Journal could not learn the size of Elliott's position nor its specific demands, but noted it was possible a settlement could be reached.Starbucks contended with an activist effort from its own workers unions earlier this year. That effort, off the back of an organization effort that began in 2021, ended with the Strategic Organizing Center withdrawing its candidates. Conversations between management and labor are ongoing.Starbucks has been facing challenges for several quarters and has undergone a series of leadership changes in recent years. In April, the company reported disappointing quarterly results, with U.S. same-store sales falling 3% and traffic dropping 7%. The coffee chain also cut its 2024 outlook.Starbucks reported rates of incomplete mobile app orders in the mid-teens and said occasional customers came in less often.CEO Laxman Narasimhan, now under heightened pressure, has mentioned the need to make improvements to stores.Narasimhan was hand-picked by returnee Starbucks CEO Howard Schultz to lead the company after his prior successor, Kevin Johnson, stepped down. Schultz recently weighed in on Starbuck's challenges, but has said he does not plan to return as CEO for a fourth stint.— CNBC's Amelia Lucas contributed to this report.Correction: This story has been updated to correct the Strategic Organizing Center withdrew its candidates for the Starbucks board of directors. A previous version mischaracterized the events.",CNBC,19/07/2024,"[""In this articleElliott Management has taken a significant stake in coffee chain Starbucks and is engaging with management to find ways to improve the company's share price, the Wall Street Journal reported Friday, citing people familiar with the matter."", 'Representatives for Elliott declined to comment.', 'The firm did not hold a Starbucks stake as of March 31, its most recent disclosure.', 'A Starbucks spokesperson said the company does not comment on rumors and speculation.', 'Starbucks shares jumped more than 6% Friday.', 'Elliott is one of the most prolific activist investors and one of the largest hedge funds in the world.', 'The firm has taken up a number of sizable positions in recent months, including stakes at Southwest, SoftBank, Johnson Controls and Texas Instruments.', ""The Journal could not learn the size of Elliott's position nor its specific demands, but noted it was possible a settlement could be reached."", 'Starbucks contended with an activist effort from its own workers unions earlier this year.', 'That effort, off the back of an organization effort that began in 2021, ended with the Strategic Organizing Center withdrawing its candidates.', 'Conversations between management and labor are ongoing.', 'Starbucks has been facing challenges for several quarters and has undergone a series of leadership changes in recent years.', 'In April, the companyreported disappointing quarterly results, with U.S. same-store sales falling 3% and traffic dropping 7%.', 'The coffee chain also cut its 2024 outlook.', 'Starbucks reported rates of incomplete mobile app orders in the mid-teens and said occasional customers came in less often.', 'CEO Laxman Narasimhan, now under heightened pressure, has mentioned the need to make improvements to stores.', 'Narasimhan was hand-picked by returnee Starbucks CEO Howard Schultz to lead the company after his prior successor, Kevin Johnson, stepped down.', ""Schultz recently weighed in on Starbuck's challenges, but has said he does not plan to return as CEO for a fourth stint.—"", ""CNBC's Amelia Lucas contributed to this report."", 'Correction: This story has been updated to correct the Strategic Organizing Center withdrew its candidates for the Starbucks board of directors.', 'A previous version mischaracterized the events.']",0.0593534871370079,"In this articleElliott Management has taken a significant stake in coffee chain Starbucks and is engaging with management to find ways to improve the company's share price, the Wall Street Journal reported Friday, citing people familiar with the matter.","In April, the companyreported disappointing quarterly results, with U.S. same-store sales falling 3% and traffic dropping 7%.",-0.0541959603627522,Starbucks shares jumped more than 6% Friday.,"In April, the companyreported disappointing quarterly results, with U.S. same-store sales falling 3% and traffic dropping 7%.",2024-07-20
Darden Restaurants to acquire Chuy's for approximately $605 million,https://www.cnbc.com/2024/07/17/darden-restaurants-to-acquire-chuys-for-approximately-605-million.html,2024-07-17T22:23:34+0000,"In this articleDarden Restaurants will acquire Chuy's Holdings for approximately $605 million in cash, the companies announced jointly on Wednesday.Darden agreed to acquire all outstanding shares of Chuy's at $37.50 per share, according to a press release. The Tex-Mex restaurant chain joins Darden's portfolio that includes restaurants such as Olive Garden, LongHorn Steakhouse and Ruth's Chris Steak House.""Based on our criteria for adding a brand to the Darden portfolio, we believe Chuy's is an excellent fit that supports our winning strategy,"" Darden CEO Rick Cardenas said in a statement. ""I am excited to welcome their 7,400 team members to Darden and diversify the Darden portfolio into a new dining category.""Chuy's generated total revenues of over $450 million in its latest 12 months ended March 31, according to the release. The company, founded in Austin, Texas, in 1982, has 101 restaurants in 15 states.Cardenas said in the press release that Chuy's has strong performance and growth potential. ""Together we will accelerate our business goals and bring our authentic, made-from-scratch Tex-Mex to more guests and communities,"" Chuy's CEO Steven Hislop said in a statement.Darden expects the transaction to be completed in their fiscal second quarter, according to the release.",CNBC,17/07/2024,"[""In this articleDarden Restaurants will acquire Chuy's Holdings for approximately $605 million in cash, the companies announced jointly on Wednesday."", ""Darden agreed to acquire all outstanding shares of Chuy's at $37.50 per share, according to a press release."", ""The Tex-Mex restaurant chain joins Darden's portfolio that includes restaurants such as Olive Garden, LongHorn Steakhouse and Ruth's Chris Steak House."", '""Based on our criteria for adding a brand to the Darden portfolio, we believe Chuy\'s is an excellent fit that supports our winning strategy,"" Darden CEO Rick Cardenas said in a statement. ""', 'I am excited to welcome their 7,400 team members to Darden and diversify the Darden portfolio into a new dining category.', '""Chuy\'s generated total revenues of over $450 million in its latest 12 months ended March 31, according to the release.', 'The company, founded in Austin, Texas, in 1982, has 101 restaurants in 15 states.', 'Cardenas said in the press release that Chuy\'s has strong performance and growth potential. ""', 'Together we will accelerate our business goals and bring our authentic, made-from-scratch Tex-Mex to more guests and communities,"" Chuy\'s CEO Steven Hislop said in a statement.', 'Darden expects the transaction to be completed in their fiscal second quarter, according to the release.']",0.3130526844693951,"""Based on our criteria for adding a brand to the Darden portfolio, we believe Chuy's is an excellent fit that supports our winning strategy,"" Darden CEO Rick Cardenas said in a statement. """,,0.9989990293979644,"Cardenas said in the press release that Chuy's has strong performance and growth potential. """,,2024-07-20
Dimon and other Wall Street CEOs react to Trump assassination attempt: 'Deeply saddened' by violence,https://www.cnbc.com/2024/07/15/trump-assassination-attempt-wall-street-ceos-react.html,2024-07-16T02:18:50+0000,"The leaders of Wall Street's most powerful firms are speaking out to condemn the attempted assassination of former President Donald Trump at a Pennsylvania rally over the weekend.JPMorgan Chase CEO Jamie Dimon told employees Sunday that he and his management team were ""deeply saddened by the political violence"" and attempt on Trump's life. The shooting killed one bystander and injured two more.""We must all stand firmly together against any acts of hate, intimidation or violence that seek to undermine our democracy or inflict harm,"" Dimon said in the memo. ""It is only through constructive dialogue that we can tackle our nation's toughest challenges.""Goldman Sachs CEO David Solomon addressed the matter at the start of an earnings call Monday morning, calling the attempted assassination a ""horrible act of violence.""""We are grateful that he is safe and also want to extend my sincere condolences to the families of those who were tragically killed and severely injured,"" Solomon said. ""It is a sad moment for our country. There's no place in our politics for violence.""The shooting on Saturday shocked a nation gearing up for a contentious November election. Wall Street firms don't officially endorse political candidates since they have to deal with both Republican and Democrat officials, though their executives and employees often donate to campaigns.BlackRock CEO Larry Fink told CNBC's ""Squawk on the Street"" on Monday that the weekend events were ""a tragedy.""""It is a statement of America today, though. We need to create hope. All of us have a responsibility, every political candidate, every leader, every pastor, minister, rabbi, we all have a responsibility of bringing our community together to bring hope,"" Fink said.BlackRock, the world's largest asset manager, said Sunday in an email that it ran an advertisement in 2022 in which the suspected shooter, Thomas Matthew Crooks, appears briefly in the background along with other students of Bethel Park High School in Pennsylvania.""We will make all video footage available to the appropriate authorities, and we have removed the video from circulation out of respect for the victims,"" BlackRock said in a statement.Bank of America CEO Brian Moynihan also addressed employees over the weekend.""We are deeply saddened for the family of the rally attendee who died at the event,"" Moynihan said in the staff email. ""Our thoughts are with former President Donald Trump, all those injured, and their families.""— CNBC's Jim Forkin contributed to this report.",CNBC,16/07/2024,"[""The leaders of Wall Street's most powerful firms are speaking out to condemn the attempted assassination of former President Donald Trump at a Pennsylvania rally over the weekend."", 'JPMorgan Chase CEO Jamie Dimon told employees Sunday that he and his management team were ""deeply saddened by the political violence"" and attempt on Trump\'s life.', 'The shooting killed one bystander and injured two more.', '""We must all stand firmly together against any acts of hate, intimidation or violence that seek to undermine our democracy or inflict harm,"" Dimon said in the memo. ""', ""It is only through constructive dialogue that we can tackle our nation's toughest challenges."", '""Goldman Sachs CEO David Solomon addressed the matter at the start of an earnings call Monday morning, calling the attempted assassination a ""horrible act of violence.', '""""We are grateful that he is safe and also want to extend my sincere condolences to the families of those who were tragically killed and severely injured,"" Solomon said. ""', 'It is a sad moment for our country.', ""There's no place in our politics for violence."", '""The shooting on Saturday shocked a nation gearing up for a contentious November election.', ""Wall Street firms don't officially endorse political candidates since they have to deal with both Republican and Democrat officials, though their executives and employees often donate to campaigns."", 'BlackRock CEO Larry Fink told CNBC\'s ""Squawk on the Street"" on Monday that the weekend events were ""a tragedy.', '""""It is a statement of America today, though.', 'We need to create hope.', 'All of us have a responsibility, every political candidate, every leader, every pastor, minister, rabbi, we all have a responsibility of bringing our community together to bring hope,"" Fink said.', ""BlackRock, the world's largest asset manager, said Sunday in an email that it ran an advertisement in 2022 in which the suspected shooter, Thomas Matthew Crooks, appears briefly in the background along with other students of Bethel Park High School in Pennsylvania."", '""We will make all video footage available to the appropriate authorities, and we have removed the video from circulation out of respect for the victims,"" BlackRock said in a statement.', 'Bank of America CEO Brian Moynihan also addressed employees over the weekend.', '""We are deeply saddened for the family of the rally attendee who died at the event,"" Moynihan said in the staff email. ""', 'Our thoughts are with former President Donald Trump, all those injured, and their families.""—', ""CNBC's Jim Forkin contributed to this report.""]",-0.3127679088021329,We need to create hope.,"""We must all stand firmly together against any acts of hate, intimidation or violence that seek to undermine our democracy or inflict harm,"" Dimon said in the memo. """,-0.7676489800214767,,It is a sad moment for our country.,2024-07-20
Penn lays off about 100 employees as it focuses on ESPN Bet growth,https://www.cnbc.com/2024/07/18/penn-layoffs-espnbet-growth.html,2024-07-18T16:49:52+0000,"In this articlePenn Entertainment will lay off about 100 employees as it focuses on growth for ESPN Bet.CEO Jay Snowden told staff members in an internal email that the changes will enhance operational efficiencies following its 2021 acquisition of Canadian media and gaming powerhouse theScore.The company employs about 20,000 people.""When PENN acquired theScore, we hit the ground running with the build-out of our proprietary tech stack and the migration of our sportsbook to theScore's best-in-class-platform,"" Snowden wrote in the memo, which was seen by CNBC. ""This led us to temporarily set aside any potential organizational changes that would typically follow a major acquisition.""Penn went on to say it's embarking on a new phase of growth in its interactive business, which includes ESPN Bet, a $2 billion branding partnership with Disney's ESPN. Snowden said the initiatives include product enhancements and deeper integration into ESPN's ecosystem.Investors are impatient for Penn to demonstrate its muscle with the rebranded sportsbook, and activist investor Donerail Group has called on the board to sell the casino company.Rumors have swirled about the potential interest from many other online gaming and brick-and-mortar casino companies.Truist gaming analyst Barry Jonas wrote in a note Thursday that a sale is unlikely in the near term because of the complexity of a transaction that would likely involve major divestitures.Penn's release of new ESPN Bet features this fall during football season should meaningfully improve its product, Jonas said, and a focus on costs indicate the company's commitment to seeing its investment yield results.Penn shares have plummeted 25% year to date. It has missed earnings expectations the last two quarters and lowered guidance.""Investors continue to wonder what an ESPN Bet success could look like, and how much more investment (beyond what's guided) it'll take to reach,"" Jonas notes.Truist has a buy rating on Penn and a price target of $25.",CNBC,18/07/2024,"['In this articlePenn Entertainment will lay off about 100 employees as it focuses on growth for ESPN Bet.', 'CEO Jay Snowden told staff members in an internal email that the changes will enhance operational efficiencies following its 2021 acquisition of Canadian media and gaming powerhouse theScore.', 'The company employs about 20,000 people.', '""When PENN acquired theScore, we hit the ground running with the build-out of our proprietary tech stack and the migration of our sportsbook to theScore\'s best-in-class-platform,"" Snowden wrote in the memo, which was seen by CNBC. ""', 'This led us to temporarily set aside any potential organizational changes that would typically follow a major acquisition.', '""Penn went on to say it\'s embarking on a new phase of growth in its interactive business, which includes ESPN Bet, a $2 billion branding partnership with Disney\'s ESPN.', ""Snowden said the initiatives include product enhancements and deeper integration into ESPN's ecosystem."", 'Investors are impatient for Penn to demonstrate its muscle with the rebranded sportsbook, and activist investor Donerail Group has called on the board to sell the casino company.', 'Rumors have swirled about the potential interest from many other online gaming and brick-and-mortar casino companies.', 'Truist gaming analyst Barry Jonas wrote in a note Thursday that a sale is unlikely in the near term because of the complexity of a transaction that would likely involve major divestitures.', ""Penn's release of new ESPN Bet features this fall during football season should meaningfully improve its product, Jonas said, and a focus on costs indicate the company's commitment to seeing its investment yield results."", 'Penn shares have plummeted 25% year to date.', 'It has missed earnings expectations the last two quarters and lowered guidance.', '""Investors continue to wonder what an ESPN Bet success could look like, and how much more investment (beyond what\'s guided) it\'ll take to reach,"" Jonas notes.', 'Truist has a buy rating on Penn and a price target of $25.']",0.2353826682122434,"""Investors continue to wonder what an ESPN Bet success could look like, and how much more investment (beyond what's guided) it'll take to reach,"" Jonas notes.",It has missed earnings expectations the last two quarters and lowered guidance.,0.4261627963611057,"Penn's release of new ESPN Bet features this fall during football season should meaningfully improve its product, Jonas said, and a focus on costs indicate the company's commitment to seeing its investment yield results.",It has missed earnings expectations the last two quarters and lowered guidance.,2024-07-20
Ford to spend $3 billion to expand large truck production to a plant previously set for EVs,https://www.cnbc.com/2024/07/18/ford-canada-large-truck-production.html,2024-07-18T18:41:53+0000,"In this articleDETROIT – Ford Motor will expand production of its large Super Duty trucks to a Canadian plant that was previously set to be converted into an all-electric vehicle hub.The new plans include investing about $3 billion to expand Super Duty production, including $2.3 billion at Ford's Oakville Assembly Complex in Ontario, Canada, Ford said Thursday. The remaining investment will be used to increase production at supporting facilities in the U.S. and Canada, the company said.Ford currently produces Super Duty trucks – the larger siblings of the F-150 full-size pickup used largely by commercial and business customers – at plants in Ohio and Kentucky.Ford said the Canadian plant, which is expected to come online in 2026, will add capacity of roughly 100,000 units annually.""Super Duty is a vital tool for businesses and people around the world and, even with our Kentucky Truck Plant and Ohio Assembly Plant running flat out, we can't meet the demand,"" Ford CEO Jim Farley said in a release. ""This move benefits our customers and supercharges our Ford Pro commercial business.""Investors responded favorably to the news, sending Ford stock to a new 52-week high before shares leveled off later in the day amid a broader market decline.UBS' Joseph Spak was among the analysts to applaud the additional investment in the highly profitable Super Duty models compared to money-losing EVs amid slower-than-expected adoption of electric cars and trucks.""We believe this shows management's confidence in more sustainable demand for Ford Pro vehicles,"" he said Thursday in an investor note. ""The [internal combustion engine] investment over EV investment should be viewed positively.""Ford had previously announced plans to invest $1.3 billion into the Canadian plant for EV production. Those plans included a new three-row SUV, which the company recently delayed until 2027.The announcement comes weeks after Farley said full electrification of ""big, huge, enormous"" vehicles such as Ford's Super Duty trucks was ""never going to make money.""Ford said it has plans to ""electrify"" the next generation of its Super Duty trucks, however it declined Thursday to disclose additional details.The company said the move supports Farley's Ford+ blueprint for profitable growth, including maximizing Ford's manufacturing footprint. It's the latest pullback for the restructuring plan involving EVs, however the automaker said it still plans to produce the three-row EV at an unspecified plant, starting in 2027.The Ford+ plan initially focused heavily on EVs when it was announced in May 2021 during the company's first investor day under Farley, who took over the helm of the automaker in October 2020.At the time, there was significant optimism around all-electric vehicle adoption and potential profitability that have not materialized as quickly as many had expected.Ford's initial plan called for almost half of its global sales to be electric by 2030, fueled by more than $30 billion in investments in EVs through 2025. It's unclear how much capital the company has spent on EVs to date. Its plans have changed several times, and its ""Model e"" EV unit lost $4.7 billion in 2023.While Ford's EV unit loses billions of dollars, its Ford Pro commercial business including its Super Duty trucks earned $7.2 billion before interest and taxes in 2023.The Ford+ plan also included a target of 8% earnings before interest and tax, or EBIT, profit margin for the EV unit by the end of 2026. Ford withdrew that target earlier this year. It would have been a massive turnaround from a profit margin of roughly negative 40% in 2022.Ford said the new Super Duty production will initially secure approximately 1,800 Canadian jobs at the Oakville Assembly Complex, 400 more than would initially have been needed to produce the three-row EV.",CNBC,18/07/2024,"['In this articleDETROIT – Ford Motor will expand production of its large Super Duty trucks to a Canadian plant that was previously set to be converted into an all-electric vehicle hub.', ""The new plans include investing about $3 billion to expand Super Duty production, including $2.3 billion at Ford's Oakville Assembly Complex in Ontario, Canada, Ford said Thursday."", 'The remaining investment will be used to increase production at supporting facilities in the U.S. and Canada, the company said.', 'Ford currently produces Super Duty trucks – the larger siblings of the F-150 full-size pickup used largely by commercial and business customers – at plants in Ohio and Kentucky.', 'Ford said the Canadian plant, which is expected to come online in 2026, will add capacity of roughly 100,000 units annually.', '""Super Duty is a vital tool for businesses and people around the world and, even with our Kentucky Truck Plant and Ohio Assembly Plant running flat out, we can\'t meet the demand,"" Ford CEO Jim Farley said in a release. ""', 'This move benefits our customers and supercharges our Ford Pro commercial business.', '""Investors responded favorably to the news, sending Ford stock to a new 52-week high before shares leveled off later in the day amid a broader market decline.', ""UBS' Joseph Spak was among the analysts to applaud the additional investment in the highly profitable Super Duty models compared to money-losing EVs amid slower-than-expected adoption of electric cars and trucks."", '""We believe this shows management\'s confidence in more sustainable demand for Ford Pro vehicles,"" he said Thursday in an investor note. ""', 'The [internal combustion engine] investment over EV investment should be viewed positively.', '""Ford had previously announced plans to invest $1.3 billion into the Canadian plant for EV production.', 'Those plans included a new three-row SUV, which the company recently delayed until 2027.The announcement comes weeks after Farley said full electrification of ""big, huge, enormous"" vehicles such as Ford\'s Super Duty trucks was ""never going to make money.', '""Ford said it has plans to ""electrify"" the next generation of its Super Duty trucks, however it declined Thursday to disclose additional details.', ""The company said the move supports Farley's Ford+ blueprint for profitable growth, including maximizing Ford's manufacturing footprint."", ""It's the latest pullback for the restructuring plan involving EVs, however the automaker said it still plans to produce the three-row EV at an unspecified plant, starting in 2027.The Ford+ plan initially focused heavily on EVs when it was announced in May 2021 during the company's first investor day under Farley, who took over the helm of the automaker in October 2020.At the time, there was significant optimism around all-electric vehicle adoption and potential profitability that have not materialized as quickly as many had expected."", ""Ford's initial plan called for almost half of its global sales to be electric by 2030, fueled by more than $30 billion in investments in EVs through 2025."", ""It's unclear how much capital the company has spent on EVs to date."", 'Its plans have changed several times, and its ""Model e"" EV unit lost $4.7 billion in 2023.While Ford\'s EV unit loses billions of dollars, its Ford Pro commercial business including its Super Duty trucks earned $7.2 billion before interest and taxes in 2023.The Ford+ plan also included a target of 8% earnings before interest and tax, or EBIT, profit margin for the EV unit by the end of 2026.', 'Ford withdrew that target earlier this year.', 'It would have been a massive turnaround from a profit margin of roughly negative 40% in 2022.Ford said the new Super Duty production will initially secure approximately 1,800 Canadian jobs at the Oakville Assembly Complex, 400 more than would initially have been needed to produce the three-row EV.']",0.4869136342356719,"Its plans have changed several times, and its ""Model e"" EV unit lost $4.7 billion in 2023.While Ford's EV unit loses billions of dollars, its Ford Pro commercial business including its Super Duty trucks earned $7.2 billion before interest and taxes in 2023.The Ford+ plan also included a target of 8% earnings before interest and tax, or EBIT, profit margin for the EV unit by the end of 2026.",It's unclear how much capital the company has spent on EVs to date.,0.3484998246033986,"The company said the move supports Farley's Ford+ blueprint for profitable growth, including maximizing Ford's manufacturing footprint.","Its plans have changed several times, and its ""Model e"" EV unit lost $4.7 billion in 2023.While Ford's EV unit loses billions of dollars, its Ford Pro commercial business including its Super Duty trucks earned $7.2 billion before interest and taxes in 2023.The Ford+ plan also included a target of 8% earnings before interest and tax, or EBIT, profit margin for the EV unit by the end of 2026.",2024-07-20
India budget: Can Modi 3.0 transform India’s economy?,https://www.bbc.co.uk/news/articles/cq5jwyel12qo,2024-07-22T00:39:38.942Z,"On Tuesday, India's Prime Minister Narendra Modi's coalition government will present its first federal budget following a narrow election victory. A weakened Mr Modi, reliant for the first time on coalition partners, is widely expected to usher in a reset in his spending policies, while maintaining fiscal prudence. Analysts suggest the new government may need to focus more sharply on the rural majority, who have not benefited as much as the wealthy from the country's rapidly growing GDP. The fact that this is Mr Modi's third term will preoccupy him with thoughts of leaving a lasting legacy and may “tempt” him to do something about economic prosperity for the masses, says Rathin Roy, a former member of the prime minister’s Economic Advisory Council. “It is the one area where his legacy will say he has conspicuously failed in the past.” In the 10 years that he’s been in power, Mr Modi has poured billions of dollars into state funded infrastructure, building sea bridges and expressways. He’s also undertaken tax cuts for big corporations and launched subsidy schemes to incentivise exports-focused manufacturing. India’s shaky macro economy has stabilised and its stock markets have soared. But so have inequality and rural distress. BMW cars have logged their highest sales ever in the first half of this year even as overall consumption growth has been the lowest in two decades.  Wages have stagnated, household savings have dropped and well-paying jobs remain out of reach for most Indians. India’s regional imbalances are also stark. A majority of the country lives in northern and eastern India where per capita incomes are lower than Nepal, and health, mortality and life expectancy worse than Burkina Faso, according to Mr Roy. Nine in 10 economists now say chronic joblessness is the biggest challenge confronting Modi 3.0. A post-election survey shows seven in 10 Indians support taxing the super-rich and eight in 10 economists believe growth has not been inclusive. Travelling through northern India’s agrarian heartland, the fate of its rural majority sticks out in sharp contrast with those living in its cities. Muzaffarnagar in the northern state of Uttar Pradesh is barely a few hours away from the Indian capital, Delhi. Barring the state-of-the-art highway that cuts through the expansive open fields, it feels like a region that’s been largely bypassed by the country’s shiny economic boom. Sushil Pal’s family has tilled the plains of Behra Asa village for generations. It’s hard toil that hardly pays anymore, he told the BBC. Mr Pal didn’t vote for Mr Modi’s party this time despite supporting it in the previous two elections. The prime minister’s promise to double farm incomes, he says, has remained just that - a promise. “My income has gone down. The costs for inputs and labour have gone up but not for my crop,” Mr Pal said. “They only marginally increased procurement prices for cane before the elections. “All the money I make goes in paying school and college fees for my sons. One is an engineer but hasn’t had a job for two years,” he said. Down the road from his field, an export-focused furniture workshop has seen its turnover drop by 80% in the past five years as global orders dried up following a post-Covid sales bump. Rajneesh Tyagi, the owner, said he would have liked to sell locally to mitigate the lull overseas, but continuing rural distress means there’s no demand for his products. “The farm economy is down and the biggest problem in growing local demand is high debt among the farmers and unemployment,” he added. “They have no capacity to buy anything”. Mr Tyagi’s business represents a wide universe of micro enterprises that form the backbone of India’s economy. India Ratings, a credit ratings agency, estimates 6.3 million enterprises have shut down between 2015 and 2023, costing 16 million informal jobs. In contrast, profits reported by India’s 5,000 listed companies rose sharply by 187% between 2018 and 2023, spruced up in part because of tax cuts, according to commentator Vivek Kaul. Bridging such gaping divides between the formal and informal parts of the economy and bringing prosperity to India’s villages will be the biggest challenges for Mr Modi as he embarks on a third term in office. His first post-election budget may see a “tilt” towards welfarism though not necessarily a pivot away from more capital spending on big infrastructure projects, economists at Goldman Sachs said in a note. A larger-than-expected dividend transfer from the central bank (0.3% of GDP) will enable the government to boost welfare spending and maintain capex, with a focus on rural economy and job creation, says the Wall Street bank. Even those who manage money for some of India’s wealthiest concur with this view. Rajesh Saluja, CEO and managing director of ASK Private Wealth, says poverty reduction will most likely be on the government’s budget agenda and it can be done “without upsetting the fiscal math”, given the strong revenues and tax collections. But economists warn more cash handouts are a poor substitute for real reform-led development. About 800 million Indians already live on free grain and some states spend close to 10% of their revenues on welfare schemes. The budget will have to lay out a vision for how the government plans to put millions into the workforce and create earning potential. “The reduced footprint of the unorganised sector has implications for employment generation. Therefore, a judicious mix of policy which allows coexistence of both formal and informal sectors needs to be pursued in the interim,” says Sunil Kumar Sinha, principal economist at India Ratings. India should also incentivise low-end, labour intensive manufacturing in sectors such as textiles and agri-food processing to address its massive domestic demand, Mr Roy says. Economists at India’s largest bank SBI have suggested extending production-linked incentives Mr Modi has offered to exports-oriented sectors to small enterprises. “So far, when we think of manufacturing, we are thinking of posh people. We are thinking of supercomputers. We are thinking of getting Apple to come and make a few iPhones here,” Mr Roy said.  “These are not things that 70% of India's population consumes. We should produce in India what 70% of India's population wants to consume. If I'm able to make 200-rupee ($2.4, £1.8) shirts in this country and not let that import demand leak to Bangladesh and Vietnam, it will boost manufacturing.” ",BBC,22/07/2024,"[""On Tuesday, India's Prime Minister Narendra Modi's coalition government will present its first federal budget following a narrow election victory."", 'A weakened Mr Modi, reliant for the first time on coalition partners, is widely expected to usher in a reset in his spending policies, while maintaining fiscal prudence.', ""Analysts suggest the new government may need to focus more sharply on the rural majority, who have not benefited as much as the wealthy from the country's rapidly growing GDP."", ""The fact that this is Mr Modi's third term will preoccupy him with thoughts of leaving a lasting legacy and may “tempt” him to do something about economic prosperity for the masses, says Rathin Roy, a former member of the prime minister’s Economic Advisory Council. “"", 'It is the one area where his legacy will say he has conspicuously failed in the past.”', 'In the 10 years that he’s been in power, Mr Modi has poured billions of dollars into state funded infrastructure, building sea bridges and expressways.', 'He’s also undertaken tax cuts for big corporations and launched subsidy schemes to incentivise exports-focused manufacturing.', 'India’s shaky macro economy has stabilised and its stock markets have soared.', 'But so have inequality and rural distress.', 'BMW cars have logged their highest sales ever in the first half of this year even as overall consumption growth has been the lowest in two decades.', 'Wages have stagnated, household savings have dropped and well-paying jobs remain out of reach for most Indians.', 'India’s regional imbalances are also stark.', 'A majority of the country lives in northern and eastern India where per capita incomes are lower than Nepal, and health, mortality and life expectancy worse than Burkina Faso, according to Mr Roy.', 'Nine in 10 economists now say chronic joblessness is the biggest challenge confronting Modi 3.0.', 'A post-election survey shows seven in 10 Indians support taxing the super-rich and eight in 10 economists believe growth has not been inclusive.', 'Travelling through northern India’s agrarian heartland, the fate of its rural majority sticks out in sharp contrast with those living in its cities.', 'Muzaffarnagar in the northern state of Uttar Pradesh is barely a few hours away from the Indian capital, Delhi.', 'Barring the state-of-the-art highway that cuts through the expansive open fields, it feels like a region that’s been largely bypassed by the country’s shiny economic boom.', 'Sushil Pal’s family has tilled the plains of Behra Asa village for generations.', 'It’s hard toil that hardly pays anymore, he told the BBC.', 'Mr Pal didn’t vote for Mr Modi’s party this time despite supporting it in the previous two elections.', 'The prime minister’s promise to double farm incomes, he says, has remained just that - a promise. “', 'My income has gone down.', 'The costs for inputs and labour have gone up but not for my crop,” Mr Pal said. “', 'They only marginally increased procurement prices for cane before the elections. “', 'All the money I make goes in paying school and college fees for my sons.', 'One is an engineer but hasn’t had a job for two years,” he said.', 'Down the road from his field, an export-focused furniture workshop has seen its turnover drop by 80% in the past five years as global orders dried up following a post-Covid sales bump.', 'Rajneesh Tyagi, the owner, said he would have liked to sell locally to mitigate the lull overseas, but continuing rural distress means there’s no demand for his products. “', 'The farm economy is down and the biggest problem in growing local demand is high debt among the farmers and unemployment,” he added. “', 'They have no capacity to buy anything”.', 'Mr Tyagi’s business represents a wide universe of micro enterprises that form the backbone of India’s economy.', 'India Ratings, a credit ratings agency, estimates 6.3 million enterprises have shut down between 2015 and 2023, costing 16 million informal jobs.', 'In contrast, profits reported by India’s 5,000 listed companies rose sharply by 187% between 2018 and 2023, spruced up in part because of tax cuts, according to commentator Vivek Kaul.', 'Bridging such gaping divides between the formal and informal parts of the economy and bringing prosperity to India’s villages will be the biggest challenges for Mr Modi as he embarks on a third term in office.', 'His first post-election budget may see a “tilt” towards welfarism though not necessarily a pivot away from more capital spending on big infrastructure projects, economists at Goldman Sachs said in a note.', 'A larger-than-expected dividend transfer from the central bank (0.3% of GDP) will enable the government to boost welfare spending and maintain capex, with a focus on rural economy and job creation, says the Wall Street bank.', 'Even those who manage money for some of India’s wealthiest concur with this view.', 'Rajesh Saluja, CEO and managing director of ASK Private Wealth, says poverty reduction will most likely be on the government’s budget agenda and it can be done “without upsetting the fiscal math”, given the strong revenues and tax collections.', 'But economists warn more cash handouts are a poor substitute for real reform-led development.', 'About 800 million Indians already live on free grain and some states spend close to 10% of their revenues on welfare schemes.', 'The budget will have to lay out a vision for how the government plans to put millions into the workforce and create earning potential. “', 'The reduced footprint of the unorganised sector has implications for employment generation.', 'Therefore, a judicious mix of policy which allows coexistence of both formal and informal sectors needs to be pursued in the interim,” says Sunil Kumar Sinha, principal economist at India Ratings.', 'India should also incentivise low-end, labour intensive manufacturing in sectors such as textiles and agri-food processing to address its massive domestic demand, Mr Roy says.', 'Economists at India’s largest bank SBI have suggested extending production-linked incentives Mr Modi has offered to exports-oriented sectors to small enterprises. “', 'So far, when we think of manufacturing, we are thinking of posh people.', 'We are thinking of supercomputers.', 'We are thinking of getting Apple to come and make a few iPhones here,” Mr Roy said. “', ""These are not things that 70% of India's population consumes."", ""We should produce in India what 70% of India's population wants to consume."", ""If I'm able to make 200-rupee ($2.4, £1.8) shirts in this country and not let that import demand leak to Bangladesh and Vietnam, it will boost manufacturing.”""]",0.0100882790065145,A post-election survey shows seven in 10 Indians support taxing the super-rich and eight in 10 economists believe growth has not been inclusive.,"Rajneesh Tyagi, the owner, said he would have liked to sell locally to mitigate the lull overseas, but continuing rural distress means there’s no demand for his products. “",-0.1655408382415771,"In contrast, profits reported by India’s 5,000 listed companies rose sharply by 187% between 2018 and 2023, spruced up in part because of tax cuts, according to commentator Vivek Kaul.","Down the road from his field, an export-focused furniture workshop has seen its turnover drop by 80% in the past five years as global orders dried up following a post-Covid sales bump.",2024-07-20
Chip stocks drop on report US plans to tighten China curbs,https://www.bbc.co.uk/news/articles/c7241wmknm3o,2024-07-18T03:16:45.300Z,"Technology stocks around the world have slumped on fears about the global computer chip industry. The sell-off came after a report that the Biden administration could be set to further tighten restrictions on exports of semiconductor equipment to China. Comments by former US President Donald Trump that Taiwan, the biggest producer of chips, should pay for its own defence added to the concerns. In the US, the tech-heavy Nasdaq index closed 2.7% lower on Wednesday, while chip stocks have also tumbled in Europe and Asia. ""Regardless of the outcome of the elections... I think we will see the US increase some of the restrictions"" said Bob O'Donnell, chief analyst at TECHnalysis Research. ""How far they will take it, though, is the big question."" In Asia, chip making giant TSMC lost 2.4% on Thursday, while semiconductor equipment maker Tokyo Electron was down by around 8.8%. That came after Nvidia closed 6.6% lower in New York on Wednesday, while AMD lost more than 10%. In Europe, shares in ASML, which makes chip making machines, tumbled by almost 11%. The falls came after Bloomberg News reported on Wednesday that the US government is preparing to impose its tightest curbs yet on semiconductor making equipment to China if firms like ASML and Tokyo Electron continue to give the country access to their advanced chip technology. The US Commerce Department, ASML, and Tokyo Electron declined to comment when contacted by BBC News. The Biden administration has previously taken steps to restrict China's access to advanced chip technology. In October, it restricted exports to China of advanced semiconductors used in artificial intelligence (AI) technology. The remarks on Taiwan by Mr Trump also hinted at possible disruption of global chip supplies.  Taiwan produces most of the world's advanced chips. “Investors always react to any remarks from the US but despite these comments, the long term business trend for the semiconductor industry is clearly going up,” said Marco Mezger, Executive Vice President of memory chip technology company Neumonda. ",BBC,18/07/2024,"['Technology stocks around the world have slumped on fears about the global computer chip industry.', 'The sell-off came after a report that the Biden administration could be set to further tighten restrictions on exports of semiconductor equipment to China.', 'Comments by former US President Donald Trump that Taiwan, the biggest producer of chips, should pay for its own defence added to the concerns.', 'In the US, the tech-heavy Nasdaq index closed 2.7% lower on Wednesday, while chip stocks have also tumbled in Europe and Asia. ""', 'Regardless of the outcome of the elections... I think we will see the US increase some of the restrictions"" said Bob O\'Donnell, chief analyst at TECHnalysis Research. ""', 'How far they will take it, though, is the big question.""', 'In Asia, chip making giant TSMC lost 2.4% on Thursday, while semiconductor equipment maker Tokyo Electron was down by around 8.8%.', 'That came after Nvidia closed 6.6% lower in New York on Wednesday, while AMD lost more than 10%.', 'In Europe, shares in ASML, which makes chip making machines, tumbled by almost 11%.', 'The falls came after Bloomberg News reported on Wednesday that the US government is preparing to impose its tightest curbs yet on semiconductor making equipment to China if firms like ASML and Tokyo Electron continue to give the country access to their advanced chip technology.', 'The US Commerce Department, ASML, and Tokyo Electron declined to comment when contacted by BBC News.', ""The Biden administration has previously taken steps to restrict China's access to advanced chip technology."", 'In October, it restricted exports to China of advanced semiconductors used in artificial intelligence (AI) technology.', 'The remarks on Taiwan by Mr Trump also hinted at possible disruption of global chip supplies.', ""Taiwan produces most of the world's advanced chips. “"", 'Investors always react to any remarks from the US but despite these comments, the long term business trend for the semiconductor industry is clearly going up,” said Marco Mezger, Executive Vice President of memory chip technology company Neumonda.']",7.77062839646056e-05,"Investors always react to any remarks from the US but despite these comments, the long term business trend for the semiconductor industry is clearly going up,” said Marco Mezger, Executive Vice President of memory chip technology company Neumonda.","That came after Nvidia closed 6.6% lower in New York on Wednesday, while AMD lost more than 10%.",-0.8008243716680087,"Investors always react to any remarks from the US but despite these comments, the long term business trend for the semiconductor industry is clearly going up,” said Marco Mezger, Executive Vice President of memory chip technology company Neumonda.","In Europe, shares in ASML, which makes chip making machines, tumbled by almost 11%.",2024-07-20
Phone and broadband mid-contract price surprise rises banned,https://www.bbc.co.uk/news/articles/c51ydz24lj2o,2024-07-19T06:17:43.545Z,"Mobile phone, pay TV, and broadband companies have been banned from surprise price rises during a contract. In new deals from 17 January, providers must tell customers about any mid-contract price rises at the point of sale and ""in pounds and pence"". This must be done in a ""clear and comprehensible"" way, Ofcom has ordered. Complaints from customers have risen about large, unexpected price rises at a time when other bills had been soaring. Ofcom said that many telecoms companies had changed contract terms in recent years to include price rises during a contract that were linked to inflation. This was usually on top of a 3.9% standard increase. That meant customers, when agreeing to a deal, could not budget for unknown price rises in the future.  Cristina Luna-Esteban, Ofcom's telecoms policy director, said: “People need to have certainty about their monthly outgoings. But that’s impossible if you’re tied into a contract where the price could change based on something as hard to predict as future inflation. “We’re stepping in on behalf of phone, broadband and pay TV customers to stamp out this practice, so people can be certain of the price they will pay, compare deals more easily and take advantage of the competitive market we have in the UK.” The move was proposed in December and has been through a consultation process. Ofcom said, as of April, about six in 10 broadband and mobile customers were on contracts subject to inflation-linked price rises.  Many were unaware of the rates of inflation - which chart the rising cost of living - and so found it difficult to estimate the effect on their payments. However, some providers were offering fixed-price deals in what the regulator described as a competitive market. Consumer groups were circumspect about the change in the rules. Tom MacInnes, from Citizens Advice, criticised Ofcom for the time it had taken to reach the decision. In the meantime, billions of pounds had collectively been added to bills when many people were struggling. “While we welcome steps to ban inflation-linked hikes, the announcement falls short of a full ban on prices rising mid-contract,"" he said. “Ofcom has also left the door wide open for mobile and broadband providers to sneakily include ‘prices may vary’ small print in their contracts, leaving consumers exposed to wholly unpredictable price rises. That's why we've always been clear that fixed should mean fixed.” ",BBC,19/07/2024,"['Mobile phone, pay TV, and broadband companies have been banned from surprise price rises during a contract.', 'In new deals from 17 January, providers must tell customers about any mid-contract price rises at the point of sale and ""in pounds and pence"".', 'This must be done in a ""clear and comprehensible"" way, Ofcom has ordered.', 'Complaints from customers have risen about large, unexpected price rises at a time when other bills had been soaring.', 'Ofcom said that many telecoms companies had changed contract terms in recent years to include price rises during a contract that were linked to inflation.', 'This was usually on top of a 3.9% standard increase.', 'That meant customers, when agreeing to a deal, could not budget for unknown price rises in the future.', ""Cristina Luna-Esteban, Ofcom's telecoms policy director, said: “People need to have certainty about their monthly outgoings."", 'But that’s impossible if you’re tied into a contract where the price could change based on something as hard to predict as future inflation. “', 'We’re stepping in on behalf of phone, broadband and pay TV customers to stamp out this practice, so people can be certain of the price they will pay, compare deals more easily and take advantage of the competitive market we have in the UK.”', 'The move was proposed in December and has been through a consultation process.', 'Ofcom said, as of April, about six in 10 broadband and mobile customers were on contracts subject to inflation-linked price rises.', 'Many were unaware of the rates of inflation - which chart the rising cost of living - and so found it difficult to estimate the effect on their payments.', 'However, some providers were offering fixed-price deals in what the regulator described as a competitive market.', 'Consumer groups were circumspect about the change in the rules.', 'Tom MacInnes, from Citizens Advice, criticised Ofcom for the time it had taken to reach the decision.', 'In the meantime, billions of pounds had collectively been added to bills when many people were struggling. “', 'While we welcome steps to ban inflation-linked hikes, the announcement falls short of a full ban on prices rising mid-contract,"" he said. “', 'Ofcom has also left the door wide open for mobile and broadband providers to sneakily include ‘prices may vary’ small print in their contracts, leaving consumers exposed to wholly unpredictable price rises.', ""That's why we've always been clear that fixed should mean fixed.”""]",-0.0132285350070373,"We’re stepping in on behalf of phone, broadband and pay TV customers to stamp out this practice, so people can be certain of the price they will pay, compare deals more easily and take advantage of the competitive market we have in the UK.”","While we welcome steps to ban inflation-linked hikes, the announcement falls short of a full ban on prices rising mid-contract,"" he said. “",-0.0864041745662689,This was usually on top of a 3.9% standard increase.,"Mobile phone, pay TV, and broadband companies have been banned from surprise price rises during a contract.",2024-07-20
HMV boss claims more people buying DVDs and Blu-ray,https://www.bbc.co.uk/news/articles/c99wngrw4nxo,2024-07-21T14:23:43.857Z,"More shoppers are buying Blu-Ray and DVDs of movies and TV shows despite the rise in streaming platforms, the boss of HMV has claimed. Phil Halliday, managing director of HMV, said the retailer was in ""good health"" with all of its main product areas back in growth. His comments come after the revival of the High Street stalwart, which was saved from administration in 2019. Mr Halliday said that ""physical visual"" sales had increased, adding that ""4K and Blu-Ray have been doing particularly well"", but figures suggest sales across the industry are still declining. ""When streaming first came out I think a lot of people saw it as cheap and with huge breadth of choice, but I'm not sure people see it like that now,"" he said. ""People are willing to pay for a physical copy of shows or films they know they will rewatch."" The HMV boss compared the uptick in DVD sales to people buying and collecting CDs and vinyl records. A spokesman told the BBC its ""visual category"" was up 5% in the first half of 2024, ""with growth driven in particular by high-definition formats"". Figures suggest DVD and Blu-Ray sales are still falling generally. Era, the digital entertainment and retail association, said DVD and Blu-Ray dropped by 4.7% in the first half of 2024. The industry body added ""physical retail"" of video sales were £169.7m last year- down some 18.8% on 2022.. The rise of streaming platforms, such as Netflix and Amazon Prime have enabled households to access movies and TV shows without the need of having physical disks.  This has led to a steady decline of DVD and Blu-Ray sales in the past decade and some retailers, such as supermarket Sainsbury's, no longer sell CDs and DVDS due to dwindling returns. DVDs sales peaked in the early 2000s, Finding Nemo becoming the biggest-selling DVD of all time, Finding Nemo, when it was released in 2003, shifting 38.8m copies.  But there are still some people committed to buying physical movies and TV shows so they actually own a copy, and can access it when streaming services change content libraries or remove titles. The 4K Ultra HD version of Oppenheimer sold out the first week it went on sale in November last year, across all retailers, including Amazon, prompting Universal to say it was working to replenish stocks. ""There is a danger these days that if things only exist in the streaming version, they do get taken down. They come and go – as do broadcast versions of films....But the home video version is the thing that can always be there, so people can always access it,"" Christopher Nolan, director of Oppenheimer, told the Washington Post last year.  Alice Enders, head of research at Enders Analysis, told the BBC while streaming has become popular, ""the physical format never went away, as vinyl truly shows"". ""In Japan, the CD+DVD is still far ahead of digital because merchandise is a key part of the j-pop live experience and establishing a history at home is the ultimate homage,"" she said. ""HMV is not the only supplier benefitting from this resurgence of the hard copy, also seen in books."" HMV was bought in a rescue deal by Canadian music retail executive Doug Putman, owner of Sunrise Records, in 2019 after falling towards administration for the second time in less than a decade. Last year, the retailer reopened its flagship store in Oxford Street, London, following a four-year hiatus. The brand, named ""His Master's Voice"", was launched English composer Edward Elgar in 1921, selling gramophones, radios and popular music hall recordings. Mr Halliday said the Oxford Street store has been performing well since it reopened. ""It's been a step up for the business,"" he said. ""The store is a big site and it's been really fun to work on it and bring it back to life properly. ""But it's important to say that we aren't just shops like Oxford Street. To be honest, our bread and butter is that we have so many brilliant stores in communities all across the UK. ""At the moment, I think we have really good coverage in terms of locations in the UK, and we're pleased with how their trading right now."" ",BBC,21/07/2024,"['More shoppers are buying Blu-Ray and DVDs of movies and TV shows despite the rise in streaming platforms, the boss of HMV has claimed.', 'Phil Halliday, managing director of HMV, said the retailer was in ""good health"" with all of its main product areas back in growth.', 'His comments come after the revival of the High Street stalwart, which was saved from administration in 2019.', 'Mr Halliday said that ""physical visual"" sales had increased, adding that ""4K and Blu-Ray have been doing particularly well"", but figures suggest sales across the industry are still declining. ""', 'When streaming first came out I think a lot of people saw it as cheap and with huge breadth of choice, but I\'m not sure people see it like that now,"" he said. ""', 'People are willing to pay for a physical copy of shows or films they know they will rewatch.""', 'The HMV boss compared the uptick in DVD sales to people buying and collecting CDs and vinyl records.', 'A spokesman told the BBC its ""visual category"" was up 5% in the first half of 2024, ""with growth driven in particular by high-definition formats"".', 'Figures suggest DVD and Blu-Ray sales are still falling generally.', 'Era, the digital entertainment and retail association, said DVD and Blu-Ray dropped by 4.7% in the first half of 2024.', 'The industry body added ""physical retail"" of video sales were £169.7m last year- down some 18.8% on 2022.. The rise of streaming platforms, such as Netflix and Amazon Prime have enabled households to access movies and TV shows without the need of having physical disks.', ""This has led to a steady decline of DVD and Blu-Ray sales in the past decade and some retailers, such as supermarket Sainsbury's, no longer sell CDs and DVDS due to dwindling returns."", 'DVDs sales peaked in the early 2000s, Finding Nemo becoming the biggest-selling DVD of all time, Finding Nemo, when it was released in 2003, shifting 38.8m copies.', 'But there are still some people committed to buying physical movies and TV shows so they actually own a copy, and can access it when streaming services change content libraries or remove titles.', 'The 4K Ultra HD version of Oppenheimer sold out the first week it went on sale in November last year, across all retailers, including Amazon, prompting Universal to say it was working to replenish stocks. ""', 'There is a danger these days that if things only exist in the streaming version, they do get taken down.', 'They come and go – as do broadcast versions of films....But the home video version is the thing that can always be there, so people can always access it,"" Christopher Nolan, director of Oppenheimer, told the Washington Post last year.', 'Alice Enders, head of research at Enders Analysis, told the BBC while streaming has become popular, ""the physical format never went away, as vinyl truly shows"". ""', 'In Japan, the CD+DVD is still far ahead of digital because merchandise is a key part of the j-pop live experience and establishing a history at home is the ultimate homage,"" she said. ""', 'HMV is not the only supplier benefitting from this resurgence of the hard copy, also seen in books.""', 'HMV was bought in a rescue deal by Canadian music retail executive Doug Putman, owner of Sunrise Records, in 2019 after falling towards administration for the second time in less than a decade.', 'Last year, the retailer reopened its flagship store in Oxford Street, London, following a four-year hiatus.', 'The brand, named ""His Master\'s Voice"", was launched English composer Edward Elgar in 1921, selling gramophones, radios and popular music hall recordings.', 'Mr Halliday said the Oxford Street store has been performing well since it reopened. ""', 'It\'s been a step up for the business,"" he said. ""', 'The store is a big site and it\'s been really fun to work on it and bring it back to life properly. ""', ""But it's important to say that we aren't just shops like Oxford Street."", 'To be honest, our bread and butter is that we have so many brilliant stores in communities all across the UK. ""', 'At the moment, I think we have really good coverage in terms of locations in the UK, and we\'re pleased with how their trading right now.""']",0.252502773553436,"To be honest, our bread and butter is that we have so many brilliant stores in communities all across the UK. ""","There is a danger these days that if things only exist in the streaming version, they do get taken down.",0.3014339454033795,"A spokesman told the BBC its ""visual category"" was up 5% in the first half of 2024, ""with growth driven in particular by high-definition formats"".","The industry body added ""physical retail"" of video sales were £169.7m last year- down some 18.8% on 2022.. The rise of streaming platforms, such as Netflix and Amazon Prime have enabled households to access movies and TV shows without the need of having physical disks.",2024-07-20
Crowdstrike: Global cyber agencies warn about scammers,https://www.bbc.co.uk/news/articles/cq5xy12pynyo,2024-07-20T11:50:44.795Z,"Cyber-security experts and agencies around the world are warning people about a wave of opportunistic hacking attempts linked to the IT outage. Although there is no evidence that the CrowdStrike outage was caused by malicious activity, some bad actors are attempting to take advantage. Cyber agencies in the UK and Australia are warning people to be vigilant to fake emails, calls and websites that pretend to be official. And CrowdStrike head George Kurtz encouraged users to make sure they were speaking to official representatives from the company before downloading fixes. ""We know that adversaries and bad actors will try to exploit events like this,"" he said in a blog post.  ""Our blog and technical support will continue to be the official channels for the latest updates."" His words were echoed by cybersecurity expert Troy Hunt, who runs the well-known Have I Been Pwned security website. “An incident like this that has commanded so many headlines and has people worried is a gift to scammers,"" he said. Mr Hunt was responding to a warning from the Australian Signals Directorate (known as the ASD, the equivalent of the UK's GCHQ or the US's National Security Agency) which issued an alert about hackers sending out bogus software fixes claiming to be from CrowdStrike. ""Alert! We understand a number of malicious websites and unofficial code are being released claiming to help entities recover,"" the notice reads. The agency is urging IT responders to only use CrowdStrike's website to source information and help. The ASD warning follows calls from the UK's National Cyber Security Centre (NCSC) on Friday for people to be hyper vigilante of suspicious emails or calls that pretend to be CrowdStrike or Microsoft help. ""An increase in phishing referencing this outage has already been observed, as opportunistic malicious actors seek to take advantage of the situation,"" the agency said. Whenever there is a major news event, especially one linked to technology, hackers respond by tweaking their existing methods to take into account the fear and uncertainty. We saw the same with the Covid-19 pandemic when hackers adjusted their phishing email attacks to offer information about the virus and even pretend to have an antidote in order to hack people and organisations. Because the IT outage has been a global news story we are seeing hackers capitalise. According to researchers at Secureworks, there has already been a sharp rise in CrowdStrike-themed domain registrations – hackers registering new websites made to look official and potentially trick IT managers or members of the public into downloading malicious software or handing over private details. The advice is mainly for IT managers who are the ones being affected by this as they try to get their organisations back online.  But individuals too might be targeted, so experts are warning to be cautious and only act on information from the official CrowdStrike channels. ",BBC,20/07/2024,"['Cyber-security experts and agencies around the world are warning people about a wave of opportunistic hacking attempts linked to the IT outage.', 'Although there is no evidence that the CrowdStrike outage was caused by malicious activity, some bad actors are attempting to take advantage.', 'Cyber agencies in the UK and Australia are warning people to be vigilant to fake emails, calls and websites that pretend to be official.', 'And CrowdStrike head George Kurtz encouraged users to make sure they were speaking to official representatives from the company before downloading fixes. ""', 'We know that adversaries and bad actors will try to exploit events like this,"" he said in a blog post. ""', 'Our blog and technical support will continue to be the official channels for the latest updates.""', 'His words were echoed by cybersecurity expert Troy Hunt, who runs the well-known Have I Been Pwned security website. “', 'An incident like this that has commanded so many headlines and has people worried is a gift to scammers,"" he said.', 'Mr Hunt was responding to a warning from the Australian Signals Directorate (known as the ASD, the equivalent of the UK\'s GCHQ or the US\'s National Security Agency) which issued an alert about hackers sending out bogus software fixes claiming to be from CrowdStrike. ""', 'Alert!', 'We understand a number of malicious websites and unofficial code are being released claiming to help entities recover,"" the notice reads.', ""The agency is urging IT responders to only use CrowdStrike's website to source information and help."", 'The ASD warning follows calls from the UK\'s National Cyber Security Centre (NCSC) on Friday for people to be hyper vigilante of suspicious emails or calls that pretend to be CrowdStrike or Microsoft help. ""', 'An increase in phishing referencing this outage has already been observed, as opportunistic malicious actors seek to take advantage of the situation,"" the agency said.', 'Whenever there is a major news event, especially one linked to technology, hackers respond by tweaking their existing methods to take into account the fear and uncertainty.', 'We saw the same with the Covid-19 pandemic when hackers adjusted their phishing email attacks to offer information about the virus and even pretend to have an antidote in order to hack people and organisations.', 'Because the IT outage has been a global news story we are seeing hackers capitalise.', 'According to researchers at Secureworks, there has already been a sharp rise in CrowdStrike-themed domain registrations – hackers registering new websites made to look official and potentially trick IT managers or members of the public into downloading malicious software or handing over private details.', 'The advice is mainly for IT managers who are the ones being affected by this as they try to get their organisations back online.', 'But individuals too might be targeted, so experts are warning to be cautious and only act on information from the official CrowdStrike channels.']",0.0100378251467908,"And CrowdStrike head George Kurtz encouraged users to make sure they were speaking to official representatives from the company before downloading fixes. ""","Whenever there is a major news event, especially one linked to technology, hackers respond by tweaking their existing methods to take into account the fear and uncertainty.",0.5845751464366913,"According to researchers at Secureworks, there has already been a sharp rise in CrowdStrike-themed domain registrations – hackers registering new websites made to look official and potentially trick IT managers or members of the public into downloading malicious software or handing over private details.","An increase in phishing referencing this outage has already been observed, as opportunistic malicious actors seek to take advantage of the situation,"" the agency said.",2024-07-20
Crowdstrike: How China swerved worst of global tech meltdown,https://www.bbc.co.uk/news/articles/c3g01y047pdo,2024-07-20T15:14:06.240Z,"While most of the world was grappling with the blue screen of death on Friday, one country that managed to escape largely unscathed was China. The reason is actually quite simple: CrowdStrike is hardly used there.  Very few organisations will buy software from an American firm that, in the past, has been vocal about the cyber-security threat posed by Beijing. Additionally, China is not as reliant on Microsoft as the rest of the world. Domestic companies such as Alibaba, Tencent and Huawei are the dominant cloud providers. So reports of outages in China, when they did come, were mainly at foreign firms or organisations. On Chinese social media sites, for example, some users complained they were not able to check into international chain hotels such as Sheraton, Marriott and Hyatt in Chinese cities. Over recent years, government organisations, businesses and infrastructure operators have increasingly been replacing foreign IT systems with domestic ones. Some analysts like to call this parallel network the ""splinternet"". ""It's a testament to China's strategic handling of foreign tech operations,"" says Josh Kennedy-White, a cybersecurity expert based in Singapore. ""Microsoft operates in China through a local partner, 21Vianet, which manages its services independently of its global infrastructure. This setup insulates China’s essential services - like banking and aviation - from global disruptions."" Beijing sees avoiding reliance on foreign systems as a way of shoring up national security. It is similar to the way some Western countries banned Chinese tech firm Huawei’s technology in 2019 - or the UK's move to ban the use of Chinese-owned TikTok on government devices in 2023. Since then, the US has launched a concerted effort to ban sales of advanced semiconductor chip tech to China, as well as attempts to stop American companies from investing in Chinese technology. The US government says all of these restrictions are on national security grounds. An editorial published on Saturday in the state-run Global Times newspaper made a thinly veiled reference to these curbs on Chinese technology. ""Some countries constantly talk about security, generalise the concept of security, but ignore the real security, this is ironic,"" the editorial said. The argument here is that the US tries to dictate the terms of who can use global technology and how it is used, yet one of its own companies has caused global chaos through lack of care. The Global Times also took a jab at the internet giants who ""monopolise"" the industry: ""Relying solely on top companies to lead network security efforts, as some countries advocate, may hinder not just the inclusive sharing of governance outcomes but also introduce new security risks."" The reference to “sharing” is probably an allusion to the debate over intellectual property insofar as China is often accused of copying or stealing western technology. Beijing insists this is not the case and advocates for an open global technology marketplace - while still keeping tight control over its domestic scene. Not everything was totally unaffected in China, however. A small numbers of workers expressed thanks to an American software giant for ending their working week early.   “Thank you Microsoft for an early vacation,” was trending on the social media site Weibo on Friday, with users posting pictures of blue error screens. ",BBC,20/07/2024,"['While most of the world was grappling with the blue screen of death on Friday, one country that managed to escape largely unscathed was China.', 'The reason is actually quite simple: CrowdStrike is hardly used there.', 'Very few organisations will buy software from an American firm that, in the past, has been vocal about the cyber-security threat posed by Beijing.', 'Additionally, China is not as reliant on Microsoft as the rest of the world.', 'Domestic companies such as Alibaba, Tencent and Huawei are the dominant cloud providers.', 'So reports of outages in China, when they did come, were mainly at foreign firms or organisations.', 'On Chinese social media sites, for example, some users complained they were not able to check into international chain hotels such as Sheraton, Marriott and Hyatt in Chinese cities.', 'Over recent years, government organisations, businesses and infrastructure operators have increasingly been replacing foreign IT systems with domestic ones.', 'Some analysts like to call this parallel network the ""splinternet"". ""', 'It\'s a testament to China\'s strategic handling of foreign tech operations,"" says Josh Kennedy-White, a cybersecurity expert based in Singapore. ""', 'Microsoft operates in China through a local partner, 21Vianet, which manages its services independently of its global infrastructure.', 'This setup insulates China’s essential services - like banking and aviation - from global disruptions.""', 'Beijing sees avoiding reliance on foreign systems as a way of shoring up national security.', ""It is similar to the way some Western countries banned Chinese tech firm Huawei’s technology in 2019 - or the UK's move to ban the use of Chinese-owned TikTok on government devices in 2023."", 'Since then, the US has launched a concerted effort to ban sales of advanced semiconductor chip tech to China, as well as attempts to stop American companies from investing in Chinese technology.', 'The US government says all of these restrictions are on national security grounds.', 'An editorial published on Saturday in the state-run Global Times newspaper made a thinly veiled reference to these curbs on Chinese technology. ""', 'Some countries constantly talk about security, generalise the concept of security, but ignore the real security, this is ironic,"" the editorial said.', 'The argument here is that the US tries to dictate the terms of who can use global technology and how it is used, yet one of its own companies has caused global chaos through lack of care.', 'The Global Times also took a jab at the internet giants who ""monopolise"" the industry: ""Relying solely on top companies to lead network security efforts, as some countries advocate, may hinder not just the inclusive sharing of governance outcomes but also introduce new security risks.""', 'The reference to “sharing” is probably an allusion to the debate over intellectual property insofar as China is often accused of copying or stealing western technology.', 'Beijing insists this is not the case and advocates for an open global technology marketplace - while still keeping tight control over its domestic scene.', 'Not everything was totally unaffected in China, however.', 'A small numbers of workers expressed thanks to an American software giant for ending their working week early. “', 'Thank you Microsoft for an early vacation,” was trending on the social media site Weibo on Friday, with users posting pictures of blue error screens.']",-0.0448172435287942,"The Global Times also took a jab at the internet giants who ""monopolise"" the industry: ""Relying solely on top companies to lead network security efforts, as some countries advocate, may hinder not just the inclusive sharing of governance outcomes but also introduce new security risks.""",It is similar to the way some Western countries banned Chinese tech firm Huawei’s technology in 2019 - or the UK's move to ban the use of Chinese-owned TikTok on government devices in 2023.,-0.5890168428421021,"It's a testament to China's strategic handling of foreign tech operations,"" says Josh Kennedy-White, a cybersecurity expert based in Singapore. ""","The Global Times also took a jab at the internet giants who ""monopolise"" the industry: ""Relying solely on top companies to lead network security efforts, as some countries advocate, may hinder not just the inclusive sharing of governance outcomes but also introduce new security risks.""",2024-07-20
CrowdStrike: 'Significant number' of impacted devices back online,https://www.bbc.co.uk/news/articles/cgl7e33n1d0o,2024-07-22T01:29:31.830Z,"Cybersecurity firm CrowdStrike says ""a significant number"" of devices that were impacted by a global IT outage on Friday are now back online. In a social media post, the company - whose faulty security update caused Microsoft Windows computers to crash around the world - added it ""continues to focus on restoring all systems"". Microsoft has estimated that the incident, which is being described as one of the worst IT outages in history, impacted 8.5m computers around the world. Businesses, banks, hospitals and airlines were among the worst-hit, with some still struggling to fully restore their systems. ""We understand the profound impact this has had on everyone. We know our customers, partners and their IT teams are working tirelessly and we’re profoundly grateful,"" CrowdStrike said. ""We apologise for the disruption this has created."" The firm also said it is deploying a new fix that it hoped would speed up the recovery of computer systems. However, CrowdStrike did not say how many devices were still being impacted. More than 1,400 flights, into or out of the US, were cancelled on Sunday, according to aviation tracking and data platform FlightAware. Delta and United Airlines were the worst affected US airlines. Health services in Britain, Israel and Germany were also impacted on Friday, with some services cancelled. The massive outage has put a spotlight on the vulnerability of global computer networks, showing how a single glitch can cause global chaos. ""All too often these days, a single glitch results in a system-wide outage, affecting industries from healthcare and airlines to banks and auto dealers"" said the Chair of the US Federal Trade Commission, Lina Khan, in a social media post. ""These incidents reveal how concentration can create fragile systems."" Until this incident the company had been one most trusted brands in the cybersecurity industry. According to CrowdStrike's website, it has 29,000 customers around the world, including some of the biggest companies in the US. One major economy largely unscathed by the outage was China, as CrowdStrike is not widely used in the country. China is also not as reliant on Microsoft as the rest of the world. ",BBC,22/07/2024,"['Cybersecurity firm CrowdStrike says ""a significant number"" of devices that were impacted by a global IT outage on Friday are now back online.', 'In a social media post, the company - whose faulty security update caused Microsoft Windows computers to crash around the world - added it ""continues to focus on restoring all systems"".', 'Microsoft has estimated that the incident, which is being described as one of the worst IT outages in history, impacted 8.5m computers around the world.', 'Businesses, banks, hospitals and airlines were among the worst-hit, with some still struggling to fully restore their systems. ""', 'We understand the profound impact this has had on everyone.', 'We know our customers, partners and their IT teams are working tirelessly and we’re profoundly grateful,"" CrowdStrike said. ""', 'We apologise for the disruption this has created.""', 'The firm also said it is deploying a new fix that it hoped would speed up the recovery of computer systems.', 'However, CrowdStrike did not say how many devices were still being impacted.', 'More than 1,400 flights, into or out of the US, were cancelled on Sunday, according to aviation tracking and data platform FlightAware.', 'Delta and United Airlines were the worst affected US airlines.', 'Health services in Britain, Israel and Germany were also impacted on Friday, with some services cancelled.', 'The massive outage has put a spotlight on the vulnerability of global computer networks, showing how a single glitch can cause global chaos. ""', 'All too often these days, a single glitch results in a system-wide outage, affecting industries from healthcare and airlines to banks and auto dealers"" said the Chair of the US Federal Trade Commission, Lina Khan, in a social media post. ""', 'These incidents reveal how concentration can create fragile systems.""', 'Until this incident the company had been one most trusted brands in the cybersecurity industry.', ""According to CrowdStrike's website, it has 29,000 customers around the world, including some of the biggest companies in the US."", 'One major economy largely unscathed by the outage was China, as CrowdStrike is not widely used in the country.', 'China is also not as reliant on Microsoft as the rest of the world.']",-0.0483451428925534,Until this incident the company had been one most trusted brands in the cybersecurity industry.,"The massive outage has put a spotlight on the vulnerability of global computer networks, showing how a single glitch can cause global chaos. """,-0.4638923406600952,The firm also said it is deploying a new fix that it hoped would speed up the recovery of computer systems.,"Businesses, banks, hospitals and airlines were among the worst-hit, with some still struggling to fully restore their systems. """,2024-07-20
Microsoft IT outage: Global services slowly recovering after bug causes chaos,https://www.bbc.co.uk/news/articles/cg3m4jgdprxo,2024-07-19T21:50:01.510Z,"Businesses and services around the world are slowly recovering after a massive IT outage affected computer systems for hours on Thursday and Friday. Businesses, banks, hospitals and airlines were among the worst-hit after cyber-security firm CrowdStrike issued a faulty software update which affected Microsoft Windows. CrowdStrike's CEO apologised for the disruption and said a fix had been issued, but admitted it could be ""some time"" before all systems were back up and running. While some airline services are beginning to return to normal after thousands of flights were cancelled, operators expect some delays and cancellations to persist through the weekend. Many businesses are now dealing with backlogs and missed orders that could take days to resolve. Health services in Britain, Israel and Germany also suffered problems, with some operations cancelled. The global chaos has sparked concern over the vulnerability of the world's interconnected technologies, and the extent to which a single software glitch could have such widespread impact. The issue began at 19:00 GMT on Thursday, affecting Windows users running cybersecurity software CrowdStrike Falcon, according to Microsoft, though the full extent of the problem only became clear by Friday morning. But by Friday evening, the problems were easing in many parts of the globe, with many airports saying that while there were still issues with check-in and payment systems, most flights were now running. Hong Kong International Airport has resumed normal operations, according to Chinese state media.  Meanwhile, JP Morgan Chase, the biggest bank in the US, said it is working to restore service to ATM machines.  The website Downdetector, which detects sites which may be having tech issues, showed fewer sites in the UK which were experiencing problems by the end of the day. CrowdStrike CEO George Kurtz said on X that a defect was found ""in a single content update for Windows hosts"". ""We're deeply sorry for the impact that we've caused to customers, to travellers, to anyone affected by this, including our company,"" he told the NBC network. ""Many of the customers are rebooting the system and it's coming up and it'll be operational. ""It could be some time for some systems that just automatically won't recover, but it is our mission... to make sure every customer is fully recovered.""  Microsoft has also said that several reboots may be required, with some users reporting that as many as 15 could be needed before the problem is fixed. Also, tech experts say CrowdStrike's fix will have to be applied separately to each and every device affected. Questions are likely now to be raised about CrowdStrike's influence as one of the largest operators in the cyber-security market and the wisdom of having such a crucial part of the industry controlled by just a small number of companies. CrowdStrike's shares fell by around 12% on Friday, at the expense of rivals SentinelOne and Palo Alto Networks. The problems were first noticed in Australia, and possibly felt most severely in the air travel industry. Airports saw delays, with long queues as flights were cancelled or delayed, aircraft grounded and passengers stranded. Some saw extra staff drafted in to check in passengers manually. By 18:00 GMT, aviation data from Cirium suggested that more than 4,000 flights - or 3.9% of the total - had been cancelled so far on Friday, though the figure may also include flights cancelled for other reasons. Payment systems, banking and healthcare providers around the world were affected. It is thought the outage may also have a longer term effect as companies struggle to pay wages to staff, particularly where payments are made on a weekly basis. Some railway companies warned of delays, and broadcasters Sky News and ABC Australia both experienced outages. You can get in touch via this link ",BBC,19/07/2024,"['Businesses and services around the world are slowly recovering after a massive IT outage affected computer systems for hours on Thursday and Friday.', 'Businesses, banks, hospitals and airlines were among the worst-hit after cyber-security firm CrowdStrike issued a faulty software update which affected Microsoft Windows.', 'CrowdStrike\'s CEO apologised for the disruption and said a fix had been issued, but admitted it could be ""some time"" before all systems were back up and running.', 'While some airline services are beginning to return to normal after thousands of flights were cancelled, operators expect some delays and cancellations to persist through the weekend.', 'Many businesses are now dealing with backlogs and missed orders that could take days to resolve.', 'Health services in Britain, Israel and Germany also suffered problems, with some operations cancelled.', ""The global chaos has sparked concern over the vulnerability of the world's interconnected technologies, and the extent to which a single software glitch could have such widespread impact."", 'The issue began at 19:00 GMT on Thursday, affecting Windows users running cybersecurity software CrowdStrike Falcon, according to Microsoft, though the full extent of the problem only became clear by Friday morning.', 'But by Friday evening, the problems were easing in many parts of the globe, with many airports saying that while there were still issues with check-in and payment systems, most flights were now running.', 'Hong Kong International Airport has resumed normal operations, according to Chinese state media.', 'Meanwhile, JP Morgan Chase, the biggest bank in the US, said it is working to restore service to ATM machines.', 'The website Downdetector, which detects sites which may be having tech issues, showed fewer sites in the UK which were experiencing problems by the end of the day.', 'CrowdStrike CEO George Kurtz said on X that a defect was found ""in a single content update for Windows hosts"". ""', 'We\'re deeply sorry for the impact that we\'ve caused to customers, to travellers, to anyone affected by this, including our company,"" he told the NBC network. ""', 'Many of the customers are rebooting the system and it\'s coming up and it\'ll be operational. ""', 'It could be some time for some systems that just automatically won\'t recover, but it is our mission... to make sure every customer is fully recovered.""', 'Microsoft has also said that several reboots may be required, with some users reporting that as many as 15 could be needed before the problem is fixed.', ""Also, tech experts say CrowdStrike's fix will have to be applied separately to each and every device affected."", ""Questions are likely now to be raised about CrowdStrike's influence as one of the largest operators in the cyber-security market and the wisdom of having such a crucial part of the industry controlled by just a small number of companies."", ""CrowdStrike's shares fell by around 12% on Friday, at the expense of rivals SentinelOne and Palo Alto Networks."", 'The problems were first noticed in Australia, and possibly felt most severely in the air travel industry.', 'Airports saw delays, with long queues as flights were cancelled or delayed, aircraft grounded and passengers stranded.', 'Some saw extra staff drafted in to check in passengers manually.', 'By 18:00 GMT, aviation data from Cirium suggested that more than 4,000 flights - or 3.9% of the total - had been cancelled so far on Friday, though the figure may also include flights cancelled for other reasons.', 'Payment systems, banking and healthcare providers around the world were affected.', 'It is thought the outage may also have a longer term effect as companies struggle to pay wages to staff, particularly where payments are made on a weekly basis.', 'Some railway companies warned of delays, and broadcasters Sky News and ABC Australia both experienced outages.', 'You can get in touch via this link']",-0.1681610323621853,Questions are likely now to be raised about CrowdStrike's influence as one of the largest operators in the cyber-security market and the wisdom of having such a crucial part of the industry controlled by just a small number of companies.,"Health services in Britain, Israel and Germany also suffered problems, with some operations cancelled.",-0.7038427367806435,"But by Friday evening, the problems were easing in many parts of the globe, with many airports saying that while there were still issues with check-in and payment systems, most flights were now running.","CrowdStrike's shares fell by around 12% on Friday, at the expense of rivals SentinelOne and Palo Alto Networks.",2024-07-20
Bella Hadid's Adidas advert dropped after Israeli criticism,https://www.bbc.co.uk/news/articles/ceqdwpv8vw1o,2024-07-20T11:22:13.722Z,"Adidas has dropped the supermodel Bella Hadid, who is half Palestinian, from an advertising campaign for retro shoes referencing the 1972 Munich Olympics. Israel had criticised the choice of Ms Hadid. It accused her of hostility to Israel and noted that 11 Israeli athletes had been killed by Palestinian attackers at the Munich Games. Adidas subsequently apologised and said it would ""revise"" its campaign. Ms Hadid has been a vocal supporter of the Palestinians and earlier this year donated money to support relief efforts for the war in Gaza. BBC News has contacted Hadid's representatives for comment. The German sportswear company had chosen Hadid to promote its SL72 trainers, which were first launched to coincide with the 1972 Olympics. Adidas recently relaunched the SL72 shoes as part of a series reviving classic trainers. However images of the American model wearing the shoes prompted criticism, including on Israel's official account on X (formerly Twitter). ""Guess who the face of their campaign is? Bella Hadid, a half-Palestinian model,"" a post read on Thursday. It referred to the attack at the 1972 games, which happened when members of the Palestinian Black September group broke into the Olympic village. In addition to the Israeli athletes, a German police officer was also killed. Other social media users defended Ms Hadid and called for a boycott of Adidas following the move to pull the campaign. Adidas confirmed to AFP that Hadid had been removed from the campaign. In a statement provided to the news agency, the company said it would be ""revising the remainder of the campaign"" with immediate effect. ""We are conscious that connections have been made to tragic historical events -- though these are completely unintentional -- and we apologise for any upset or distress caused."" Hadid, whose father is Palestinian property tycoon Mohamed Anwar Hadid, has been vocal in her support for people affected by the war in Gaza. In an Instagram post in May, Hadid said she was ""devastated at the loss of the Palestinian people and the lack of empathy coming from the government systems worldwide"". Last month, she and her supermodel sister Gigi donated $1m (£785,000) to support Palestinian relief efforts. The conflict in Gaza began when Hamas gunmen launched an unprecedented attack on Israel, killing about 1,200 people and taking 252 back to Gaza as hostages. Israel responded by launching a military campaign in Gaza with the aims of destroying Hamas and freeing the hostages. More than 38,900 people have been killed in Gaza since then, according to the territory’s Hamas-run health ministry. ",BBC,20/07/2024,"['Adidas has dropped the supermodel Bella Hadid, who is half Palestinian, from an advertising campaign for retro shoes referencing the 1972 Munich Olympics.', 'Israel had criticised the choice of Ms Hadid.', 'It accused her of hostility to Israel and noted that 11 Israeli athletes had been killed by Palestinian attackers at the Munich Games.', 'Adidas subsequently apologised and said it would ""revise"" its campaign.', 'Ms Hadid has been a vocal supporter of the Palestinians and earlier this year donated money to support relief efforts for the war in Gaza.', ""BBC News has contacted Hadid's representatives for comment."", 'The German sportswear company had chosen Hadid to promote its SL72 trainers, which were first launched to coincide with the 1972 Olympics.', 'Adidas recently relaunched the SL72 shoes as part of a series reviving classic trainers.', 'However images of the American model wearing the shoes prompted criticism, including on Israel\'s official account on X (formerly Twitter). ""', 'Guess who the face of their campaign is?', 'Bella Hadid, a half-Palestinian model,"" a post read on Thursday.', 'It referred to the attack at the 1972 games, which happened when members of the Palestinian Black September group broke into the Olympic village.', 'In addition to the Israeli athletes, a German police officer was also killed.', 'Other social media users defended Ms Hadid and called for a boycott of Adidas following the move to pull the campaign.', 'Adidas confirmed to AFP that Hadid had been removed from the campaign.', 'In a statement provided to the news agency, the company said it would be ""revising the remainder of the campaign"" with immediate effect. ""', 'We are conscious that connections have been made to tragic historical events -- though these are completely unintentional -- and we apologise for any upset or distress caused.""', 'Hadid, whose father is Palestinian property tycoon Mohamed Anwar Hadid, has been vocal in her support for people affected by the war in Gaza.', 'In an Instagram post in May, Hadid said she was ""devastated at the loss of the Palestinian people and the lack of empathy coming from the government systems worldwide"".', 'Last month, she and her supermodel sister Gigi donated $1m (£785,000) to support Palestinian relief efforts.', 'The conflict in Gaza began when Hamas gunmen launched an unprecedented attack on Israel, killing about 1,200 people and taking 252 back to Gaza as hostages.', 'Israel responded by launching a military campaign in Gaza with the aims of destroying Hamas and freeing the hostages.', 'More than 38,900 people have been killed in Gaza since then, according to the territory’s Hamas-run health ministry.']",-0.234687647201844,"Last month, she and her supermodel sister Gigi donated $1m (£785,000) to support Palestinian relief efforts.",It accused her of hostility to Israel and noted that 11 Israeli athletes had been killed by Palestinian attackers at the Munich Games.,-0.4874422252178192,"Adidas subsequently apologised and said it would ""revise"" its campaign.","In an Instagram post in May, Hadid said she was ""devastated at the loss of the Palestinian people and the lack of empathy coming from the government systems worldwide"".",2024-07-20
"How much money is the UK government borrowing, and does it matter?",https://www.bbc.co.uk/news/business-50504151,2019-11-21T15:27:10.000Z,"The government generally spends more than it raises in tax. To fill this gap it borrows money, but that has to be paid back - with interest - and that can influence wider tax and spending plans.  The government gets most of its income from taxes. For example, workers pay income tax, everyone pays VAT on certain goods, and companies pay tax on their profits. It could, in theory, cover all of its spending from taxes, and in some years that happens. But if it can't, it will cover the gap by raising taxes, cutting spending or borrowing. Higher taxes mean people have less money to spend, so businesses make less profit, which can be bad for jobs and wages. Lower profits also mean companies pay less tax. So, governments often borrow to boost the economy. They also borrow to pay for big projects - such as new railways and roads - which they hope will help the economy. The government borrows money by selling financial products called bonds. A bond is a promise to pay money in the future. Most require the borrower to make regular interest payments over the bond's lifetime.  UK government bonds - known as ""gilts"" - are normally considered very safe, with little risk the money will not be repaid. Gilts are mainly bought by financial institutions in the UK and abroad, such as pension funds, investment funds, banks and insurance companies.  The Bank of England has also bought hundreds of billions of pounds' worth of government bonds in the past to support the economy, through a process called ""quantitative easing"". The amount the government borrows varies from month to month.  For instance, when people submit tax returns in January, they often pay a large chunk of their annual tax bill in one go, so the government sees a jump in the amount of money it takes in.  So it is more helpful to look at the whole year, or the year-to-date. In the last financial year, to March 2024, the government borrowed £122.1bn. The most recent monthly figures show that borrowing was £14.5bn in June, £3.2bn less than in the same month last year.  The total amount the government owes is called the national debt. It is currently about £2.7 trillion. That is roughly the same as the value of all the goods and services produced in the UK in a year, known as the gross domestic product, or GDP. That current level is more than double what was seen from the 1980s through to the financial crisis of 2008.  The combination of the financial crash and the Covid pandemic pushed the UK's debt up from those historic lows to its current level. But in relation to the size of the economy, UK debt figures are still low compared with much of the last century, and also compared with some other leading economies. The larger the national debt gets, the more interest the government has to pay.  That extra cost was not as big when the interest rates due were low through the 2010s, but it became more noticeable after the Bank of England raised interest rates. The amount of interest the government pays on national debt fluctuates, and by one measure, hit a 20-year high in early October 2023. Around a quarter of UK debt is index-linked, meaning payments are directly linked to the rate of inflation. When inflation rose it pushed up the bill for servicing debt significantly, although these payments are now easing. If the government has to set aside more cash for paying its debts, it may mean it has less to spend on the public services which it borrowed to fund in the first place.  Some economists fear the government is borrowing too much, at too great a cost. Others argue extra borrowing helps the economy grow faster - generating more tax revenue in the long run. With measures such as a cut in National Insurance announced at the March Budget, the OBR expects borrowing to rise slightly in the next financial year, before remaining in line with previous forecasts.  It would fall below 3% of GDP by 2025-26, meeting one of the financial rules the previous government decided to set itself.  But the OBR has previously warned that public debt could soar as the population ages and tax income falls. In an ageing population, the proportion of people of working age drops, meaning the government takes less in tax while paying out more in pensions.  In its latest forecasts in March, the OBR said debt, measured against the size of the economy, is still set to rise over the next four years, before falling back marginally in the fifth year. Other economists argue that big economies like the UK could borrow much more than they currently do, and the negative impact is greatly exaggerated. The deficit is the gap between the government's income and the amount it spends. When a government spends less than its income, it has what is known as a surplus.  Debt is the total amount of money owed by the government that has built up over years.  It rises when there is a deficit, and falls in those years when there is a surplus.   ",BBC,21/11/2019,"['The government generally spends more than it raises in tax.', 'To fill this gap it borrows money, but that has to be paid back - with interest - and that can influence wider tax and spending plans.', 'The government gets most of its income from taxes.', 'For example, workers pay income tax, everyone pays VAT on certain goods, and companies pay tax on their profits.', 'It could, in theory, cover all of its spending from taxes, and in some years that happens.', ""But if it can't, it will cover the gap by raising taxes, cutting spending or borrowing."", 'Higher taxes mean people have less money to spend, so businesses make less profit, which can be bad for jobs and wages.', 'Lower profits also mean companies pay less tax.', 'So, governments often borrow to boost the economy.', 'They also borrow to pay for big projects - such as new railways and roads - which they hope will help the economy.', 'The government borrows money by selling financial products called bonds.', 'A bond is a promise to pay money in the future.', ""Most require the borrower to make regular interest payments over the bond's lifetime."", 'UK government bonds - known as ""gilts"" - are normally considered very safe, with little risk the money will not be repaid.', 'Gilts are mainly bought by financial institutions in the UK and abroad, such as pension funds, investment funds, banks and insurance companies.', 'The Bank of England has also bought hundreds of billions of pounds\' worth of government bonds in the past to support the economy, through a process called ""quantitative easing"".', 'The amount the government borrows varies from month to month.', 'For instance, when people submit tax returns in January, they often pay a large chunk of their annual tax bill in one go, so the government sees a jump in the amount of money it takes in.', 'So it is more helpful to look at the whole year, or the year-to-date.', 'In the last financial year, to March 2024, the government borrowed £122.1bn.', 'The most recent monthly figures show that borrowing was £14.5bn in June, £3.2bn less than in the same month last year.', 'The total amount the government owes is called the national debt.', 'It is currently about £2.7 trillion.', 'That is roughly the same as the value of all the goods and services produced in the UK in a year, known as the gross domestic product, or GDP.', 'That current level is more than double what was seen from the 1980s through to the financial crisis of 2008.', ""The combination of the financial crash and the Covid pandemic pushed the UK's debt up from those historic lows to its current level."", 'But in relation to the size of the economy, UK debt figures are still low compared with much of the last century, and also compared with some other leading economies.', 'The larger the national debt gets, the more interest the government has to pay.', 'That extra cost was not as big when the interest rates due were low through the 2010s, but it became more noticeable after the Bank of England raised interest rates.', 'The amount of interest the government pays on national debt fluctuates, and by one measure, hit a 20-year high in early October 2023.', 'Around a quarter of UK debt is index-linked, meaning payments are directly linked to the rate of inflation.', 'When inflation rose it pushed up the bill for servicing debt significantly, although these payments are now easing.', 'If the government has to set aside more cash for paying its debts, it may mean it has less to spend on the public services which it borrowed to fund in the first place.', 'Some economists fear the government is borrowing too much, at too great a cost.', 'Others argue extra borrowing helps the economy grow faster - generating more tax revenue in the long run.', 'With measures such as a cut in National Insurance announced at the March Budget, the OBR expects borrowing to rise slightly in the next financial year, before remaining in line with previous forecasts.', 'It would fall below 3% of GDP by 2025-26, meeting one of the financial rules the previous government decided to set itself.', 'But the OBR has previously warned that public debt could soar as the population ages and tax income falls.', 'In an ageing population, the proportion of people of working age drops, meaning the government takes less in tax while paying out more in pensions.', 'In its latest forecasts in March, the OBR said debt, measured against the size of the economy, is still set to rise over the next four years, before falling back marginally in the fifth year.', 'Other economists argue that big economies like the UK could borrow much more than they currently do, and the negative impact is greatly exaggerated.', ""The deficit is the gap between the government's income and the amount it spends."", 'When a government spends less than its income, it has what is known as a surplus.', 'Debt is the total amount of money owed by the government that has built up over years.', 'It rises when there is a deficit, and falls in those years when there is a surplus.']",-0.028844080138893,"The Bank of England has also bought hundreds of billions of pounds' worth of government bonds in the past to support the economy, through a process called ""quantitative easing"".",The combination of the financial crash and the Covid pandemic pushed the UK's debt up from those historic lows to its current level.,0.0654621098352515,"For instance, when people submit tax returns in January, they often pay a large chunk of their annual tax bill in one go, so the government sees a jump in the amount of money it takes in.",But the OBR has previously warned that public debt could soar as the population ages and tax income falls.,2024-07-20
Why Ontario Premier Doug Ford is at war with the LCBO,https://www.bbc.co.uk/news/articles/cjl69zk8y13o,2024-07-19T23:29:42.184Z,"Last week, Ontario Premier Doug Ford posted a video online with a message for his Canadian province. It seemed like a typical innocuous political advertisement - Mr Ford sporting a casual black polo shirt and a blue apron, standing at a barbecue grilling burgers, cans of beer at hand. “It’s summertime in Ontario,” the premier said, beaming into the camera. Instead, the video was a shot across the bow, with the premier launching an interactive map of local breweries, wineries and distilleries.  It was a strategic move in the midst of liquor labour dispute that has snarled summer alcohol sales in Canada's most populous province.  For the first time in its history, workers at Ontario’s liquor retailer are on strike. The battle has shone a spotlight on the province's peculiar and, some say, outdated liquor control system. On 5 July, the more than 9,000 employees of the provincially-owned Liquor Board of Ontario (LCBO) walked off the job after negotiations for a new collective agreement between their union and Mr Ford’s government fell apart. The LCBO then shuttered all its 650 stores for at least two weeks. This week, the Ontario Public Services Employees Union (OPSEU) returned to the bargaining table with the province. But talks resumed after another salvo from Mr Ford: the premier has promised to accelerate plans to put canned cocktails in privately-run retailers - the primary sticking point for the union. For a brief moment on Friday, it seemed the dispute was resolved, after the union representing LCBO workers announced that a tentative deal had been reached that would reopen liquor stores in a few days.  But it backtracked during a scheduled news conference with reporters that lasted just two minutes, during which they claimed that Mr Ford's government had refused to sign their return-to-work order.  ""We were prepared to come here to announce a deal,"" said union spokesperson Katie Arnup. ""We do not have a deal. The strike continues."" Soon after, the LCBO told its side of the story: It accused the workers' union of negotiating in ""bad faith"", saying it introduced new demands around money that should have been dealt with at the bargaining table. It also vowed to file an unfair labour complaint against the union, signalling that the fight is not yet over. The LCBOs scattered through Ontario today - generally well-stocked, clean and some consumers will argue, overpriced - are the product of a nearly century-old decision that gave the Crown corporation control over the distribution and sale of liquor in the province. For years, the whole system maintained distinctive traces of temperance-era policy.  Customers were required to obtain a separate liquor permit before placing an order with a clerk, who could deny any order they believed was too large. Alcohol was not openly displayed. Stores were hidden away from main streets, and purchases were packed away in discreet paper bags. Slowly, starting in the 1950s and 1960s, the LCBO evolved into a more consumer-friendly operation, now with wine tasting and free drink samples and a glossy LCBO-branded food and drink magazine. (Though self-service, which allows customers to grab their preferred alcohol directly off store shelves, was only fully phased in by the late 1980s).  Ontarians could get beer from the brewer consortium-owned The Beer Store and, later, in the 1990s, Ontario-made wine from The Wine Rack, owned by the Ontario Teachers' Pension Plan.  But for the most part the LCBO has enjoyed an iron-clad monopoly on Ontario alcohol sales.  As most other provinces, like Alberta, British Columbia and Prince Edward Island, moved to liberalise their liquor sales and allow for privately-run stores, Ontario stayed mostly the same. In 2015, things started to shift. The first grocery stores in Ontario were authorised to sell six-packs of beer - a change described at the time as the biggest shake-up to alcohol sales since Prohibition.  “It was one small purchase for a politician, one giant leap for Ontario beer consumers,” read one article in the Toronto Star of the very first grocery store beer purchase by then Premier Kathleen Wynne.  Today, 450 grocery stores across the province are licensed to sell beer, wine and cider. So amid the strike, Ontarians are not facing an entirely dry summer. They can still place limited LCBO delivery orders online, and purchase wine, beer and cider from some stores.  A bigger change is now around the corner.  Starting this month, convenience stores, big-box stores and grocers will all be eligible to sell wine, beer, cider and ready-to-drink cocktails like hard seltzers. OPSEU says pre-made cocktails pose an existential crisis to the LCBO's business. “This is our line in the sand and we are making history,” said president JP Hornick on the first day of the strike.  “We are here today because of the Ford government’s plan to try and expand privatisation of alcohol sales… That puts every Ontarian at risk.” And, OPSEU says, the change threatens the C$2.5bn ($1.83bn; £1.42bn) LCBO sales net for provincial coffers.  But Mr Ford argues the plan will give small businesses a shot at the market while still leaving the LCBO with a considerable competitive advantage.  Under the new plan, the LCBO remains the only retailer of high-alcohol spirits like gin and whisky, as well as the only wholesaler and primary distributor of alcohol in Ontario. ""Keep in mind when, when you're the wholesaler, that's where you make money,"" the premier said last week. The proposal also gives Mr Ford a chance to deliver on a pledge in time for the next election, currently scheduled for 2026. “He campaigned on this,” said Walid Hejazi at the University of Toronto's Rotman School of Management. “It’s a winning issue for the Conservatives,” added Mr Hejazi, who noted he worked as a consultant for the LCBO about 15 years ago. “The province is proposing a strategy that will lower the price I have to pay and make it more convenient… who doesn’t want cheaper alcohol and more convenience?” Another problem for the LCBO is that the sting of the LCBO's strike has been dulled considerably by the small amount of liquor liberalisation the province already has. Ontarians, for the most part, are not up in arms, with access to alcohol at hundreds of wineries, grocery stores and beer stores that remain open. “What if you went on strike and hardly anyone noticed?” read the first line of a Globe and Mail editorial. Public polling has seemed to reflect the ambivalence, with just 15% of Ontarians  saying they have been personally affected by the strike.  (A tourism industry group says the strike is affecting the operations of 35% of poll respondents in the sector due to limited product availability and slow fulfillment). But they aren't necessarily on Team Ford, either. An internal poll by Mr Ford's government indicates that while many support liquor liberalisation, a little over half back the  strike action.  Many Ontarians did, however, take notice of the Conservative premier's interactive alcohol retail map, which may have annoyed more voters than the shuttered stores. The province’s efforts to unveil an alcohol-finder soon after the strike began raised questions about the government’s priorities, with one resident suggesting a better use would be a map of family doctors that are accepting new patients.  Dr Adil Shamji, a provincial Liberal politician, said he ""routinely"" gets calls from constituents for help finding doctors, childcare or affordable housing.  ""Never, including after this strike, have I had people calling my office asking for help in finding booze,"" he said.  Dr Shamji said he wants both sides to get back to get a deal done, one with protections for the LCBO. For his part, Mr Ford says he is ready to keep negotiating but on canned cocktails at least, he is not budging. ""If they want to negotiate over [ready-to-drink beverages], the deal's off. I'm gonna repeat that: that ship has sailed,"" he said. ",BBC,19/07/2024,"['Last week, Ontario Premier Doug Ford posted a video online with a message for his Canadian province.', 'It seemed like a typical innocuous political advertisement - Mr Ford sporting a casual black polo shirt and a blue apron, standing at a barbecue grilling burgers, cans of beer at hand. “', 'It’s summertime in Ontario,” the premier said, beaming into the camera.', 'Instead, the video was a shot across the bow, with the premier launching an interactive map of local breweries, wineries and distilleries.', ""It was a strategic move in the midst of liquor labour dispute that has snarled summer alcohol sales in Canada's most populous province."", 'For the first time in its history, workers at Ontario’s liquor retailer are on strike.', ""The battle has shone a spotlight on the province's peculiar and, some say, outdated liquor control system."", 'On 5 July, the more than 9,000 employees of the provincially-owned Liquor Board of Ontario (LCBO) walked off the job after negotiations for a new collective agreement between their union and Mr Ford’s government fell apart.', 'The LCBO then shuttered all its 650 stores for at least two weeks.', 'This week, the Ontario Public Services Employees Union (OPSEU) returned to the bargaining table with the province.', 'But talks resumed after another salvo from Mr Ford: the premier has promised to accelerate plans to put canned cocktails in privately-run retailers - the primary sticking point for the union.', 'For a brief moment on Friday, it seemed the dispute was resolved, after the union representing LCBO workers announced that a tentative deal had been reached that would reopen liquor stores in a few days.', 'But it backtracked during a scheduled news conference with reporters that lasted just two minutes, during which they claimed that Mr Ford\'s government had refused to sign their return-to-work order. ""', 'We were prepared to come here to announce a deal,"" said union spokesperson Katie Arnup. ""', 'We do not have a deal.', 'The strike continues.""', 'Soon after, the LCBO told its side of the story: It accused the workers\' union of negotiating in ""bad faith"", saying it introduced new demands around money that should have been dealt with at the bargaining table.', 'It also vowed to file an unfair labour complaint against the union, signalling that the fight is not yet over.', 'The LCBOs scattered through Ontario today - generally well-stocked, clean and some consumers will argue, overpriced - are the product of a nearly century-old decision that gave the Crown corporation control over the distribution and sale of liquor in the province.', 'For years, the whole system maintained distinctive traces of temperance-era policy.', 'Customers were required to obtain a separate liquor permit before placing an order with a clerk, who could deny any order they believed was too large.', 'Alcohol was not openly displayed.', 'Stores were hidden away from main streets, and purchases were packed away in discreet paper bags.', 'Slowly, starting in the 1950s and 1960s, the LCBO evolved into a more consumer-friendly operation, now with wine tasting and free drink samples and a glossy LCBO-branded food and drink magazine. (', 'Though self-service, which allows customers to grab their preferred alcohol directly off store shelves, was only fully phased in by the late 1980s).', ""Ontarians could get beer from the brewer consortium-owned The Beer Store and, later, in the 1990s, Ontario-made wine from The Wine Rack, owned by the Ontario Teachers' Pension Plan."", 'But for the most part the LCBO has enjoyed an iron-clad monopoly on Ontario alcohol sales.', 'As most other provinces, like Alberta, British Columbia and Prince Edward Island, moved to liberalise their liquor sales and allow for privately-run stores, Ontario stayed mostly the same.', 'In 2015, things started to shift.', 'The first grocery stores in Ontario were authorised to sell six-packs of beer - a change described at the time as the biggest shake-up to alcohol sales since Prohibition. “', 'It was one small purchase for a politician, one giant leap for Ontario beer consumers,” read one article in the Toronto Star of the very first grocery store beer purchase by then Premier Kathleen Wynne.', 'Today, 450 grocery stores across the province are licensed to sell beer, wine and cider.', 'So amid the strike, Ontarians are not facing an entirely dry summer.', 'They can still place limited LCBO delivery orders online, and purchase wine, beer and cider from some stores.', 'A bigger change is now around the corner.', 'Starting this month, convenience stores, big-box stores and grocers will all be eligible to sell wine, beer, cider and ready-to-drink cocktails like hard seltzers.', ""OPSEU says pre-made cocktails pose an existential crisis to the LCBO's business. “"", 'This is our line in the sand and we are making history,” said president JP Hornick on the first day of the strike. “', 'We are here today because of the Ford government’s plan to try and expand privatisation of alcohol sales… That puts every Ontarian at risk.”', 'And, OPSEU says, the change threatens the C$2.5bn ($1.83bn; £1.42bn) LCBO sales net for provincial coffers.', 'But Mr Ford argues the plan will give small businesses a shot at the market while still leaving the LCBO with a considerable competitive advantage.', 'Under the new plan, the LCBO remains the only retailer of high-alcohol spirits like gin and whisky, as well as the only wholesaler and primary distributor of alcohol in Ontario. ""', 'Keep in mind when, when you\'re the wholesaler, that\'s where you make money,"" the premier said last week.', 'The proposal also gives Mr Ford a chance to deliver on a pledge in time for the next election, currently scheduled for 2026. “', ""He campaigned on this,” said Walid Hejazi at the University of Toronto's Rotman School of Management. “"", 'It’s a winning issue for the Conservatives,” added Mr Hejazi, who noted he worked as a consultant for the LCBO about 15 years ago. “', 'The province is proposing a strategy that will lower the price I have to pay and make it more convenient… who doesn’t want cheaper alcohol and more convenience?”', ""Another problem for the LCBO is that the sting of the LCBO's strike has been dulled considerably by the small amount of liquor liberalisation the province already has."", 'Ontarians, for the most part, are not up in arms, with access to alcohol at hundreds of wineries, grocery stores and beer stores that remain open. “', 'What if you went on strike and hardly anyone noticed?”', 'read the first line of a Globe and Mail editorial.', 'Public polling has seemed to reflect the ambivalence, with just 15% of Ontarians saying they have been personally affected by the strike. (', 'A tourism industry group says the strike is affecting the operations of 35% of poll respondents in the sector due to limited product availability and slow fulfillment).', ""But they aren't necessarily on Team Ford, either."", ""An internal poll by Mr Ford's government indicates that while many support liquor liberalisation, a little over half back the strike action."", ""Many Ontarians did, however, take notice of the Conservative premier's interactive alcohol retail map, which may have annoyed more voters than the shuttered stores."", 'The province’s efforts to unveil an alcohol-finder soon after the strike began raised questions about the government’s priorities, with one resident suggesting a better use would be a map of family doctors that are accepting new patients.', 'Dr Adil Shamji, a provincial Liberal politician, said he ""routinely"" gets calls from constituents for help finding doctors, childcare or affordable housing. ""', 'Never, including after this strike, have I had people calling my office asking for help in finding booze,"" he said.', 'Dr Shamji said he wants both sides to get back to get a deal done, one with protections for the LCBO.', 'For his part, Mr Ford says he is ready to keep negotiating but on canned cocktails at least, he is not budging. ""', ""If they want to negotiate over [ready-to-drink beverages], the deal's off."", 'I\'m gonna repeat that: that ship has sailed,"" he said.']",0.0355566806216293,"Slowly, starting in the 1950s and 1960s, the LCBO evolved into a more consumer-friendly operation, now with wine tasting and free drink samples and a glossy LCBO-branded food and drink magazine. (","It also vowed to file an unfair labour complaint against the union, signalling that the fight is not yet over.",0.0214788254938627,"It’s a winning issue for the Conservatives,” added Mr Hejazi, who noted he worked as a consultant for the LCBO about 15 years ago. “",OPSEU says pre-made cocktails pose an existential crisis to the LCBO's business. “,2024-07-20
Spain tourism: Why Spanish people are fighting back,https://www.bbc.co.uk/news/articles/c99wxwgzn8qo,2024-07-21T00:29:38.318Z,"If you can elbow your way onto one of Majorca’s sunspots this summer, you will witness two unstoppable forces. The first, as old as time, the waves of the Balearic Sea, methodically erasing the day’s lovingly crafted sandcastles. The second, a more modern phenomenon, the tsunami of tourism threatening to consume all in its path. Every inch of beach is taken. Finding a parking space is like striking gold.  If you leave your sunbed for too long, your possessions are unceremoniously turfed to make space for the long queue of would-be usurpers. All these are the signs of a bonanza that’s seen and heard across the island, not least in the incessant beeping of contactless payment machines ringing out from the teeming hotels, restaurants and bars. A chorus of commerce powered by record numbers of visitors. But if this is a tale of colossal wealth being showered onto a business-savvy Spanish community, Sonia Ruiz certainty has not shared any of it. We meet the mother of one, 31, in a park a few hundred metres from the shore in the capital, Palma. Her four-year-old son Luca negotiates the various playground slides with no apparent concern. But Sonia is really struggling. Her landlord has asked them to leave and she says finding a new place is impossible. “Every day I’m looking and every day the rent is higher,” she says. “I even stop people in the street and ask if they have something because the day is approaching when I will have to leave the apartment, and I just see me and my son homeless because there is absolutely nothing.” Sonia and her partner are separated but have been forced to live together because individually they cannot afford the cost of rent, despite taking home 2,400 euros a month between them. “They ask you for deposits of several months. Some have even told me that they don't want children, they don't want animals. And so many people are looking.” Like thousands of Majorcans, Sonia is protesting this weekend against the surge in tourism that is being blamed for plummeting living standards among the local population. Activists say spiralling housing costs are being driven by a huge number of houses and apartments being bought by foreigners, or at least rented out to them for large chunks of the summer. “It’s impossible to sustain this sort of model,"" 25-year-old Pere Joan Femenia explains from outside the cathedral in Majorca’s capital, Palma. He is part of a movement called ""Menys Turisme, Més Vida"", or ""Less Tourism, More Life"". He says not only are unprecedented numbers of visitors pricing locals out of the housing market, they are also using up public spaces, public services and natural resources. Pere started his activism five years ago as part of Greta Thunberg’s climate movement, but his focus has shifted to the cost of living for his fellow islanders. “Businesses are changing from one's selling traditional products to multi-nationals selling ice cream and we are losing our identity. We want to preserve our culture,"" he says.  Pere points over to the port, far beyond the rows of street vendors and swelling crowds filling the square, explaining that some cruises disgorge as many of 12,000 visitors every day onto the island. He says it is a myth that Majorca needs ever-expanding tourism to survive, and that the reality is many locals are preparing to leave for good because they can no longer afford it here. Pere argues that putting limits on flights arriving and cruises docking will immediately ease the pressure on the island. It is a demand that will form part of the slogans and banners carried around Palma during this weekend’s protest. Spain’s National Institute of statistics says last year 14.4 million foreign tourists visited the Balearic Islands, of which Majorca is by far the biggest - followed by Menorca then Ibiza. The institute says the number of international visitors to the archipelago increased by 9.1% compared with 2022 while their spending went up even more - 16.4%. When Spanish visitors are taken into account too, activists claim this year could see 20 million visitors to the Balearics. As Spain’s tourist hotspots have developed over the decades, the debate over whether the millions of visitors bring more problems than benefits has intensified. This year it feels like something has changed. The anger among many locals is reaching a new level - notably demonstrated in Barcelona recently when visitors were drenched with water pistols. There have been demonstrations elsewhere on the mainland, in Malaga, as well as in the Canary Islands. Spain’s tourist magnets are now looking to repel a seemingly inexorable deluge. Some British newspapers compiled lists of “hostile holiday hotspots” to avoid in the summer of 2024. On a packed beach in Magaluf, the long-time destination of choice for millions of British holidaymakers, the Green family from Rotherham are paddling happily. This is dad Adam’s first trip abroad, although calling it a “holiday” may be a stretch as he and his wife keep tabs on their seven kids. “It’s hectic, but we’re getting there. Apart from the heat, it’s great” he says. I ask whether they’ve heard about the various protests that have been taking place and if it made them think twice about coming out to Majorca. “I saw a little bit on the news”, says Charlotte, “but I tried not to watch it because I didn’t want it to stress me out and put me off coming because we’d already booked and paid for it.” And how about the central thrust of the local protesters’ argument - that burgeoning tourism is having a hugely negative impact? “Don’t the tourists boost it and make the money for this place?"" asks Adam. “People travel around the world and this is it. With no tourists there’d be no jobs, no wages, no nowt. They rely on it, don’t they?” You can get in touch via this link ",BBC,21/07/2024,"['If you can elbow your way onto one of Majorca’s sunspots this summer, you will witness two unstoppable forces.', 'The first, as old as time, the waves of the Balearic Sea, methodically erasing the day’s lovingly crafted sandcastles.', 'The second, a more modern phenomenon, the tsunami of tourism threatening to consume all in its path.', 'Every inch of beach is taken.', 'Finding a parking space is like striking gold.', 'If you leave your sunbed for too long, your possessions are unceremoniously turfed to make space for the long queue of would-be usurpers.', 'All these are the signs of a bonanza that’s seen and heard across the island, not least in the incessant beeping of contactless payment machines ringing out from the teeming hotels, restaurants and bars.', 'A chorus of commerce powered by record numbers of visitors.', 'But if this is a tale of colossal wealth being showered onto a business-savvy Spanish community, Sonia Ruiz certainty has not shared any of it.', 'We meet the mother of one, 31, in a park a few hundred metres from the shore in the capital, Palma.', 'Her four-year-old son Luca negotiates the various playground slides with no apparent concern.', 'But Sonia is really struggling.', 'Her landlord has asked them to leave and she says finding a new place is impossible. “', 'Every day I’m looking and every day the rent is higher,” she says. “', 'I even stop people in the street and ask if they have something because the day is approaching when I will have to leave the apartment, and I just see me and my son homeless because there is absolutely nothing.”', 'Sonia and her partner are separated but have been forced to live together because individually they cannot afford the cost of rent, despite taking home 2,400 euros a month between them. “', 'They ask you for deposits of several months.', ""Some have even told me that they don't want children, they don't want animals."", 'And so many people are looking.”', 'Like thousands of Majorcans, Sonia is protesting this weekend against the surge in tourism that is being blamed for plummeting living standards among the local population.', 'Activists say spiralling housing costs are being driven by a huge number of houses and apartments being bought by foreigners, or at least rented out to them for large chunks of the summer. “', 'It’s impossible to sustain this sort of model,"" 25-year-old Pere Joan Femenia explains from outside the cathedral in Majorca’s capital, Palma.', 'He is part of a movement called ""Menys Turisme, Més Vida"", or ""Less Tourism, More Life"".', 'He says not only are unprecedented numbers of visitors pricing locals out of the housing market, they are also using up public spaces, public services and natural resources.', 'Pere started his activism five years ago as part of Greta Thunberg’s climate movement, but his focus has shifted to the cost of living for his fellow islanders. “', ""Businesses are changing from one's selling traditional products to multi-nationals selling ice cream and we are losing our identity."", 'We want to preserve our culture,"" he says.', 'Pere points over to the port, far beyond the rows of street vendors and swelling crowds filling the square, explaining that some cruises disgorge as many of 12,000 visitors every day onto the island.', 'He says it is a myth that Majorca needs ever-expanding tourism to survive, and that the reality is many locals are preparing to leave for good because they can no longer afford it here.', 'Pere argues that putting limits on flights arriving and cruises docking will immediately ease the pressure on the island.', 'It is a demand that will form part of the slogans and banners carried around Palma during this weekend’s protest.', 'Spain’s National Institute of statistics says last year 14.4 million foreign tourists visited the Balearic Islands, of which Majorca is by far the biggest - followed by Menorca then Ibiza.', 'The institute says the number of international visitors to the archipelago increased by 9.1% compared with 2022 while their spending went up even more - 16.4%.', 'When Spanish visitors are taken into account too, activists claim this year could see 20 million visitors to the Balearics.', 'As Spain’s tourist hotspots have developed over the decades, the debate over whether the millions of visitors bring more problems than benefits has intensified.', 'This year it feels like something has changed.', 'The anger among many locals is reaching a new level - notably demonstrated in Barcelona recently when visitors were drenched with water pistols.', 'There have been demonstrations elsewhere on the mainland, in Malaga, as well as in the Canary Islands.', 'Spain’s tourist magnets are now looking to repel a seemingly inexorable deluge.', 'Some British newspapers compiled lists of “hostile holiday hotspots” to avoid in the summer of 2024.', 'On a packed beach in Magaluf, the long-time destination of choice for millions of British holidaymakers, the Green family from Rotherham are paddling happily.', 'This is dad Adam’s first trip abroad, although calling it a “holiday” may be a stretch as he and his wife keep tabs on their seven kids. “', 'It’s hectic, but we’re getting there.', 'Apart from the heat, it’s great” he says.', 'I ask whether they’ve heard about the various protests that have been taking place and if it made them think twice about coming out to Majorca. “', 'I saw a little bit on the news”, says Charlotte, “but I tried not to watch it because I didn’t want it to stress me out and put me off coming because we’d already booked and paid for it.”', 'And how about the central thrust of the local protesters’ argument - that burgeoning tourism is having a hugely negative impact? “', 'Don’t the tourists boost it and make the money for this place?""', 'asks Adam. “', 'People travel around the world and this is it.', 'With no tourists there’d be no jobs, no wages, no nowt.', 'They rely on it, don’t they?”', 'You can get in touch via this link']",-0.0313597305230428,"But if this is a tale of colossal wealth being showered onto a business-savvy Spanish community, Sonia Ruiz certainty has not shared any of it.",And how about the central thrust of the local protesters’ argument - that burgeoning tourism is having a hugely negative impact? “,-0.0784957483410835,The institute says the number of international visitors to the archipelago increased by 9.1% compared with 2022 while their spending went up even more - 16.4%.,"Like thousands of Majorcans, Sonia is protesting this weekend against the surge in tourism that is being blamed for plummeting living standards among the local population.",2024-07-20
Train tickets: Will Labour's Great British Railways plan make them cheaper?,https://www.bbc.co.uk/news/articles/cy63j4x66ylo,2024-04-25T12:39:13.543Z,"The newly-elected Labour government used the King's Speech on Wednesday to lay out its plans for renationalising the railways. But what will this mean for passengers, and how will it work? The government has not guaranteed lower fares, but has promised a ""best fare guarantee"", to make sure people are always paying the lowest fare for their journey. It has also promised its reforms would make buying cheaper tickets simpler. However, railway specialist Tony Miles - who has covered the industry for over 40 years -  told the BBC when the plans were first announced that any savings were likely to be minimal. He said this is because the private operators' profit margins are already so small, at just a few pence for each passenger journey. He argued this would mean Labour would only be able to pass on very small savings per journey. From just after the Second World War until the 1990s the UK rail system was fully nationalised, with the government owning the rail networks and all of the trains. The industry was privatised in the 1990s, with services run by a variety of train operating companies. At the moment the infrastructure is managed by Network Rail, while passenger train services are run by individual operators. The situation is different in Scotland and Wales, where passenger services are already run by the devolved governments. In Northern Ireland, the system is fully nationalised. Labour wants to move further towards nationalisation, confirming plans to establish Great British Railways (GBR). This publicly-owned body would oversee the rail system across England, Wales, and Scotland. It would take over the service contracts currently held by private firms in England as they expire in the future. However, the government has not said GBR would buy back ""rolling stock' (an industry term for the train carriages) from private firms. This implies it would continue to lease them. There is also no suggestion the rail freight companies will be nationalised, with the government instead saying that GBR will support and promote freight operators. The government also plans to set up an independent watchdog, the Passenger Standards Authority, which would ""champion improvement in service against a range of measures"". Whether this will make the trains run better ""comes down to how they’re going to fund things"" and whether it will allow major construction projects to move forward, says Mark Simmons, deputy editor at International Railway Journal. Mr Simmons also queried what expertise GBR would have, suggesting there could still be a ""skills deficit"" at GBR, a problem which he said was affecting rail systems across Europe. ""If lots of people leave as rail operator contracts terminate, what we could see is an exodus of talent,"" he said. Luxembourg operates a fully state-run system where all train journeys are free, and train tickets in other European countries with more state control than the UK can be much cheaper. However, those networks also receive lots of government investment, which can mean higher taxes. Mr Miles argues the UK’s franchising system, whereby the government owns the network through National Rail and hands out operator contracts to private companies, was the “envy of Europe” before Covid hit. He said passenger numbers have increased as a result of the franchise system, but added that the contracts written during Covid were done so “in a rush” and are “too generous”. He pointed to Transport for London and the Manchester bus service as examples of where a state run franchising system to private contractors can work. Mr Simmons says trains in the UK are ""not as bad as people think"". ""Sometimes the perception is that everywhere else is better, and that’s very much not true.” However, he said other countries were “powering ahead” with long-term planning for major projects.  If Labour waits until the current franchise contracts run out and takes them on itself, as the previous government did during Covid, this would not necessarily cost the taxpayer anything. However, doing so would also mean taking on the railway operators debts, leases, and liabilities, such as their pension fund pots and the lease contracts for the rolling stock. Labour says its plans would save the taxpayer £2.2bn a year, but the government has not guaranteed that all this money would be reinvested in the railways. ""It could happen very quickly,"" says Mr Simmons, given the plan is to transfer train networks to public ownership as the current operator contracts begin to run out. Some train operators are already under public control after being taken into the government’s Operator of Last Resort. Many train operators' franchises come up for renewal in the next few years, but some have an earlier ""core term"" expiry date, which would allow the government to take control sooner. All railway operators' contracts or core terms will expire by October 2027. UK private operators' contract expiry dates UK private operators' 'core term' expiry dates* *No 'core term' expiry date for South Western or Essex Thameside (c2c) UK public operators Source: Rail Partners, Department for Transport ",BBC,25/04/2024,"[""The newly-elected Labour government used the King's Speech on Wednesday to lay out its plans for renationalising the railways."", 'But what will this mean for passengers, and how will it work?', 'The government has not guaranteed lower fares, but has promised a ""best fare guarantee"", to make sure people are always paying the lowest fare for their journey.', 'It has also promised its reforms would make buying cheaper tickets simpler.', 'However, railway specialist Tony Miles - who has covered the industry for over 40 years - told the BBC when the plans were first announced that any savings were likely to be minimal.', ""He said this is because the private operators' profit margins are already so small, at just a few pence for each passenger journey."", 'He argued this would mean Labour would only be able to pass on very small savings per journey.', 'From just after the Second World War until the 1990s the UK rail system was fully nationalised, with the government owning the rail networks and all of the trains.', 'The industry was privatised in the 1990s, with services run by a variety of train operating companies.', 'At the moment the infrastructure is managed by Network Rail, while passenger train services are run by individual operators.', 'The situation is different in Scotland and Wales, where passenger services are already run by the devolved governments.', 'In Northern Ireland, the system is fully nationalised.', 'Labour wants to move further towards nationalisation, confirming plans to establish Great British Railways (GBR).', 'This publicly-owned body would oversee the rail system across England, Wales, and Scotland.', 'It would take over the service contracts currently held by private firms in England as they expire in the future.', 'However, the government has not said GBR would buy back ""rolling stock\' (an industry term for the train carriages) from private firms.', 'This implies it would continue to lease them.', 'There is also no suggestion the rail freight companies will be nationalised, with the government instead saying that GBR will support and promote freight operators.', 'The government also plans to set up an independent watchdog, the Passenger Standards Authority, which would ""champion improvement in service against a range of measures"".', 'Whether this will make the trains run better ""comes down to how they’re going to fund things"" and whether it will allow major construction projects to move forward, says Mark Simmons, deputy editor at International Railway Journal.', 'Mr Simmons also queried what expertise GBR would have, suggesting there could still be a ""skills deficit"" at GBR, a problem which he said was affecting rail systems across Europe. ""', 'If lots of people leave as rail operator contracts terminate, what we could see is an exodus of talent,"" he said.', 'Luxembourg operates a fully state-run system where all train journeys are free, and train tickets in other European countries with more state control than the UK can be much cheaper.', 'However, those networks also receive lots of government investment, which can mean higher taxes.', 'Mr Miles argues the UK’s franchising system, whereby the government owns the network through National Rail and hands out operator contracts to private companies, was the “envy of Europe” before Covid hit.', 'He said passenger numbers have increased as a result of the franchise system, but added that the contracts written during Covid were done so “in a rush” and are “too generous”.', 'He pointed to Transport for London and the Manchester bus service as examples of where a state run franchising system to private contractors can work.', 'Mr Simmons says trains in the UK are ""not as bad as people think"". ""', 'Sometimes the perception is that everywhere else is better, and that’s very much not true.”', 'However, he said other countries were “powering ahead” with long-term planning for major projects.', 'If Labour waits until the current franchise contracts run out and takes them on itself, as the previous government did during Covid, this would not necessarily cost the taxpayer anything.', 'However, doing so would also mean taking on the railway operators debts, leases, and liabilities, such as their pension fund pots and the lease contracts for the rolling stock.', 'Labour says its plans would save the taxpayer £2.2bn a year, but the government has not guaranteed that all this money would be reinvested in the railways. ""', 'It could happen very quickly,"" says Mr Simmons, given the plan is to transfer train networks to public ownership as the current operator contracts begin to run out.', 'Some train operators are already under public control after being taken into the government’s Operator of Last Resort.', 'Many train operators\' franchises come up for renewal in the next few years, but some have an earlier ""core term"" expiry date, which would allow the government to take control sooner.', ""All railway operators' contracts or core terms will expire by October 2027."", ""UK private operators' contract expiry dates UK private operators' 'core term' expiry dates* *No 'core term' expiry date for South Western or Essex Thameside (c2c) UK public operators Source: Rail Partners, Department for Transport""]",0.1118810111862596,"The government has not guaranteed lower fares, but has promised a ""best fare guarantee"", to make sure people are always paying the lowest fare for their journey.","Mr Simmons also queried what expertise GBR would have, suggesting there could still be a ""skills deficit"" at GBR, a problem which he said was affecting rail systems across Europe. """,0.336638147632281,"He said passenger numbers have increased as a result of the franchise system, but added that the contracts written during Covid were done so “in a rush” and are “too generous”.","Mr Simmons also queried what expertise GBR would have, suggesting there could still be a ""skills deficit"" at GBR, a problem which he said was affecting rail systems across Europe. """,2024-07-20
Bridgerton and Baby Reindeer drive up Netflix sign-ups,https://www.bbc.co.uk/news/articles/cpwd67gge94o,2024-07-18T21:20:19.566Z,"Netflix said it added more than eight million subscribers in the three months to June, reeling in audiences for the new season of Bridgerton and new drama Baby Reindeer. The gain was almost double what investors had predicted, proving the lasting power of the firm's tightened restrictions on password sharing. But the streaming giant warned the impact of the crackdown on sharing passwords may run out in coming months, leading to slower growth in the months ahead. It said it was looking into new areas, such as sports, live events and gaming to extend its lead. Its plans include a multi-player video game tied to the release of a new season of the popular dystopian series Squid Game later this year, as well as offerings linked to shows such as Emily in Paris. ""If we execute well - better stories, easier discovery and more fandom - while also establishing ourselves in newer areas like live, games and advertising, we believe that we have a lot more room to grow,"" the company said to investors. For now, the streaming giant remains the leader to beat for the industry.  The gains last quarter brought its total number of subscribers to more than 277 million globally.  With more than two people in most households, it estimated that its total audience numbers more than 600 million. In the UK, Netflix's cheapest package, which comes with adverts, costs £4.99. The same deal in the US costs $6.99. Netflix said its ads business was making ""steady progress"", with subscriptions to the plan up 34% in the quarter. But it did not share the total number and warned that the ads business would not start having a meaningful impact on revenue until 2026, noting that for now, subscribers were growing far faster than advertisers. Jamie Lumley, an analyst at Third Bridge, said while Netflix's ad-supported tier continued to be an ""important part of the subscriber growth"", it had ""yet to prove itself from a revenue standpoint"". ""Our experts highlight that Amazon has made a much bigger splash in the ad market and Netflix needs to continue working on scale in this segment if it wants to be a major player,"" he added. Total revenue was $9.56bn, up 17% compared with the same period in 2023, while profits were $2.15bn, compared to $1.5bn a year ago.  The firm said it was expecting year-on-year growth of 14% in the July-September period.  ",BBC,18/07/2024,"['Netflix said it added more than eight million subscribers in the three months to June, reeling in audiences for the new season of Bridgerton and new drama Baby Reindeer.', ""The gain was almost double what investors had predicted, proving the lasting power of the firm's tightened restrictions on password sharing."", 'But the streaming giant warned the impact of the crackdown on sharing passwords may run out in coming months, leading to slower growth in the months ahead.', 'It said it was looking into new areas, such as sports, live events and gaming to extend its lead.', 'Its plans include a multi-player video game tied to the release of a new season of the popular dystopian series Squid Game later this year, as well as offerings linked to shows such as Emily in Paris. ""', 'If we execute well - better stories, easier discovery and more fandom - while also establishing ourselves in newer areas like live, games and advertising, we believe that we have a lot more room to grow,"" the company said to investors.', 'For now, the streaming giant remains the leader to beat for the industry.', 'The gains last quarter brought its total number of subscribers to more than 277 million globally.', 'With more than two people in most households, it estimated that its total audience numbers more than 600 million.', ""In the UK, Netflix's cheapest package, which comes with adverts, costs £4.99."", 'The same deal in the US costs $6.99.', 'Netflix said its ads business was making ""steady progress"", with subscriptions to the plan up 34% in the quarter.', 'But it did not share the total number and warned that the ads business would not start having a meaningful impact on revenue until 2026, noting that for now, subscribers were growing far faster than advertisers.', 'Jamie Lumley, an analyst at Third Bridge, said while Netflix\'s ad-supported tier continued to be an ""important part of the subscriber growth"", it had ""yet to prove itself from a revenue standpoint"". ""', 'Our experts highlight that Amazon has made a much bigger splash in the ad market and Netflix needs to continue working on scale in this segment if it wants to be a major player,"" he added.', 'Total revenue was $9.56bn, up 17% compared with the same period in 2023, while profits were $2.15bn, compared to $1.5bn a year ago.', 'The firm said it was expecting year-on-year growth of 14% in the July-September period.']",0.3546579182603535,"If we execute well - better stories, easier discovery and more fandom - while also establishing ourselves in newer areas like live, games and advertising, we believe that we have a lot more room to grow,"" the company said to investors.",,0.8170114308595657,The gains last quarter brought its total number of subscribers to more than 277 million globally.,"But the streaming giant warned the impact of the crackdown on sharing passwords may run out in coming months, leading to slower growth in the months ahead.",2024-07-20
Disneyland workers want to strike - but love the magic,https://www.bbc.co.uk/news/articles/cv2gpx7pnwdo,2024-07-19T21:06:38.875Z,"Cynthia “Cyn” Carranza meticulously scavenged for a shady parking spot in the car she called home. The overnight custodian at Disneyland has to sleep during the day - a difficulty for anyone, let alone when you're living in your car with two dogs. Ms Carranza says she makes $20.65 an hour (about £15.99) at the park but last summer, she couldn't afford rent in this Southern California city where the average apartment can run more than $2,000 (about £1,550) a month. Ms Carranza teared up as she recounted the struggles of that summer, including sneaking for showers in Disneyland's costume department. She now shares a small apartment with her boyfriend, who also works at the park, but still makes barely enough to make ends meet. “That’s not something that anybody should experience working a full-time job for a company like Disney,” she told the BBC. Ms Carranza, like others who work at the park, detailed to the BBC the financial hardships that come with working at what’s supposed to be the “Happiest Place on Earth”. About 10,000 union workers at Disneyland - the first of 12 parks created around the globe - are threatening to strike over the wages and what they say are retaliatory anti-union practices. Hundreds of workers protested outside the park this week, with an array of signs and pins showing Mickey Mouse's gloved fist in defiance.  “Mickey would want fair pay,” workers chanted outside Disneyland near the park's gates.  They voted almost unanimously to authorise strike action on Friday, just days before union contract negotiations for workers are set to resume.  While the vote does not mean a strike is imminent, it could set workers up to act quickly if negotiations sour. Authorisation also gives the unions leverage as talks with Disney management continue again next week. The contract for cast members at Disneyland expired 16 June, and the current negotiations involves a coalition of unions that represent nearly 10,000 employees at the park, which includes everyone from those who work as characters and operate rides to sales, restaurant, and janitorial workers.  Union officials say about one in 10 Disneyland cast members have experienced homelessness while working at the park. A survey of employees showed 73% say they don't make enough to cover basic expenses each month and about a third said they experienced housing insecurity within the last year.  “We’re the ones who make the magic,” says L Slaughter, a host at the Toontown-themed part of the park. “We need Disney to pay us a liveable wage.” Ms Slaughter spent two years living in her car while working at the park. She now has a small apartment about an hour's drive from Disneyland.  She spent a lot of that time trying to find a safe parking spot to sleep, she says, adding that staff are not allowed to sleep in the Disneyland parking lots. “My rent just went up $200 and I won’t be able to make rent again,” she says. Ms Slaughter makes $19.90 an hour - thanks to a minimum wage mandate passed by city voters in 2018. Disney unsuccessfully fought the wage hike, but workers say it’s still not enough to survive in Southern California. A living wage calculator built by the Massachusetts Institute of Technology, or MIT, says a single person with no children would need to be paid $30.48 an hour to afford to live near Disneyland in Orange County, which is about 30 miles southeast of Los Angeles. Workers who talked to the BBC said they have kept their jobs at the park because they love the Disney brand, and they rely on the generous healthcare benefits and union-operated food bank, which some workers described as a saving-grace.  Disney says it is committed to negotiations with its “cast members” - the company's term for employees who play princesses and pirates as well as the chefs or janitors who maintain the park. ""We respect and value our cast members and recognize the important role they play in creating happiness for our guests,"" Disney said in a statement, adding that talks with the unions representing its workers will resume 22 July and they are committed to reaching a deal ""that focuses on what matters most to our current cast members, helps us attract new cast, and positions Disneyland Resort for growth and the creation of more jobs"". The last Disneyland strike was in 1984, and it lasted 22 days. Ms Carranza described the back-breaking work she does nightly at the park - cleaning, polishing, repairing floors and sometimes installing carpets. She said last summer living in her car was the lowest point in her life, and she credits her dogs with keeping her alive. “I know that they’re the reason why I’m still here, why I didn’t let go,"" she said. ""There were times when I questioned what I was doing here and how I was going to get back on my feet.""  But even with the small studio apartment Ms Carranza now has, she says she's still living paycheck-to-paycheck and sometimes can only afford to eat rice or noodles.  Although workers’ demands are economic, the vote to strike was called in response to complaints that workers were disciplined for wearing the Mickey badges and distributing union information in the park.  In June, the unions filed unfair labour practice charges with the National Labor Relations Board against Disney for “unlawful discipline, intimidation and surveillance of union members exercising their right to wear union buttons at work.” Colleen Palmer, one of the negotiators from Local UFCW 324, has worked at Disneyland for nearly 37 years and makes almost $24 an hour as a “merchandise hostess”. She says she wore her union badge for less than half an hour before management told her to take it off. Palmer says workers are responsible for the experience that customers enjoy at Disneyland, and that her loyalty and experience should be rewarded. She said workers believe the pay gap between the workers and the company’s executives is outrageous: Disney CEO Bob Iger’s compensation was $31.6 million in 2023 - hundreds of times the amount Disneyland cast members earn. “It makes me wonder, why don’t you want to recognize me? Because I’m making you that money, so that you can buy that sports team now,” she said, referring to news that Mr Iger and his wife had taken over the LA women’s soccer team, Angel City Football Club. The disparity between workers pay and management has been fuelling labour unrest in the United States. According to the left-leaning Economic Policy Institute, CEO compensation rose 1,460 percent between 1978 and 2021. Disneyland is a unique workplace. Many consider it a career, not a job, and workers are often also fans of the Disney brand - some call it the cult of Disney. Workers get perks like free admission to Disney parks for their family and friends. But they also say Disney is not flexible when they have a family crisis or get sick. Many have second and third jobs that Disneyland's unpredictable schedules make challenging to juggle. For students and retirees working part-time, it can be a dream job, but it no longer provides a living wage for people in and around Anaheim, a wealthy city whose biggest employer is Disney, workers say. “Without us, Disney would be like anywhere else,” says Morgan, who lived in motels around Disneyland for four years with his children and wanted to be identified by his middle name only. The breakup of Morgan’s marriage caused him to lose his housing and cheap motels were all he could afford with his Disney wages.  When his children were with their mother, he often slept outside and hid in shadows to avoid police or theft.  He now has a second full-time job as a recruiter - which he can do from home - and an apartment he can afford with the combined income. Still, he takes pride in his job selling Disney merchandise and says every cast member takes the job seriously. “It’s not the animatronics - it’s us. At least respect us enough to pay us a decent wage.” ",BBC,19/07/2024,"['Cynthia “Cyn” Carranza meticulously scavenged for a shady parking spot in the car she called home.', ""The overnight custodian at Disneyland has to sleep during the day - a difficulty for anyone, let alone when you're living in your car with two dogs."", ""Ms Carranza says she makes $20.65 an hour (about £15.99) at the park but last summer, she couldn't afford rent in this Southern California city where the average apartment can run more than $2,000 (about £1,550) a month."", ""Ms Carranza teared up as she recounted the struggles of that summer, including sneaking for showers in Disneyland's costume department."", 'She now shares a small apartment with her boyfriend, who also works at the park, but still makes barely enough to make ends meet. “', 'That’s not something that anybody should experience working a full-time job for a company like Disney,” she told the BBC.', 'Ms Carranza, like others who work at the park, detailed to the BBC the financial hardships that come with working at what’s supposed to be the “Happiest Place on Earth”.', 'About 10,000 union workers at Disneyland - the first of 12 parks created around the globe - are threatening to strike over the wages and what they say are retaliatory anti-union practices.', ""Hundreds of workers protested outside the park this week, with an array of signs and pins showing Mickey Mouse's gloved fist in defiance. “"", ""Mickey would want fair pay,” workers chanted outside Disneyland near the park's gates."", 'They voted almost unanimously to authorise strike action on Friday, just days before union contract negotiations for workers are set to resume.', 'While the vote does not mean a strike is imminent, it could set workers up to act quickly if negotiations sour.', 'Authorisation also gives the unions leverage as talks with Disney management continue again next week.', 'The contract for cast members at Disneyland expired 16 June, and the current negotiations involves a coalition of unions that represent nearly 10,000 employees at the park, which includes everyone from those who work as characters and operate rides to sales, restaurant, and janitorial workers.', 'Union officials say about one in 10 Disneyland cast members have experienced homelessness while working at the park.', ""A survey of employees showed 73% say they don't make enough to cover basic expenses each month and about a third said they experienced housing insecurity within the last year. “"", 'We’re the ones who make the magic,” says L Slaughter, a host at the Toontown-themed part of the park. “', 'We need Disney to pay us a liveable wage.”', 'Ms Slaughter spent two years living in her car while working at the park.', ""She now has a small apartment about an hour's drive from Disneyland."", 'She spent a lot of that time trying to find a safe parking spot to sleep, she says, adding that staff are not allowed to sleep in the Disneyland parking lots. “', 'My rent just went up $200 and I won’t be able to make rent again,” she says.', 'Ms Slaughter makes $19.90 an hour - thanks to a minimum wage mandate passed by city voters in 2018.', 'Disney unsuccessfully fought the wage hike, but workers say it’s still not enough to survive in Southern California.', 'A living wage calculator built by the Massachusetts Institute of Technology, or MIT, says a single person with no children would need to be paid $30.48 an hour to afford to live near Disneyland in Orange County, which is about 30 miles southeast of Los Angeles.', 'Workers who talked to the BBC said they have kept their jobs at the park because they love the Disney brand, and they rely on the generous healthcare benefits and union-operated food bank, which some workers described as a saving-grace.', 'Disney says it is committed to negotiations with its “cast members” - the company\'s term for employees who play princesses and pirates as well as the chefs or janitors who maintain the park. ""', 'We respect and value our cast members and recognize the important role they play in creating happiness for our guests,"" Disney said in a statement, adding that talks with the unions representing its workers will resume 22 July and they are committed to reaching a deal ""that focuses on what matters most to our current cast members, helps us attract new cast, and positions Disneyland Resort for growth and the creation of more jobs"".', 'The last Disneyland strike was in 1984, and it lasted 22 days.', 'Ms Carranza described the back-breaking work she does nightly at the park - cleaning, polishing, repairing floors and sometimes installing carpets.', 'She said last summer living in her car was the lowest point in her life, and she credits her dogs with keeping her alive. “', 'I know that they’re the reason why I’m still here, why I didn’t let go,"" she said. ""', 'There were times when I questioned what I was doing here and how I was going to get back on my feet.""', ""But even with the small studio apartment Ms Carranza now has, she says she's still living paycheck-to-paycheck and sometimes can only afford to eat rice or noodles."", 'Although workers’ demands are economic, the vote to strike was called in response to complaints that workers were disciplined for wearing the Mickey badges and distributing union information in the park.', 'In June, the unions filed unfair labour practice charges with the National Labor Relations Board against Disney for “unlawful discipline, intimidation and surveillance of union members exercising their right to wear union buttons at work.”', 'Colleen Palmer, one of the negotiators from Local UFCW 324, has worked at Disneyland for nearly 37 years and makes almost $24 an hour as a “merchandise hostess”.', 'She says she wore her union badge for less than half an hour before management told her to take it off.', 'Palmer says workers are responsible for the experience that customers enjoy at Disneyland, and that her loyalty and experience should be rewarded.', 'She said workers believe the pay gap between the workers and the company’s executives is outrageous: Disney CEO Bob Iger’s compensation was $31.6 million in 2023 - hundreds of times the amount Disneyland cast members earn. “', 'It makes me wonder, why don’t you want to recognize me?', 'Because I’m making you that money, so that you can buy that sports team now,” she said, referring to news that Mr Iger and his wife had taken over the LA women’s soccer team, Angel City Football Club.', 'The disparity between workers pay and management has been fuelling labour unrest in the United States.', 'According to the left-leaning Economic Policy Institute, CEO compensation rose 1,460 percent between 1978 and 2021.', 'Disneyland is a unique workplace.', 'Many consider it a career, not a job, and workers are often also fans of the Disney brand - some call it the cult of Disney.', 'Workers get perks like free admission to Disney parks for their family and friends.', 'But they also say Disney is not flexible when they have a family crisis or get sick.', ""Many have second and third jobs that Disneyland's unpredictable schedules make challenging to juggle."", 'For students and retirees working part-time, it can be a dream job, but it no longer provides a living wage for people in and around Anaheim, a wealthy city whose biggest employer is Disney, workers say. “', 'Without us, Disney would be like anywhere else,” says Morgan, who lived in motels around Disneyland for four years with his children and wanted to be identified by his middle name only.', 'The breakup of Morgan’s marriage caused him to lose his housing and cheap motels were all he could afford with his Disney wages.', 'When his children were with their mother, he often slept outside and hid in shadows to avoid police or theft.', 'He now has a second full-time job as a recruiter - which he can do from home - and an apartment he can afford with the combined income.', 'Still, he takes pride in his job selling Disney merchandise and says every cast member takes the job seriously. “', 'It’s not the animatronics - it’s us.', 'At least respect us enough to pay us a decent wage.”']",0.0500136968586186,"We respect and value our cast members and recognize the important role they play in creating happiness for our guests,"" Disney said in a statement, adding that talks with the unions representing its workers will resume 22 July and they are committed to reaching a deal ""that focuses on what matters most to our current cast members, helps us attract new cast, and positions Disneyland Resort for growth and the creation of more jobs"".",But they also say Disney is not flexible when they have a family crisis or get sick.,-0.2360192894935608,"According to the left-leaning Economic Policy Institute, CEO compensation rose 1,460 percent between 1978 and 2021.",The breakup of Morgan’s marriage caused him to lose his housing and cheap motels were all he could afford with his Disney wages.,2024-07-20
Chancellor Rachel Reeves hints at above-inflation public sector pay rise,https://www.bbc.co.uk/news/articles/c4ng5n0my0zo,2024-07-21T04:30:08.686Z,"The chancellor has hinted that she may give public sector workers above-inflation pay rises this summer.  Rachel Reeves' comments come after it is understood independent pay review bodies recommended an increase of 5.5% for teachers and some NHS workers.  In her first interview from No 11 Downing Street, she said: ""I really value public service workers, in our schools, in our hospitals, in our police as well... ""There is a cost to not settling, a cost of further industrial action, and a cost in terms of the challenge we face recruiting."" But Ms Reeves told Sunday with Laura Kuenssberg that ""we will do it in a proper way and make sure the sums add up"" - emphasising that her spending rules are ""non-negotiable"".  The new chancellor promised a decision on public pay this month, saying ""people won’t have long to wait"".  Speaking in an interview recorded on Saturday, Ms Reeves also accused the Conservative Party of calling the election because ""they weren’t willing to make tough decisions, and they just ran away"".  She said the decision about teachers’ pay had sat on the former education secretary’s desk, and that the Conservatives had allowed an unacceptable situation to build up in prisons. This was rejected by her predecessor Jeremy Hunt, who said the previous Conservative government had “taken very difficult decisions” in the wake of increased spending demands during the Covid pandemic. He accused Ms Reeves of trying to “lay the ground for tax rises” by exaggerating the fragility of the public finances, adding that claims the Tories had left the worst economic inheritance since World War Two as ""nonsense"". He admitted, however, that his party would not have been able to make tax cuts it promised during the election campaign ""immediately"". ""But I think we would have been able to do it in time, and we had plans in place to do that,"" he told the programme.  The estimated cost of pay rises of 5.5% for teachers and certain NHS staff could reach £3bn, according to the Institute for Fiscal Studies (IFS). That would be significantly more than the 2.5-3% the Treasury had expected. IFS director Paul Johnson said paying for such an increase would require the government to either increase borrowing or taxes, or cut spending elsewhere. The most recent figures from the Office for National Statistics (ONS) put inflation at 2% in May and June - suggesting a pay offer above 2% would count as being above inflation. But Mr Johnson told BBC Radio 4's Today programme on Saturday that the 5.5% figure was ""roughly what pay is rising by across the economy"". Traditionally, governments follow the recommendations of the independent bodies - but ministers are not obliged to stick to their suggestions.  Recommendations for other sectors are yet to be received, but the chancellor does plan to announce the settlements before the end of July. Ms Reeves also told the BBC that the government will carry out a landmark review of pensions as part of a ""big bang for growth"".  ""People who make sacrifices and save every month to put something aside for their retirement, they deserve better than the returns they’re getting on those savings today.""  The chancellor also wants to change industry rules so that billions of pounds sitting in pension funds can be used more easily to invest in UK companies to stimulate the economy.  She continued: ""If we could unlock just 1% of the money in defined contribution schemes - and invest that in more productive assets [and] fast-growing British companies - that’d be £8bn to help finance growth and prosperity and wealth creation here in Britain. ""That’s why there’s an urgency here from this government, unlocking that investment for our economy and delivering for working people who make big sacrifices but at the moment are being let down by the pensions industry."" The full interviews with Rachel Reeves and Jeremy Hunt on Sunday with Laura Kuenssberg are available to watch back on iPlayer.  ",BBC,21/07/2024,"['The chancellor has hinted that she may give public sector workers above-inflation pay rises this summer.', ""Rachel Reeves' comments come after it is understood independent pay review bodies recommended an increase of 5.5% for teachers and some NHS workers."", 'In her first interview from No 11 Downing Street, she said: ""I really value public service workers, in our schools, in our hospitals, in our police as well... ""There is a cost to not settling, a cost of further industrial action, and a cost in terms of the challenge we face recruiting.""', 'But Ms Reeves told Sunday with Laura Kuenssberg that ""we will do it in a proper way and make sure the sums add up"" - emphasising that her spending rules are ""non-negotiable"".', 'The new chancellor promised a decision on public pay this month, saying ""people won’t have long to wait"".', 'Speaking in an interview recorded on Saturday, Ms Reeves also accused the Conservative Party of calling the election because ""they weren’t willing to make tough decisions, and they just ran away"".', 'She said the decision about teachers’ pay had sat on the former education secretary’s desk, and that the Conservatives had allowed an unacceptable situation to build up in prisons.', 'This was rejected by her predecessor Jeremy Hunt, who said the previous Conservative government had “taken very difficult decisions” in the wake of increased spending demands during the Covid pandemic.', 'He accused Ms Reeves of trying to “lay the ground for tax rises” by exaggerating the fragility of the public finances, adding that claims the Tories had left the worst economic inheritance since World War Two as ""nonsense"".', 'He admitted, however, that his party would not have been able to make tax cuts it promised during the election campaign ""immediately"". ""', 'But I think we would have been able to do it in time, and we had plans in place to do that,"" he told the programme.', 'The estimated cost of pay rises of 5.5% for teachers and certain NHS staff could reach £3bn, according to the Institute for Fiscal Studies (IFS).', 'That would be significantly more than the 2.5-3% the Treasury had expected.', 'IFS director Paul Johnson said paying for such an increase would require the government to either increase borrowing or taxes, or cut spending elsewhere.', 'The most recent figures from the Office for National Statistics (ONS) put inflation at 2% in May and June - suggesting a pay offer above 2% would count as being above inflation.', 'But Mr Johnson told BBC Radio 4\'s Today programme on Saturday that the 5.5% figure was ""roughly what pay is rising by across the economy"".', 'Traditionally, governments follow the recommendations of the independent bodies - but ministers are not obliged to stick to their suggestions.', 'Recommendations for other sectors are yet to be received, but the chancellor does plan to announce the settlements before the end of July.', 'Ms Reeves also told the BBC that the government will carry out a landmark review of pensions as part of a ""big bang for growth"". ""', 'People who make sacrifices and save every month to put something aside for their retirement, they deserve better than the returns they’re getting on those savings today.""', 'The chancellor also wants to change industry rules so that billions of pounds sitting in pension funds can be used more easily to invest in UK companies to stimulate the economy.', 'She continued: ""If we could unlock just 1% of the money in defined contribution schemes - and invest that in more productive assets [and] fast-growing British companies - that’d be £8bn to help finance growth and prosperity and wealth creation here in Britain. ""', 'That’s why there’s an urgency here from this government, unlocking that investment for our economy and delivering for working people who make big sacrifices but at the moment are being let down by the pensions industry.""', 'The full interviews with Rachel Reeves and Jeremy Hunt on Sunday with Laura Kuenssberg are available to watch back on iPlayer.']",0.1275740146517471,"She continued: ""If we could unlock just 1% of the money in defined contribution schemes - and invest that in more productive assets [and] fast-growing British companies - that’d be £8bn to help finance growth and prosperity and wealth creation here in Britain. ""","He accused Ms Reeves of trying to “lay the ground for tax rises” by exaggerating the fragility of the public finances, adding that claims the Tories had left the worst economic inheritance since World War Two as ""nonsense"".",0.2463654316961765,That would be significantly more than the 2.5-3% the Treasury had expected.,"The estimated cost of pay rises of 5.5% for teachers and certain NHS staff could reach £3bn, according to the Institute for Fiscal Studies (IFS).",2024-07-20
Bangladesh student protests: Why is the government facing public anger?,https://www.bbc.co.uk/news/articles/cq5xye1d285o,2024-07-20T08:08:21.056Z,"Bangladesh is in turmoil. Street protests are not new to this South Asian nation of 170 million people – but the intensity of the demonstrations of the past week has been described as the worst in living memory. More than 100 people have died in the violence, with more than 50 people killed on Friday alone. The government has imposed an unprecedented communications blackout, shutting down the internet and restricting phone services. What started as peaceful protests on university campuses has now transformed into nationwide unrest. Thousands of university students have been agitating for weeks against a quota system for government jobs. A third of public sector jobs are reserved for the relatives of veterans from the country’s war for independence from Pakistan in 1971. The students are arguing that the system is discriminatory, and are asking for recruitment based on merit. Protest coordinators say police and the student wing of the governing Awami League – known as the Bangladesh Chhatra League – have been using brutal force against peaceful demonstrators, triggering widespread anger. The government denies these allegations. “It’s not students anymore, it seems that people from all walks of life have joined the protest movement,” Dr Samina Luthfa, assistant professor of sociology in the University of Dhaka, tells the BBC. The protests have been a long time coming. Though Bangladesh is one of the fastest growing economies in the world, experts point out that growth has not translated into jobs for university graduates. Estimates suggest that around 18 million young Bangladeshis are looking for jobs. University graduates face higher rates of unemployment than their less-educated peers. Bangladesh has become a powerhouse of ready-to-wear clothing exports. The country exports around $40 billion worth of clothes to the global market. The sector employs more than four million people, many of them women. But factory jobs are not sufficient for the aspiring younger generation. Under Prime Minister Sheikh Hasina’s 15-year rule, Bangladesh has transformed itself by building new roads, bridges, factories and even a metro rail in the capital Dhaka. Its per-capita income has tripled in the last decade and the World Bank estimates that more than 25 million people have been lifted out of poverty in the last 20 years. But many say that some of that growth is only helping those close to Ms Hasina’s Awami League. Dr Luthfa says: “We are witnessing so much corruption. Especially among those close to the ruling party. Corruption has been continuing for a long time without being punished.” Social media in Bangladesh in recent months has been dominated by discussions about corruption allegations against some of Ms Hasina’s former top officials  – including a former army chief, ex-police chief, senior tax officers and state recruitment officials. Ms Hasina last week said she was taking action against corruption, and that it was a long-standing problem. During the same press conference in Dhaka, she said she had taken action against a household assistant – or peon - after he allegedly amassed $34 million. ""He can't move without a helicopter. How has he earned so much money? I took action immediately after knowing this,"" She did not identify the individual. The reaction of the Bangladeshi media was that this much money could only have been accumulated through lobbying for government contracts, corruption, or bribery. The anti-corruption commission in Bangladesh has launched an investigation into former police chief Benazir Ahmed – once seen as a close ally of Ms Hasina – for amassing millions of dollars, allegedly through illegal means. He denies the allegations. This news didn’t escape ordinary people in the country, who are struggling with the escalating cost of living. In addition to corruption allegations, many rights activists point out that space for democratic activity has shrunk over the past 15 years. “For three consecutive elections, there has been no credible free and fair polling process,” Meenakshi Ganguly, South Asia director at Human Rights Watch, told the BBC. “[Ms Hasina] has perhaps underestimated the level of dissatisfaction people had about being denied the most basic democratic right to choose their own leader,” Ms Ganguly said.  The main opposition Bangladesh Nationalist Party (BNP) boycotted elections in 2014 and 2024 saying free and fair elections were not possible under Ms Hasina and that they wanted the polls to be held under a neutral caretaker administration. Ms Hasina has always rejected this demand. Rights groups also say more than 80 people, many of them government critics, have disappeared in the past 15 years, and that their families have no information on them. The government is accused of stifling dissent and the media, amid wider concerns that Sheikh Hasina has grown increasingly autocratic over the years. But ministers deny the charges. “The anger against the government and the ruling party have been accumulating for a long time,” says Dr Luthfa. “People are showing their anger now. People resort to protest if they don’t have any recourse left.” Ms Hasina’s ministers say the government has shown extreme restraint despite what they describe as provocative actions by protesters.  They say demonstrations have been infiltrated by their political opposition and by Islamist parties, who they say initiated the violence. Law Minister Anisul Huq said the government was open to discussing the issues. “The government has been reaching out to the student protesters. When there is a reasonable argument, we are willing to listen,” Mr Huq told the BBC earlier this week. The student protests are probably the biggest challenge that has faced Ms Hasina since January 2009.  How they are resolved will depend on how she handles the unrest and, most importantly, how she addresses the public's growing anger. ",BBC,20/07/2024,"['Bangladesh is in turmoil.', 'Street protests are not new to this South Asian nation of 170 million people – but the intensity of the demonstrations of the past week has been described as the worst in living memory.', 'More than 100 people have died in the violence, with more than 50 people killed on Friday alone.', 'The government has imposed an unprecedented communications blackout, shutting down the internet and restricting phone services.', 'What started as peaceful protests on university campuses has now transformed into nationwide unrest.', 'Thousands of university students have been agitating for weeks against a quota system for government jobs.', 'A third of public sector jobs are reserved for the relatives of veterans from the country’s war for independence from Pakistan in 1971.', 'The students are arguing that the system is discriminatory, and are asking for recruitment based on merit.', 'Protest coordinators say police and the student wing of the governing Awami League – known as the Bangladesh Chhatra League – have been using brutal force against peaceful demonstrators, triggering widespread anger.', 'The government denies these allegations. “', 'It’s not students anymore, it seems that people from all walks of life have joined the protest movement,” Dr Samina Luthfa, assistant professor of sociology in the University of Dhaka, tells the BBC.', 'The protests have been a long time coming.', 'Though Bangladesh is one of the fastest growing economies in the world, experts point out that growth has not translated into jobs for university graduates.', 'Estimates suggest that around 18 million young Bangladeshis are looking for jobs.', 'University graduates face higher rates of unemployment than their less-educated peers.', 'Bangladesh has become a powerhouse of ready-to-wear clothing exports.', 'The country exports around $40 billion worth of clothes to the global market.', 'The sector employs more than four million people, many of them women.', 'But factory jobs are not sufficient for the aspiring younger generation.', 'Under Prime Minister Sheikh Hasina’s 15-year rule, Bangladesh has transformed itself by building new roads, bridges, factories and even a metro rail in the capital Dhaka.', 'Its per-capita income has tripled in the last decade and the World Bank estimates that more than 25 million people have been lifted out of poverty in the last 20 years.', 'But many say that some of that growth is only helping those close to Ms Hasina’s Awami League.', 'Dr Luthfa says: “We are witnessing so much corruption.', 'Especially among those close to the ruling party.', 'Corruption has been continuing for a long time without being punished.”', 'Social media in Bangladesh in recent months has been dominated by discussions about corruption allegations against some of Ms Hasina’s former top officials – including a former army chief, ex-police chief, senior tax officers and state recruitment officials.', 'Ms Hasina last week said she was taking action against corruption, and that it was a long-standing problem.', 'During the same press conference in Dhaka, she said she had taken action against a household assistant – or peon - after he allegedly amassed $34 million. ""', ""He can't move without a helicopter."", 'How has he earned so much money?', 'I took action immediately after knowing this,"" She did not identify the individual.', 'The reaction of the Bangladeshi media was that this much money could only have been accumulated through lobbying for government contracts, corruption, or bribery.', 'The anti-corruption commission in Bangladesh has launched an investigation into former police chief Benazir Ahmed – once seen as a close ally of Ms Hasina – for amassing millions of dollars, allegedly through illegal means.', 'He denies the allegations.', 'This news didn’t escape ordinary people in the country, who are struggling with the escalating cost of living.', 'In addition to corruption allegations, many rights activists point out that space for democratic activity has shrunk over the past 15 years. “', 'For three consecutive elections, there has been no credible free and fair polling process,” Meenakshi Ganguly, South Asia director at Human Rights Watch, told the BBC. “[', 'Ms Hasina] has perhaps underestimated the level of dissatisfaction people had about being denied the most basic democratic right to choose their own leader,” Ms Ganguly said.', 'The main opposition Bangladesh Nationalist Party (BNP) boycotted elections in 2014 and 2024 saying free and fair elections were not possible under Ms Hasina and that they wanted the polls to be held under a neutral caretaker administration.', 'Ms Hasina has always rejected this demand.', 'Rights groups also say more than 80 people, many of them government critics, have disappeared in the past 15 years, and that their families have no information on them.', 'The government is accused of stifling dissent and the media, amid wider concerns that Sheikh Hasina has grown increasingly autocratic over the years.', 'But ministers deny the charges. “', 'The anger against the government and the ruling party have been accumulating for a long time,” says Dr Luthfa. “', 'People are showing their anger now.', 'People resort to protest if they don’t have any recourse left.”', 'Ms Hasina’s ministers say the government has shown extreme restraint despite what they describe as provocative actions by protesters.', 'They say demonstrations have been infiltrated by their political opposition and by Islamist parties, who they say initiated the violence.', 'Law Minister Anisul Huq said the government was open to discussing the issues. “', 'The government has been reaching out to the student protesters.', 'When there is a reasonable argument, we are willing to listen,” Mr Huq told the BBC earlier this week.', 'The student protests are probably the biggest challenge that has faced Ms Hasina since January 2009.', ""How they are resolved will depend on how she handles the unrest and, most importantly, how she addresses the public's growing anger.""]",-0.167231002296643,But many say that some of that growth is only helping those close to Ms Hasina’s Awami League.,"More than 100 people have died in the violence, with more than 50 people killed on Friday alone.",-0.3238684710334329,Its per-capita income has tripled in the last decade and the World Bank estimates that more than 25 million people have been lifted out of poverty in the last 20 years.,"In addition to corruption allegations, many rights activists point out that space for democratic activity has shrunk over the past 15 years. “",2024-07-20
Pret A Manger: The decline of the 'free' coffee,https://www.bbc.co.uk/news/articles/c1vdkny2n1yo,2024-07-20T23:00:59.848Z,"We all love a good deal.  Especially on our daily coffee which, in some places, is closer to £4 a cup nowadays than £3. High street coffee shops enjoy offering us a deal too - especially if we buy into their loyalty models, which until recently seemed nearly as attractive as a silky smooth latte. And yet almost four years after launching its wildly popular subscription, Pret A Manger has become the latest coffee chain to ditch it in favour of a less generous scheme. Under the current system, subscribers who pay a monthly fee of £30 get up to five 'free' coffees a day.  But from September, Pret will offer up to five half-price coffees a day for £10 a month, which it says will ""continue to be the best offer on the high street"". The change also ends the 20% discount on food for subscribers. Pret said it had ""never really got comfortable"" with the dual pricing system across its food products. The social media site X was awash with criticism following the Pret news. ""You mess about with loyalty schemes at your peril,"" warned retail expert Catherine Shuttleworth. ""Commercially this might make a load of sense for Pret, but the reaction - it plays into the hands of their competitors."" Pret is not the only coffee shop to have watered down its loyalty scheme.  You might not have noticed, but your wallet probably has. Costa Coffee currently runs a free loyalty card, the Costa Club, but changed the terms last August. Customers went from needing eight stamps (or ""beans"") on their loyalty cards to qualify for a free drink, to needing 10. At the end of 2022, Starbucks announced more loyalty points would be required to redeem many of its menu items. Customers who enrol in the chain's Starbucks Rewards programme earn points (or ""stars"") when purchasing food or drinks. Hot coffee, tea, or baked goods now require 100 stars, doubling the previous price of 50 stars. Experts told the BBC that less generous loyalty schemes were ""not a surprise"" with the rising cost of labour, packaging and the coffee itself. The cost of arabica beans has soared in recent years because of the impact of climate change in countries such as Brazil and Ethiopia.  The industry is also still grappling with high energy and utility bills. Richard Lim, CEO of Retail Economics, told the BBC subscription models offered value to customers, but had to be mutually beneficial to work. ""They can be good for businesses too because they produce a predictable, stable income that can rely on recurring revenue,"" he said.  ""But if there's one party losing out, it won't work, and the big question is, was this commercially viable for Pret? I suspect not."" The announcements from Costa and Starbucks caused outrage among customers at the time, and now it's Pret’s turn. ""I only have a subscription because I couldn’t be bothered to bring my own drinks to work and there’s a Pret in my building,"" one user said on X. ""With the new deal, it’s cheaper to just stop being lazy."" Another said Pret had ""broken their hold on the customer"". A third customer said: ""I already get 25% [off] coffee from Nero with Compare the Market. Why would I continue to pay Pret for a similar discount scheme? Madness."" One expert backed the new subscription model in an interview with the BBC this week, saying the old model ""alienated"" non-subscribers. ""Consumers today want immediate value. They shouldn’t need a calculator to work out if they’re getting a good deal,"" retail analyst Natalie Berg said. But Ms Shuttleworth said ""Pret will be hoping people are lazy and stuck in their routines"", though others might vote with their feet. ""From Pret's perspective, this subscription increased footfall and the chance of higher spending because people come for the coffee and pick up breakfast or a sandwich en route to the counter,"" she said. ""They did it to get customers back in after the pandemic when everyone was returning to their offices, and it worked,"" helping Pret return to profit last year for the first time since 2018. ""They now want to replace it with something that is better for them as a business, but it’s a big risk."" ",BBC,20/07/2024,"['We all love a good deal.', 'Especially on our daily coffee which, in some places, is closer to £4 a cup nowadays than £3.', 'High street coffee shops enjoy offering us a deal too - especially if we buy into their loyalty models, which until recently seemed nearly as attractive as a silky smooth latte.', 'And yet almost four years after launching its wildly popular subscription, Pret A Manger has become the latest coffee chain to ditch it in favour of a less generous scheme.', ""Under the current system, subscribers who pay a monthly fee of £30 get up to five 'free' coffees a day."", 'But from September, Pret will offer up to five half-price coffees a day for £10 a month, which it says will ""continue to be the best offer on the high street"".', 'The change also ends the 20% discount on food for subscribers.', 'Pret said it had ""never really got comfortable"" with the dual pricing system across its food products.', 'The social media site X was awash with criticism following the Pret news. ""', 'You mess about with loyalty schemes at your peril,"" warned retail expert Catherine Shuttleworth. ""', 'Commercially this might make a load of sense for Pret, but the reaction - it plays into the hands of their competitors.""', 'Pret is not the only coffee shop to have watered down its loyalty scheme.', 'You might not have noticed, but your wallet probably has.', 'Costa Coffee currently runs a free loyalty card, the Costa Club, but changed the terms last August.', 'Customers went from needing eight stamps (or ""beans"") on their loyalty cards to qualify for a free drink, to needing 10.', 'At the end of 2022, Starbucks announced more loyalty points would be required to redeem many of its menu items.', 'Customers who enrol in the chain\'s Starbucks Rewards programme earn points (or ""stars"") when purchasing food or drinks.', 'Hot coffee, tea, or baked goods now require 100 stars, doubling the previous price of 50 stars.', 'Experts told the BBC that less generous loyalty schemes were ""not a surprise"" with the rising cost of labour, packaging and the coffee itself.', 'The cost of arabica beans has soared in recent years because of the impact of climate change in countries such as Brazil and Ethiopia.', 'The industry is also still grappling with high energy and utility bills.', 'Richard Lim, CEO of Retail Economics, told the BBC subscription models offered value to customers, but had to be mutually beneficial to work. ""', 'They can be good for businesses too because they produce a predictable, stable income that can rely on recurring revenue,"" he said. ""', ""But if there's one party losing out, it won't work, and the big question is, was this commercially viable for Pret?"", 'I suspect not.""', 'The announcements from Costa and Starbucks caused outrage among customers at the time, and now it\'s Pret’s turn. ""', 'I only have a subscription because I couldn’t be bothered to bring my own drinks to work and there’s a Pret in my building,"" one user said on X. ""With the new deal, it’s cheaper to just stop being lazy.""', 'Another said Pret had ""broken their hold on the customer"".', 'A third customer said: ""I already get 25% [off] coffee from Nero with Compare the Market.', 'Why would I continue to pay Pret for a similar discount scheme?', 'Madness.""', 'One expert backed the new subscription model in an interview with the BBC this week, saying the old model ""alienated"" non-subscribers. ""', 'Consumers today want immediate value.', 'They shouldn’t need a calculator to work out if they’re getting a good deal,"" retail analyst Natalie Berg said.', 'But Ms Shuttleworth said ""Pret will be hoping people are lazy and stuck in their routines"", though others might vote with their feet. ""', 'From Pret\'s perspective, this subscription increased footfall and the chance of higher spending because people come for the coffee and pick up breakfast or a sandwich en route to the counter,"" she said. ""', 'They did it to get customers back in after the pandemic when everyone was returning to their offices, and it worked,"" helping Pret return to profit last year for the first time since 2018. ""', 'They now want to replace it with something that is better for them as a business, but it’s a big risk.""']",0.1833608791450862,"High street coffee shops enjoy offering us a deal too - especially if we buy into their loyalty models, which until recently seemed nearly as attractive as a silky smooth latte.","I only have a subscription because I couldn’t be bothered to bring my own drinks to work and there’s a Pret in my building,"" one user said on X. ""With the new deal, it’s cheaper to just stop being lazy.""",-0.0613643281600054,"They did it to get customers back in after the pandemic when everyone was returning to their offices, and it worked,"" helping Pret return to profit last year for the first time since 2018. ""","Experts told the BBC that less generous loyalty schemes were ""not a surprise"" with the rising cost of labour, packaging and the coffee itself.",2024-07-20
UK government debt highest since 1962,https://www.bbc.co.uk/news/articles/cgxqzp2zdw4o,2024-07-19T06:22:32.348Z,"The UK's national debt has reached its highest level since 1962, according to new official figures. The total stock of government debt was worth 99.5% of the value of the economy in June, exceeding the highs reached during the coronavirus pandemic for the first time. The Office for National Statistics (ONS) figures also showed that the amount the government borrowed was more than expected in June. A statement on the state of the public finances is expected from the Chancellor, Rachel Reeves, by the end of the month. Government debt refers to the overall amount of money owed by the government that has built up over years.  Borrowing refers to the difference between public sector spending and income from taxes in a given period. The Chief Secretary to the Treasury, Darren Jones, said the latest figures were a “clear reminder” of the “worst economic inheritance” since the Second World War. While last month's borrowing figure of £14.5bn was the lowest June total for five years, helped by lower interest costs linked to falling inflation, it was still higher than economists had forecast. With pressures to spend more on some public services, and election promises not to raise rates of income tax, corporation tax or VAT, many economists expect borrowing to increase.   Dennis Tatarkov, senior economist at KPMG UK, said: “The new chancellor faces the daunting task of funding the new government’s agenda, while maintaining public finances on a sustainable footing. ""A combination of high levels of spending and weak growth prospects will present uncomfortable choices – deciding between even more borrowing or substantially raising taxes if spending levels are to be maintained."" Separate figures from the ONS showed that retail sales fell by more than expected last month, with shops saying they had been hit by cold weather and election uncertainty. Retail sales volumes dropped by 1.2% in June, the ONS said, following strong growth in May. Sales at non-food retailers such as clothes shops and department stores saw the biggest fall, down 2.1%. ""Retailers suggested election uncertainty, poor weather, and low footfall affected sales,"" the ONS said. ",BBC,19/07/2024,"[""The UK's national debt has reached its highest level since 1962, according to new official figures."", 'The total stock of government debt was worth 99.5% of the value of the economy in June, exceeding the highs reached during the coronavirus pandemic for the first time.', 'The Office for National Statistics (ONS) figures also showed that the amount the government borrowed was more than expected in June.', 'A statement on the state of the public finances is expected from the Chancellor, Rachel Reeves, by the end of the month.', 'Government debt refers to the overall amount of money owed by the government that has built up over years.', 'Borrowing refers to the difference between public sector spending and income from taxes in a given period.', 'The Chief Secretary to the Treasury, Darren Jones, said the latest figures were a “clear reminder” of the “worst economic inheritance” since the Second World War.', ""While last month's borrowing figure of £14.5bn was the lowest June total for five years, helped by lower interest costs linked to falling inflation, it was still higher than economists had forecast."", 'With pressures to spend more on some public services, and election promises not to raise rates of income tax, corporation tax or VAT, many economists expect borrowing to increase.', 'Dennis Tatarkov, senior economist at KPMG UK, said: “The new chancellor faces the daunting task of funding the new government’s agenda, while maintaining public finances on a sustainable footing. ""', 'A combination of high levels of spending and weak growth prospects will present uncomfortable choices – deciding between even more borrowing or substantially raising taxes if spending levels are to be maintained.""', 'Separate figures from the ONS showed that retail sales fell by more than expected last month, with shops saying they had been hit by cold weather and election uncertainty.', 'Retail sales volumes dropped by 1.2% in June, the ONS said, following strong growth in May.', 'Sales at non-food retailers such as clothes shops and department stores saw the biggest fall, down 2.1%. ""', 'Retailers suggested election uncertainty, poor weather, and low footfall affected sales,"" the ONS said.']",-0.1058405804400314,"Retail sales volumes dropped by 1.2% in June, the ONS said, following strong growth in May.","Retailers suggested election uncertainty, poor weather, and low footfall affected sales,"" the ONS said.",-0.2700546492229808,The Office for National Statistics (ONS) figures also showed that the amount the government borrowed was more than expected in June.,"Separate figures from the ONS showed that retail sales fell by more than expected last month, with shops saying they had been hit by cold weather and election uncertainty.",2024-07-20
"CrowdStrike IT outage affected 8.5 million Windows devices, Microsoft says",https://www.bbc.co.uk/news/articles/cpe3zgznwjno,2024-07-20T17:46:43.456Z,"Microsoft says it estimates that 8.5m computers around the world were disabled by the global IT outage. It’s the first time a figure has been put on the incident and suggests it could be the worst cyber event in history. The glitch came from a security company called CrowdStrike which sent out a corrupted software update to its huge number of customers. Microsoft, which is helping customers recover said in a blog post: ""We currently estimate that CrowdStrike’s update affected 8.5 million Windows devices."" The post by David Weston, vice-president at the firm, says this number is less than 1% of all Windows machines worldwide, but that ""the broad economic and societal impacts reflect the use of CrowdStrike by enterprises that run many critical services"". The company can be very accurate on how many devices were disabled by the outage as it has performance telemetry to many by their internet connections. The tech giant - which was keen to point out that this was not an issue with its software - says the incident highlights how important it is for companies such as CrowdStrike to use quality control checks on updates before sending them out. “It’s also a reminder of how important it is for all of us across the tech ecosystem to prioritize operating with safe deployment and disaster recovery using the mechanisms that exist,” Mr Weston said. The fall out from the IT glitch has been enormous and was already one of the worst cyber-incidents in history. The number given by Microsoft means it is probably the largest ever cyber-event, eclipsing all previous hacks and outages. The closest to this is the WannaCry cyber-attack in 2017 that is estimated to have impacted around 300,000 computers in 150 countries. There was a similar costly and disruptive attack called NotPetya a month later. There was also a major six-hour outage in 2021 at Meta, which runs Instagram, Facebook and WhatsApp. But that was largely contained to the social media giant and some linked partners. The massive outage has also prompted warnings by cyber-security experts and agencies around the world about a wave of opportunistic hacking attempts linked to the IT outage. Cyber agencies in the UK and Australia are warning people to be vigilant to fake emails, calls and websites that pretend to be official. And CrowdStrike head George Kurtz encouraged users to make sure they were speaking to official representatives from the company before downloading fixes. ""We know that adversaries and bad actors will try to exploit events like this,"" he said in a blog post. Whenever there is a major news event, especially one linked to technology, hackers respond by tweaking their existing methods to take into account the fear and uncertainty. According to researchers at Secureworks, there has already been a sharp rise in CrowdStrike-themed domain registrations – hackers registering new websites made to look official and potentially trick IT managers or members of the public into downloading malicious software or handing over private details. Cyber security agencies around the world have urged IT responders to only use CrowdStrike's website to source information and help. The advice is mainly for IT managers who are the ones being affected by this as they try to get their organisations back online. But individuals too might be targeted, so experts are warning to be to be hyper vigilante and only act on information from the official CrowdStrike channels. ",BBC,20/07/2024,"['Microsoft says it estimates that 8.5m computers around the world were disabled by the global IT outage.', 'It’s the first time a figure has been put on the incident and suggests it could be the worst cyber event in history.', 'The glitch came from a security company called CrowdStrike which sent out a corrupted software update to its huge number of customers.', 'Microsoft, which is helping customers recover said in a blog post: ""We currently estimate that CrowdStrike’s update affected 8.5 million Windows devices.""', 'The post by David Weston, vice-president at the firm, says this number is less than 1% of all Windows machines worldwide, but that ""the broad economic and societal impacts reflect the use of CrowdStrike by enterprises that run many critical services"".', 'The company can be very accurate on how many devices were disabled by the outage as it has performance telemetry to many by their internet connections.', 'The tech giant - which was keen to point out that this was not an issue with its software - says the incident highlights how important it is for companies such as CrowdStrike to use quality control checks on updates before sending them out. “', 'It’s also a reminder of how important it is for all of us across the tech ecosystem to prioritize operating with safe deployment and disaster recovery using the mechanisms that exist,” Mr Weston said.', 'The fall out from the IT glitch has been enormous and was already one of the worst cyber-incidents in history.', 'The number given by Microsoft means it is probably the largest ever cyber-event, eclipsing all previous hacks and outages.', 'The closest to this is the WannaCry cyber-attack in 2017 that is estimated to have impacted around 300,000 computers in 150 countries.', 'There was a similar costly and disruptive attack called NotPetya a month later.', 'There was also a major six-hour outage in 2021 at Meta, which runs Instagram, Facebook and WhatsApp.', 'But that was largely contained to the social media giant and some linked partners.', 'The massive outage has also prompted warnings by cyber-security experts and agencies around the world about a wave of opportunistic hacking attempts linked to the IT outage.', 'Cyber agencies in the UK and Australia are warning people to be vigilant to fake emails, calls and websites that pretend to be official.', 'And CrowdStrike head George Kurtz encouraged users to make sure they were speaking to official representatives from the company before downloading fixes. ""', 'We know that adversaries and bad actors will try to exploit events like this,"" he said in a blog post.', 'Whenever there is a major news event, especially one linked to technology, hackers respond by tweaking their existing methods to take into account the fear and uncertainty.', 'According to researchers at Secureworks, there has already been a sharp rise in CrowdStrike-themed domain registrations – hackers registering new websites made to look official and potentially trick IT managers or members of the public into downloading malicious software or handing over private details.', ""Cyber security agencies around the world have urged IT responders to only use CrowdStrike's website to source information and help."", 'The advice is mainly for IT managers who are the ones being affected by this as they try to get their organisations back online.', 'But individuals too might be targeted, so experts are warning to be to be hyper vigilante and only act on information from the official CrowdStrike channels.']",-0.1283445794896238,Cyber security agencies around the world have urged IT responders to only use CrowdStrike's website to source information and help.,There was a similar costly and disruptive attack called NotPetya a month later.,-0.3164451519648234,"According to researchers at Secureworks, there has already been a sharp rise in CrowdStrike-themed domain registrations – hackers registering new websites made to look official and potentially trick IT managers or members of the public into downloading malicious software or handing over private details.",The fall out from the IT glitch has been enormous and was already one of the worst cyber-incidents in history.,2024-07-20
What are my rights if my flight is cancelled or delayed?,https://www.bbc.co.uk/news/business-61646214,2022-05-31T11:46:37.000Z,"A number of airlines around the world have been affected by an IT outage with almost 1,400 flights cancelled and others delayed. In these circumstances, airlines have a duty to look after you, including providing meals and accommodation if necessary. However, consumer group Which? says customers will not be entitled to any additional financial compensation for delays because these are extraordinary circumstances. ""Airlines should also reroute you as quickly as possible, though given the global nature of the problem, this may not be immediately possible,"" it added. So what are your rights if your journey is disrupted? If your flight is covered by UK law, your airline must let you choose between either getting a refund or being booked on to an alternative flight, regardless of how far in advance the cancellation was made.  You can get your money back for any part of the ticket you have not used.  So if you booked a return flight and the outbound leg is cancelled, you can get the full cost of the return ticket refunded.  If you still want to travel, your airline must find you an alternative flight.  If another airline is flying to your destination significantly sooner, or there are other suitable modes of transport available, then you have a right to be booked onto that alternative transport instead.  If you are stuck abroad or at the airport because of a flight cancellation, airlines must also provide you with other assistance until you are able to fly to your destination.  This includes:  If your airline is unable to arrange assistance, you have the right to organise this yourself and claim back the cost later.  In this case, the Civil Aviation Authority advises people to keep receipts and not spend more than necessary.  You are entitled to the same assistance as for a cancellation if your flight is delayed by more than two hours.  You may also be able to claim compensation if your flight arrives at its destination more than three hours late.  The amount is based on how far you are flying.  If you are delayed by more than five hours and no longer want to travel, you can get a full refund. If you booked a package holiday with a company that is an ABTA member and your flight is cancelled, you are entitled to a suitable alternative flight or a full refund.  Disruption caused by things like strikes by airport or air traffic control staff, bad weather or other ""extraordinary circumstances"" does not entitle you to extra compensation. However, in other circumstances - when it is considered to be the airline's fault - you have a number of rights under UK law. These apply as long as you are flying from a UK airport on any airline, arriving at a UK airport on an EU or UK airline, or arriving at an airport in the EU on a UK airline.  What you are entitled to depends on what caused the cancellation and how much notice you are given.  If your flight is cancelled with less than two weeks' notice, you may be able to claim compensation based on the timings of the alternative flight you are offered. The amount you are entitled to also depends on how far you were travelling:  Airlines will not refund you for loss of earnings. They are only responsible for covering direct costs, such as hotel rooms, meals and alternative flights. They are not obliged to cover consequential losses. Travel insurance policies will not usually cover loss of earnings either.  If you think you're going to be late back at work because of flight delays, you have a responsibility to contact your employer to let them know you won't be back as planned, legal experts say. You should agree with your employer how to deal with the absence - for example, by using more annual leave or time banked in lieu. Taking unpaid leave could also be an option. Employers have no legal obligation to pay employees who are absent in this situation, experts say, unless it is stated in their contract. Have you been personally affected by the disruption to flights? Get in touch by emailing haveyoursay@bbc.co.uk. Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk. Please include your name, age and location with any submission.  ",BBC,31/05/2022,"['A number of airlines around the world have been affected by an IT outage with almost 1,400 flights cancelled and others delayed.', 'In these circumstances, airlines have a duty to look after you, including providing meals and accommodation if necessary.', 'However, consumer group Which?', 'says customers will not be entitled to any additional financial compensation for delays because these are extraordinary circumstances. ""', 'Airlines should also reroute you as quickly as possible, though given the global nature of the problem, this may not be immediately possible,"" it added.', 'So what are your rights if your journey is disrupted?', 'If your flight is covered by UK law, your airline must let you choose between either getting a refund or being booked on to an alternative flight, regardless of how far in advance the cancellation was made.', 'You can get your money back for any part of the ticket you have not used.', 'So if you booked a return flight and the outbound leg is cancelled, you can get the full cost of the return ticket refunded.', 'If you still want to travel, your airline must find you an alternative flight.', 'If another airline is flying to your destination significantly sooner, or there are other suitable modes of transport available, then you have a right to be booked onto that alternative transport instead.', 'If you are stuck abroad or at the airport because of a flight cancellation, airlines must also provide you with other assistance until you are able to fly to your destination.', 'This includes: If your airline is unable to arrange assistance, you have the right to organise this yourself and claim back the cost later.', 'In this case, the Civil Aviation Authority advises people to keep receipts and not spend more than necessary.', 'You are entitled to the same assistance as for a cancellation if your flight is delayed by more than two hours.', 'You may also be able to claim compensation if your flight arrives at its destination more than three hours late.', 'The amount is based on how far you are flying.', 'If you are delayed by more than five hours and no longer want to travel, you can get a full refund.', 'If you booked a package holiday with a company that is an ABTA member and your flight is cancelled, you are entitled to a suitable alternative flight or a full refund.', 'Disruption caused by things like strikes by airport or air traffic control staff, bad weather or other ""extraordinary circumstances"" does not entitle you to extra compensation.', ""However, in other circumstances - when it is considered to be the airline's fault - you have a number of rights under UK law."", 'These apply as long as you are flying from a UK airport on any airline, arriving at a UK airport on an EU or UK airline, or arriving at an airport in the EU on a UK airline.', 'What you are entitled to depends on what caused the cancellation and how much notice you are given.', ""If your flight is cancelled with less than two weeks' notice, you may be able to claim compensation based on the timings of the alternative flight you are offered."", 'The amount you are entitled to also depends on how far you were travelling: Airlines will not refund you for loss of earnings.', 'They are only responsible for covering direct costs, such as hotel rooms, meals and alternative flights.', 'They are not obliged to cover consequential losses.', 'Travel insurance policies will not usually cover loss of earnings either.', ""If you think you're going to be late back at work because of flight delays, you have a responsibility to contact your employer to let them know you won't be back as planned, legal experts say."", 'You should agree with your employer how to deal with the absence - for example, by using more annual leave or time banked in lieu.', 'Taking unpaid leave could also be an option.', 'Employers have no legal obligation to pay employees who are absent in this situation, experts say, unless it is stated in their contract.', 'Have you been personally affected by the disruption to flights?', 'Get in touch by emailing haveyoursay@bbc.co.uk.', 'Please include a contact number if you are willing to speak to a BBC journalist.', ""You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk."", 'Please include your name, age and location with any submission.']",-0.0539579760702223,"If you booked a package holiday with a company that is an ABTA member and your flight is cancelled, you are entitled to a suitable alternative flight or a full refund.","Disruption caused by things like strikes by airport or air traffic control staff, bad weather or other ""extraordinary circumstances"" does not entitle you to extra compensation.",-0.930946409702301,,"A number of airlines around the world have been affected by an IT outage with almost 1,400 flights cancelled and others delayed.",2024-07-20
"Florence Nightingale's hair fetches more than £3,500 in Leyburn",https://www.bbc.co.uk/news/articles/cqe6573651jo,2024-07-21T06:54:44.757Z,"A lock of Florence Nightingale's hair has fetched more than £3,500 at auction in North Yorkshire. The hair, verified to belong to the 19th Century nursing pioneer, was expected to fetch between £2,000 and £3,000. It was sold alongside her signature on a clipped piece of paper. Tennants Auctioneers said the items sold in Leyburn had been in the possession of descendants of Nightingale's sister. Jody Beighton, an auctioneer and valuer, previously described the lock of hair as ""quite a rarity"". Harriet Hunter-Smart from Tennants said the lock had been bought by a private UK buyer for £3,606. Nightingale is seen by many as the founder of modern nursing. She became known as the ""Lady with the Lamp"" during the Crimean War. The conflict broke out in 1853. Britain, France, Turkey and Sardinia joined forces to fight against Russia. Nightingale was asked to bring together a team of 38 nurses who would go to support soldiers at a military hospital in Turkey. This was the first time women were allowed to serve in the Army. Following their arrival, Nightingale quickly set her team the task of cleaning up the hospital and making sure the soldiers were well looked after. She established the Nightingale Training School at St Thomas' Hospital in London in 1860. This became the first institute of its kind and deployed nurses across the UK to spread her ideas in the field. She died in 1910 at the age of 90. Follow BBC Yorkshire on Facebook, X (formerly known as Twitter) and Instagram. Send your story ideas to yorkslincs.news@bbc.co.uk ",BBC,21/07/2024,"[""A lock of Florence Nightingale's hair has fetched more than £3,500 at auction in North Yorkshire."", 'The hair, verified to belong to the 19th Century nursing pioneer, was expected to fetch between £2,000 and £3,000.', 'It was sold alongside her signature on a clipped piece of paper.', ""Tennants Auctioneers said the items sold in Leyburn had been in the possession of descendants of Nightingale's sister."", 'Jody Beighton, an auctioneer and valuer, previously described the lock of hair as ""quite a rarity"".', 'Harriet Hunter-Smart from Tennants said the lock had been bought by a private UK buyer for £3,606.', 'Nightingale is seen by many as the founder of modern nursing.', 'She became known as the ""Lady with the Lamp"" during the Crimean War.', 'The conflict broke out in 1853.', 'Britain, France, Turkey and Sardinia joined forces to fight against Russia.', 'Nightingale was asked to bring together a team of 38 nurses who would go to support soldiers at a military hospital in Turkey.', 'This was the first time women were allowed to serve in the Army.', 'Following their arrival, Nightingale quickly set her team the task of cleaning up the hospital and making sure the soldiers were well looked after.', ""She established the Nightingale Training School at St Thomas' Hospital in London in 1860."", 'This became the first institute of its kind and deployed nurses across the UK to spread her ideas in the field.', 'She died in 1910 at the age of 90.', 'Follow BBC Yorkshire on Facebook, X (formerly known as Twitter) and Instagram.', 'Send your story ideas to yorkslincs.news@bbc.co.uk']",-0.017006962809687,"Following their arrival, Nightingale quickly set her team the task of cleaning up the hospital and making sure the soldiers were well looked after.",The conflict broke out in 1853.,,,,2024-07-20
Flights grounded and passengers warned of delays amid global IT outage,https://www.cnbc.com/2024/07/19/flights-grounded-passengers-to-see-delays-amid-unprecedented-it-outage.html,2024-07-19T18:16:13+0000,"Several airlines halted flights on Friday, while others warned of delays and service disruptions as an unprecedented IT outage impacted global operations.Early on Friday, cybersecurity giant CrowdStrike experienced a major disruption linked to a tech update. Organizations including Microsoft were left scrambling to restore apps and services used by a huge number of firms.Flight update and check-in monitors at airports around the world displayed the so-called blue screen of death, indicating a Microsoft system error. Images shared to social media showed a whiteboard displaying flight updates at Belfast International Airport in Northern Ireland, and a handwritten boarding pass for a flight with India's IndiGo.""It seems that for the first time we are facing a real global blackout. ... The disruption affected not only individual users, but especially large institutions such as banks (including central banks), stock exchanges, airports, paralysing operations during the peak holiday season and causing chaos in many other sectors,"" Grzegorz Drozdz, market analyst at Conotoxia, said in emailed comments.Nearly 34,000 flights had been delayed globally as of about 2 p.m. ET Friday, with roughly 7,200 of those delays within, into or out of the United States, according to FlightAware data. More than 3,800 flights had been canceled, with roughly 2,350 of them U.S. flights.U.S. Secretary of Transportation Pete Buttigieg said Friday on CNBC's ""Squawk on the Street"" that he expects the transportation delays to be smoothed out and ""resembling normal"" by Saturday.""The issue has been identified. It's really a matter of the kind of ripple or cascade effects as they get everything in their networks back to normal,"" Buttigieg said. ""These flights, they run so tightly, so back-to-back that even after a root cause is addressed, you can still be feeling those impacts throughout the day.""Airlines across Europe, the Middle East, the Americas and Asia issued updates outlining the suspected extent of the impact on their flight schedules and wider services, with passengers advised to check their flight status.The U.S. Federal Aviation Administration said at 10:22 a.m. ET: ""The FAA continues to work closely with airlines as they work to resume normal operations. Ground stops and delays will be intermittent at various airports as the airlines work through residual technology issues.""American Airlines said that as of 5 a.m. ET it had been able to ""safely reestablish our operation."" The carrier also said, ""We expect there will be impact to our flight schedule today, including delays and cancellations.""Delta and United both said they had resumed some flight departures but expected delays and cancelations through Friday. All three airlines issued waivers to allow customers to change their travel plans.Colby Black, 45, took the delays in stride, even though he wasn't sure when his rescheduled flight to Los Angeles would take off.""It says 8 a.m. on the board, but 9 a.m. on my app, so who knows,"" he said of the flight that was originally set to depart at 6 a.m. ""I'm just tired. I want to sleep,"" said Black, who woke up at 3 a.m. ""But otherwise, yeah, it happens.""In Europe, Dutch airline KLM said its IT issues had been ""almost completely resolved"" and that air traffic to and from Amsterdam's Schiphol airport could be ""fully resumed"" after most of KLM's operations were suspended in the morning.However, the carrier added that many flights had been delayed or canceled and that disruption would continue through the evening and into the weekend, with more cancellations possible.KLM's partner carrier Air France said late Friday afternoon that its operations were ""back to normal on the entire network,"" after only certain flights to Amsterdam and Berlin were affected during the day, but that delays could not be ruled out.Germany's Lufthansa was only ""slightly affected"" by the global outage, it said, with the biggest impact on Berlin, Amsterdam and Zurich routes. Low-cost German airline Eurowings, part of the same group, said it planned to operate around 80% of its flights, with most cancellations on domestic routes.During the morning, Swiss air navigation service provider Skyguide said it had reduced the capacity of Swiss transit traffic by 30% as a precautionary measure after it was affected by the disruption.U.K. carriers British Airways and Virgin Atlantic both said some flight disruption was expected on Friday.Aviation analytics firm Cirium said Friday, July 19, was set to be the busiest day of flights of the year, with the highest number of daily departures scheduled — 3,214 — since October 2019.As of 5 p.m. in London, 4,295 flights had been canceled globally, Cirium said, which equates to 3.9% of all scheduled flights globally.London airports Gatwick and Heathrow both said they were continuing to manageissues and delays were expected. Gatwick said the issues spanned ""some airlines' check-in systems and security, including eGates.""Self-check-in systems went down temporarily at numerous airports Friday, including Taiwan's Taoyuan International Airport, Singapore's Changi Airport and Hong Kong International Airport.Mainland Chinese airlines such as Air China and China Southern were not impacted as they use a different system, Reuters reported, citing state media.— CNBC's Kevin Breuninger, Leslie Josephs and Ece Yildirim and NBC News' Carlo Angerer contributed reporting.Correction: This story has been updated to correct a time reference.",CNBC,19/07/2024,"['Several airlines halted flights on Friday, while others warned of delays and service disruptions as an unprecedented IT outage impacted global operations.', 'Early on Friday, cybersecurity giant CrowdStrikeexperienced a major disruption linked to a tech update.', 'Organizations including Microsoft were left scrambling to restore apps and services used by a huge number of firms.', 'Flight update and check-in monitors at airports around the world displayed the so-calledblue screen of death,indicating a Microsoft system error.', ""Images shared to social media showed a whiteboard displaying flight updates at Belfast International Airport in Northern Ireland, and a handwritten boarding pass for a flight with India's IndiGo."", '""It seems that for the first time we are facing a real global blackout. ...', 'The disruption affected not only individual users, but especially large institutions such as banks (including central banks), stock exchanges, airports, paralysing operations during the peak holiday season and causing chaos in many other sectors,"" Grzegorz Drozdz, market analyst at Conotoxia, said in emailed comments.', 'Nearly 34,000 flights had been delayed globally as of about 2 p.m. ET Friday, with roughly 7,200 of those delays within, into or out of the United States, according to FlightAware data.', 'More than 3,800 flights had been canceled, with roughly 2,350 of them U.S. flights.', 'U.S. Secretary of Transportation Pete Buttigieg said Friday on CNBC\'s ""Squawk on the Street"" that he expects the transportation delays to be smoothed out and ""resembling normal"" by Saturday.', '""The issue has been identified.', 'It\'s really a matter of the kind of ripple or cascade effects as they get everything in their networks back to normal,"" Buttigieg said. ""', 'These flights, they run so tightly, so back-to-back that even after a root cause is addressed, you can still be feeling those impacts throughout the day.', '""Airlines across Europe, the Middle East, the Americas and Asia issued updates outlining the suspected extent of the impact on their flight schedules and wider services, with passengers advised to check their flight status.', 'The U.S. Federal Aviation Administration said at 10:22 a.m. ET: ""The FAA continues to work closely with airlines as they work to resume normal operations.', 'Ground stops and delays will be intermittent at various airports as the airlines work through residual technology issues.', '""American Airlines said that as of 5 a.m. ET it had been able to ""safely reestablish our operation.""', 'The carrier also said, ""We expect there will be impact to our flight schedule today, including delays and cancellations.', '""Delta and United both said they had resumed some flight departures but expected delays and cancelations through Friday.', 'All three airlines issued waivers to allow customers to change their travel plans.', ""Colby Black, 45, took the delays in stride, even though he wasn't sure when his rescheduled flight to Los Angeles would take off."", '""It says 8 a.m. on the board, but 9 a.m. on my app, so who knows,"" he said of the flight that was originally set to depart at 6 a.m. ""I\'m just tired.', 'I want to sleep,"" said Black, who woke up at 3 a.m. ""But otherwise, yeah, it happens.', '""In Europe, Dutch airline KLMsaidits IT issues had been ""almost completely resolved"" and that air traffic to and from Amsterdam\'s Schiphol airport could be ""fully resumed"" after most of KLM\'s operations were suspended in the morning.', 'However, the carrier added that many flights had been delayed or canceled and that disruption would continue through the evening and into the weekend, with more cancellations possible.', 'KLM\'s partner carrier Air France said late Friday afternoon that its operations were ""back to normal on the entire network,"" after only certain flights to Amsterdam and Berlin were affected during the day, but that delays could not be ruled out.', 'Germany\'s Lufthansa was only ""slightly affected"" by the global outage, it said, with the biggest impact on Berlin, Amsterdam and Zurich routes.', 'Low-cost German airline Eurowings, part of the same group, said it planned to operate around 80% of its flights, with most cancellations on domestic routes.', 'During the morning, Swiss air navigation service provider Skyguide said it had reduced the capacity of Swiss transit traffic by 30% as a precautionary measure after it was affected by the disruption.', 'U.K. carriers British Airways and Virgin Atlantic both said some flight disruption was expected on Friday.', 'Aviation analytics firm Cirium said Friday, July 19, was set to be the busiest day of flights of the year, with the highest number of daily departures scheduled — 3,214 — since October 2019.As of 5 p.m. in London, 4,295 flights had been canceled globally, Cirium said, which equates to 3.9% of all scheduled flights globally.', 'London airports Gatwick and Heathrow both said they were continuing to manageissues and delays were expected.', 'Gatwick said the issues spanned ""some airlines\' check-in systems and security, including eGates.', '""Self-check-in systems went down temporarily at numerous airports Friday, including Taiwan\'s Taoyuan International Airport, Singapore\'s Changi Airport and Hong Kong International Airport.', 'Mainland Chinese airlines such as Air China and China Southern were not impacted as they use a different system, Reuters reported, citing state media.—', ""CNBC's Kevin Breuninger, Leslie Josephs and Ece Yildirim and NBC News' Carlo Angerer contributed reporting."", 'Correction: This story has been updated to correct a time reference.']",-0.0336165147491114,Organizations including Microsoft were left scrambling to restore apps and services used by a huge number of firms.,"Flight update and check-in monitors at airports around the world displayed the so-calledblue screen of death,indicating a Microsoft system error.",-0.3801316916942596,"""American Airlines said that as of 5 a.m. ET it had been able to ""safely reestablish our operation.""","During the morning, Swiss air navigation service provider Skyguide said it had reduced the capacity of Swiss transit traffic by 30% as a precautionary measure after it was affected by the disruption.",2024-07-19
GM's 2025 EV production capacity target in doubt after Barra comments,https://www.cnbc.com/2024/07/15/gms-2025-ev-production-capacity-target-in-doubt-after-barra-comments.html,2024-07-15T22:59:12+0000,"In this articleGeneral Motors' goal of being capable of producing 1 million all-electric vehicles in North America by the end of 2025 in heavily in doubt, following comments Monday by CEO Mary Barra.The production capacity target for next year was one of the last EV targets the automaker hadn't lowered or withdrawn as demand for EVs has not materialized as quickly as many companies such as GM previously expected.""We won't get to a million just because the market is not developing, but it will get there,"" Barra said Monday at a virtual CNBC CEO Council event. ""We're going to be guided by the customer.""For more than two years, GM has said it would have production capacity of 1 million in EVs in each China and North America by 2025. Even after it changed or withdrew several EV targets and product plans in the last year, the company continued to say it would install the North American capacity for EVs.A GM spokesman said the company's target was about the production capacity, while the question was regarding actually producing 1 million EVs in 2025. Barra did not specifcally address whether it was production or production capacity that she was referring to.The spokesman later said the company would no longer reiterate the EV production capacity plans for 2025. The company has continually said its EV plans will be flexible to meet demand.More details about the automaker's EV plans could come when GM reports second-quarter results on July 23.",CNBC,15/07/2024,"[""In this articleGeneral Motors' goal of being capable of producing 1 million all-electric vehicles in North America by the end of 2025 in heavily in doubt, following comments Monday by CEO Mary Barra."", ""The production capacity target for next year was one of the last EV targets the automaker hadn't lowered or withdrawn as demand for EVs has not materialized as quickly as many companies such as GM previously expected."", '""We won\'t get to a million just because the market is not developing, but it will get there,"" Barra said Monday at a virtual CNBC CEO Council event. ""', ""We're going to be guided by the customer."", '""For more than two years, GM has said it would have production capacity of 1 million in EVs in each China and North America by 2025.', 'Even after it changed or withdrew several EV targets and product plans in the last year, the company continued to say it would install the North American capacity for EVs.', ""A GM spokesman said the company's target was about the production capacity, while the question was regarding actually producing 1 million EVs in 2025."", 'Barra did not specifcally address whether it was production or production capacity that she was referring to.', 'The spokesman later said the company would no longer reiterate the EV production capacity plans for 2025.', 'The company has continually said its EV plans will be flexible to meet demand.', ""More details about the automaker's EV plans could come when GM reports second-quarter results on July 23.""]",-0.0379467080151552,,The spokesman later said the company would no longer reiterate the EV production capacity plans for 2025.,-0.0472483932971954,The production capacity target for next year was one of the last EV targets the automaker hadn't lowered or withdrawn as demand for EVs has not materialized as quickly as many companies such as GM previously expected.,"In this articleGeneral Motors' goal of being capable of producing 1 million all-electric vehicles in North America by the end of 2025 in heavily in doubt, following comments Monday by CEO Mary Barra.",2024-07-19
"Retail crime 'queenpin' faces five years in prison, millions in restitution",https://www.cnbc.com/2024/07/19/michelle-mack-retail-crime-queenpin-sentenced.html,2024-07-19T19:38:09+0000,"The ringleader of a nationwide organized retail crime operation that targeted Ulta Beauty and other major retailers is facing more than five years in a California state prison.Michelle Mack, of Bonsall, California, received a delayed sentence of five years and four months, which will be officially set in January. It was handed down by a San Diego County Superior Court judge on Thursday,Her husband, Kenneth, received the same sentence and is already incarcerated. As part of his plea deal, he will be released after one year and then put on probation and community service for the remainder of his sentence.The judge allowed Mack to serve her sentence after her husband is released so she can care for their children. She was ordered not to leave the state or go near any Ulta or Sephora stores.The couple also must pay about $3 million in restitution to Ulta and another $13,000 to Sephora, according to a court official.Michelle Mack ran her operation from her 4,500-square-foot mansion in Bonsall, which is outside San Diego, where authorities say she oversaw a network of about a dozen people who stole millions of dollars in merchandise from Ulta, Sephora and other major retailers.The Macks had pleaded guilty last month to conspiracy to commit a felony and organized retail theft, petty theft, and receiving stolen property.Attorneys for the Macks declined to comment, according to NBC 7 San Diego.A CNBC investigation in March detailed Mack's operation and showed how law enforcement traces stolen items from organized retail rings.Investigators began referring to the theft group as the ""California Girls"" and considered Mack the crew's ringleader. She made millions reselling the stolen items on Amazon via the ""Online Makeup Store"" to unwitting customers at a fraction of their typical retail price, investigators said, before she and her husband were arrested in December.Since 2012, Mack had sold nearly $8 million in cosmetics through the storefront before it was shut down, and she brought in $1.89 million in 2022 alone, Amazon sales records provided to investigators show.The site was closed down after the December arrests.Earlier this year, Ulta Beauty CEO Dave Kimbell told CNBC in an extended interview about organized retail crime that the ""financial impact is real, but way more important is the human impact, the impact it has to our associates, the impact it has to our guests.""The Macks and seven members of the crew were originally charged with 140 felonies. One of the defendants has received a three-year and four-month sentence, while cases against the others are pending, according to court records.— CNBC's Paige Tortorelli, Gabrielle Fonrouge and Courtney Reagan contributed to this story.",CNBC,19/07/2024,"['The ringleader of a nationwide organized retail crime operation that targeted Ulta Beauty and other major retailers is facing more than five years in a California state prison.', 'Michelle Mack, of Bonsall, California, received a delayed sentence of five years and four months, which will be officially set in January.', 'It was handed down by a San Diego County Superior Court judge on Thursday,Her husband, Kenneth, received the same sentence and is already incarcerated.', 'As part of his plea deal, he will be released after one year and then put on probation and community service for the remainder of his sentence.', 'The judge allowed Mack to serve her sentence after her husband is released so she can care for their children.', 'She was ordered not to leave the state or go near any Ulta or Sephora stores.', 'The couple also must pay about $3 million in restitution to Ulta and another $13,000 to Sephora, according to a court official.', 'Michelle Mack ran her operation from her 4,500-square-foot mansion in Bonsall, which is outside San Diego, where authorities say she oversaw a network of about a dozen people who stole millions of dollars in merchandise from Ulta, Sephora and other major retailers.', 'The Macks had pleaded guilty last month to conspiracy to commit a felony and organized retail theft, petty theft, and receiving stolen property.', 'Attorneys for the Macks declined to comment, according to NBC 7 San Diego.', ""A CNBC investigation in March detailed Mack's operation and showed how law enforcement traces stolen items from organized retail rings."", 'Investigators began referring to the theft group as the ""California Girls"" and considered Mack the crew\'s ringleader.', 'She made millions reselling the stolen items on Amazon via the ""Online Makeup Store"" to unwitting customers at a fraction of their typical retail price, investigators said, before she and her husband were arrested in December.', 'Since 2012, Mack had sold nearly $8 million in cosmetics through the storefront before it was shut down, and she brought in $1.89 million in 2022 alone, Amazon sales records provided to investigators show.', 'The site was closed down after the December arrests.', 'Earlier this year, Ulta Beauty CEO Dave Kimbell told CNBC in an extended interview about organized retail crime that the ""financial impact is real, but way more important is the human impact, the impact it has to our associates, the impact it has to our guests.', '""The Macks and seven members of the crew were originally charged with 140 felonies.', 'One of the defendants has received a three-year and four-month sentence, while cases against the others are pending, according to court records.—', ""CNBC's Paige Tortorelli, Gabrielle Fonrouge and Courtney Reagan contributed to this story.""]",-0.1150936725051408,"It was handed down by a San Diego County Superior Court judge on Thursday,Her husband, Kenneth, received the same sentence and is already incarcerated.","The Macks had pleaded guilty last month to conspiracy to commit a felony and organized retail theft, petty theft, and receiving stolen property.",,,,2024-07-19
Delta says the Olympics will cost it $100 million as travelers skip Paris,https://www.cnbc.com/2024/07/11/delta-paris-olympics-hit.html,2024-07-11T18:44:20+0000,"In this articleFor more than 10,000 Olympic athletes, making it to Paris this summer is a dream come true. Thousands of potential tourists feel otherwise.Delta Air Lines says travelers are avoiding the city this summer and booking to destinations elsewhere, amounting to a $100 million hit for the airline during an otherwise bustling summer for European travel, CEO Ed Bastian said.Delta's third-quarter profit and revenue forecast fell short of Wall Street expectations after airlines flooded the market with added flights. The airline reiterated its full-year outlook on Thursday.""Unless you're going to the Olympics, people aren't going to Paris ... very few are,"" Bastian told CNBC. ""Business travel, you know, other type of tourism is potentially going elsewhere.""Delta has the most service of any U.S. airline to Paris and holds a joint venture with Air France. Together, the two carriers have approximately 70% market share in nonstop service between the U.S. and France, according to consulting firm ICF.On July 1, Air France-KLM, the parent of Air France, forecast a revenue hit of as much as 180 million euros ($195.5 million) in June through August because of the Olympic Games.""International markets show a significant avoidance of Paris,"" the company said. ""Travel between the city and other destinations is also below the usual June-August average as residents in France seem to be postponing their holidays until after the Olympic Games or considering alternative travel plans.""Bastian said Paris demand after the Olympics, which run July 26 through August 11, will likely be strong. ""During the period itself there's a little bit of a hesitation,"" he said. Air France-KLM had a similar projection.One clear deterrent for mid-summer travel to Paris: Prices for hotel rooms are set to skyrocket.Hotel-data firm STR said revenue per available room for upscale hotels in the City of Light will soar as much as 45% in July and August from the year-earlier period. Meanwhile, it forecasts a 3% to 5% increase in the metric in London and 2% to 4% increase in Rome for the same months.Many travelers were already shifting their European vacations beyond the traditional summer travel season, Delta's president, Glen Hauenstein, said on an earnings call on Thursday. That gives airlines a chance to earn more revenue outside of traditional peak seasons.""We see the season extending as a whole group of people, whether or not it's retirees, whether or not it's people with double incomes and without children, who don't have the school concerns,"" he said. ""It's actually a better time to go to Europe in September and October than it is potentially in July and August when the weather is so hot and everything is so packed.""He also said Delta is seeing a boom in travel to Japan, thanks in large part to a favorable exchange rate for U.S. tourists.""When the yen was 83 [per U.S. dollar], it was very difficult to be able to afford to go see Japan and all the great things that Japan has to offer. With the yen at 160, it's a very different world for U.S. travelers and they seem to be taking great advantage of that,"" Hauenstein said.Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.",CNBC,11/07/2024,"['In this articleFor more than 10,000 Olympic athletes, making it to Paris this summer is a dream come true.', 'Thousands of potential tourists feel otherwise.', 'Delta Air Lines says travelers are avoiding the city this summer and booking to destinations elsewhere, amounting to a $100 million hit for the airline during an otherwise bustling summer for European travel, CEO Ed Bastian said.', ""Delta's third-quarter profit and revenue forecast fell short of Wall Street expectations after airlines flooded the market with added flights."", 'The airline reiterated its full-year outlook on Thursday.', '""Unless you\'re going to the Olympics, people aren\'t going to Paris ... very few are,"" Bastian told CNBC. ""', 'Business travel, you know, other type of tourism is potentially going elsewhere.', '""Delta has the most service of any U.S. airline to Paris and holds a joint venture with Air France.', 'Together, the two carriers have approximately 70% market share in nonstop service between the U.S. and France, according to consulting firm ICF.On July 1, Air France-KLM, the parent of Air France, forecast a revenue hit of as much as 180 million euros ($195.5 million) in June through August because of the Olympic Games.', '""International markets show a significant avoidance of Paris,"" the company said. ""', 'Travel between the city and other destinations is also below the usual June-August average as residents in France seem to be postponing their holidays until after the Olympic Games or considering alternative travel plans.', '""Bastian said Paris demand after the Olympics, which run July 26 through August 11, will likely be strong. ""', 'During the period itself there\'s a little bit of a hesitation,"" he said.', 'Air France-KLM had a similar projection.', 'One clear deterrent for mid-summer travel to Paris: Prices for hotel rooms are set to skyrocket.', 'Hotel-data firm STR said revenue per available room for upscale hotels in the City of Light will soar as much as 45% in July and August from the year-earlier period.', 'Meanwhile, it forecasts a 3% to 5% increase in the metric in London and 2% to 4% increase in Rome for the same months.', ""Many travelers were already shifting their European vacations beyond the traditional summer travel season, Delta's president, Glen Hauenstein, said on an earnings call on Thursday."", 'That gives airlines a chance to earn more revenue outside of traditional peak seasons.', '""We see the season extending as a whole group of people, whether or not it\'s retirees, whether or not it\'s people with double incomes and without children, who don\'t have the school concerns,"" he said. ""', ""It's actually a better time to go to Europe in September and October than it is potentially in July and August when the weather is so hot and everything is so packed."", '""He also said Delta is seeing a boom in travel to Japan, thanks in large part to a favorable exchange rate for U.S. tourists.', '""When the yen was 83 [per U.S. dollar], it was very difficult to be able to afford to go see Japan and all the great things that Japan has to offer.', 'With the yen at 160, it\'s a very different world for U.S. travelers and they seem to be taking great advantage of that,"" Hauenstein said.', 'Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics.', 'NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.']",0.1758530358221156,"With the yen at 160, it's a very different world for U.S. travelers and they seem to be taking great advantage of that,"" Hauenstein said.","Delta Air Lines says travelers are avoiding the city this summer and booking to destinations elsewhere, amounting to a $100 million hit for the airline during an otherwise bustling summer for European travel, CEO Ed Bastian said.",0.0673267722129821,"Meanwhile, it forecasts a 3% to 5% increase in the metric in London and 2% to 4% increase in Rome for the same months.",Delta's third-quarter profit and revenue forecast fell short of Wall Street expectations after airlines flooded the market with added flights.,2024-07-19
Netflix beats estimates as ad-supported memberships rise 34%,https://www.cnbc.com/2024/07/18/netflix-nflx-earnings-q2-2024.html,2024-07-18T22:07:41+0000,"In this articleNetflix reported second-quarter earnings Thursday that showcased the media giant's position at the head of the streaming race as it added more global subscribers and saw strong growth in its advertising business.The streamer said its ad-supported memberships grew 34% during the period compared to the same quarter last year.Advertising has become an increasingly important business model for media companies to boost — or in some cases, achieve — profitability for streaming. Netflix's stock has been boosted in recent quarters by its push to gain subscribers on its cheaper, ad-supported tier, in addition to its crackdown on password sharing.Here's how the company performed for the period ended June 30, compared with Wall Street expectations:Revenue was roughly $9.6 billion, up 17% compared to the year-earlier period, driven primarily by the increase in average paid memberships.Netflix said it now expects full-year reported revenue growth of 14% to 15%, compared with previous guidance of 13% to 15%.The company reported net income of $2.15 billion, or $4.88 per share, up from $1.49 billion, or $3.29 per share, during the second quarter of 2023.Netflix's global paid memberships rose 16.5% year over year to 278 million. This marks one of the last updates Netflix will release regarding its membership numbers.Last quarter, the company warned investors it would stop providing quarterly membership numbers or average revenue per user beginning in 2025, noting the company is ""focused on revenue and operating margin as our primary financial metrics — and engagement (i.e. time spent) as our best proxy for customer satisfaction.""Netflix began focusing on different business strategies to drive revenue growth after the streamer saw subscriber growth slow in 2022. In May, Netflix said it would launch its own ad platform and no longer partner with Microsoft for that technology. The company also has begun adding live sports, such as NFL games on Christmas Day over the next three years, a move that will likely attract more ad dollars for the streamer.""We're in live [TV] because our members love it, and it drives a ton of engagement and a ton of excitement ... and the good thing is advertisers like it for the exact same reason,"" said Netflix co-CEO Ted Sarandos on Thursday's earnings call.Netflix had been dipping its toe into live content even before its deal with the NFL, with Sarandos noting the company's focus on ""buzzy, exclusive live entertainment.""Still, original shows like ""Bridgerton"" and ""Baby Reindeer"" continue to drive engagement for the streamer.The company said Thursday its cheaper, ad-supported tier has been gaining traction among its base, with these subscribers accounting for more than 45% of signups in the markets where the option is offered.However, Netflix noted on Thursday that the ad-supported business is still young, and it doesn't expect ad revenue to be a ""primary driver of our revenue growth in 2024 or 2025.""""The near term challenge (and medium term opportunity) is that we're scaling faster than our ability to monetize our growing ad inventory,"" the company said in its earnings release, meaning the streamer isn't able to meet advertiser demand yet.Netflix co-CEO Greg Peters said on the earnings call Thursday that Netflix has so far been focused on scaling its ad-supported subscriber base. With the company on track to achieve its subscriber goals for 2025, Netflix is now shifting its focus to monetizing its ad inventory, he said.As the company beefs up its advertising operation, it's giving ""advertisers more effective ways to buy ... a big point of feedback we heard from advertisers,"" Peters said Thursday.On this note, Netflix added it believes it's on track to ""achieve critical ad subscriber scale for our advertisers"" next year, allowing it to further increase its ad-tier memberships in 2026 and beyond.",CNBC,18/07/2024,"[""In this articleNetflix reported second-quarter earnings Thursday that showcased the media giant's position at the head of the streaming race as it added more global subscribers and saw strong growth in its advertising business."", 'The streamer said its ad-supported memberships grew 34% during the period compared to the same quarter last year.', 'Advertising has become an increasingly important business model for media companies to boost — or in some cases, achieve — profitability for streaming.', ""Netflix's stock has been boosted in recent quarters by its push to gain subscribers on its cheaper, ad-supported tier, in addition to its crackdown on password sharing."", ""Here's how the company performed for the period ended June 30, compared with Wall Street expectations:Revenue was roughly $9.6 billion, up 17% compared to the year-earlier period, driven primarily by the increase in average paid memberships."", ""Netflix said it now expects full-year reported revenue growth of 14% to 15%, compared with previous guidance of 13% to 15%.The company reported net income of $2.15 billion, or $4.88 per share, up from $1.49 billion, or $3.29 per share, during the second quarter of 2023.Netflix's global paid memberships rose 16.5% year over year to 278 million."", 'This marks one of the last updates Netflix will release regarding its membership numbers.', 'Last quarter, the company warned investors it would stop providing quarterly membership numbers or average revenue per user beginning in 2025, noting the company is ""focused on revenue and operating margin as our primary financial metrics — and engagement (i.e. time spent) as our best proxy for customer satisfaction.', '""Netflix began focusing on different business strategies to drive revenue growth after the streamer saw subscriber growth slow in 2022.', 'In May, Netflix said it would launch its own ad platform and no longer partner with Microsoft for that technology.', 'The company also has begun adding live sports, such as NFL games on Christmas Day over the next three years, a move that will likely attract more ad dollars for the streamer.', '""We\'re in live [TV] because our members love it, and it drives a ton of engagement and a ton of excitement ... and the good thing is advertisers like it for the exact same reason,"" said Netflix co-CEO Ted Sarandos on Thursday\'s earnings call.', 'Netflix had been dipping its toe into live content even before its deal with the NFL, with Sarandos noting the company\'s focus on ""buzzy, exclusive live entertainment.', '""Still, original shows like ""Bridgerton"" and ""Baby Reindeer"" continue to drive engagement for the streamer.', 'The company said Thursday its cheaper, ad-supported tier has been gaining traction among its base, with these subscribers accounting for more than 45% of signups in the markets where the option is offered.', 'However, Netflix noted on Thursday that the ad-supported business is still young, and it doesn\'t expect ad revenue to be a ""primary driver of our revenue growth in 2024 or 2025.""""The near term challenge (and medium term opportunity) is that we\'re scaling faster than our ability to monetize our growing ad inventory,"" the company said in its earnings release, meaning the streamer isn\'t able to meet advertiser demand yet.', 'Netflix co-CEO Greg Peters said on the earnings call Thursday that Netflix has so far been focused on scaling its ad-supported subscriber base.', 'With the company on track to achieve its subscriber goals for 2025, Netflix is now shifting its focus to monetizing its ad inventory, he said.', 'As the company beefs up its advertising operation, it\'s giving ""advertisers more effective ways to buy ... a big point of feedback we heard from advertisers,"" Peters said Thursday.', 'On this note, Netflix added it believes it\'s on track to ""achieve critical ad subscriber scale for our advertisers"" next year, allowing it to further increase its ad-tier memberships in 2026 and beyond.']",0.5112177885002156,"""We're in live [TV] because our members love it, and it drives a ton of engagement and a ton of excitement ... and the good thing is advertisers like it for the exact same reason,"" said Netflix co-CEO Ted Sarandos on Thursday's earnings call.","In May, Netflix said it would launch its own ad platform and no longer partner with Microsoft for that technology.",0.8337669037282467,"Netflix's stock has been boosted in recent quarters by its push to gain subscribers on its cheaper, ad-supported tier, in addition to its crackdown on password sharing.","""Netflix began focusing on different business strategies to drive revenue growth after the streamer saw subscriber growth slow in 2022.",2024-07-19
Boeing’s missteps have cost it billions. Here’s how it plans to get back to glory,https://www.cnbc.com/2024/07/18/boeing-path-forward.html,2024-07-18T21:33:42+0000,"In this articleBoeing executives spent years after two fatal 737 Max crashes trying to convince Wall Street, regulators, airlines and the flying public that they had an eagle eye on quality, reliability and safety.Then on Jan. 5, about six minutes and 16,000 feet into a packed flight out of Portland, Oregon, a door plug blew out of a nearly new Boeing 737 Max 9. The panel was missing key bolts that hold it in place, which the company had removed to fix damaged rivets, according to early accident reports.No one was seriously injured, but the harrowing flight jolted Boeing's leaders back into crisis mode. It also reignited scrutiny and skepticism from the same groups the iconic plane-maker spent years trying to win back after the two Max crashes.Now Boeing's leaders say they have charted a path forward to fix the company: Better oversight, improved safety and manufacturing procedures, and more robust training for workers, many of them new hires after pandemic-era buyouts and layoffs of thousands of employees.Boeing this month unveiled a long-awaited deal to buy back its troubled fuselage supplier, Spirit AeroSystems, in a bid to help stamp out production flaws.A week later, Boeing said it reached a deal with the Justice Department to plead guilty to a federal charge of conspiracy to defraud the U.S. government tied to the fatal 737 Max crashes. Attorneys representing crash victims' families blasted the agreement as a ""sweetheart"" deal. If approved by a federal judge, it would allow Boeing to avoid a potentially lengthy and costly criminal trial, though it would also brand Boeing as a felon.""This past January, the facade quite literally blew off the hollow shell that had been Boeing's promises to the world,"" Sen. Richard Blumenthal, D-Conn., said in testimony for a Senate panel hearing he called last month, where Boeing CEO Dave Calhoun was roasted by lawmakers.Industry watchers and insiders say a string of decisions stretching back decades — from a 1997 merger to outsourcing — led to the problems at the longtime touchstone of American manufacturing quality and innovation. Boeing employs some 170,000 people, and its products have landed everywhere from the Maldives to the moon.Even with its road map in hand, fixing its problems and restoring Boeing's reputation will take years — and it won't be cheap.And Boeing still has plenty of people to convince.Boeing hasn't posted an annual profit since 2018, and the plane maker's shares have tumbled about 30% this year while the broader market rallied. Its stock closed at a high of $440.62 in March 2019, days before the second Max crash. It now trades closer to $185 per share.Boeing finance chief Brian West told investors in May that the company expects to burn, rather than generate, cash this year, some $8 billion in the first half of 2024. It reports quarterly results on July 31.""This company is more important than a few quarters of Wall Street,"" Aengus Kelly, CEO of aircraft leasing giant AerCap, a major Boeing customer, said in an interview in the spring. ""It has to be nurtured and rebuilt.""Boeing will be back on the global stage next week during the biennial Farnborough Airshow in the United Kingdom, one of the world's largest aircraft shows. But the manufacturer will have a muted presence: It's not sending its yet-to-be-certified 777X, 737 Max 7 or Max 10 planes as Boeing employees focus on the fixing problems at home rather than showcase its new planes as it did during past air shows.Boeing began 2024 fresh from a surge in annual jetliner sales and a jump in deliveries, welcome tallies that appeared to show the company was turning a corner after the fatal dives of two 737 Maxes in 2018 and 2019 that killed all 346 people on the flights.But the Jan. 5 door plug blowout on Flight 1282, operated by Boeing's crosstown customer Alaska Airlines, brought a swift response from regulators. The Federal Aviation Administration barred Boeing from increasing output of its Max planes and stepped up hands-on inspections at production plants. The FAA said in March that its audit found ""non-compliance issues in Boeing's manufacturing process control, parts handling and storage, and product control.""Its production limitations have exacerbated delivery delays for Boeing customers, a slowdown that's impacting its commercial jet business, as airlines pay the bulk of a plane's price when they receive it. That division accounted for more than 43% of Boeing's nearly $78 billion in revenue last year.In the first half of 2024, Boeing delivered 175 airplanes, compared with the 323 aircraft that Airbus handed over during the same period. The two companies dominate the commercial jet market.Leaders at the top of major airlines from Emirates to Southwest have aired their frustration with the jet maker as deliveries run behind schedule. Southwest, United and American have blamed slowdowns in hiring and changed flight plans on Boeing's delays.""Boeing needs to become a better company,"" Southwest CEO Bob Jordan said at a JPMorgan industry conference in March, an uncharacteristically strong comment from the leader of the all-Boeing 737 airline.Even if planes arrive late, compensation doesn't often make up for the shortfall of jets.""I'm not in the compensation business. I'm the airline business,"" Etihad Airways CEO Antonoaldo Neves said in an interview.Tight supply at both Boeing and Airbus makes shifting orders over to the European company nearly impossible. Both companies are sold out of narrow-body planes through almost the end of the decade. Boeing has an order book of more than 5,400 jetliners, after accounting adjustments, while Airbus has about 8,000 unfilled orders.And Airbus isn't on solid ground either, warning customers and investors last month that supply chain problems will slow its planned ramp up in production and slow deliveries.Earlier this year as airline executives' patience wore thin, they sought meetings with Boeing's board chairman, people familiar with the matter said.Shortly afterward, Boeing in March announced a leadership shake-up, with the head of its all-important commercial airplane unit replaced. CEO Calhoun, an alumnus of General Electric and Blackstone, said he would step down by the end of the year. Boeing replaced its chairman, too, installing ex-Qualcomm CEO Steve Mollenkopf.Boeing hasn't yet named a replacement for Calhoun. The CEO of Spirit AeroSystems, Pat Shanahan, who previously worked at Boeing and served as former deputy secretary and acting secretary of defense under former President Donald Trump, is considered a strong contender.Across the airline industry, executives publicly and privately say they would rather Boeing take the time to fix problems than face prolonged uncertainty over when new planes will be delivered.The 108-year old Boeing has a firm place in American history. Its bombers were crucial in World War II. It has built presidential aircraft. Former Presidents Barack Obama and Donald Trump have each held events at Boeing 787 Dreamliner factories. And in space, a Boeing-built rocket propelled Apollo 11 to the moon in 1969.Most of the general public knows Boeing as the company to usher in the jet age. It designed and launched four aircraft in just over a decade, including the first 737.The narrow-body plane was soon dwarfed by Boeing's groundbreaking and more glamorous jumbo jet, the 747, which could fit more than 500 people, and in some configurations, a piano bar. The 737 was dubbed ""Baby Boeing"" and went on to become the company's bestseller, helping to make Boeing the largest U.S. exporter. It has built more than 11,000 of the 737s to date.""Without Boeing, the world is a worse place,"" AerCap's Kelly said.But within a five-month span in 2018 and 2019, two Max 8 planes crashed: one in Indonesia operated by Lion Air that plunged into the Java Sea, killing the 189 people on board; and one operated by Ethiopian Airlines that crashed shortly after takeoff from Addis Ababa, killing the 157 people on that flight.Pilots in those Boeing planes fought against a flight-control system, the Maneuvering Characteristics Augmentation System, that pushed the nose of the planes downward repeatedly. The Department of Justice later alleged the company misled the FAA about the system, the charge to which Boeing ultimately agreed to plead guilty.Last year, it looked like Boeing was back on a better footing.""I have heard those outside our company wondering if we've lost a step. I view it as quite the opposite,"" Calhoun said in note to employees last October.Months later, the powerful blast from the Alaska Airlines door plug blowout ripped off head rests, seatbacks and the first officer's headset, leaving a gaping hole in row 26. The incident terrified passengers and exposed the most serious in a series of quality control issues on Boeing jets. Previous issues included mis-drilled holes and incorrect spacing on some of Boeing fuselages.The manufacturer's production portfolio includes a host of jets that are regularly flown commercially around the world: the workhorse 737, the wide-body 787 Dreamliner, and soon, once approved by regulators, the 777X.And while production flaws make headlines, Boeing jets continue to carry travelers safely around the world, with more than 13,000 at the end of last year. The company has a 45% market share of commercial jets currently flying, according to AeroDynamic Advisory.Across all of its divisions, its customers also include the U.S. and foreign militaries, and NASA — and some of those units haven't been without issue either.""Our airplanes have carried the equivalent of more than double the population of the planet,"" Calhoun said in testimony to a Senate panel last month for a hearing titled ""Boeing's Broken Safety Culture.""""Getting this right is critical for our company, for the customers who fly our planes every day, and for our country,"" he said. He apologized during the hearing to the family members of the Lion Air and Ethiopian crash victims, as they held posters with pictures of lost loved ones.Critics say a yearslong push to reward Boeing shareholders and lower costs came at the expense of building totally new aircraft, in favor of updating older models. Boeing also outsourced production of key parts to suppliers that it increasingly put under pressure to deliver, exposing the supply chain to potential flaws.United CEO Scott Kirby told CNBC in January that he believes the issues date back to Boeing's merger with competing airplane manufacturer McDonnell Douglas in 1997. The tie-up is often cited as a turning point for Boeing that replaced its once engineering-led culture with a greater focus on returns.From 2010 to 2019, Boeing spent $68 billion on stock buybacks and dividends, according to Melius Research analyst Rob Spingarn.""This is a long time building,"" Kirby said.In 2001, Boeing moved its corporate headquarters from its original home in Seattle to Chicago, farther away from the factory floors where it had built aircraft since the early 20th century. In 2022, it moved headquarters again to Arlington, Virginia.In 2005, Boeing sold its Wichita division that makes fuselages for many of its planes to a private equity firm for just under $1 billion. That spinoff would eventually become Spirit AeroSystems, which Boeing is now buying back for about $4.7 billion plus debt.And in 2020, Boeing said it would consolidate 787 Dreamliner production in South Carolina, more than 2,400 miles away from its other manufacturing facilities in Washington state, including where the Dreamliners were previously built. It also outsourced parts production to a network of suppliers.Those moves have been put under a microscope in recent years as Boeing disclosed recurring production flaws. Allegations from whistleblowers at the company and at Spirit have claimed Boeing was cutting corners in production.Calhoun, when asked about outsourcing production to Spirit, told CNBC in January: ""Did it go too far? Yeah ... probably did, but now it's here and now I gotta deal with it.""Flaws on its planes have cost Boeing billions of dollars due to periods of production drops, delivery pauses and compensation to customers.Boeing does say that it's on the right track.For one, it's been forced to slow production of its planes. While painful in the near term because it drives up costs and deprives the company of new planes to hand over to customers, executives say it's the way to make sure manufacturing flaws don't reappear.Jefferies estimates Boeing produced about 24 Max jets a month in the second quarter and could move to roughly 35 a month in the last three months of the year. Boeing has said it aims to increase rates to about 50 Max planes a month in the next few years.It's also brought employees into the recovery effort. The company has held so-called ""stand-downs"" at its factories to pause work and discuss problems on the line.And its plea deal with the DOJ, if approved by a judge in the coming weeks, could allow the company to settle a federal probe with a roughly $244 million fine and a probationary period of three years, during which time an independent monitor would oversee quality control, and other conditions.""We are taking comprehensive action today to strengthen safety and quality,"" Calhoun said in his testimony before the Senate panel last month. ""And, we know, as America's premier aerospace manufacturer, this is what you and the flying public have every right to expect from us.""Goldman Sachs aerospace analyst Noah Poponak said Boeing can ""still make a product that's a total marvel. If they can get their act together, I think their reputation can improve quickly.""Promoting and building up the Boeing workforce will be key in the coming years, according to Alex Krutz, managing director of Patriot Industrial Partners, an aerospace consulting firm.The company has more competition for new workers than in previous generations in the Seattle area, he said, because of rapid expansion of tech companies there in the past few decades, as well as engineering competition from the private space industry.""Companies thrive or don't based on leadership,"" he said.The International Association of Machinists and Aerospace Workers, District 751, which represents some 30,000 Boeing technicians in Washington State and Oregon, is currently in contract negotiations with company, seeking more than 40% raises and a seat on Boeing's board.""We have more leverage than we've ever had in our history,"" said Jon Holden, president of IAM District 751. ""There's massive demand for new airplanes.""Some analysts say designing a new plane could help attract talent and set the company up for years to come, a project that was largely set to the backburner after the crashes.The advice of Richard Aboulafia, an longtime aerospace analyst and a managing director at AeroDynamic Advisory is simple: ""Begin a new program, and say, 'We're a company with a future.'""",CNBC,18/07/2024,"['In this articleBoeingexecutives spent years after two fatal 737 Max crashes trying to convince Wall Street, regulators,airlinesand the flying public that they had an eagle eye on quality, reliability and safety.', 'Then on Jan. 5, about six minutes and 16,000 feet into a packed flight out of Portland, Oregon, a door plug blew out of a nearly new Boeing 737 Max 9.', 'The panel was missing key bolts that hold it in place, which the company had removed to fix damaged rivets, according to early accident reports.', ""No one was seriously injured, but the harrowing flight jolted Boeing's leaders back into crisis mode."", 'It also reignited scrutiny and skepticism from the same groups the iconic plane-maker spent years trying to win back after the two Max crashes.', ""Now Boeing's leaders say they have charted a path forward to fix the company: Better oversight, improved safety and manufacturing procedures, and more robust training for workers, many of them new hires after pandemic-era buyouts and layoffs of thousands of employees."", 'Boeing this month unveiled a long-awaited deal to buy back its troubled fuselage supplier, Spirit AeroSystems, in a bid to help stamp out production flaws.', 'A week later, Boeing said it reached a deal with the Justice Department to plead guilty to a federal charge of conspiracy to defraud the U.S. government tied to the fatal 737 Max crashes.', 'Attorneys representing crash victims\' families blasted the agreement as a ""sweetheart"" deal.', 'If approved by a federal judge, it would allow Boeing to avoid a potentially lengthy and costly criminal trial, though it would also brand Boeing as a felon.', '""This past January, the facade quite literally blew off the hollow shell that had been Boeing\'s promises to the world,"" Sen. Richard Blumenthal, D-Conn., said in testimony for a Senate panel hearing he called last month, where Boeing CEO Dave Calhoun was roasted by lawmakers.', 'Industry watchers and insiders say a string of decisions stretching back decades — from a 1997 merger to outsourcing — led to the problems at the longtime touchstone of American manufacturing quality and innovation.', 'Boeing employs some 170,000 people, and its products have landed everywhere from the Maldives to the moon.', ""Even with its road map in hand, fixing its problems and restoringBoeing's reputation will take years — and it won't be cheap."", 'And Boeing still has plenty of people to convince.', ""Boeing hasn't posted an annual profit since 2018, and the plane maker's shares have tumbled about 30% this year while the broader market rallied."", 'Its stock closed at a high of $440.62 in March 2019, days before the second Max crash.', 'It now trades closer to $185 per share.', 'Boeing finance chief Brian West told investors in May that the company expects to burn, rather than generate, cash this year, some $8 billion in the first half of 2024.', 'It reports quarterly results on July 31.""This company is more important than a few quarters of Wall Street,"" Aengus Kelly, CEO of aircraft leasing giant AerCap, a major Boeing customer, said in an interview in the spring. ""', 'It has to be nurtured and rebuilt.', '""Boeing will be back on the global stage next week during the biennial Farnborough Airshow in the United Kingdom, one of the world\'s largest aircraft shows.', ""But the manufacturer will have a muted presence: It's not sending its yet-to-be-certified 777X, 737 Max 7 or Max 10 planes as Boeing employees focus on the fixing problems at home rather than showcase its new planes as it did during past air shows."", 'Boeingbegan 2024 fresh from a surge in annual jetliner sales anda jump in deliveries, welcome tallies that appeared to show the company was turning a corner after the fatal dives of two 737 Maxes in 2018 and 2019 that killed all 346 people on the flights.', ""But the Jan. 5 door plug blowout on Flight 1282, operated byBoeing's crosstown customerAlaskaAirlines, brought a swift response from regulators."", 'The Federal Aviation Administration barred Boeing from increasing output of its Max planes and stepped up hands-on inspections at production plants.', 'The FAA said in March that its audit found""non-compliance issues in Boeing\'s manufacturing process control, parts handling and storage, and product control.', '""Its production limitations have exacerbated delivery delays for Boeing customers, a slowdown that\'s impacting its commercial jet business, as airlines pay the bulk of a plane\'s price when they receive it.', ""That division accounted for more than 43% of Boeing's nearly $78 billion in revenue last year."", 'In the first half of 2024, Boeing delivered 175 airplanes, compared with the 323 aircraft that Airbus handed over during the same period.', 'The two companies dominate the commercial jet market.', 'Leaders at the top of major airlines from Emirates to Southwest have aired their frustration with the jet maker as deliveries run behind schedule.', ""Southwest, United and American have blamed slowdowns in hiring and changed flight plans on Boeing's delays."", '""Boeing needs to become a better company,"" Southwest CEO Bob Jordan said at a JPMorgan industry conference in March, an uncharacteristically strong comment from the leader of the all-Boeing 737 airline.', ""Even if planes arrive late, compensation doesn't often make up for the shortfall of jets."", '""I\'m not in the compensation business.', 'I\'m the airline business,"" Etihad Airways CEO Antonoaldo Nevessaid in an interview.', 'Tight supply at both Boeing and Airbus makes shifting orders over to the European company nearly impossible.', 'Both companies are sold out of narrow-body planes through almost the end of the decade.', 'Boeing has an order book of more than 5,400 jetliners, after accounting adjustments, while Airbus has about 8,000 unfilled orders.', ""And Airbus isn't on solid ground either, warning customers and investors last month that supply chain problems will slow its planned ramp up in production and slow deliveries."", ""Earlier this year as airline executives' patience wore thin, they sought meetings with Boeing's board chairman, people familiar with the matter said."", 'Shortly afterward, Boeing in March announced a leadership shake-up, with the head of its all-important commercial airplane unit replaced.', 'CEO Calhoun, an alumnus of General Electric and Blackstone, said he would step down by the end of the year.', 'Boeing replaced its chairman, too, installing ex-Qualcomm CEO Steve Mollenkopf.', ""Boeing hasn't yet named a replacement for Calhoun."", 'The CEO of Spirit AeroSystems, Pat Shanahan, who previously worked at Boeing and served as former deputy secretary and acting secretary of defense under former President Donald Trump, is considered a strong contender.', 'Across the airline industry, executives publicly and privately say they would rather Boeing take the time to fix problems than face prolonged uncertainty over when new planes will be delivered.', 'The 108-year old Boeing has a firm place in American history.', 'Its bombers were crucial in World War II.', 'It has built presidential aircraft.', 'Former Presidents Barack Obama and Donald Trump have each held events at Boeing 787 Dreamliner factories.', 'And in space, a Boeing-built rocket propelled Apollo 11 to the moon in 1969.Most of the general public knows Boeing as the company to usher in the jet age.', ""It designed and launched four aircraft in just over a decade, including the first 737.The narrow-body plane was soon dwarfed by Boeing's groundbreaking and more glamorous jumbo jet, the 747, which could fit more than 500 people, and in some configurations, a piano bar."", 'The 737 was dubbed ""Baby Boeing"" and went on to become the company\'s bestseller, helping to make Boeing the largest U.S. exporter.', 'It has built more than 11,000 of the 737s to date.', '""Without Boeing, the world is a worse place,"" AerCap\'s Kelly said.', 'But within a five-month span in 2018 and 2019, two Max 8 planes crashed: one in Indonesia operated by Lion Air that plunged into the Java Sea, killing the 189 people on board; and one operated by Ethiopian Airlines that crashed shortly after takeoff from Addis Ababa, killing the 157 people on that flight.', 'Pilots in those Boeing planes fought against a flight-control system, the Maneuvering Characteristics Augmentation System, that pushed the nose of the planes downward repeatedly.', 'The Department of Justice later alleged the company misled the FAA about the system, the charge to which Boeing ultimately agreed to plead guilty.', 'Last year, it looked like Boeing was back on a better footing.', '""I have heard those outside our company wondering if we\'ve lost a step.', 'I view it as quite the opposite,"" Calhoun said in note to employees last October.', ""Months later, the powerful blast from the Alaska Airlines door plug blowout ripped off head rests, seatbacks and the first officer's headset, leaving a gaping hole in row 26."", 'The incident terrified passengers and exposed the most serious in a series of quality control issues on Boeing jets.', 'Previous issues included mis-drilled holes and incorrect spacing on some of Boeing fuselages.', ""The manufacturer's production portfolio includes a host of jets that are regularly flown commercially around the world: the workhorse 737, the wide-body 787 Dreamliner, and soon, once approved by regulators, the 777X.And while production flaws make headlines, Boeing jets continue to carry travelers safely around the world, with more than 13,000 at the end of last year."", 'The company has a 45% market share of commercial jets currently flying, according to AeroDynamic Advisory.', ""Across all of its divisions, its customers also include the U.S. and foreign militaries, and NASA — and some of those units haven't been without issue either."", '""Our airplanes have carried the equivalent of more than double the population of the planet,"" Calhoun said in testimony to a Senate panel last month for a hearing titled ""Boeing\'s Broken Safety Culture.', '""""Getting this right is critical for our company, for the customers who fly our planes every day, and for our country,"" he said.', 'He apologized during the hearing to the family members of the Lion Air and Ethiopian crash victims, as they held posters with pictures of lost loved ones.', 'Critics say a yearslong push to reward Boeing shareholders andlower costs came at the expense of building totally new aircraft, in favor of updating older models.', 'Boeing also outsourced production of key parts to suppliers that it increasingly put under pressure to deliver, exposing the supply chain to potential flaws.', ""United CEO Scott Kirby told CNBC in January that he believes the issues date back to Boeing's merger with competing airplane manufacturer McDonnell Douglas in 1997."", 'The tie-up is often cited as a turning point for Boeing that replaced its once engineering-led culture with a greater focus on returns.', 'From 2010 to 2019, Boeing spent $68 billion on stock buybacks and dividends, according to Melius Research analyst Rob Spingarn.', '""This is a long time building,"" Kirby said.', 'In 2001, Boeing moved its corporate headquarters from its original home in Seattle to Chicago, farther away from the factory floors where it had built aircraft since the early 20th century.', 'In 2022, it moved headquarters again to Arlington, Virginia.', 'In 2005, Boeing sold its Wichita division that makes fuselages for many of its planes to a private equity firm for just under $1 billion.', 'That spinoff would eventually become Spirit AeroSystems, which Boeing is now buying back for about $4.7 billion plus debt.', 'And in 2020, Boeing said it would consolidate 787 Dreamliner production in South Carolina, more than 2,400 miles away from its other manufacturing facilities in Washington state, including where the Dreamliners were previously built.', 'It also outsourced parts production to a network of suppliers.', 'Those moves have been put under a microscope in recent years as Boeing disclosed recurring production flaws.', 'Allegations from whistleblowers at the company and at Spirit have claimed Boeing was cutting corners in production.', 'Calhoun, when asked about outsourcing production to Spirit, told CNBC in January: ""Did it go too far?', ""Yeah ... probably did, but now it's here and now I gotta deal with it."", '""Flaws on its planes have cost Boeing billions of dollars due to periods of production drops, delivery pauses and compensation to customers.', ""Boeing does say that it's on the right track."", ""For one, it's been forced to slow production of its planes."", ""While painful in the near term because it drives up costs and deprives the company of new planes to hand over to customers, executives say it's the way to make sure manufacturing flaws don't reappear."", 'Jefferies estimates Boeing produced about 24 Max jets a month in the second quarter and could move to roughly 35 a month in the last three months of the year.', 'Boeing has said it aims to increase rates to about 50 Max planes a month in the next few years.', ""It's also brought employees into the recovery effort."", 'The company has held so-called ""stand-downs"" at its factories to pause work and discuss problems on the line.', 'And its plea deal with the DOJ, if approved by a judge in the coming weeks, could allow the company to settle a federal probe with a roughly $244 million fine and a probationary period of three years, during which time an independent monitor would oversee quality control, and other conditions.', '""We are taking comprehensive action today to strengthen safety and quality,"" Calhoun said in his testimony before the Senate panel last month. ""', ""And, we know, as America's premier aerospace manufacturer, this is what you and the flying public have every right to expect from us."", '""Goldman Sachs aerospace analyst Noah Poponak said Boeing can ""still make a product that\'s a total marvel.', 'If they can get their act together, I think their reputation can improve quickly.', '""Promoting and building up the Boeing workforce will be key in the coming years, according to Alex Krutz, managing director of Patriot Industrial Partners, an aerospace consulting firm.', 'The company has more competition for new workers than in previous generations in the Seattle area, he said, because of rapid expansion of tech companies there in the past few decades, as well as engineering competition from the private space industry.', '""Companies thrive or don\'t based on leadership,"" he said.', ""The International Association of Machinists and Aerospace Workers, District 751, which represents some 30,000 Boeing technicians in Washington State and Oregon, is currently in contract negotiations with company, seeking more than 40% raises and a seat on Boeing's board."", '""We have more leverage than we\'ve ever had in our history,"" said Jon Holden, president of IAM District 751. ""', ""There's massive demand for new airplanes."", '""Some analysts say designing a new plane could help attract talent and set the company up for years to come, a project that was largely set to the backburner after the crashes.', 'The advice of Richard Aboulafia, an longtime aerospace analyst and a managing director at AeroDynamic Advisory is simple: ""Begin a new program, and say, \'We\'re a company with a future.\'""']",0.0391211584209727,"Now Boeing's leaders say they have charted a path forward to fix the company: Better oversight, improved safety and manufacturing procedures, and more robust training for workers, many of them new hires after pandemic-era buyouts and layoffs of thousands of employees.","But within a five-month span in 2018 and 2019, two Max 8 planes crashed: one in Indonesia operated by Lion Air that plunged into the Java Sea, killing the 189 people on board; and one operated by Ethiopian Airlines that crashed shortly after takeoff from Addis Ababa, killing the 157 people on that flight.",0.0425217005671287,"Boeingbegan 2024 fresh from a surge in annual jetliner sales anda jump in deliveries, welcome tallies that appeared to show the company was turning a corner after the fatal dives of two 737 Maxes in 2018 and 2019 that killed all 346 people on the flights.","Boeing hasn't posted an annual profit since 2018, and the plane maker's shares have tumbled about 30% this year while the broader market rallied.",2024-07-19
Ford to spend $3 billion to expand large truck production to a plant previously set for EVs,https://www.cnbc.com/2024/07/18/ford-canada-large-truck-production.html,2024-07-18T18:41:53+0000,"In this articleDETROIT – Ford Motor will expand production of its large Super Duty trucks to a Canadian plant that was previously set to be converted into an all-electric vehicle hub.The new plans include investing about $3 billion to expand Super Duty production, including $2.3 billion at Ford's Oakville Assembly Complex in Ontario, Canada, Ford said Thursday. The remaining investment will be used to increase production at supporting facilities in the U.S. and Canada, the company said.Ford currently produces Super Duty trucks – the larger siblings of the F-150 full-size pickup used largely by commercial and business customers – at plants in Ohio and Kentucky.Ford said the Canadian plant, which is expected to come online in 2026, will add capacity of roughly 100,000 units annually.""Super Duty is a vital tool for businesses and people around the world and, even with our Kentucky Truck Plant and Ohio Assembly Plant running flat out, we can't meet the demand,"" Ford CEO Jim Farley said in a release. ""This move benefits our customers and supercharges our Ford Pro commercial business.""Investors responded favorably to the news, sending Ford stock to a new 52-week high before shares leveled off later in the day amid a broader market decline.UBS' Joseph Spak was among the analysts to applaud the additional investment in the highly profitable Super Duty models compared to money-losing EVs amid slower-than-expected adoption of electric cars and trucks.""We believe this shows management's confidence in more sustainable demand for Ford Pro vehicles,"" he said Thursday in an investor note. ""The [internal combustion engine] investment over EV investment should be viewed positively.""Ford had previously announced plans to invest $1.3 billion into the Canadian plant for EV production. Those plans included a new three-row SUV, which the company recently delayed until 2027.The announcement comes weeks after Farley said full electrification of ""big, huge, enormous"" vehicles such as Ford's Super Duty trucks was ""never going to make money.""Ford said it has plans to ""electrify"" the next generation of its Super Duty trucks, however it declined Thursday to disclose additional details.The company said the move supports Farley's Ford+ blueprint for profitable growth, including maximizing Ford's manufacturing footprint. It's the latest pullback for the restructuring plan involving EVs, however the automaker said it still plans to produce the three-row EV at an unspecified plant, starting in 2027.The Ford+ plan initially focused heavily on EVs when it was announced in May 2021 during the company's first investor day under Farley, who took over the helm of the automaker in October 2020.At the time, there was significant optimism around all-electric vehicle adoption and potential profitability that have not materialized as quickly as many had expected.Ford's initial plan called for almost half of its global sales to be electric by 2030, fueled by more than $30 billion in investments in EVs through 2025. It's unclear how much capital the company has spent on EVs to date. Its plans have changed several times, and its ""Model e"" EV unit lost $4.7 billion in 2023.While Ford's EV unit loses billions of dollars, its Ford Pro commercial business including its Super Duty trucks earned $7.2 billion before interest and taxes in 2023.The Ford+ plan also included a target of 8% earnings before interest and tax, or EBIT, profit margin for the EV unit by the end of 2026. Ford withdrew that target earlier this year. It would have been a massive turnaround from a profit margin of roughly negative 40% in 2022.Ford said the new Super Duty production will initially secure approximately 1,800 Canadian jobs at the Oakville Assembly Complex, 400 more than would initially have been needed to produce the three-row EV.",CNBC,18/07/2024,"['In this articleDETROIT – Ford Motor will expand production of its large Super Duty trucks to a Canadian plant that was previously set to be converted into an all-electric vehicle hub.', ""The new plans include investing about $3 billion to expand Super Duty production, including $2.3 billion at Ford's Oakville Assembly Complex in Ontario, Canada, Ford said Thursday."", 'The remaining investment will be used to increase production at supporting facilities in the U.S. and Canada, the company said.', 'Ford currently produces Super Duty trucks – the larger siblings of the F-150 full-size pickup used largely by commercial and business customers – at plants in Ohio and Kentucky.', 'Ford said the Canadian plant, which is expected to come online in 2026, will add capacity of roughly 100,000 units annually.', '""Super Duty is a vital tool for businesses and people around the world and, even with our Kentucky Truck Plant and Ohio Assembly Plant running flat out, we can\'t meet the demand,"" Ford CEO Jim Farley said in a release. ""', 'This move benefits our customers and supercharges our Ford Pro commercial business.', '""Investors responded favorably to the news, sending Ford stock to a new 52-week high before shares leveled off later in the day amid a broader market decline.', ""UBS' Joseph Spak was among the analysts to applaud the additional investment in the highly profitable Super Duty models compared to money-losing EVs amid slower-than-expected adoption of electric cars and trucks."", '""We believe this shows management\'s confidence in more sustainable demand for Ford Pro vehicles,"" he said Thursday in an investor note. ""', 'The [internal combustion engine] investment over EV investment should be viewed positively.', '""Ford had previously announced plans to invest $1.3 billion into the Canadian plant for EV production.', 'Those plans included a new three-row SUV, which the company recently delayed until 2027.The announcement comes weeks after Farley said full electrification of ""big, huge, enormous"" vehicles such as Ford\'s Super Duty trucks was ""never going to make money.', '""Ford said it has plans to ""electrify"" the next generation of its Super Duty trucks, however it declined Thursday to disclose additional details.', ""The company said the move supports Farley's Ford+ blueprint for profitable growth, including maximizing Ford's manufacturing footprint."", ""It's the latest pullback for the restructuring plan involving EVs, however the automaker said it still plans to produce the three-row EV at an unspecified plant, starting in 2027.The Ford+ plan initially focused heavily on EVs when it was announced in May 2021 during the company's first investor day under Farley, who took over the helm of the automaker in October 2020.At the time, there was significant optimism around all-electric vehicle adoption and potential profitability that have not materialized as quickly as many had expected."", ""Ford's initial plan called for almost half of its global sales to be electric by 2030, fueled by more than $30 billion in investments in EVs through 2025."", ""It's unclear how much capital the company has spent on EVs to date."", 'Its plans have changed several times, and its ""Model e"" EV unit lost $4.7 billion in 2023.While Ford\'s EV unit loses billions of dollars, its Ford Pro commercial business including its Super Duty trucks earned $7.2 billion before interest and taxes in 2023.The Ford+ plan also included a target of 8% earnings before interest and tax, or EBIT, profit margin for the EV unit by the end of 2026.', 'Ford withdrew that target earlier this year.', 'It would have been a massive turnaround from a profit margin of roughly negative 40% in 2022.Ford said the new Super Duty production will initially secure approximately 1,800 Canadian jobs at the Oakville Assembly Complex, 400 more than would initially have been needed to produce the three-row EV.']",0.4869136342356719,"Its plans have changed several times, and its ""Model e"" EV unit lost $4.7 billion in 2023.While Ford's EV unit loses billions of dollars, its Ford Pro commercial business including its Super Duty trucks earned $7.2 billion before interest and taxes in 2023.The Ford+ plan also included a target of 8% earnings before interest and tax, or EBIT, profit margin for the EV unit by the end of 2026.",It's unclear how much capital the company has spent on EVs to date.,0.3484998246033986,"The company said the move supports Farley's Ford+ blueprint for profitable growth, including maximizing Ford's manufacturing footprint.","Its plans have changed several times, and its ""Model e"" EV unit lost $4.7 billion in 2023.While Ford's EV unit loses billions of dollars, its Ford Pro commercial business including its Super Duty trucks earned $7.2 billion before interest and taxes in 2023.The Ford+ plan also included a target of 8% earnings before interest and tax, or EBIT, profit margin for the EV unit by the end of 2026.",2024-07-19
Spirit Airlines forecasts wider quarterly loss as revenue falls short of expectations,https://www.cnbc.com/2024/07/16/spirit-airlines-second-quarter-loss-warning.html,2024-07-17T15:18:01+0000,"In this articleSpirit Airlines said Tuesday it would post a wider-than-expected loss for the last quarter because of revenue that came in short of its expectations.Spirit expects to report an adjusted loss of between $160 million and $173 million for the three months ended June 30, compared with a previous estimate for a loss of no more than $145 million. It expects sales of $1.28 billion, down from a forecast of at least $1.32 billion.Spirit said non-ticket revenue, which accounts for the myriad fees long associated with its rock-bottom fares, came in ""several dollars lower than anticipated"" per passenger.Shares of the budget airline were down more than 9% in late-morning trading on Wednesday. Spirit released the revised estimates in securities filing after the market closed on Tuesday.The airline, along with rival Frontier Airlines, has recently revamped how it sells tickets by offering bundles that include things like seat assignments and carry-on bags that it used to sell a la carte. That brings its business practice more in line with larger competitors. Frontier's shares were down more than 4% on Wednesday morning, the second-biggest drop of U.S. airlines.""As the Company progresses on its transformation strategy, it anticipates that over time it will be able to drive improvement in total revenue per passenger segment,"" Spirit said.The company is facing several challenges, such as oversupplied U.S. domestic market, an engine recall from supplier Pratt & Whitney that has grounded dozens of aircraft and the fallout of a federal judge's ruling to block a planned acquisition by JetBlue Airways earlier this year.",CNBC,17/07/2024,"['In this articleSpirit Airlines said Tuesday it would post a wider-than-expected loss for the last quarter because of revenue that came in short of its expectations.', 'Spirit expects to report an adjusted loss of between $160 million and $173 million for the three months ended June 30, compared with a previous estimate for a loss of no more than $145 million.', 'It expects sales of $1.28 billion, down from a forecast of at least $1.32 billion.', 'Spirit said non-ticket revenue, which accounts for the myriad fees long associated with its rock-bottom fares, came in ""several dollars lower than anticipated"" per passenger.', 'Shares of the budget airline were down more than 9% in late-morning trading on Wednesday.', 'Spirit released the revised estimates in securities filing after the market closed on Tuesday.', 'The airline, along with rival Frontier Airlines, has recently revamped how it sells tickets by offering bundles that include things like seat assignments and carry-on bags that it used to sell a la carte.', 'That brings its business practice more in line with larger competitors.', ""Frontier's shares were down more than 4% on Wednesday morning, the second-biggest drop of U.S. airlines."", '""As the Company progresses on its transformation strategy, it anticipates that over time it will be able to drive improvement in total revenue per passenger segment,"" Spirit said.', ""The company is facing several challenges, such as oversupplied U.S. domestic market, an engine recall from supplier Pratt & Whitney that has grounded dozens of aircraft and the fallout of a federal judge's ruling to block a planned acquisition by JetBlue Airways earlier this year.""]",0.0220259319425421,"""As the Company progresses on its transformation strategy, it anticipates that over time it will be able to drive improvement in total revenue per passenger segment,"" Spirit said.","Spirit expects to report an adjusted loss of between $160 million and $173 million for the three months ended June 30, compared with a previous estimate for a loss of no more than $145 million.",-0.3389892180760701,"""As the Company progresses on its transformation strategy, it anticipates that over time it will be able to drive improvement in total revenue per passenger segment,"" Spirit said.","Spirit said non-ticket revenue, which accounts for the myriad fees long associated with its rock-bottom fares, came in ""several dollars lower than anticipated"" per passenger.",2024-07-19
"NBA sends media terms to Warner Bros. Discovery, officially starting five-day match period",https://www.cnbc.com/2024/07/18/nba-media-rights-warner-bros-discovery-match-period.html,2024-07-18T20:19:18+0000,"In this articleWith National Basketball Association media rights approaching final form, Warner Bros. Discovery is about to make its play.The league has sent official terms of its proposed new media rights contacts to Warner Bros. Discovery, starting a five-day period where the media company can choose to match a package of broadcasting rights.A TNT spokesperson confirmed the receipt of the documents and acknowledged the company is currently reviewing the terms. Warner Bros. Discovery received the contract framework on Wednesday night, according to people familiar with the matter, who asked not to be named because the details are private.The media rights deal, as currently constructed, includes deals with Disney, Comcast's NBCUniversal and Amazon for three different packages of games, totaling $76 billion over 11 years, beginning with the 2025-26 season. It also includes WNBA games, which is worth $2.2 billion of the total sum.Warner Bros. Discovery intends to match a package of games that has been slotted for Amazon, as CNBC first reported in May, which includes both playoff games and the the in-season tournament, according to the people familiar. Amazon signed a deal with the NBA to pay $1.8 billion per year for its package, they said.When Warner Bros. Discovery formally announces its intention to match, it's unclear what will happen next. The NBA may or may not have the right to reject Warner Bros. Discovery's matching rights, and the league has been working with its lawyers for months in preparation of a potential lawsuit, according to people familiar with the matter.Warner Bros. Discovery's Turner Sports has been a broadcast partner of the NBA for almost 40 years. The company plans to argue that its matching rights — a holdover from its current media rights deal — applies to Amazon's package of games, even though that package has been earmarked for a streaming-only service. Along with its cable network TNT, Warner Bros. Discovery owns Max, a competitor to Amazon's Prime Video.Still, Max has fewer subscribers than Prime Video, at about 100 million versus Prime's more than 200 million monthly global subscribers. The streaming rights that are part of the Amazon package are global in nature, one of the people said.TNT is also the home to ""Inside the NBA,"" the popular NBA studio show featuring Ernie Johnson, Charles Barkley, Kenny Smith and Shaquille O'Neal. Barkley has already said he plans to retire from the show after next season no matter the outcome of the media rights deal.""I don't have a sense of that,"" said NBA Commissioner Adam Silver earlier this week at a press conference when asked what may or may not happen with regard to Warner Bros. Discovery or the NBA's own network, NBA TV, which is operated by TNT Sports. ""We'll see.""Losing the NBA would be a blow for Warner Bros. Discovery, which could lose about $600 million in profit from advertising and a potential decrease in cable affiliate fees if it loses the NBA, Wolfe Research media and entertainment analyst Peter Supino told MarketWatch earlier this week.Warner Bros. Discovery shares have fallen 23% this year.""I apologize that this has been a prolonged process, because I know they're committed to their jobs,"" Silver said last month of Warner Bros. Discovery employees who work on NBA programming. ""I know people who work in this industry, it's a large part of their identity and their family's identity, and no one likes this uncertainty. I think it's on the league office to bring these negotiations to a head and conclude them as quickly as we can.""Disclosure: Comcast's NBCUniversal is the parent company of CNBC.",CNBC,18/07/2024,"['In this articleWith National Basketball Association media rights approaching final form, Warner Bros. Discovery is about to make its play.', 'The league has sent official terms of its proposed new media rights contacts to Warner Bros. Discovery, starting a five-day period where the media company can choose to match a package of broadcasting rights.', 'A TNT spokesperson confirmed the receipt of the documents and acknowledged the company is currently reviewing the terms.', 'Warner Bros. Discovery received the contract framework on Wednesday night, according to people familiar with the matter, who asked not to be named because the details are private.', ""The media rights deal, as currently constructed, includes deals with Disney, Comcast's NBCUniversal and Amazon for three different packages of games, totaling $76 billion over 11 years, beginning with the 2025-26 season."", 'It also includes WNBA games, which is worth $2.2 billion of the total sum.', 'Warner Bros. Discovery intends to match a package of games that has been slotted for Amazon, as CNBC first reported in May, which includes both playoff games and the the in-season tournament, according to the people familiar.', 'Amazon signed a deal with the NBA to pay $1.8 billion per year for its package, they said.', ""When Warner Bros. Discovery formally announces its intention to match, it's unclear what will happen next."", ""The NBA may or may not have the right to reject Warner Bros. Discovery's matching rights, and the league has been working with its lawyers for months in preparation of a potential lawsuit, according to people familiar with the matter."", ""Warner Bros. Discovery's Turner Sports has been a broadcast partner of the NBA for almost 40 years."", ""The company plans to argue that its matching rights — a holdover from its current media rights deal — applies to Amazon's package of games, even though that package has been earmarked for a streaming-only service."", ""Along with its cable network TNT, Warner Bros. Discovery owns Max, a competitor to Amazon's Prime Video."", ""Still, Max has fewer subscribers than Prime Video, at about 100 million versus Prime's more than 200 million monthly global subscribers."", 'The streaming rights that are part of the Amazon package are global in nature, one of the people said.', 'TNT is also the home to ""Inside the NBA,"" the popular NBA studio show featuring Ernie Johnson, Charles Barkley, Kenny Smith and Shaquille O\'Neal.', 'Barkley has already said he plans to retire from the show after next season no matter the outcome of the media rights deal.', '""I don\'t have a sense of that,"" said NBA Commissioner Adam Silver earlier this week at a press conference when asked what may or may not happen with regard to Warner Bros. Discovery or the NBA\'s own network, NBA TV, which is operated by TNT Sports. ""', ""We'll see."", '""Losing the NBA would be a blow for Warner Bros. Discovery, which could lose about $600 million in profit from advertising and a potential decrease in cable affiliate fees if it loses the NBA, Wolfe Research media and entertainment analyst Peter Supino told MarketWatch earlier this week.', 'Warner Bros. Discovery shares have fallen 23% this year.', '""I apologize that this has been a prolonged process, because I know they\'re committed to their jobs,"" Silver said last month of Warner Bros. Discovery employees who work on NBA programming. ""', ""I know people who work in this industry, it's a large part of their identity and their family's identity, and no one likes this uncertainty."", ""I think it's on the league office to bring these negotiations to a head and conclude them as quickly as we can."", '""Disclosure: Comcast\'s NBCUniversal is the parent company of CNBC.']",0.0165650987808079,"TNT is also the home to ""Inside the NBA,"" the popular NBA studio show featuring Ernie Johnson, Charles Barkley, Kenny Smith and Shaquille O'Neal.","The NBA may or may not have the right to reject Warner Bros. Discovery's matching rights, and the league has been working with its lawyers for months in preparation of a potential lawsuit, according to people familiar with the matter.",-0.4701328724622726,"Amazon signed a deal with the NBA to pay $1.8 billion per year for its package, they said.",Warner Bros. Discovery shares have fallen 23% this year.,2024-07-19
Darden Restaurants to acquire Chuy's for approximately $605 million,https://www.cnbc.com/2024/07/17/darden-restaurants-to-acquire-chuys-for-approximately-605-million.html,2024-07-17T22:23:34+0000,"In this articleDarden Restaurants will acquire Chuy's Holdings for approximately $605 million in cash, the companies announced jointly on Wednesday.Darden agreed to acquire all outstanding shares of Chuy's at $37.50 per share, according to a press release. The Tex-Mex restaurant chain joins Darden's portfolio that includes restaurants such as Olive Garden, LongHorn Steakhouse and Ruth's Chris Steak House.""Based on our criteria for adding a brand to the Darden portfolio, we believe Chuy's is an excellent fit that supports our winning strategy,"" Darden CEO Rick Cardenas said in a statement. ""I am excited to welcome their 7,400 team members to Darden and diversify the Darden portfolio into a new dining category.""Chuy's generated total revenues of over $450 million in its latest 12 months ended March 31, according to the release. The company, founded in Austin, Texas, in 1982, has 101 restaurants in 15 states.Cardenas said in the press release that Chuy's has strong performance and growth potential. ""Together we will accelerate our business goals and bring our authentic, made-from-scratch Tex-Mex to more guests and communities,"" Chuy's CEO Steven Hislop said in a statement.Darden expects the transaction to be completed in their fiscal second quarter, according to the release.",CNBC,17/07/2024,"[""In this articleDarden Restaurants will acquire Chuy's Holdings for approximately $605 million in cash, the companies announced jointly on Wednesday."", ""Darden agreed to acquire all outstanding shares of Chuy's at $37.50 per share, according to a press release."", ""The Tex-Mex restaurant chain joins Darden's portfolio that includes restaurants such as Olive Garden, LongHorn Steakhouse and Ruth's Chris Steak House."", '""Based on our criteria for adding a brand to the Darden portfolio, we believe Chuy\'s is an excellent fit that supports our winning strategy,"" Darden CEO Rick Cardenas said in a statement. ""', 'I am excited to welcome their 7,400 team members to Darden and diversify the Darden portfolio into a new dining category.', '""Chuy\'s generated total revenues of over $450 million in its latest 12 months ended March 31, according to the release.', 'The company, founded in Austin, Texas, in 1982, has 101 restaurants in 15 states.', 'Cardenas said in the press release that Chuy\'s has strong performance and growth potential. ""', 'Together we will accelerate our business goals and bring our authentic, made-from-scratch Tex-Mex to more guests and communities,"" Chuy\'s CEO Steven Hislop said in a statement.', 'Darden expects the transaction to be completed in their fiscal second quarter, according to the release.']",0.3130526844693951,"""Based on our criteria for adding a brand to the Darden portfolio, we believe Chuy's is an excellent fit that supports our winning strategy,"" Darden CEO Rick Cardenas said in a statement. """,,0.9989990293979644,"Cardenas said in the press release that Chuy's has strong performance and growth potential. """,,2024-07-19
Goldman Sachs tops estimates on better-than-expected fixed income trading,https://www.cnbc.com/2024/07/15/goldman-sachs-gs-earnings-2q-2024.html,2024-07-15T16:07:14+0000,"In this articleGoldman Sachs said Monday that it topped profit and revenue estimates on better-than-expected fixed income results and smaller-than-expected loan loss provisions.Here's what the company reported:Goldman said second-quarter profit jumped 150% from a year earlier to $3.04 billion, or $8.62 per share; the bank's results a year ago were hamstrung by write-downs tied to commercial real estate and the sale of a consumer business.Companywide revenue rose a more modest 17% to $12.73 billion on growth in the bank's core trading, advisory, and asset and wealth management operations.Fixed income was a highlight for the quarter; revenue there jumped 17% to $3.18 billion, roughly $220 million more than the StreetAccount estimate, on activity in interest rate, currency and mortgage trading markets.Another boost for Goldman came thanks to the firm's shrinking exposure to consumer loans: The bank's provision for credit losses in the quarter fell 54% to $282 million; that is significantly below the $435.4 million StreetAccount estimate.In other places, the bank was merely in line with expectations; for instance, equities trading climbed 7% to $3.17 billion, matching the StreetAccount estimate, on strength in derivatives activity.The bank's asset and wealth management division produced a 27% increase in revenue to $3.88 billion, also essentially matching the StreetAccount estimate, on gains in equity investments and rising management fees.The firm's platform solutions division saw revenue climb 2% to $669 million, edging out the $652.1 million estimate, on rising credit card balances and deposits.But Goldman's well-known investment banking business disappointed compared to rivals; investment banking fees rose 21% to $1.73 billion, slightly under the $1.8 billion StreetAccount estimate. The source of the miss appeared to be lighter-than-expected advisory fees of $688 million, compared with the $757.3 million estimate.Goldman's 21% increase in investment banking fees in the quarter compared with jumps of over 50% for both JPMorgan Chase and Citigroup; JPMorgan in particular cited a flurry of activity toward the end of the period that boosted results.Goldman CFO Denis Coleman told reporters that the bank still had a No. 1 market share for mergers and the comparison had to do with better relative performance a year ago.Shares of New York-based Goldman were up more than 1% in midday trading.Expectations have been set high for Goldman Sachs, with Wall Street businesses in the midst of a rebound after a dismal 2023. That's because out of the six biggest U.S. banks, Goldman is the most reliant on investment banking and trading to generate revenue.On Friday, rivals JPMorgan and Citigroup both topped expectations thanks to surging investment banking fees and better-than-expected equities trading results.Bank of America and Morgan Stanley report results Tuesday.",CNBC,15/07/2024,"['In this articleGoldman Sachs said Monday that it topped profit and revenue estimates on better-than-expected fixed income results and smaller-than-expected loan loss provisions.', ""Here's what the company reported:Goldman said second-quarter profit jumped 150% from a year earlier to $3.04 billion, or $8.62 per share; the bank's results a year ago were hamstrung by write-downs tied to commercial real estate and the sale of a consumer business."", ""Companywide revenue rose a more modest 17% to $12.73 billion on growth in the bank's core trading, advisory, and asset and wealth management operations."", 'Fixed income was a highlight for the quarter; revenue there jumped 17% to $3.18 billion, roughly $220 million more than the StreetAccount estimate, on activity in interest rate, currency and mortgage trading markets.', ""Another boost for Goldman came thanks to the firm's shrinking exposure to consumer loans: The bank's provision for credit losses in the quarter fell 54% to $282 million; that is significantly below the $435.4 million StreetAccount estimate."", 'In other places, the bank was merely in line with expectations; for instance, equities trading climbed 7% to $3.17 billion, matching the StreetAccount estimate, on strength in derivatives activity.', ""The bank's asset and wealth management division produced a 27% increase in revenue to $3.88 billion, also essentially matching the StreetAccount estimate, on gains in equity investments and rising management fees."", ""The firm's platform solutions division saw revenue climb 2% to $669 million, edging out the $652.1 million estimate, on rising credit card balances and deposits."", ""But Goldman's well-known investment banking business disappointed compared to rivals; investment banking fees rose 21% to $1.73 billion, slightly under the $1.8 billion StreetAccount estimate."", 'The source of the miss appeared to be lighter-than-expected advisory fees of $688 million, compared with the $757.3 million estimate.', ""Goldman's 21% increase in investment banking fees in the quarter compared with jumps of over 50% for both JPMorgan Chase and Citigroup; JPMorgan in particular cited a flurry of activity toward the end of the period that boosted results."", 'Goldman CFO Denis Coleman told reporters that the bank still had a No.', '1 market share for mergers and the comparison had to do with better relative performance a year ago.', 'Shares of New York-based Goldman were up more than 1% in midday trading.', 'Expectations have been set high for Goldman Sachs, with Wall Street businesses in the midst of a rebound after a dismal 2023.', ""That's because out of the six biggest U.S. banks, Goldman is the most reliant on investment banking and trading to generate revenue."", 'On Friday, rivals JPMorgan and Citigroup both topped expectations thanks to surging investment banking fees and better-than-expected equities trading results.', 'Bank of America and Morgan Stanley report results Tuesday.']",0.3416654676569024,"The bank's asset and wealth management division produced a 27% increase in revenue to $3.88 billion, also essentially matching the StreetAccount estimate, on gains in equity investments and rising management fees.","Expectations have been set high for Goldman Sachs, with Wall Street businesses in the midst of a rebound after a dismal 2023.",0.9988433931555066,"Companywide revenue rose a more modest 17% to $12.73 billion on growth in the bank's core trading, advisory, and asset and wealth management operations.",,2024-07-19
Inside a $60 million beachfront mansion with subterranean secrets and Italian flair,https://www.cnbc.com/2024/07/12/tour-delray-beach-florida-mansion.html,2024-07-12T16:22:21+0000,"The owner of a beachfront mansion in Delray Beach, Florida, is looking to shatter a local price record with a home that delivers old-school Italian flair above ground and hidden personality below.While the upper levels are adorned with 300 stone-carved columns, vaulted ceilings and even a fresco painted in Florence, Italy, the home's subterranean space is packed with modern luxuries including a super car gallery, glowing tequila bar and a steel vault packed with piles of cash.The two distinct design themes are wrapped in a limestone-clad residence located on the town's ultra-high-end South Ocean Boulevard. The 23,000-plus square-foot home is called Mar Pietra, Italian for ""sea stone.""""So much stone went into this house, I thought it was appropriate,"" owner Massimo Musa told CNBC.Musa founded and sold several companies in the eye-care industry. He also develops real estate and built Mar Pietra with this now ex-wife.The passion project took five years to complete and employed dozens of craftsmen, painters and sculptors, many of them from Italy. Tons of limestone were shipped here from Mexico's Yucatan Peninsula; hand-carved marble made the journey from Verona, Italy; and massive panels of cedar arrived from Colombia.According to the listing, the mega home sits on 100 feet of beachfront. There is a main residence and guest house and all together nine bedrooms, 12 full baths and seven half baths. The climate-controlled subterranean garage adds 4,000 more square feet, with even more space added via covered areas such as a luxurious loggia that houses another kitchen, bar, lounge and dining area.The massive estate is five times the size of the average Delray Beach home sold during the first quarter, and its eight-figure price tag is more than 18 times the area's almost $3.3 million average sales price for a luxury home, according to the Elliman Report. The report defines luxury homes as the top 10% of sales.The highest sale price ever achieved in Delray Beach was $34 million for a listing also located on South Ocean Boulevard that sold in 2021. According to public records, the top sale price per square foot was also recorded in 2021, at just under $2,600 per square foot. Mar Pietra's list price would put it right in line with that value metric.The trophy home's massive footprint and its giant oceanfront lawn are a rare sight on this strip of beach in Palm Beach County. According to Musa, that is because of the lot's unique zoning history.Public records show he bought the lot, along with the lot across the street on the Intracoastal Waterway, for $9 million back in in 2002. At the time, the oceanfront parcel had a hotel on it, which means the land was under hotel zoning regulations. Musa, who immigrated to the U.S. from Italy, tore down the old building so he could build a beachfront family home that paid homage to his home country.Even after the hotel's demolition, Musa says, the land's hotel zoning remained intact. That allowed him to build a home with a larger footprint and smaller setbacks. Plus, the residence could extend closer to the shoreline than current residential zoning typically allows. Also grandfathered in was a portion of beachfront lot that was cleared decades ago by the hotel's owners, something Musa told CNBC current regulation would never allow. That clearing is now a lush evergreen lawn, made of artificial grass, that rolls across the back of his one-acre property where it meets the natural vegetation on the sandy shoreline.The home's position 21 feet above sea level and its sheer size is impressive, but like many listings at this price point, it is not always easy to find a buyer. While the estate has been on and off the market since December 2021, its $60 million price tag holds steady. It is currently offered by South Florida listing agent Senada Adzem of Douglas Elliman.""This trophy estate stands as one of South Florida's finest bespoke luxury properties, designed to evoke timeless elegance,"" Adzem told CNBC.According to the Elliman Report, luxury single-family home inventory in the first quarter rose more than 12% over the previous year, and the average sales price of a luxury single-family home in Delray Beach dropped more than 33%.Despite data that suggests the market may be experiencing some headwinds, Adzem remains confident in the list price and South Florida's high-end real estate market.""The ultra-luxury real estate market will continue to prosper,"" she said. ""Wealthy clients love Palm Beach County, valuing oceanfront locations, privacy and uniqueness above all else.""To support that claim, Adzem points just 400 meters down the street to a sale in Highland Beach, where just this May an oceanfront home traded for $50 million, or more than $2,800 per square foot. On this coastline, Mar Pietra could actually be considered a relative bargain. A nearby smaller home, also on South Ocean Boulevard, recently listed for $74 million, or about $5,100 a square foot.According to Adzem, Mar Pietra commands a premium in part for its quality of construction and the property's rare zoning allowances, which she called priceless.""These generous zoning allowances enabled our client to create a truly unique property that would otherwise be impossible,"" she said.It is hard to imagine a potential buyer taking issue with the estate for being too small, but Adzem said in this part of Florida, it is not out of the question. So, the real estate broker and her client are ready to offer a solution.""What's really unique about the home is the fact that my client is willing to sell it with the Intracoastal Waterway lot that would create the only ocean-to-intracoastal compound in Delray Beach, Florida.""The two-lot deal, Adzem said, would deliver enough land to develop another waterfront house that could include a rare spot on the Intracoastal Waterway to dock a mega yacht. As for the price tag to buy the full package deal, Adzem said she would only discuss that number with prospective buyers.The home's driveway passes through a grand archway called a porte-cochere that leads to a circular motor court. Inside the limestone structure is a two-story guesthouse spanning more than 2,700 square feet with three bedrooms, three full baths and two half baths.Beyond the circular motor court is a giant stone staircase that ascends to the main residence.Through the arches at the top of the stairway is a central open-air courtyard. Musa says the design was inspired by Vizcaya Museum and Gardens in Miami.The courtyard leads to the home's main entrance, where a butterfly staircase reigns over a double-height foyer.The home's library spans two levels with a spiral staircase that rises up to the second floor — and the room delivers much more than books.Musa says the cedar-wrapped room's design was inspired by the Vanderbilt estate, while the fresco on the ceiling takes inspiration from the Sistine Chapel. The mural, Adzem told CNBC, was painted in Florence, Italy, shipped to Florida and affixed to the ceiling, where the artist made the final finishing touches.The lower level of the library includes an onyx bar and a lounge area. On the upper level, windows around the home office are filled with views of the pool and ocean.The primary suite is also on the second floor, with views from every window.The suite's two baths feature contemporary designs, imported marbles and walk-in closets. The white marble bath flows seamlessly into a boutique-style, walk-in wardrobe with a cabinet island, jewelry showcase and separate shoe closet.Deep below the dune that Mar Pietra is perched upon is a subterranean lair with a very different design story. It is more modern down there and packed with contemporary luxuries.The home's so-called auto lounge is an underground garage adorned with giant crystal chandeliers, ornate ceilings and parking for seven cars. During CNBC's visit, it was staged bumper to bumper with $5 million worth of rare Lamborghinis. The parking area leads to a lounge designed for people who like to admire their rides. A wall of curved glass separates the lounge from the garage and delivers a great view of the parked supercars. The steel vault on the side wall is an art piece with a functioning door and stacks of money inside.The lower level also includes a tequila-only bar wrapped in quartzite. After dark, lights embedded in the stone can ignite the surfaces with a milky-white glow. There is also a state-of-the-art theater, with a floor-to-ceiling and wall-to-wall electronic screen, and it is one of the home's two cinemas.",CNBC,12/07/2024,"['The owner of a beachfront mansion in Delray Beach, Florida, is looking to shatter a local price record with a home that delivers old-school Italian flair above ground and hidden personality below.', ""While the upper levels are adorned with 300 stone-carved columns, vaulted ceilings and even a fresco painted in Florence, Italy, the home's subterranean space is packed with modern luxuries including a super car gallery, glowing tequila bar and a steel vault packed with piles of cash."", ""The two distinct design themes are wrapped in a limestone-clad residence located on the town's ultra-high-end South Ocean Boulevard."", 'The 23,000-plus square-foot home is called Mar Pietra, Italian for ""sea stone.', '""""So much stone went into this house, I thought it was appropriate,"" owner Massimo Musa told CNBC.Musa founded and sold several companies in the eye-care industry.', 'He also develops real estate and built Mar Pietra with this now ex-wife.', 'The passion project took five years to complete and employed dozens of craftsmen, painters and sculptors, many of them from Italy.', ""Tons of limestone were shipped here from Mexico's Yucatan Peninsula; hand-carved marble made the journey from Verona, Italy; and massive panels of cedar arrived from Colombia."", 'According to the listing, the mega home sits on 100 feet of beachfront.', 'There is a main residence and guest house and all together nine bedrooms, 12 full baths and seven half baths.', 'The climate-controlled subterranean garage adds 4,000 more square feet, with even more space added via covered areas such as a luxurious loggia that houses another kitchen, bar, lounge and dining area.', ""The massive estate is five times the size of the average Delray Beach home sold during the first quarter, and its eight-figure price tag is more than 18 times the area's almost $3.3 million average sales price for a luxury home, according to the Elliman Report."", 'The report defines luxury homes as the top 10% of sales.', 'The highest sale price ever achieved in Delray Beach was $34 million for a listing also located on South Ocean Boulevard that sold in 2021.', 'According to public records, the top sale price per square foot was also recorded in 2021, at just under $2,600 per square foot.', ""Mar Pietra's list price would put it right in line with that value metric."", ""The trophy home's massive footprint and its giant oceanfront lawn are a rare sight on this strip of beach in Palm Beach County."", ""According to Musa, that is because of the lot's unique zoning history."", 'Public records show he bought the lot, along with the lot across the street on the Intracoastal Waterway, for $9 million back in in 2002.At the time, the oceanfront parcel had a hotel on it, which means the land was under hotel zoning regulations.', 'Musa, who immigrated to the U.S. from Italy, tore down the old building so he could build a beachfront family home that paid homage to his home country.', ""Even after the hotel's demolition, Musa says, the land's hotel zoning remained intact."", 'That allowed him to build a home with a larger footprint and smaller setbacks.', 'Plus, the residence could extend closer to the shoreline than current residential zoning typically allows.', ""Also grandfathered in was a portion of beachfront lot that was cleared decades ago by the hotel's owners, something Musa told CNBC current regulation would never allow."", 'That clearing is now a lush evergreen lawn, made of artificial grass, that rolls across the back of his one-acre property where it meets the natural vegetation on the sandy shoreline.', ""The home's position 21 feet above sea level and its sheer size is impressive, but like many listings at this price point, it is not always easy to find a buyer."", 'While the estate has been on and off the market since December 2021, its $60 million price tag holds steady.', 'It is currently offered by South Florida listing agent Senada Adzem of Douglas Elliman.', '""This trophy estate stands as one of South Florida\'s finest bespoke luxury properties, designed to evoke timeless elegance,"" Adzem told CNBC.According to the Elliman Report, luxury single-family home inventory in the first quarter rose more than 12% over the previous year, and the average sales price of a luxury single-family home in Delray Beach dropped more than 33%.Despite data that suggests the market may be experiencing some headwinds, Adzem remains confident in the list price and South Florida\'s high-end real estate market.', '""The ultra-luxury real estate market will continue to prosper,"" she said. ""', 'Wealthy clients love Palm Beach County, valuing oceanfront locations, privacy and uniqueness above all else.', '""To support that claim, Adzem points just 400 meters down the street to a sale in Highland Beach, where just this May an oceanfront home traded for $50 million, or more than $2,800 per square foot.', 'On this coastline, Mar Pietra could actually be considered a relative bargain.', 'A nearby smaller home, also on South Ocean Boulevard, recently listed for $74 million, or about $5,100 a square foot.', ""According to Adzem, Mar Pietra commands a premium in part for its quality of construction and the property's rare zoning allowances, which she called priceless."", '""These generous zoning allowances enabled our client to create a truly unique property that would otherwise be impossible,"" she said.', 'It is hard to imagine a potential buyer taking issue with the estate for being too small, but Adzem said in this part of Florida, it is not out of the question.', 'So, the real estate broker and her client are ready to offer a solution.', '""What\'s really unique about the home is the fact that my client is willing to sell it with the Intracoastal Waterway lot that would create the only ocean-to-intracoastal compound in Delray Beach, Florida.', '""The two-lot deal, Adzem said, would deliver enough land to develop another waterfront house that could include a rare spot on the Intracoastal Waterway to dock a mega yacht.', 'As for the price tag to buy the full package deal, Adzem said she would only discuss that number with prospective buyers.', ""The home's driveway passes through a grand archway called a porte-cochere that leads to a circular motor court."", 'Inside the limestone structure is a two-story guesthouse spanning more than 2,700 square feet with three bedrooms, three full baths and two half baths.', 'Beyond the circular motor court is a giant stone staircase that ascends to the main residence.', 'Through the arches at the top of the stairway is a central open-air courtyard.', 'Musa says the design was inspired by Vizcaya Museum and Gardens in Miami.', ""The courtyard leads to the home's main entrance, where a butterfly staircase reigns over a double-height foyer."", ""The home's library spans two levels with a spiral staircase that rises up to the second floor — and the room delivers much more than books."", ""Musa says the cedar-wrapped room's design was inspired by the Vanderbilt estate, while the fresco on the ceiling takes inspiration from the Sistine Chapel."", 'The mural, Adzem told CNBC, was painted in Florence, Italy, shipped to Florida and affixed to the ceiling, where the artist made the final finishing touches.', 'The lower level of the library includes an onyx bar and a lounge area.', 'On the upper level, windows around the home office are filled with views of the pool and ocean.', 'The primary suite is also on the second floor, with views from every window.', ""The suite's two baths feature contemporary designs, imported marbles and walk-in closets."", 'The white marble bath flows seamlessly into a boutique-style, walk-in wardrobe with a cabinet island, jewelry showcase and separate shoe closet.', 'Deep below the dune that Mar Pietra is perched upon is a subterranean lair with a very different design story.', 'It is more modern down there and packed with contemporary luxuries.', ""The home's so-called auto lounge is an underground garage adorned with giant crystal chandeliers, ornate ceilings and parking for seven cars."", ""During CNBC's visit, it was staged bumper to bumper with $5 million worth of rare Lamborghinis."", 'The parking area leads to a lounge designed for people who like to admire their rides.', 'A wall of curved glass separates the lounge from the garage and delivers a great view of the parked supercars.', 'The steel vault on the side wall is an art piece with a functioning door and stacks of money inside.', 'The lower level also includes a tequila-only bar wrapped in quartzite.', 'After dark, lights embedded in the stone can ignite the surfaces with a milky-white glow.', ""There is also a state-of-the-art theater, with a floor-to-ceiling and wall-to-wall electronic screen, and it is one of the home's two cinemas.""]",0.1664158554806378,"Wealthy clients love Palm Beach County, valuing oceanfront locations, privacy and uniqueness above all else.",The lower level of the library includes an onyx bar and a lounge area.,0.9435006247626412,"""The ultra-luxury real estate market will continue to prosper,"" she said. """,,2024-07-19
The Mirage closes in Las Vegas to make way for Hard Rock Guitar Hotel,https://www.cnbc.com/2024/07/17/the-mirage-closes-in-las-vegas-to-make-way-for-hard-rock-guitar-hotel.html,2024-07-17T20:22:17+0000,"It's the end of an era. The Mirage is closing its doors after 35 years to make way for Hard Rock's new Guitar hotel. The latest turnover in Las Vegas marks a new chapter for the destination city, where sports and entertainment are a bigger draw than the gambling for tourists.Hard Rock International Chairman Jim Allen told CNBC he's humbled and feels fortunate to be remaking the legendary integrated resort. ""When Steve and Elaine Wynn opened the Mirage in December of 1989, it changed not just Las Vegas, but it changed the way people look at gaming. It became a true destination,"" Allen said.The Mirage was the Wynns' first megaresort, the largest hotel in the world at that point. This week, Steve Wynn wrote a tribute to the ground-breaking property, as reported in the Las Vegas Review-Journal.""In the prior 16 years, no completely new hotel had been built in Las Vegas,"" Wynn wrote. ""However, in the next decade following the 1989 arrival of Mirage, we rushed into a virtual doubling of the town's capacity and became the fastest growing city in America. To call The Mirage a catalyst would be an understatement.""The themed resorts that followed hearken to another place and time. Excalibur, Luxor and New York-New York largely now cater to budget-minded visitors and families. Paris Las Vegas offers views of a replica Eiffel Tower. The Venetian attracts tourists with replica canals and gondolas. Caesars Palace with its replica of Michelangelo's David set the early standard for themed resorts when it opened in 1966. But the future is in luxury touch points, access to high-end dining, boast-worthy entertainment and high-priced sports packages. And Hard Rock International has lots of experience providing it, in Florida; Atlantic City, New Jersey; New York; – and in 70 countries around the world. The gambling and entertainment company, owned by the Seminole Tribe of Florida, bought The Mirage from MGM Resorts in December 2022.VICI Properties, a gaming real estate investment trust and the largest property owner on the Las Vegas Strip, owns The Mirage buildings and land, and says it will partner with Hard Rock to bring the new resort to life.Hard Rock will model its Las Vegas renovation on its highly successful Guitar Hotel at Seminole Hard Rock Hollywood in South Florida. Throughout the Sunshine State, Hard Rock enjoys a near monopoly on gambling. But in Las Vegas, competition is fierce. Staying relevant on the Strip requires frequent room renovations, facilities upgrades, and new amenities to attract not only bachelor parties and girls' weekends, but also the midweek bread-and-butter convention crowd.   On Monday Susquehanna gaming analyst Joe Stauff wrote, ""It seems to us that MGM is stepping up its investment in Las Vegas to maximize the benefits of its portfolio positioning that surrounds all the sports venues.""    In the same note, Stauff criticized Caesars for being stingy with its investments in Strip properties and downgraded Caesars stock from a neutral rating to negative.Caesars is scheduled to post second-quarter earnings on July 30. MGM Resorts International reports a day later.When the Mirage ceases operations Wednesday, 3,000 employees will lose their jobs.Allen told CNBC he hopes to rehire many of them when the new resort launches. The company is scheduling a spring 2027 reopening.""I think the world is going to be shocked at some of the artists that we're already talking to for long-term residency,"" Allen said.While Hard Rock's entry to the Las Vegas Strip may provide stiff new competition when it reopens, its closure in the meantime could give its neighbors a boost. CBRE analyst John DeCree estimates the Mirage closure will take nearly a million room nights out of circulation annually.The Strip lost another 400,000 room nights annually when the Tropicana closed in April and is slated for demolition to make way for a new integrated resort and baseball stadium to host the A's of Major League Baseball.In total, 4.9% of the available rooms temporarily disappear at a time when room rates and visitation continue to set records.",CNBC,17/07/2024,"[""It's the end of an era."", ""The Mirage is closing its doors after 35 years to make way for Hard Rock's new Guitar hotel."", 'The latest turnover in Las Vegas marks a new chapter for the destination city, where sports and entertainment are a bigger draw than the gambling for tourists.', ""Hard Rock International Chairman Jim Allen told CNBC he's humbled and feels fortunate to be remaking the legendary integrated resort."", '""When Steve and Elaine Wynn opened the Mirage in December of 1989, it changed not just Las Vegas, but it changed the way people look at gaming.', 'It became a true destination,"" Allen said.', ""The Mirage was the Wynns' first megaresort, the largest hotel in the world at that point."", 'This week, Steve Wynn wrote a tribute to the ground-breaking property, as reported in the Las Vegas Review-Journal.', '""In the prior 16 years, no completely new hotel had been built in Las Vegas,"" Wynn wrote. ""', ""However, in the next decade following the 1989 arrival of Mirage, we rushed into a virtual doubling of the town's capacity and became the fastest growing city in America."", 'To call The Mirage a catalyst would be an understatement.', '""The themed resorts that followed hearken to another place and time.', 'Excalibur, Luxor and New York-New York largely now cater to budget-minded visitors and families.', 'Paris Las Vegas offers views of a replica Eiffel Tower.', 'The Venetian attracts tourists with replica canals and gondolas.', ""Caesars Palace with its replica of Michelangelo's David set the early standard for themed resorts when it opened in 1966.But the future is in luxury touch points, access to high-end dining, boast-worthy entertainment and high-priced sports packages."", 'And Hard Rock International has lots of experience providing it, in Florida; Atlantic City, New Jersey; New York; – and in 70 countries around the world.', 'The gambling and entertainment company, owned by the Seminole Tribe of Florida, bought The Mirage from MGM Resorts in December 2022.VICI Properties, a gaming real estate investment trust and the largest property owner on the Las Vegas Strip, owns The Mirage buildings and land, and says it will partner with Hard Rock to bring the new resort to life.', 'Hard Rock will model its Las Vegas renovation on its highly successful Guitar Hotel at Seminole Hard Rock Hollywood in South Florida.', 'Throughout the Sunshine State, Hard Rock enjoys a near monopoly on gambling.', 'But in Las Vegas, competition is fierce.', ""Staying relevant on the Strip requires frequent room renovations, facilities upgrades, and new amenities to attract not only bachelor parties and girls' weekends, but also the midweek bread-and-butter convention crowd."", 'On Monday Susquehanna gaming analyst Joe Stauff wrote, ""It seems to us that MGM is stepping up its investment in Las Vegas to maximize the benefits of its portfolio positioning that surrounds all the sports venues.""', 'In the same note, Stauff criticized Caesars for being stingy with its investments in Strip properties and downgraded Caesars stock from a neutral rating to negative.', 'Caesars is scheduled to post second-quarter earnings on July 30.', 'MGM Resorts International reports a day later.', 'When the Mirage ceases operations Wednesday, 3,000 employees will lose their jobs.', 'Allen told CNBC he hopes to rehire many of them when the new resort launches.', 'The company is scheduling a spring 2027 reopening.', '""I think the world is going to be shocked at some of the artists that we\'re already talking to for long-term residency,"" Allen said.', ""While Hard Rock's entry to the Las Vegas Strip may provide stiff new competition when it reopens, its closure in the meantime could give its neighbors a boost."", 'CBRE analyst John DeCree estimates the Mirage closure will take nearly a million room nights out of circulation annually.', ""The Strip lost another 400,000 room nights annually when the Tropicana closed in April and is slated for demolition to make way for a new integrated resort and baseball stadium to host the A's of Major League Baseball."", 'In total, 4.9% of the available rooms temporarily disappear at a time when room rates and visitation continue to set records.']",0.0869643736574564,"Throughout the Sunshine State, Hard Rock enjoys a near monopoly on gambling.","In the same note, Stauff criticized Caesars for being stingy with its investments in Strip properties and downgraded Caesars stock from a neutral rating to negative.",0.2546630576252937,"On Monday Susquehanna gaming analyst Joe Stauff wrote, ""It seems to us that MGM is stepping up its investment in Las Vegas to maximize the benefits of its portfolio positioning that surrounds all the sports venues.""","In the same note, Stauff criticized Caesars for being stingy with its investments in Strip properties and downgraded Caesars stock from a neutral rating to negative.",2024-07-19
Pret A Manger change to coffee subscription sparks backlash,https://www.bbc.co.uk/news/articles/cnd09en33pro,2024-07-18T15:18:29.084Z,"Pret A Manger customers have reacted with anger after the coffee and sandwich chain announced it would be changing its subscription offer. Under the current system subscribers can order up to five coffees a day for a monthly fee of £30. But from September, Pret said it will instead offer up to five half-price coffees a day  for £10 a month and also end its 20% discount on food. The move has led to a backlash from current subscribers on social media, but a retail expert backed the move, saying the old model ""alienated"" non-subscribers. Pret said it had ""never really got comfortable"" with the dual pricing system across its food products as it announced it was scrapping the current offer. The chain refused to disclose how many Club Pret customers it has. But subscribers criticised the move on social media, with one calling it a ""massive, monumental"" error and others saying they would switch to rival coffee chains. One customer called it an ""own goal"" and a ""big big mistake"". Another added: ""Will you be passing on the comments/feedback about this outrageous decision to Clare Clough who has just lost Pret millions of pounds every month with one email?"" ""Sad day with subscription news, how exactly is the new offering simpler? It’s a no from me come September,"" said a third customer. However, retail analyst Natalie Berg told the BBC that while Pret was ""right"" to target and reward its most loyal customers, the chain had ""alienated everyone else"" in the process. ""Consumers today want immediate value. They shouldn’t need a calculator to work out if they’re getting a good deal,"" she said. Ms Berg said the original subscription service launched during the pandemic was ""commendable"", but asked: ""How many people really drink five coffees a day?""  ""The new subscription model reinforces a stronger value message which should help Pret appeal to a wider audience,"" she added, citing moves from competitors like Leon. ""Brands are moving away from overly complicated loyalty schemes in favour of simplified pricing and real-time rewards."" In a letter sent to customers, managing director Clare Clough said the introduction of the coffee subscription during the Covid pandemic had been an  ""innovative way"" to maintain customers and attract new ones, but said it was now time for a rethink. ""Given the majority of our customers are not Club Pret subscribers, our priority now is to focus on better value for everyone,"" she added. ",BBC,18/07/2024,"['Pret A Manger customers have reacted with anger after the coffee and sandwich chain announced it would be changing its subscription offer.', 'Under the current system subscribers can order up to five coffees a day for a monthly fee of £30.', 'But from September, Pret said it will instead offer up to five half-price coffees a day for £10 a month and also end its 20% discount on food.', 'The move has led to a backlash from current subscribers on social media, but a retail expert backed the move, saying the old model ""alienated"" non-subscribers.', 'Pret said it had ""never really got comfortable"" with the dual pricing system across its food products as it announced it was scrapping the current offer.', 'The chain refused to disclose how many Club Pret customers it has.', 'But subscribers criticised the move on social media, with one calling it a ""massive, monumental"" error and others saying they would switch to rival coffee chains.', 'One customer called it an ""own goal"" and a ""big big mistake"".', 'Another added: ""Will you be passing on the comments/feedback about this outrageous decision to Clare Clough who has just lost Pret millions of pounds every month with one email?"" ""', 'Sad day with subscription news, how exactly is the new offering simpler?', 'It’s a no from me come September,"" said a third customer.', 'However, retail analyst Natalie Berg told the BBC that while Pret was ""right"" to target and reward its most loyal customers, the chain had ""alienated everyone else"" in the process. ""', 'Consumers today want immediate value.', 'They shouldn’t need a calculator to work out if they’re getting a good deal,"" she said.', 'Ms Berg said the original subscription service launched during the pandemic was ""commendable"", but asked: ""How many people really drink five coffees a day?"" ""', 'The new subscription model reinforces a stronger value message which should help Pret appeal to a wider audience,"" she added, citing moves from competitors like Leon. ""', 'Brands are moving away from overly complicated loyalty schemes in favour of simplified pricing and real-time rewards.""', 'In a letter sent to customers, managing director Clare Clough said the introduction of the coffee subscription during the Covid pandemic had been an ""innovative way"" to maintain customers and attract new ones, but said it was now time for a rethink. ""', 'Given the majority of our customers are not Club Pret subscribers, our priority now is to focus on better value for everyone,"" she added.']",0.0413395705342733,"Brands are moving away from overly complicated loyalty schemes in favour of simplified pricing and real-time rewards.""","But subscribers criticised the move on social media, with one calling it a ""massive, monumental"" error and others saying they would switch to rival coffee chains.",0.0578719642427232,"The new subscription model reinforces a stronger value message which should help Pret appeal to a wider audience,"" she added, citing moves from competitors like Leon. ""","One customer called it an ""own goal"" and a ""big big mistake"".",2024-07-19
Morgan Stanley tops estimates on stronger-than-expected trading and investment banking,https://www.cnbc.com/2024/07/16/morgan-stanley-ms-earnings-q2-2024.html,2024-07-16T20:28:27+0000,"In this articleMorgan Stanley said second-quarter profit and revenue topped analysts' estimates on stronger-than-expected trading and investment banking results.Here's what the company reported:The bank said profit surged 41% from the year-earlier period to $3.08 billion, or $1.82 per share, helped by a rebound in Wall Street activity. Revenue rose 12% to $15.02 billion.Shares of the bank had declined earlier in the session after the bank's wealth management division missed estimates on a decline in interest income. They were up less than 1% on Tuesday. Wealth management revenue rose 2% to $6.79 billion, below the $6.88 billion estimate, and interest income plunged 17% from a year earlier to $1.79 billion.Morgan Stanley said that's because its rich clients were continuing to shift cash into higher-yielding assets, thanks to the rate environment, resulting in lower deposit levels.Morgan Stanley investors value the more steady nature of the wealth management business versus the less predictable nature of investment banking and trading, and they will want to hear more about expectations for the business going forward.Still, the bank benefited from its Wall Street-centric business model in the quarter, as a rebound in trading and investment banking helped the bank's institutional securities division earn more revenue than its wealth management division, flipping the usual dynamic.Equity trading generated an 18% jump in revenue to $3.02 billion, exceeding the StreetAccount estimate by about $330 million. Fixed income trading revenue rose 16% to $1.99 billion, topping the estimate by $130 million.Investment banking revenue surged 51% to $1.62 billion, exceeding the estimate by $220 million, on rising fixed income underwriting activity. Morgan Stanley said that was primarily driven by non-investment-grade companies raising debt.""The firm delivered another strong quarter in an improving capital markets environment,"" CEO Ted Pick said in the release. ""We continue to execute on our strategy and remain well positioned to deliver growth and long-term value for our shareholders.""Last week, JPMorgan Chase, Wells Fargo and Citigroup each topped expectations for revenue and profit, a streak continued by Goldman Sachs on Monday, helped by a rebound in Wall Street activity.",CNBC,16/07/2024,"[""In this articleMorgan Stanley said second-quarter profit and revenue topped analysts' estimates on stronger-than-expected trading and investment banking results."", ""Here's what the company reported:The bank said profit surged 41% from the year-earlier period to $3.08 billion, or $1.82 per share, helped by a rebound in Wall Street activity."", 'Revenue rose 12% to $15.02 billion.', ""Shares of the bank had declined earlier in the session after the bank's wealth management division missed estimates on a decline in interest income."", 'They were up less than 1% on Tuesday.', 'Wealth management revenue rose 2% to $6.79 billion, below the $6.88 billion estimate, and interest income plunged 17% from a year earlier to $1.79 billion.', ""Morgan Stanley said that's because its rich clients were continuing to shift cash into higher-yielding assets, thanks to the rate environment, resulting in lower deposit levels."", 'Morgan Stanley investors value the more steady nature of the wealth management business versus the less predictable nature of investment banking and trading, and they will want to hear more about expectations for the business going forward.', ""Still, the bank benefited from its Wall Street-centric business model in the quarter, as a rebound in trading and investment banking helped the bank's institutional securities division earn more revenue than its wealth management division, flipping the usual dynamic."", 'Equity trading generated an 18% jump in revenue to $3.02 billion, exceeding the StreetAccount estimate by about $330 million.', 'Fixed income trading revenue rose 16% to $1.99 billion, topping the estimate by $130 million.', 'Investment banking revenue surged 51% to $1.62 billion, exceeding the estimate by $220 million, on rising fixed income underwriting activity.', 'Morgan Stanley said that was primarily driven by non-investment-grade companies raising debt.', '""The firm delivered another strong quarter in an improving capital markets environment,"" CEO Ted Pick said in the release. ""', 'We continue to execute on our strategy and remain well positioned to deliver growth and long-term value for our shareholders.', '""Last week, JPMorgan Chase,Wells Fargoand Citigroup each topped expectations for revenue and profit, a streak continued by Goldman Sachs on Monday, helped by a rebound in Wall Street activity.']",0.4182008956094056,"Still, the bank benefited from its Wall Street-centric business model in the quarter, as a rebound in trading and investment banking helped the bank's institutional securities division earn more revenue than its wealth management division, flipping the usual dynamic.",Morgan Stanley said that was primarily driven by non-investment-grade companies raising debt.,0.8341009815533956,Revenue rose 12% to $15.02 billion.,Shares of the bank had declined earlier in the session after the bank's wealth management division missed estimates on a decline in interest income.,2024-07-19
Banks in Synapse mess make progress toward releasing deposits of stranded fintech customers,https://www.cnbc.com/2024/07/11/synapse-banks-get-closer-to-releasing-deposits.html,2024-07-12T15:17:23+0000,"There may be relief for the thousands of Americans whose savings have been locked in frozen fintech accounts for the past two months.Banks involved in the mess caused by the collapse of fintech intermediary Synapse have made progress piecing together account information for stranded customers that could result in a release of funds in a matter of weeks, according to a person briefed on the matter.Staff of Evolve Bank & Trust and Lineage Bank in particular have made headway after hiring a former Synapse engineer late last month to unlock data from the failed fintech middleman, said the person, who asked for anonymity to speak candidly about the process.The development comes as regulators, including the Federal Reserve and the Federal Deposit Insurance Corp., pressure the banks involved to release funds after media and lawmakers have heightened awareness of the debacle.Beginning in May, more than 100,000 customers of fintech apps like Yotta, Juno and Copper have been locked out of their accounts.""We're strongly encouraging Evolve to do whatever it can to help make money available to those depositors,"" Federal Reserve Chair Jerome Powell told the Senate Banking Committee on Tuesday.  The sudden optimism of key players involved in the negotiations, including Evolve founder and Chairman Scot Lenoir, comes after weeks of apparent gridlock in a California bankruptcy court. Shoddy record-keeping and a dearth of funds to pay for a forensic analysis have made it difficult to piece together who is owed what, bankruptcy trustee Jelena McWilliams has said.The episode revealed how small banks involved in the ""banking-as-a-service"" sector didn't properly manage unregulated partners like Synapse, founded in 2014 by a first-time entrepreneur named Sankaet Pathak. Evolve and a string of peers have been reprimanded by bank regulators for shortcomings tied to their programs.Evolve Bank initially planned to release $46 million it held from payment processing accounts to give fintech customers partial payments, according to the person with knowledge of the matter.That plan changed in recent days when it became clear that something approximating a full reconciliation of customer accounts was possible, the person said.But it remains unknown how the four main banks involved — Evolve, Lineage, AMG National Trust and American Bank — and what remains of Synapse will deal with a likely shortfall of funds, and that could hinder repayment efforts. Up to $96 million owed to customers is missing, McWilliams has said.The Synapse trustee didn't respond to a request for comment. Neither did representatives for AMG, American Bank and Lineage. The FDIC declined to comment for this article.On Friday, Evolve posted a statement to its website, saying in part that it was the bank's priority to ""facilitate the distribution of funds to the customers to whom they belong as soon as possible.""Earlier this week, Evolve filed a response to questioning from a regulator, FINRA, seeking to make it clear that while it holds some payment processing funds, deposits from the app Yotta migrated out of Evolve and to a network of banks in late October 2023.""We believe there is still some confusion regarding who is in possession and control of customer funds,"" Evolve told FINRA, according to documents obtained by CNBC.The bank included an Oct. 27, 2023, email from Yotta CEO Adam Moelis to Lenoir where Moelis confirmed that funds had left Evolve as of that date.""Synapse and Evolve are now saying contradictory things,"" Moelis said this week in response to an inquiry from CNBC. ""We don't know who's telling the truth.""",CNBC,12/07/2024,"['There may be relief for the thousands of Americans whose savings have been locked in frozen fintech accounts for the past two months.', 'Banks involved in the mess caused by the collapse of fintech intermediary Synapse have made progress piecing together account information for stranded customers that could result in a release of funds in a matter of weeks, according to a person briefed on the matter.', 'Staff of Evolve Bank & Trust and Lineage Bank in particular have made headway after hiring a former Synapse engineer late last month to unlock data from the failed fintech middleman, said the person, who asked for anonymity to speak candidly about the process.', 'The development comes as regulators, including the Federal Reserve and the Federal Deposit Insurance Corp., pressure the banks involved to release funds after media and lawmakers have heightened awareness of the debacle.', 'Beginning in May, more than 100,000 customers of fintech apps like Yotta, Juno and Copper have been locked out of their accounts.', '""We\'re strongly encouraging Evolve to do whatever it can to help make money available to those depositors,"" Federal Reserve Chair Jerome Powell told the Senate Banking Committee on Tuesday.', 'The sudden optimism of key players involved in the negotiations, including Evolve founder and Chairman Scot Lenoir, comes after weeks of apparent gridlock in a California bankruptcy court.', 'Shoddy record-keeping and a dearth of funds to pay for a forensic analysis have made it difficult to piece together who is owed what, bankruptcy trustee Jelena McWilliams has said.', 'The episode revealed how small banks involved in the ""banking-as-a-service"" sector didn\'t properly manage unregulated partners like Synapse, founded in 2014 by a first-time entrepreneur namedSankaet Pathak.', 'Evolve and a string of peers have been reprimanded by bank regulators for shortcomings tied to their programs.', 'Evolve Bank initially planned to release $46 million it held from payment processing accounts to give fintech customers partial payments, according to the person with knowledge of the matter.', 'That plan changed in recent days when it became clear that something approximating a full reconciliation of customer accounts was possible, the person said.', 'But it remains unknown how the four main banks involved — Evolve, Lineage, AMG National Trust and American Bank — and what remains of Synapse will deal with a likely shortfall of funds, and that could hinder repayment efforts.', 'Up to $96 million owed to customers is missing, McWilliams has said.', ""The Synapse trustee didn't respond to a request for comment."", 'Neither did representatives for AMG, American Bank and Lineage.', 'The FDIC declined to comment for this article.', 'On Friday, Evolve posted a statement to its website, saying in part that it was the bank\'s priority to ""facilitate the distribution of fundsto the customers to whom they belong as soon as possible.', '""Earlier this week, Evolve filed a response to questioning from a regulator, FINRA, seeking to make it clear that while it holds some payment processing funds, deposits from the app Yotta migrated out of Evolve and to a network of banks in late October 2023.""We believe there is still some confusion regarding who is in possession and control of customer funds,"" Evolve told FINRA, according to documents obtained by CNBC.The bank included an Oct. 27, 2023, email from Yotta CEO Adam Moelis to Lenoir where Moelis confirmed that funds had left Evolve as of that date.', '""Synapse and Evolve are now saying contradictory things,"" Moelis said this week in response to an inquiry from CNBC. ""', 'We don\'t know who\'s telling the truth.""']",0.1054071728279107,"""We're strongly encouraging Evolve to do whatever it can to help make money available to those depositors,"" Federal Reserve Chair Jerome Powell told the Senate Banking Committee on Tuesday.","Shoddy record-keeping and a dearth of funds to pay for a forensic analysis have made it difficult to piece together who is owed what, bankruptcy trustee Jelena McWilliams has said.",0.1702185670534769,"Staff of Evolve Bank & Trust and Lineage Bank in particular have made headway after hiring a former Synapse engineer late last month to unlock data from the failed fintech middleman, said the person, who asked for anonymity to speak candidly about the process.","But it remains unknown how the four main banks involved — Evolve, Lineage, AMG National Trust and American Bank — and what remains of Synapse will deal with a likely shortfall of funds, and that could hinder repayment efforts.",2024-07-19
Dimon and other Wall Street CEOs react to Trump assassination attempt: 'Deeply saddened' by violence,https://www.cnbc.com/2024/07/15/trump-assassination-attempt-wall-street-ceos-react.html,2024-07-16T02:18:50+0000,"The leaders of Wall Street's most powerful firms are speaking out to condemn the attempted assassination of former President Donald Trump at a Pennsylvania rally over the weekend.JPMorgan Chase CEO Jamie Dimon told employees Sunday that he and his management team were ""deeply saddened by the political violence"" and attempt on Trump's life. The shooting killed one bystander and injured two more.""We must all stand firmly together against any acts of hate, intimidation or violence that seek to undermine our democracy or inflict harm,"" Dimon said in the memo. ""It is only through constructive dialogue that we can tackle our nation's toughest challenges.""Goldman Sachs CEO David Solomon addressed the matter at the start of an earnings call Monday morning, calling the attempted assassination a ""horrible act of violence.""""We are grateful that he is safe and also want to extend my sincere condolences to the families of those who were tragically killed and severely injured,"" Solomon said. ""It is a sad moment for our country. There's no place in our politics for violence.""The shooting on Saturday shocked a nation gearing up for a contentious November election. Wall Street firms don't officially endorse political candidates since they have to deal with both Republican and Democrat officials, though their executives and employees often donate to campaigns.BlackRock CEO Larry Fink told CNBC's ""Squawk on the Street"" on Monday that the weekend events were ""a tragedy.""""It is a statement of America today, though. We need to create hope. All of us have a responsibility, every political candidate, every leader, every pastor, minister, rabbi, we all have a responsibility of bringing our community together to bring hope,"" Fink said.BlackRock, the world's largest asset manager, said Sunday in an email that it ran an advertisement in 2022 in which the suspected shooter, Thomas Matthew Crooks, appears briefly in the background along with other students of Bethel Park High School in Pennsylvania.""We will make all video footage available to the appropriate authorities, and we have removed the video from circulation out of respect for the victims,"" BlackRock said in a statement.Bank of America CEO Brian Moynihan also addressed employees over the weekend.""We are deeply saddened for the family of the rally attendee who died at the event,"" Moynihan said in the staff email. ""Our thoughts are with former President Donald Trump, all those injured, and their families.""— CNBC's Jim Forkin contributed to this report.",CNBC,16/07/2024,"[""The leaders of Wall Street's most powerful firms are speaking out to condemn the attempted assassination of former President Donald Trump at a Pennsylvania rally over the weekend."", 'JPMorgan Chase CEO Jamie Dimon told employees Sunday that he and his management team were ""deeply saddened by the political violence"" and attempt on Trump\'s life.', 'The shooting killed one bystander and injured two more.', '""We must all stand firmly together against any acts of hate, intimidation or violence that seek to undermine our democracy or inflict harm,"" Dimon said in the memo. ""', ""It is only through constructive dialogue that we can tackle our nation's toughest challenges."", '""Goldman Sachs CEO David Solomon addressed the matter at the start of an earnings call Monday morning, calling the attempted assassination a ""horrible act of violence.', '""""We are grateful that he is safe and also want to extend my sincere condolences to the families of those who were tragically killed and severely injured,"" Solomon said. ""', 'It is a sad moment for our country.', ""There's no place in our politics for violence."", '""The shooting on Saturday shocked a nation gearing up for a contentious November election.', ""Wall Street firms don't officially endorse political candidates since they have to deal with both Republican and Democrat officials, though their executives and employees often donate to campaigns."", 'BlackRock CEO Larry Fink told CNBC\'s ""Squawk on the Street"" on Monday that the weekend events were ""a tragedy.', '""""It is a statement of America today, though.', 'We need to create hope.', 'All of us have a responsibility, every political candidate, every leader, every pastor, minister, rabbi, we all have a responsibility of bringing our community together to bring hope,"" Fink said.', ""BlackRock, the world's largest asset manager, said Sunday in an email that it ran an advertisement in 2022 in which the suspected shooter, Thomas Matthew Crooks, appears briefly in the background along with other students of Bethel Park High School in Pennsylvania."", '""We will make all video footage available to the appropriate authorities, and we have removed the video from circulation out of respect for the victims,"" BlackRock said in a statement.', 'Bank of America CEO Brian Moynihan also addressed employees over the weekend.', '""We are deeply saddened for the family of the rally attendee who died at the event,"" Moynihan said in the staff email. ""', 'Our thoughts are with former President Donald Trump, all those injured, and their families.""—', ""CNBC's Jim Forkin contributed to this report.""]",-0.3127679088021329,We need to create hope.,"""We must all stand firmly together against any acts of hate, intimidation or violence that seek to undermine our democracy or inflict harm,"" Dimon said in the memo. """,-0.7676489800214767,,It is a sad moment for our country.,2024-07-19
"Activist Elliott reportedly has a significant stake in Starbucks, in talks with management",https://www.cnbc.com/2024/07/19/elliott-starbucks-sbux-stake.html,2024-07-19T19:55:49+0000,"In this articleElliott Management has taken a significant stake in coffee chain Starbucks and is engaging with management to find ways to improve the company's share price, the Wall Street Journal reported Friday, citing people familiar with the matter.Representatives for Elliott declined to comment. The firm did not hold a Starbucks stake as of March 31, its most recent disclosure. A Starbucks spokesperson said the company does not comment on rumors and speculation. Starbucks shares jumped 5% on the news.Elliott is one of the most prolific activist investors and one of the largest hedge funds in the world. The firm has taken up a number of sizable positions in recent months, including stakes at Southwest, SoftBank, Johnson Controls and Texas Instruments.The Journal could not learn the size of Elliott's position nor its specific demands, but noted it was possible a settlement could be reached.Starbucks contended with an activist effort from its own workers unions earlier this year. That effort, off the back of an organization effort that began in 2021, ended in a settlement. Conversations between management and labor are ongoing.Starbucks has been facing challenges for several quarters and has undergone a series of leadership changes in recent years. In April, the company reported disappointing quarterly results, with U.S. same-store sales falling 3% and traffic dropping 7%. The coffee chain also cut its 2024 outlook.Starbucks reported rates of incomplete mobile app orders in the mid-teens and said occasional customers came in less often.CEO Laxman Narasimhan, now under heightened pressure, has mentioned the need to make improvements to stores.Narasimhan was hand-picked by returnee Starbucks CEO Howard Schultz to lead the company after his prior successor, Kevin Johnson, stepped down. Schultz recently weighed in on Starbuck's challenges, but has said he does not plan to return as CEO for a fourth stint.— CNBC's Amelia Lucas contributed to this report.",CNBC,19/07/2024,"[""In this articleElliott Management has taken a significant stake in coffee chain Starbucks and is engaging with management to find ways to improve the company's share price, the Wall Street Journal reported Friday, citing people familiar with the matter."", 'Representatives for Elliott declined to comment.', 'The firm did not hold a Starbucks stake as of March 31, its most recent disclosure.', 'A Starbucks spokesperson said the company does not comment on rumors and speculation.', 'Starbucks shares jumped 5% on the news.', 'Elliott is one of the most prolific activist investors and one of the largest hedge funds in the world.', 'The firm has taken up a number of sizable positions in recent months, including stakes at Southwest, SoftBank, Johnson Controls and Texas Instruments.', ""The Journal could not learn the size of Elliott's position nor its specific demands, but noted it was possible a settlement could be reached."", 'Starbucks contended with an activist effort from its own workers unions earlier this year.', 'That effort, off the back of an organization effort that began in 2021, ended in a settlement.', 'Conversations between management and labor are ongoing.', 'Starbucks has been facing challenges for several quarters and has undergone a series of leadership changes in recent years.', 'In April, the companyreported disappointing quarterly results, with U.S. same-store sales falling 3% and traffic dropping 7%.', 'The coffee chain also cut its 2024 outlook.', 'Starbucks reported rates of incomplete mobile app orders in the mid-teens and said occasional customers came in less often.', 'CEO Laxman Narasimhan, now under heightened pressure, has mentioned the need to make improvements to stores.', 'Narasimhan was hand-picked by returnee Starbucks CEO Howard Schultz to lead the company after his prior successor, Kevin Johnson, stepped down.', ""Schultz recently weighed in on Starbuck's challenges, but has said he does not plan to return as CEO for a fourth stint.—"", ""CNBC's Amelia Lucas contributed to this report.""]",0.065601222625114,"In this articleElliott Management has taken a significant stake in coffee chain Starbucks and is engaging with management to find ways to improve the company's share price, the Wall Street Journal reported Friday, citing people familiar with the matter.","In April, the companyreported disappointing quarterly results, with U.S. same-store sales falling 3% and traffic dropping 7%.",-0.0541960994402567,Starbucks shares jumped 5% on the news.,"In April, the companyreported disappointing quarterly results, with U.S. same-store sales falling 3% and traffic dropping 7%.",2024-07-19
Crowdstrike and Microsoft: What we know about global IT outage,https://www.bbc.co.uk/news/articles/cp4wnrxqlewo,2024-07-19T09:10:21.671Z,"A massive tech failure has caused travel chaos around the world, with banking and healthcare services also badly hit. Flights have been grounded because of the IT outage - a flaw which left many computers displaying blue error screens. There were long queues, delays and flight cancellations at airports around the world, as passengers had to be manually checked in. Cyber-security firm Crowdstrike has admitted that the problem was caused by an update to its antivirus software, which is designed to protect Microsoft Windows devices from malicious attacks. Microsoft has said it is taking ""mitigation action"" to deal with ""the lingering impact"" of the outage. Here is a summary of what we know so far. This is still a little unclear.  Crowdstrike is known for producing antivirus software, intended to prevent hackers from causing this very type of disruption. According to Crowdstrike boss George Kurtz, the issues are only impacting  Windows PCs and no other operating systems, and were caused by a defect in a recent update. ""The issue has been identified, isolated and a fix has been deployed,"" he said. ""This is not a security incident or cyber-attack."" What exactly was wrong with the update is yet to be revealed, but as a potential fix involves deleting a single file, it is possible that just one rogue file could be at the root of all the mayhem. It could be some time. Crowdstrike's Mr Kurtz, speaking to NBC News, said it was the firm's ""mission"" to make sure every one of its customers recovered completely from the outage. ""We're deeply sorry for the impact that we've caused to customers, to travellers, to anyone affected by this, including our companies,"" he said. He has since told CNBC that while some systems can be fixed quickly, for others it ""could be hours, could be a bit longer"". Crowdstrike has issued its fix. But according to those in the know, it will have to be applied separately to each and every device affected. Computers will require a manual reboot in safe mode - causing a massive headache for IT departments everywhere. Something important to note here, is that personal devices like your home computer or mobile phone are unlikely to have been affected - this outage is impacting businesses. Microsoft is advising clients to try a classic method to get things working - turning it off and on again - in some cases up to 15 times. The tech giant said this has worked for some users of virtual machines – PCs where the computer is not in the same place as the screen. “Several reboots (as many as 15 have been reported) may be required, but overall feedback is that reboots are an effective troubleshooting step at this stage,"" it said. It is also telling customers with more in-depth computing knowledge that they should delete a certain file - the same solution one CrowdStrike employee has been sharing on social media. But this fix is intended for experts and IT professionals, not regular users. The problems have emerged across the world, but were first noticed in Australia, and possibly felt most severely in the air travel industry, with more than 3,300 flights cancelled globally. Meanwhile, the problems have also hit payment systems, banking and healthcare providers around the world. Railway companies, including Britain’s biggest which runs Southern, Thameslink, Gatwick Express and Great Northern, warned passengers to expect delays. In Alaska, the 911 emergency service was affected, while Sky News was off air for several hours on Friday morning, unable to broadcast. The outage might also impact people getting paid on time. Melanie Pizzey, head of the Global Payroll Association, told PA news agency that she'd been contacted by ""numerous clients"" who couldn't access their payroll software. She said the outage could mean firms are unable to process staff payments this week, but there may be a knock-on effect too. ""We could see a backlog with regard to processing payrolls for the coming month end, which may delay employees from receiving their monthly wage,"" she said. If you're worried about your own, personal devices, we have some good news. The software at the centre of this outage is generally used by businesses, which means that most people's personal computers won't be impacted. That means if you're wondering whether you need to delete a certain file to avoid your computer restarting constantly, the simple answer is no, you don't. It's a reminder of the complexity of our modern digital infrastructure that Crowdstrike, a company that's not exactly a household name, can be at the heart of such worldwide disarray. The US firm, based in Austin, Texas, is a listed company on the US stock exchange, featuring in both the S&P 500 and the high-tech Nasdaq indexes. Like a lot of modern technology companies, it hasn't been around that long. It was founded a mere 13 years ago, but has grown to employ nearly 8,500 people. As a provider of cyber-security services, it tends to get called in to deal with the aftermath of hack attacks. It has been involved in investigations of several high-profile cyber-attacks, such as when Sony Pictures had its computer system hacked in 2014.  But this time, because of a flawed update to its software, a firm that is normally part of the solution to IT problems has instead caused one. In its last earnings report, Crowdstrike declared a total of nearly 24,000 customers. That's an indication not just of the size of the issue, but also the difficulties that could be involved in fixing it. Each of those customers is a huge organisation in itself, so the number of individual computers affected is hard to estimate.  Additional reporting by Imran Rahman-Jones, Liv McMahon and Tiffany Wertheimer. ",BBC,19/07/2024,"['A massive tech failure has caused travel chaos around the world, with banking and healthcare services also badly hit.', 'Flights have been grounded because of the IT outage - a flaw which left many computers displaying blue error screens.', 'There were long queues, delays and flight cancellations at airports around the world, as passengers had to be manually checked in.', 'Cyber-security firm Crowdstrike has admitted that the problem was caused by an update to its antivirus software, which is designed to protect Microsoft Windows devices from malicious attacks.', 'Microsoft has said it is taking ""mitigation action"" to deal with ""the lingering impact"" of the outage.', 'Here is a summary of what we know so far.', 'This is still a little unclear.', 'Crowdstrike is known for producing antivirus software, intended to prevent hackers from causing this very type of disruption.', 'According to Crowdstrike boss George Kurtz, the issues are only impacting Windows PCs and no other operating systems, and were caused by a defect in a recent update. ""', 'The issue has been identified, isolated and a fix has been deployed,"" he said. ""', 'This is not a security incident or cyber-attack.""', 'What exactly was wrong with the update is yet to be revealed, but as a potential fix involves deleting a single file, it is possible that just one rogue file could be at the root of all the mayhem.', 'It could be some time.', 'Crowdstrike\'s Mr Kurtz, speaking to NBC News, said it was the firm\'s ""mission"" to make sure every one of its customers recovered completely from the outage. ""', 'We\'re deeply sorry for the impact that we\'ve caused to customers, to travellers, to anyone affected by this, including our companies,"" he said.', 'He has since told CNBC that while some systems can be fixed quickly, for others it ""could be hours, could be a bit longer"".', 'Crowdstrike has issued its fix.', 'But according to those in the know, it will have to be applied separately to each and every device affected.', 'Computers will require a manual reboot in safe mode - causing a massive headache for IT departments everywhere.', 'Something important to note here, is that personal devices like your home computer or mobile phone are unlikely to have been affected - this outage is impacting businesses.', 'Microsoft is advising clients to try a classic method to get things working - turning it off and on again - in some cases up to 15 times.', 'The tech giant said this has worked for some users of virtual machines – PCs where the computer is not in the same place as the screen. “', 'Several reboots (as many as 15 have been reported) may be required, but overall feedback is that reboots are an effective troubleshooting step at this stage,"" it said.', 'It is also telling customers with more in-depth computing knowledge that they should delete a certain file - the same solution one CrowdStrike employee has been sharing on social media.', 'But this fix is intended for experts and IT professionals, not regular users.', 'The problems have emerged across the world, but were first noticed in Australia, and possibly felt most severely in the air travel industry, with more than 3,300 flights cancelled globally.', 'Meanwhile, the problems have also hit payment systems, banking and healthcare providers around the world.', 'Railway companies, including Britain’s biggest which runs Southern, Thameslink, Gatwick Express and Great Northern, warned passengers to expect delays.', 'In Alaska, the 911 emergency service was affected, while Sky News was off air for several hours on Friday morning, unable to broadcast.', 'The outage might also impact people getting paid on time.', 'Melanie Pizzey, head of the Global Payroll Association, told PA news agency that she\'d been contacted by ""numerous clients"" who couldn\'t access their payroll software.', 'She said the outage could mean firms are unable to process staff payments this week, but there may be a knock-on effect too. ""', 'We could see a backlog with regard to processing payrolls for the coming month end, which may delay employees from receiving their monthly wage,"" she said.', ""If you're worried about your own, personal devices, we have some good news."", ""The software at the centre of this outage is generally used by businesses, which means that most people's personal computers won't be impacted."", ""That means if you're wondering whether you need to delete a certain file to avoid your computer restarting constantly, the simple answer is no, you don't."", ""It's a reminder of the complexity of our modern digital infrastructure that Crowdstrike, a company that's not exactly a household name, can be at the heart of such worldwide disarray."", 'The US firm, based in Austin, Texas, is a listed company on the US stock exchange, featuring in both the S&P 500 and the high-tech Nasdaq indexes.', ""Like a lot of modern technology companies, it hasn't been around that long."", 'It was founded a mere 13 years ago, but has grown to employ nearly 8,500 people.', 'As a provider of cyber-security services, it tends to get called in to deal with the aftermath of hack attacks.', 'It has been involved in investigations of several high-profile cyber-attacks, such as when Sony Pictures had its computer system hacked in 2014.', 'But this time, because of a flawed update to its software, a firm that is normally part of the solution to IT problems has instead caused one.', 'In its last earnings report, Crowdstrike declared a total of nearly 24,000 customers.', ""That's an indication not just of the size of the issue, but also the difficulties that could be involved in fixing it."", 'Each of those customers is a huge organisation in itself, so the number of individual computers affected is hard to estimate.', 'Additional reporting by Imran Rahman-Jones, Liv McMahon and Tiffany Wertheimer.']",-0.0985613793474572,"Several reboots (as many as 15 have been reported) may be required, but overall feedback is that reboots are an effective troubleshooting step at this stage,"" it said.","A massive tech failure has caused travel chaos around the world, with banking and healthcare services also badly hit.",-0.6028934962609235,"If you're worried about your own, personal devices, we have some good news.","A massive tech failure has caused travel chaos around the world, with banking and healthcare services also badly hit.",2024-07-19
UK government debt highest since 1962,https://www.bbc.co.uk/news/articles/cgxqzp2zdw4o,2024-07-19T06:22:32.348Z,"The UK's national debt has reached its highest level since 1962, according to new official figures. The total stock of government debt was worth 99.5% of the value of the economy in June, exceeding the highs reached during the coronavirus pandemic for the first time. The Office for National Statistics (ONS) figures also showed that the amount the government borrowed was more than expected in June. A statement on the state of the public finances is expected from the Chancellor, Rachel Reeves, by the end of the month. Government debt refers to the overall amount of money owed by the government that has built up over years.  Borrowing refers to the difference between public sector spending and income from taxes in a given period. The Chief Secretary to the Treasury, Darren Jones, said the latest figures were a “clear reminder” of the “worst economic inheritance” since the Second World War. While last month's borrowing figure of £14.5bn was the lowest June total for five years, helped by lower interest costs linked to falling inflation, it was still higher than economists had forecast. With pressures to spend more on some public services, and election promises not to raise rates of income tax, corporation tax or VAT, many economists expect borrowing to increase.   Dennis Tatarkov, senior economist at KPMG UK, said: “The new chancellor faces the daunting task of funding the new government’s agenda, while maintaining public finances on a sustainable footing. ""A combination of high levels of spending and weak growth prospects will present uncomfortable choices – deciding between even more borrowing or substantially raising taxes if spending levels are to be maintained."" Separate figures from the ONS showed that retail sales fell by more than expected last month, with shops saying they had been hit by cold weather and election uncertainty. Retail sales volumes dropped by 1.2% in June, the ONS said, following strong growth in May. Sales at non-food retailers such as clothes shops and department stores saw the biggest fall, down 2.1%. ""Retailers suggested election uncertainty, poor weather, and low footfall affected sales,"" the ONS said. ",BBC,19/07/2024,"[""The UK's national debt has reached its highest level since 1962, according to new official figures."", 'The total stock of government debt was worth 99.5% of the value of the economy in June, exceeding the highs reached during the coronavirus pandemic for the first time.', 'The Office for National Statistics (ONS) figures also showed that the amount the government borrowed was more than expected in June.', 'A statement on the state of the public finances is expected from the Chancellor, Rachel Reeves, by the end of the month.', 'Government debt refers to the overall amount of money owed by the government that has built up over years.', 'Borrowing refers to the difference between public sector spending and income from taxes in a given period.', 'The Chief Secretary to the Treasury, Darren Jones, said the latest figures were a “clear reminder” of the “worst economic inheritance” since the Second World War.', ""While last month's borrowing figure of £14.5bn was the lowest June total for five years, helped by lower interest costs linked to falling inflation, it was still higher than economists had forecast."", 'With pressures to spend more on some public services, and election promises not to raise rates of income tax, corporation tax or VAT, many economists expect borrowing to increase.', 'Dennis Tatarkov, senior economist at KPMG UK, said: “The new chancellor faces the daunting task of funding the new government’s agenda, while maintaining public finances on a sustainable footing. ""', 'A combination of high levels of spending and weak growth prospects will present uncomfortable choices – deciding between even more borrowing or substantially raising taxes if spending levels are to be maintained.""', 'Separate figures from the ONS showed that retail sales fell by more than expected last month, with shops saying they had been hit by cold weather and election uncertainty.', 'Retail sales volumes dropped by 1.2% in June, the ONS said, following strong growth in May.', 'Sales at non-food retailers such as clothes shops and department stores saw the biggest fall, down 2.1%. ""', 'Retailers suggested election uncertainty, poor weather, and low footfall affected sales,"" the ONS said.']",-0.1058405804400314,"Retail sales volumes dropped by 1.2% in June, the ONS said, following strong growth in May.","Retailers suggested election uncertainty, poor weather, and low footfall affected sales,"" the ONS said.",-0.2700546492229808,The Office for National Statistics (ONS) figures also showed that the amount the government borrowed was more than expected in June.,"Separate figures from the ONS showed that retail sales fell by more than expected last month, with shops saying they had been hit by cold weather and election uncertainty.",2024-07-19
"SpaceX’s Falcon 9 rocket suffers rare inflight failure, is grounded during investigation",https://www.cnbc.com/2024/07/12/spacex-falcon-9-rocket-grounded-after-rare-inflight-failure.html,2024-07-12T17:32:12+0000,"SpaceX's Falcon 9 rocket is grounded, pending an incident investigation, after an inflight failure — a rare misfire for the company's workhorse vehicle.The mission, known as ""Starlink Group 9-3,"" launched from California's Vandenberg Space Force Base on Thursday evening and was carrying 20 satellites bound for low Earth orbit.The rocket's lower first stage, or booster, operated as expected before returning to land. But the rocket's upper second stage failed to reignite its engine as planned and was destroyed, SpaceX CEO Elon Musk confirmed.""Upper stage restart to raise perigee resulted in an engine RUD for reasons currently unknown,"" Musk wrote in a post on social media. RUD, or ""rapid unscheduled disassembly,"" is a term SpaceX uses to refer to an explosive or destructive event. The company said in a later update that the engine failure came after a leak of liquid oxygen in the second stage.Falcon 9 is grounded until the Federal Aviation Administration signs off on SpaceX's investigation of the incident, the federal regulator confirmed.""The FAA will be involved in every step of the investigation process and must approve SpaceX's final report, including any corrective actions,"" the agency said in a statement to CNBC.The Starlink mission was the 69th Falcon 9 launch of the year — with the company averaging a blistering pace of a launch every two to three days in 2024 — but the investigation will likely delay launches planned in the weeks ahead, including two crewed missions: The private Polaris Dawn and NASA's Crew-9.Sign up here to receive weekly editions of CNBC's Investing in Space newsletter.SpaceX still deployed the 20 Starlink satellites but noted that the second stage engine failure means the satellites were in ""a lower than intended orbit."" In an update Friday afternoon, the company said it made contact with 10 of the satellites in an effort to use the satellites onboard thrusters to climb higher in orbit.Despite the attempted recovery, SpaceX confirmed that the ""enormously high-drag environment"" from being in the wrong, lower orbit means the satellites will not be recovered. The 20 satellites will re-enter the Earth's atmosphere and burn up.""They do not pose a threat to other satellites in orbit or to public safety,"" the company wrote in a statement on its website.Falcon 9 has been on an unrivaled run of success for nearly a decade, chocking up more than 300 consecutive successful orbital launches since its previous inflight failure in June 2015, during the NASA cargo mission CRS-7.In total, SpaceX's Falcon 9 has launched 354 missions to orbit, with more than 300 of those featuring successful landings and resulting in the reuse of rocket boosters more than 280 times.",CNBC,12/07/2024,"[""SpaceX's Falcon 9 rocket is grounded, pending an incident investigation, after an inflight failure — a rare misfire for the company's workhorse vehicle."", 'The mission, known as ""Starlink Group 9-3,"" launched from California\'s Vandenberg Space Force Base on Thursday evening and was carrying 20 satellites bound for low Earth orbit.', ""The rocket's lower first stage, or booster, operated as expected before returning to land."", ""But the rocket's upper second stage failed to reignite its engine as planned and was destroyed, SpaceX CEO Elon Musk confirmed."", '""Upper stage restart to raise perigee resulted in an engine RUD for reasons currently unknown,"" Musk wrote in a post on social media.', 'RUD, or ""rapid unscheduled disassembly,"" is a term SpaceX uses to refer to an explosive or destructive event.', 'The company said in a later update that the engine failure came after a leak of liquid oxygen in the second stage.', ""Falcon 9 is grounded until the Federal Aviation Administration signs off on SpaceX's investigation of the incident, the federal regulator confirmed."", '""The FAA will be involved in every step of the investigation process and must approve SpaceX\'s final report, including any corrective actions,"" the agency said in a statement to CNBC.The Starlink mission was the 69th Falcon 9 launch of the year — with the company averaging a blistering pace of a launch every two to three days in 2024 — but the investigation will likely delay launches planned in the weeks ahead, including two crewed missions: The private Polaris Dawn and NASA\'s Crew-9.Sign up here to receive weekly editions of CNBC\'s Investing in Space newsletter.', 'SpaceX still deployed the 20 Starlink satellites but noted that the second stage engine failure means the satellites were in ""a lower than intended orbit.""', 'In an update Friday afternoon, the company said it made contact with 10 of the satellites in an effort to use the satellites onboard thrusters to climb higher in orbit.', 'Despite the attempted recovery, SpaceX confirmed that the ""enormously high-drag environment"" from being in the wrong, lower orbit means the satellites will not be recovered.', ""The 20 satellites will re-enter the Earth's atmosphere and burn up."", '""They do not pose a threat to other satellites in orbit or to public safety,"" the company wrote in a statement on its website.', ""Falcon 9 has been on an unrivaled run of success for nearly a decade, chocking up more than 300 consecutive successful orbital launches since its previous inflight failure in June 2015, during the NASA cargo mission CRS-7.In total, SpaceX's Falcon 9 has launched 354 missions to orbit, with more than 300 of those featuring successful landings and resulting in the reuse of rocket boosters more than 280 times.""]",-0.2401648490956937,"Falcon 9 has been on an unrivaled run of success for nearly a decade, chocking up more than 300 consecutive successful orbital launches since its previous inflight failure in June 2015, during the NASA cargo mission CRS-7.In total, SpaceX's Falcon 9 has launched 354 missions to orbit, with more than 300 of those featuring successful landings and resulting in the reuse of rocket boosters more than 280 times.","But the rocket's upper second stage failed to reignite its engine as planned and was destroyed, SpaceX CEO Elon Musk confirmed.",-0.6828810742923191,"Falcon 9 has been on an unrivaled run of success for nearly a decade, chocking up more than 300 consecutive successful orbital launches since its previous inflight failure in June 2015, during the NASA cargo mission CRS-7.In total, SpaceX's Falcon 9 has launched 354 missions to orbit, with more than 300 of those featuring successful landings and resulting in the reuse of rocket boosters more than 280 times.","""Upper stage restart to raise perigee resulted in an engine RUD for reasons currently unknown,"" Musk wrote in a post on social media.",2024-07-19
Citigroup tops expectations for profit and revenue on strong Wall Street results,https://www.cnbc.com/2024/07/12/citigroup-c-earnings-q2-2024.html,2024-07-12T20:17:18+0000,"In this articleCitigroup on Friday posted second-quarter results that topped expectations for profit and revenue on a rebound in Wall Street activity.Here's what the company reported:The bank said net income jumped 10% from a year earlier to $3.22 billion, or $1.52 a share. Revenue rose 4% to $20.14 billion.Equities trading revenue rose 37% to $1.5 billion, driven by strength in derivatives and a rise in hedge fund balances, roughly $300 million more than the StreetAccount estimate.Fixed income revenue dipped 3% to $3.6 billion, essentially matching analysts' expectations, on lower activity in rates and currency markets.Investment banking revenue surged 60% to $853 million, driven by strong issuance of investment-grade bonds and a rebound in IPO and merger activity from low levels in 2023.Shares of the bank fell nearly 2%.""Our results show the progress we are making in executing our strategy and the benefit of our diversified business model,"" Citigroup CEO Jane Fraser said in the release. ""Markets had a strong finish to the quarter leading to better performance than we had anticipated.""Citigroup was just this week rebuked for failing to fix its regulatory shortfalls.Last year, Fraser announced plans to simplify the management structure and reduce costs at the third-biggest U.S. bank by assets. But earnings will take a backseat if Citigroup cannot appease regulators' concerns about its data and risk management.  JPMorgan Chase announced results earlier Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.Correction: This article has been updated to correct that Citigroup reported revenue of $20.14 billion for the second quarter. A previous version misstated the figure due to a rounding error.",CNBC,12/07/2024,"['In this articleCitigroup on Friday posted second-quarter results that topped expectations for profit and revenue on a rebound in Wall Street activity.', ""Here's what the company reported:The bank said net income jumped 10% from a year earlier to $3.22 billion, or $1.52 a share."", 'Revenue rose 4% to $20.14 billion.', 'Equities trading revenue rose 37% to $1.5 billion, driven by strength in derivatives and a rise in hedge fund balances, roughly $300 million more than the StreetAccount estimate.', ""Fixed income revenue dipped 3% to $3.6 billion, essentially matching analysts' expectations, on lower activity in rates and currency markets."", 'Investment banking revenue surged 60% to $853 million, driven by strong issuance of investment-grade bonds and a rebound in IPO and merger activity from low levels in 2023.Shares of the bank fell nearly 2%.""Our results show the progress we are making in executing our strategy and the benefit of our diversified business model,"" Citigroup CEO Jane Fraser said in the release. ""', 'Markets had a strong finish to the quarter leading to better performance than we had anticipated.', '""Citigroup was just this week rebuked for failing to fix its regulatory shortfalls.', 'Last year, Fraser announced plans to simplify the management structure and reduce costs at the third-biggest U.S. bank by assets.', ""But earnings will take a backseat if Citigroup cannot appease regulators' concerns about its data and risk management."", 'JPMorgan Chase announced results earlier Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.', 'Correction: This article has been updated to correct that Citigroup reported revenue of $20.14 billion for the second quarter.', 'A previous version misstated the figure due to a rounding error.']",0.0869137979931234,"Investment banking revenue surged 60% to $853 million, driven by strong issuance of investment-grade bonds and a rebound in IPO and merger activity from low levels in 2023.Shares of the bank fell nearly 2%.""Our results show the progress we are making in executing our strategy and the benefit of our diversified business model,"" Citigroup CEO Jane Fraser said in the release. """,But earnings will take a backseat if Citigroup cannot appease regulators' concerns about its data and risk management.,0.3167682127519087,"Equities trading revenue rose 37% to $1.5 billion, driven by strength in derivatives and a rise in hedge fund balances, roughly $300 million more than the StreetAccount estimate.","Fixed income revenue dipped 3% to $3.6 billion, essentially matching analysts' expectations, on lower activity in rates and currency markets.",2024-07-19
"Willow Bay, Bob Iger to take controlling stake in NWSL's Angel City FC at a $250 million valuation",https://www.cnbc.com/2024/07/17/nwsl-angel-city-fc-willow-bay-bob-iger-controlling-stake.html,2024-07-17T17:56:26+0000,"Willow Bay and Bob Iger will take a controlling stake in Angel City Football Club, the world's most valuable women's professional sports team.On Wednesday, Angel City of the National Women's Soccer League announced the couple had agreed to an investment of an undisclosed amount that values the team at $250 million. The club said Bay and Iger will invest an additional $50 million in the club's future growth.According to NWSL bylaws, controlling owners must own at least 35% of the team, which puts the pair's purchase agreement at a minimum of $87.5 million. Bay will serve on and have full control of the Angel City FC board, the team said.The sale comes as women's sports and the NWSL have seen explosive growth in viewership and attendance and drawn growing investment.Last year, Angel City FC generated the highest revenue of any women's team in the world. It was also No. 1 in NWSL attendance and sponsorship revenue.""We know they are the right partners to lead us into this new era – they are committed to further strengthening ACFC's position as a preeminent organization and brand in women's sports and to championing the team's broader mission, including the advancement of equity for athletes and women-founded businesses,"" the ACFC Board of Directors said in a statement.Angel City FC was founded in 2020 by actress Natalie Portman, venture capitalist Kara Nortman and entrepreneur Julie Uhrman.The ownership group also includes a long list of sports icons including Billie Jean King, Abby Wambach, Lindsey Vonn and 13 former players from the U.S. Women's National Team. The team has prioritized female ownership and equal pay for women.Reddit cofounder Alexis Ohanian had been the club's controlling owner.The unique ownership structure had brought tensions over finances and operations, reportedly one of the motivations for a sale.All of the existing owners will stay on with this new team structure, the club said Wednesday.Bay, a lifelong sports fan, who also serves as dean of the USC Annenberg School for Communication and Journalism, said she's committed to advancing the club's mission of driving equity on and off the field.""With this investment of resources and capital, we hope to accelerate the growth of the Club and the NWSL,"" she said in a statement.Correction: This story has been updated to correct the spelling of Julie Uhrman's name.",CNBC,17/07/2024,"[""Willow Bay and Bob Iger will take a controlling stake in Angel City Football Club, the world's most valuable women's professional sports team."", ""On Wednesday, Angel City of the National Women's Soccer League announced the couple had agreed to an investment of an undisclosed amount that values the team at $250 million."", ""The club said Bay and Iger will invest an additional $50 million in the club's future growth."", ""According to NWSL bylaws, controlling owners must own at least 35% of the team, which puts the pair's purchase agreement at a minimum of $87.5 million."", 'Bay will serve on and have full control of the Angel City FC board, the team said.', ""The sale comes as women's sports and the NWSL have seen explosive growth in viewership and attendance and drawn growing investment."", ""Last year, Angel City FC generated the highest revenue of any women's team in the world."", 'It was also No.', '1 in NWSL attendance and sponsorship revenue.', '""We know they are the right partners to lead us into this new era – they are committed to further strengthening ACFC\'s position as a preeminent organization and brand in women\'s sports and to championing the team\'s broader mission, including the advancement of equity for athletes and women-founded businesses,"" the ACFC Board of Directors said in a statement.', 'Angel City FC was founded in 2020 by actress Natalie Portman, venture capitalist Kara Nortman and entrepreneur Julie Uhrman.', ""The ownership group also includes a long list of sports icons including Billie Jean King, Abby Wambach, Lindsey Vonn and 13 former players from the U.S. Women's National Team."", 'The team has prioritized female ownership and equal pay for women.', ""Reddit cofounder Alexis Ohanian had been the club's controlling owner."", 'The unique ownership structure had brought tensions over finances and operations, reportedly one of the motivations for a sale.', 'All of the existing owners will stay on with this new team structure, the club said Wednesday.', ""Bay, a lifelong sports fan, who also serves as dean of the USC Annenberg School for Communication and Journalism, said she's committed to advancing the club's mission of driving equity on and off the field."", '""With this investment of resources and capital, we hope to accelerate the growth of the Club and the NWSL,"" she said in a statement.', ""Correction: This story has been updated to correct the spelling of Julie Uhrman's name.""]",0.1942550844635906,"""We know they are the right partners to lead us into this new era – they are committed to further strengthening ACFC's position as a preeminent organization and brand in women's sports and to championing the team's broader mission, including the advancement of equity for athletes and women-founded businesses,"" the ACFC Board of Directors said in a statement.","The unique ownership structure had brought tensions over finances and operations, reportedly one of the motivations for a sale.",0.7409164682030678,The sale comes as women's sports and the NWSL have seen explosive growth in viewership and attendance and drawn growing investment.,"The unique ownership structure had brought tensions over finances and operations, reportedly one of the motivations for a sale.",2024-07-19
JPMorgan Chase tops second-quarter revenue expectations on strong investment banking,https://www.cnbc.com/2024/07/12/jpmorgan-chase-jpm-earnings-q2-2024.html,2024-07-12T20:16:06+0000,"In this articleJPMorgan Chase on Friday posted second-quarter profit and revenue that topped analysts' expectations as investment banking fees surged 52% from a year earlier.Here's what the company reported:The bank said earnings jumped 25% from the year-earlier period to $18.15 billion, or $6.12 per share. Excluding items related to the bank's stake in Visa, profit was $4.26 per share.Revenue rose 20% to $50.99 billion, topping the consensus estimate of analysts surveyed by LSEG, helped by better-than-expected investment banking fees and equities trading results.CEO Jamie Dimon noted in the release that his firm was wary of potential future risks, including higher-than-expected inflation and interest rates, even while stock and bond valuations currently ""reflect a rather benign economic outlook.""""The geopolitical situation remains complex and potentially the most dangerous since World War II — though its outcome and effect on the global economy remain unknown,"" Dimon said. ""There has been some progress bringing inflation down, but there are still multiple inflationary forces in front of us: large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world.""A rebound in Wall Street activity, especially on the advisory side, was expected to aid banks this quarter, and JPMorgan's results bear that out.JPMorgan reaped $2.3 billion in investment banking fees, exceeding the StreetAccount estimate by roughly $300 million.Equities trading revenue jumped 21% to $3 billion, topping the estimate by $230 million, on strong derivatives results. Fixed income trading jumped 5% to $4.8 billion, matching the estimate.But the bank had a $3.05 billion provision for credit losses in the quarter, exceeding the $2.78 billion estimate, which indicated that it expects more borrowers will default in the future. A rise in charge-offs and moves to build loan loss reserves in the quarter was driven by the firm's massive credit-card business, the bank said.""JPMorgan has navigated a challenging interest rate environment very well,"" said Octavio Marenzi, CEO of consulting firm Opimas.Still, while banking and equities trading boosted results, ""We see Main Street banking beginning to sputter,"" Marenzi said. ""Provisions for credit losses were up significantly, showing us that JPMorgan is expecting to see a rough patch in the US economy.""Shares of JPMorgan fell about 1% Friday.JPMorgan CFO Jeremy Barnum told reporters Friday during a call that overall he saw ""quite a healthy consumer"" despite some weakness in the lower-income segment. About half of the increase in card reserves was tied to rising balances, he noted.""The overall picture on charge-offs is consistent with the story of normalization rather than deterioration at this point,"" Barnum said. ""Yes, the economy is slowing, but it seems to be on trend for very much of a soft landing.""Wells Fargo and Citigroup also posted earnings Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.",CNBC,12/07/2024,"[""In this articleJPMorgan Chase on Friday posted second-quarter profit and revenue that topped analysts' expectations as investment banking fees surged 52% from a year earlier."", ""Here's what the company reported:The bank said earnings jumped 25% from the year-earlier period to $18.15 billion, or $6.12 per share."", ""Excluding items related to the bank's stake in Visa, profit was $4.26 per share."", 'Revenue rose 20% to $50.99 billion, topping the consensus estimate of analysts surveyed by LSEG, helped by better-than-expected investment banking fees and equities trading results.', 'CEO Jamie Dimon noted in the release that his firm was wary of potential future risks, including higher-than-expected inflation and interest rates, even while stock and bond valuations currently ""reflect a rather benign economic outlook.', '""""The geopolitical situation remains complex and potentially the most dangerous since World War II — though its outcome and effect on the global economy remain unknown,"" Dimon said. ""', 'There has been some progress bringing inflation down, but there are still multiple inflationary forces in front of us: large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world.', '""A rebound in Wall Street activity, especially on the advisory side, was expected to aid banks this quarter, and JPMorgan\'s results bear that out.', 'JPMorgan reaped $2.3 billion in investment banking fees, exceeding the StreetAccount estimate by roughly $300 million.', 'Equities trading revenue jumped 21% to $3 billion, topping the estimate by $230 million, on strong derivatives results.', 'Fixed income trading jumped 5% to $4.8 billion, matching the estimate.', 'But the bank had a $3.05 billion provision for credit losses in the quarter, exceeding the $2.78 billion estimate, which indicated that it expects more borrowers will default in the future.', ""A rise in charge-offs and moves to build loan loss reserves in the quarter was driven by the firm's massive credit-card business, the bank said."", '""JPMorgan has navigated a challenging interest rate environment very well,"" said Octavio Marenzi, CEO of consulting firm Opimas.', 'Still, while banking and equities trading boosted results, ""We see Main Street banking beginning to sputter,"" Marenzi said. ""', 'Provisions for credit losses were up significantly, showing us that JPMorgan is expecting to see a rough patch in the US economy.', '""Shares of JPMorgan fell about 1% Friday.', 'JPMorgan CFO Jeremy Barnum told reporters Friday during a call that overall he saw ""quite a healthy consumer"" despite some weakness in the lower-income segment.', 'About half of the increase in card reserves was tied to rising balances, he noted.', '""The overall picture on charge-offs is consistent with the story of normalization rather than deterioration at this point,"" Barnum said. ""', 'Yes, the economy is slowing, but it seems to be on trend for very much of a soft landing.', '""Wells Fargo and Citigroup also posted earnings Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.']",0.2215570068899473,"""JPMorgan has navigated a challenging interest rate environment very well,"" said Octavio Marenzi, CEO of consulting firm Opimas.","""""The geopolitical situation remains complex and potentially the most dangerous since World War II — though its outcome and effect on the global economy remain unknown,"" Dimon said. """,0.4677889503930744,"Revenue rose 20% to $50.99 billion, topping the consensus estimate of analysts surveyed by LSEG, helped by better-than-expected investment banking fees and equities trading results.","""Shares of JPMorgan fell about 1% Friday.",2024-07-19
"United Airlines profit jumps 23%, but third-quarter forecast disappoints amid industry overcapacity",https://www.cnbc.com/2024/07/17/united-ual-earnings-q2-2024.html,2024-07-18T17:28:54+0000,"In this articleUnited Airlines' second-quarter profit rose more than 20% from last year as strong demand for international travel boosted the carrier's results, but its third-quarter forecast came in shy of estimates as an oversupply of flights weighs on fares.United said Wednesday that it expects to earn between $2.75 and $3.25 a share on an adjusted basis in the current quarter, lower than the $3.44 a share analysts polled by LSEG estimated.Here's what United reported for the second quarter compared with what Wall Street expected, based on average estimates compiled by LSEG:United earned $1.32 billion, or $3.96 per share, in the three months ended June 30, up from $1.08 billion, or $3.24 per share, a year earlier. Adjusting for one-time items, it reported earnings of $4.14 a share, compared with $3.93 that analysts expected.Revenue of $14.99 billion jumped 5.7% from the year-earlier period, though it was just shy of estimates.United reiterated its full-year forecast for adjusted earnings of $9 to $11 a share.""Looking back at the quarter now, it is increasingly clear that demand was in fact strong, it just could not keep up with the incremental industry domestic capacity added in 2024. Excess capacity, in turn, pressured yields,"" United Chief Commercial Officer Andrew Nocella said during the company's earnings call.United and Delta Air Lines, which also disappointed with its third-quarter guidance, have still been standouts in the U.S. airline industry. Most carriers have been struggling with an increase in domestic capacity that has weighed on airfares, despite the record demand.Both carriers have added international flights, which have been in high demand after the pandemic, and premium offerings, like bigger lounges and more spacious seats, capitalizing on travelers willing to pay more for a ticket.United said on Wednesday that premium revenue grew more than 8% from last year, while sales from the most restrictive basic economy tickets rose 38%, as it works to cater to both ends of the market.The company expanded domestic flying by more than 5% in the second quarter over last year, and unit revenues fell more than 1% over last year. Yields on flights to and from Europe, which is a smaller slice of United's sales, rose more than 5%, compared with the second quarter of 2023.United CEO Scott Kirby said airlines have been trimming their schedules and that there will be an inflection point to moderate the supply in mid-August.""I've been through these cycles with capacity many times in my career, this is the fastest respond and it's also the biggest gap between the leading airlines and the other airlines, which I think is part of the reason the response is so fast,"" Kirby said Thursday during the earnings call.On Tuesday, Spirit Airlines cut its second-quarter forecast, citing weaker-than-expected revenue for fees like seating or luggage. Southwest Airlines and American Airlines, which report results on July 25, previously reduced their second-quarter estimates.— CNBC's Ece Yildirim contributed to this report.",CNBC,18/07/2024,"[""In this articleUnited Airlines' second-quarter profit rose more than 20% from last year as strong demand for international travel boosted the carrier's results, but its third-quarter forecast came in shy of estimates as an oversupply of flights weighs on fares."", 'United said Wednesday that it expects to earn between $2.75 and $3.25 a share on an adjusted basis in the current quarter, lower than the $3.44 a share analysts polled by LSEG estimated.', ""Here's whatUnited reported for the second quarter compared with what Wall Street expected, based on average estimates compiled by LSEG:United earned $1.32 billion, or $3.96 per share, in the three months ended June 30, up from $1.08 billion, or $3.24 per share, a year earlier."", 'Adjusting for one-time items, it reported earnings of $4.14 a share, compared with $3.93 that analysts expected.', 'Revenue of $14.99 billion jumped 5.7% from the year-earlier period, though it was just shy of estimates.', 'United reiterated its full-year forecast for adjusted earnings of $9 to $11 a share.', '""Looking back at the quarter now, it is increasingly clear that demand was in fact strong, it just could not keep up with the incremental industry domestic capacity added in 2024.', 'Excess capacity, in turn, pressured yields,"" United Chief Commercial Officer Andrew Nocella said during the company\'s earnings call.', 'United and Delta Air Lines, which also disappointed with its third-quarter guidance, have still been standouts in the U.S. airline industry.', 'Most carriers have been struggling with an increase in domestic capacity that has weighed on airfares, despite the record demand.', 'Both carriers have added international flights, which have been in high demand after the pandemic, and premium offerings, like bigger lounges and more spacious seats, capitalizing on travelers willing to pay more for a ticket.', 'United said on Wednesday that premium revenue grew more than 8% from last year, while sales from the most restrictive basic economy tickets rose 38%, as it works to cater to both ends of the market.', 'The company expanded domestic flying by more than 5% in the second quarter over last year, and unit revenues fell more than 1% over last year.', ""Yields on flights to and from Europe, which is a smaller slice of United's sales, rose more than 5%, compared with the second quarter of 2023.United CEO Scott Kirby said airlines have been trimming their schedules and that there will be an inflection point to moderate the supply in mid-August."", '""I\'ve been through these cycles with capacity many times in my career, this is the fastest respond and it\'s also the biggest gap between the leading airlines and the other airlines, which I think is part of the reason the response is so fast,"" Kirby said Thursday during the earnings call.', 'On Tuesday, Spirit Airlines cut its second-quarter forecast, citing weaker-than-expected revenue for fees like seating or luggage.', 'Southwest Airlines and American Airlines, which report results on July 25, previously reduced their second-quarter estimates.—', ""CNBC's Ece Yildirim contributed to this report.""]",0.2137830683116299,"Here's whatUnited reported for the second quarter compared with what Wall Street expected, based on average estimates compiled by LSEG:United earned $1.32 billion, or $3.96 per share, in the three months ended June 30, up from $1.08 billion, or $3.24 per share, a year earlier.","Revenue of $14.99 billion jumped 5.7% from the year-earlier period, though it was just shy of estimates.",0.2082946896553039,"Yields on flights to and from Europe, which is a smaller slice of United's sales, rose more than 5%, compared with the second quarter of 2023.United CEO Scott Kirby said airlines have been trimming their schedules and that there will be an inflection point to moderate the supply in mid-August.","United said Wednesday that it expects to earn between $2.75 and $3.25 a share on an adjusted basis in the current quarter, lower than the $3.44 a share analysts polled by LSEG estimated.",2024-07-19
Penn lays off about 100 employees as it focuses on ESPN Bet growth,https://www.cnbc.com/2024/07/18/penn-layoffs-espnbet-growth.html,2024-07-18T16:49:52+0000,"In this articlePenn Entertainment will lay off about 100 employees as it focuses on growth for ESPN Bet.CEO Jay Snowden told staff members in an internal email that the changes will enhance operational efficiencies following its 2021 acquisition of Canadian media and gaming powerhouse theScore.The company employs about 20,000 people.""When PENN acquired theScore, we hit the ground running with the build-out of our proprietary tech stack and the migration of our sportsbook to theScore's best-in-class-platform,"" Snowden wrote in the memo, which was seen by CNBC. ""This led us to temporarily set aside any potential organizational changes that would typically follow a major acquisition.""Penn went on to say it's embarking on a new phase of growth in its interactive business, which includes ESPN Bet, a $2 billion branding partnership with Disney's ESPN. Snowden said the initiatives include product enhancements and deeper integration into ESPN's ecosystem.Investors are impatient for Penn to demonstrate its muscle with the rebranded sportsbook, and activist investor Donerail Group has called on the board to sell the casino company.Rumors have swirled about the potential interest from many other online gaming and brick-and-mortar casino companies.Truist gaming analyst Barry Jonas wrote in a note Thursday that a sale is unlikely in the near term because of the complexity of a transaction that would likely involve major divestitures.Penn's release of new ESPN Bet features this fall during football season should meaningfully improve its product, Jonas said, and a focus on costs indicate the company's commitment to seeing its investment yield results.Penn shares have plummeted 25% year to date. It has missed earnings expectations the last two quarters and lowered guidance.""Investors continue to wonder what an ESPN Bet success could look like, and how much more investment (beyond what's guided) it'll take to reach,"" Jonas notes.Truist has a buy rating on Penn and a price target of $25.",CNBC,18/07/2024,"['In this articlePenn Entertainment will lay off about 100 employees as it focuses on growth for ESPN Bet.', 'CEO Jay Snowden told staff members in an internal email that the changes will enhance operational efficiencies following its 2021 acquisition of Canadian media and gaming powerhouse theScore.', 'The company employs about 20,000 people.', '""When PENN acquired theScore, we hit the ground running with the build-out of our proprietary tech stack and the migration of our sportsbook to theScore\'s best-in-class-platform,"" Snowden wrote in the memo, which was seen by CNBC. ""', 'This led us to temporarily set aside any potential organizational changes that would typically follow a major acquisition.', '""Penn went on to say it\'s embarking on a new phase of growth in its interactive business, which includes ESPN Bet, a $2 billion branding partnership with Disney\'s ESPN.', ""Snowden said the initiatives include product enhancements and deeper integration into ESPN's ecosystem."", 'Investors are impatient for Penn to demonstrate its muscle with the rebranded sportsbook, and activist investor Donerail Group has called on the board to sell the casino company.', 'Rumors have swirled about the potential interest from many other online gaming and brick-and-mortar casino companies.', 'Truist gaming analyst Barry Jonas wrote in a note Thursday that a sale is unlikely in the near term because of the complexity of a transaction that would likely involve major divestitures.', ""Penn's release of new ESPN Bet features this fall during football season should meaningfully improve its product, Jonas said, and a focus on costs indicate the company's commitment to seeing its investment yield results."", 'Penn shares have plummeted 25% year to date.', 'It has missed earnings expectations the last two quarters and lowered guidance.', '""Investors continue to wonder what an ESPN Bet success could look like, and how much more investment (beyond what\'s guided) it\'ll take to reach,"" Jonas notes.', 'Truist has a buy rating on Penn and a price target of $25.']",0.2353826682122434,"""Investors continue to wonder what an ESPN Bet success could look like, and how much more investment (beyond what's guided) it'll take to reach,"" Jonas notes.",It has missed earnings expectations the last two quarters and lowered guidance.,0.4261627963611057,"Penn's release of new ESPN Bet features this fall during football season should meaningfully improve its product, Jonas said, and a focus on costs indicate the company's commitment to seeing its investment yield results.",It has missed earnings expectations the last two quarters and lowered guidance.,2024-07-19
"Royal Caribbean leans into shorter cruises, more experiences to capture travel demand",https://www.cnbc.com/2024/07/16/royal-caribbean-leans-into-shorter-cruises-more-experiences.html,2024-07-17T23:22:59+0000,"In this articleWith consumers getting more selective on how and where they vacation, cruise lines are fighting for Americans' tourist budgets. Royal Caribbean thinks shortening trips and packing the days with activities and exclusive opportunities will keep customers hooked.""I think we are an experience-driven mindset,"" Royal Caribbean CEO Jason Liberty told CNBC's ""Squawk on the Street"" this week. ""Over half of our guests are actually millennials or younger, and when you survey those guests, about 42% of them say in the next 12 months their plans are to actually go on shorter vacation experiences.""Onboard Royal's Utopia of the Seas, the world's second-largest ship with a maximum capacity of nearly 5,800 passengers, customers are welcomed to 13 pools, 21 dining options, two casinos, and much more. This is the second cruise ship Royal Caribbean is bringing to market in the span of six months. Liberty says the voracious appetite to cruise post-pandemic has not died down.""We're not seeing any pullback from the consumer, whether that's planning their vacation experiences further out ... [or] then on the ships, they go out and they continue to spend,"" Liberty said. ""There is not an area on the ship that we've seen a change in their spending behavior.""To scale its business and widen its appeal, Royal Caribbean is looking at how to better compete with other types of vacations customers opt for, like skiing, casinos or theme parks.""When we look at what our guests are doing when they're not with us, they're going to Orlando, they're going to Vegas, they're going to all-inclusive resorts,"" Liberty said. ""What we're trying to do is make sure that our experience, whether on the ship or at our private islands, is something that is highly competitive with land-based vacation.""Morningstar travel and leisure analyst Jamie Katz thinks Liberty's strategy to get the Disney theme park traveler on board is working.""The American traveler doesn't always have time to take a six- to eight-day cruise due to work schedules and kids' school calendars,"" Katz said. ""A three-day cruise provides customers with more options.""One of the benefits of bringing a new ship to market — you're able to charge more.""You're really seeing sizable pricing premiums. Historically, pricing of a new ship is a 20% premium to existing ships across the industry,"" said Patrick Scholes, travel and leisure analyst at Truist Securities.Scholes said the Utopia price bump for Royal Caribbean could be even higher.Liberty said he expects higher pricing to hold into the second half of the year, pointing to the ""value gap"" between cruises and land-based vacations.Rival Carnival, too, has raised prices amid strong demand.""We haven't seen that sign of a consumer slowdown, if anything, we are seeing an acceleration,"" CEO Josh Weinstein told CNBC after the company's most recent earnings report in mid-June.Analysts point out that cruising is one of the few areas within the travel and hospitality sector where prices continue to sharply rise. Last week, Delta Air Lines revealed softer prices compared with last year. HSBC analysts expect airfares to stay flat or decline in 2024 over 2023.Several analysts and investors will be sailing aboard Utopia this week to better understand what differentiates the cruise ship from its competitors.One area of interest will be the impact of cutting-edge technologies: Liberty said artificial intelligence is helping Utopia reduce food waste by 30% to 40%. The company is also using AI to help with dynamic pricing and smart management of customer data.Beyond Utopia, there aren't too many ships coming online from the cruise giants.Royal Caribbean currently has the strongest order book in the industry. The company's Icon of the Seas, the biggest cruise ship in the world with a capacity of 7,600 passengers, made a splash earlier this year.On Royal Caribbean's recent earnings call, executives said Icon bookings are holding strong through 2025.""We're entering a two- to three-year period where there are minimal number of ships coming online. Typically, the industry grows supply by 5% to 7% ever year,"" Scholes said.But building a massive cruise ship requires extensive work. Wall Street analysts estimate it takes three to five years to order and get a ship delivered.Norwegian Cruise Line is working on bringing eight new ships to market in the next six years.Viking Cruises, which went public earlier this year and has seen its stock trade well above its debut price, is bringing four new ocean cruise ships to market over the course of the next three years, not including its river-based ships.Correction: This story has been updated to reflect the correct number of new ocean cruise ships Viking is bringing in",CNBC,17/07/2024,"[""In this articleWith consumers getting more selective on how and where they vacation, cruise lines are fighting for Americans' tourist budgets."", 'Royal Caribbean thinks shortening trips and packing the days with activities and exclusive opportunities will keep customers hooked.', '""I think we are an experience-driven mindset,"" Royal Caribbean CEO Jason Liberty told CNBC\'s ""Squawk on the Street"" this week. ""', 'Over half of our guests are actually millennials or younger, and when you survey those guests, about 42% of them say in the next 12 months their plans are to actually go on shorter vacation experiences.', '""Onboard Royal\'s Utopia of the Seas, the world\'s second-largest ship with a maximum capacity of nearly 5,800 passengers, customers are welcomed to 13 pools, 21 dining options, two casinos, and much more.', 'This is the second cruise ship Royal Caribbean is bringing to market in the span of six months.', 'Liberty says the voracious appetite to cruise post-pandemic has not died down.', '""We\'re not seeing any pullback from the consumer, whether that\'s planning their vacation experiences further out ... [or] then on the ships, they go out and they continue to spend,"" Liberty said. ""', ""There is not an area on the ship that we've seen a change in their spending behavior."", '""To scale its business and widen its appeal, Royal Caribbean is looking at how to better compete with other types of vacations customers opt for, like skiing, casinos or theme parks.', '""When we look at what our guests are doing when they\'re not with us, they\'re going to Orlando, they\'re going to Vegas, they\'re going to all-inclusive resorts,"" Liberty said. ""', ""What we're trying to do is make sure that our experience, whether on the ship or at our private islands, is something that is highly competitive with land-based vacation."", '""Morningstar travel and leisure analyst Jamie Katz thinks Liberty\'s strategy to get the Disney theme park traveler on board is working.', '""The American traveler doesn\'t always have time to take a six- to eight-day cruise due to work schedules and kids\' school calendars,"" Katz said. ""', 'A three-day cruise provides customers with more options.', '""One of the benefits of bringing a new ship to market — you\'re able to charge more.', '""You\'re really seeing sizable pricing premiums.', 'Historically, pricing of a new ship is a 20% premium to existing ships across the industry,"" said Patrick Scholes, travel and leisure analyst at Truist Securities.', 'Scholes said the Utopia price bump for Royal Caribbean could be even higher.', 'Liberty said he expects higher pricing to hold into the second half of the year, pointing to the ""value gap"" between cruises and land-based vacations.', 'Rival Carnival, too, has raised prices amid strong demand.', '""We haven\'t seen that sign of a consumer slowdown, if anything, we are seeing an acceleration,"" CEO Josh Weinstein told CNBC after the company\'s most recent earnings report in mid-June.', 'Analysts point out that cruising is one of the few areas within the travel and hospitality sector where prices continue to sharply rise.', 'Last week, Delta Air Lines revealed softer prices compared with last year.', 'HSBC analysts expect airfares to stay flat or decline in 2024 over 2023.Several analysts and investors will be sailing aboard Utopia this week to better understand what differentiates the cruise ship from its competitors.', 'One area of interest will be the impact of cutting-edge technologies: Liberty said artificial intelligence is helping Utopia reduce food waste by 30% to 40%.', 'The company is also using AI to help with dynamic pricing and smart management of customer data.', ""Beyond Utopia, there aren't too many ships coming online from the cruise giants."", 'Royal Caribbean currently has the strongest order book in the industry.', ""The company's Icon of the Seas, the biggest cruise ship in the world with a capacity of 7,600 passengers, made a splash earlier this year."", 'On Royal Caribbean\'s recent earnings call, executives said Icon bookings are holding strong through 2025.""We\'re entering a two- to three-year period where there are minimal number of ships coming online.', 'Typically, the industry grows supply by 5% to 7% ever year,"" Scholes said.', 'But building a massive cruise ship requires extensive work.', 'Wall Street analysts estimate it takes three to five years to order and get a ship delivered.', 'Norwegian Cruise Line is working on bringing eight new ships to market in the next sixyears.', 'Viking Cruises, which went public earlier this year and has seen its stock trade well above its debut price, is bringing four new ocean cruise ships to market over the course of the next three years, not including its river-based ships.', 'Correction: This story has been updated to reflect the correct number of new ocean cruise ships Viking is bringing in']",0.2617926636343617,One area of interest will be the impact of cutting-edge technologies: Liberty said artificial intelligence is helping Utopia reduce food waste by 30% to 40%.,"In this articleWith consumers getting more selective on how and where they vacation, cruise lines are fighting for Americans' tourist budgets.",0.3555704788728194,"On Royal Caribbean's recent earnings call, executives said Icon bookings are holding strong through 2025.""We're entering a two- to three-year period where there are minimal number of ships coming online.",HSBC analysts expect airfares to stay flat or decline in 2024 over 2023.Several analysts and investors will be sailing aboard Utopia this week to better understand what differentiates the cruise ship from its competitors.,2024-07-19
Dollar General settles with Labor Department over workplace safety violations,https://www.cnbc.com/2024/07/11/dollar-general-labor-department-settle-over-safety-violations.html,2024-07-12T00:56:56+0000,"In this articleThe U.S. Department of Labor announced a settlement Thursday with Dollar General, requiring the retailer and its subsidiaries to pay $12 million in penalties and implement significant workplace safety improvements in its more than 19,000 stores nationwide. The new set of fines adds to the more than $21 million in fines from the federal Occupational Safety and Health Administration that the discounter has racked up since 2017 due to blocked fire exits, dangerous levels of clutter and other safety claims. Gun violence has also been an issue for Dollar General stores: 49 people have been killed and 172 people have been injured at Dollar General stores by gun violence, according to 2023 data from nonprofit Gun Violence Archive.A repeat offender with the Department of Labor, Dollar General became the first company to be added to OSHA's ""severe violators"" of workplace safety rules list in 2023 after the agency expanded the reach of its safety enforcement program.""This agreement commits Dollar General to making worker safety a priority by implementing significant and systematic changes in its operations to improve accountability and compliance, and it gives Dollar General employees essential input on ensuring their own health and safety,"" Assistant Secretary for Occupational Safety and Health Douglas Parker said in a press release.Under the new settlement, the Tennessee-based retailer is required to hire additional safety managers and significantly reduce its inventory and increase stocking efficiency to prevent blocked exits and clutter. It is also required to provide safety and health training to all employees and to develop a safety and health committee with employee participation.Dollar General has hired third-party consultants and auditors to identify hazards and perform unannounced annual compliance audits, created a new Safety Operations Center and maintained an anonymous hotline for employees and the public to report safety concerns.The third-party auditors were first commissioned as a response to a shareholder vote in May 2023 calling for one, a decision that the company opposed at the time.The settlement with the Department of Labor also requires Dollar General to monitor outcomes of those efforts and provide quarterly reports to OSHA.Under the agreement, Dollar General will be required to correct safety hazards such as blocked access to fire extinguishers and electrical panels and improper material storage at its stores within 48 hours and submit proof of correction. The discounter will be subject to additional fines of $100,000 a day up to $500,000 if it fails to do so.CNBC has reached out to Dollar General for additional comment.",CNBC,12/07/2024,"['In this articleThe U.S. Department of Labor announced a settlement Thursday with Dollar General, requiring the retailer and its subsidiaries to pay $12 million in penalties and implement significant workplace safety improvements in its more than 19,000 stores nationwide.', 'The new set of fines adds to the more than $21 million in fines from the federal Occupational Safety and Health Administration that the discounter has racked up since 2017 due to blocked fire exits, dangerous levels of clutter and other safety claims.', 'Gun violence has also been an issue for Dollar General stores: 49 people have been killed and 172 people have been injured at Dollar General stores by gun violence, according to 2023 data from nonprofit Gun Violence Archive.', 'A repeat offender with the Department of Labor, Dollar General became the first company to be added to OSHA\'s ""severe violators"" of workplace safety rules list in 2023 after the agency expanded the reach of its safety enforcement program.', '""This agreement commits Dollar General to making worker safety a priority by implementing significant and systematic changes in its operations to improve accountability and compliance, and it gives Dollar General employees essential input on ensuring their own health and safety,"" Assistant Secretary for Occupational Safety and Health Douglas Parker said in a press release.', 'Under the new settlement, the Tennessee-based retailer is required to hire additional safety managers and significantly reduce its inventory and increase stocking efficiency to prevent blocked exits and clutter.', 'It is also required to provide safety and health training to all employees and to develop a safety and health committee with employee participation.', 'Dollar General has hired third-party consultants and auditors to identify hazards and perform unannounced annual compliance audits, created a new Safety Operations Center and maintained an anonymous hotline for employees and the public to report safety concerns.', 'The third-party auditors were first commissioned as a response to a shareholder vote in May 2023 calling for one, a decision that the company opposed at the time.', 'The settlement with the Department of Labor also requires Dollar General to monitor outcomes of those efforts and provide quarterly reports to OSHA.Under the agreement, Dollar General will be required to correct safety hazards such as blocked access to fire extinguishers and electrical panels and improper material storage at its stores within 48 hours and submit proof of correction.', 'The discounter will be subject to additional fines of $100,000 a day up to $500,000 if it fails to do so.', 'CNBC has reached out to Dollar General for additional comment.']",0.2273865980421969,"""This agreement commits Dollar General to making worker safety a priority by implementing significant and systematic changes in its operations to improve accountability and compliance, and it gives Dollar General employees essential input on ensuring their own health and safety,"" Assistant Secretary for Occupational Safety and Health Douglas Parker said in a press release.","Gun violence has also been an issue for Dollar General stores: 49 people have been killed and 172 people have been injured at Dollar General stores by gun violence, according to 2023 data from nonprofit Gun Violence Archive.",0.2707282185554504,"Under the new settlement, the Tennessee-based retailer is required to hire additional safety managers and significantly reduce its inventory and increase stocking efficiency to prevent blocked exits and clutter.","The new set of fines adds to the more than $21 million in fines from the federal Occupational Safety and Health Administration that the discounter has racked up since 2017 due to blocked fire exits, dangerous levels of clutter and other safety claims.",2024-07-19
Macy's ends buyout talks with Arkhouse and Brigade after months of negotiations,https://www.cnbc.com/2024/07/15/macys-ends-buyout-talks-with-arkhouse-and-brigade-after-months-of-negotiations.html,2024-07-15T15:42:15+0000,"In this articleDepartment store Macy's said Monday its board has unanimously decided to end negotiations with the activist group that had been looking to take the retailer private for roughly $6.9 billion, saying in a statement that questions on financing and premium were insurmountable.""We have concluded that Arkhouse and Brigade's proposal lacks certainty of financing and does not deliver compelling value,"" Macy's lead independent director Paul Varga said in a press release.Arkhouse and Brigade had for months been attempting to buy out the storied retailer. Earlier this month, the bidders increased their offer to $24.80 per share, the latest in a series of price hikes since they first launched their takeover effort last year.Macy's said the company had gone ""well beyond what is customarily required"" in a due diligence period, offering the bidder group store-by-store profit and loss information and leases for each location. The company also noted that Arkhouse and Brigade had been allowed to share that confidential information with more than a dozen ""credible financing sources.""Arkhouse, after its initial efforts had been rebuffed, said earlier this year it intended to mount a proxy fight for control of Macy's. The two sides were able to reach a settlement in April, adding two independent directors to the Macy's board.Arkhouse did not immediately respond to CNBC's request for comment. Shares of Macy's fell roughly 14% in early trading Monday.Macy's is in the middle of a turnaround effort led by CEO Tony Spring, who stepped into the top job in February. The department store operator announced earlier this year that it would close about 150 of its namesake stores and open new locations of Bloomingdale's and Bluemercury, its two brands that have put up stronger results. It is also opening smaller Macy's locations in bustling strip malls in the suburbs.But the legacy department store operator's efforts to grow sales have been stymied by high inflation, as consumers became more selective about spending on discretionary items. Macy's has had to fight to stay relevant, too, as younger shoppers turn to online players such as Shein, big-box stores such as Target and off-price chains such as T.J. Maxx instead of department stores.For the fiscal year, Macy's expects net sales to range between $22.3 billion and $22.9 billion, which would be a drop from $23.09 billion in 2023. It expects comparable sales, which take out the effect of store openings and closures, to range from a decline of about 1% to a gain of 1.5% on an owned-plus-licensed basis and including third-party marketplace sales.On an earnings call in late May, Spring said Macy's is in the ""early innings"" of revitalizing its namesake stores. Yet, he pointed to better sales results at the first 50 stores where Macy's had invested in more staffing, sharper merchandise displays and special events.Prior to Monday's losses, shares of Macy's had fallen about 5% so far in 2024 for a market value of roughly $5 billion, trailing behind the S&P 500's roughly 18% gain during the same period.Arkhouse is a well-known real estate investment firm led by Gavriel Kahane and Jonathon Blackwell. While it is not a conventional activist investing firm, it has made a handful of unsolicited bids for REITs over the past few years. Brigade Capital Management focuses on retail companies, and has previously invested in names such as Sears and Neiman Marcus.Together, the bidding group sought to unlock what it saw as trapped value inside Macy's real estate holdings, while simultaneously overhauling the company's operations. Other department store names have been activist targets in the recent past for similar reasons. In 2022, activist fund Macellum urged Kohl's to sell itself.",CNBC,15/07/2024,"[""In this articleDepartment store Macy's said Monday its board has unanimously decided to end negotiations with the activist group that had been looking to take the retailer private for roughly $6.9 billion, saying in a statement that questions on financing and premium were insurmountable."", '""Wehave concluded that Arkhouse and Brigade\'s proposal lacks certainty of financing and does not deliver compelling value,"" Macy\'s lead independent director Paul Varga said in a press release.', 'Arkhouse and Brigade had for months been attempting to buy out the storied retailer.', 'Earlier this month, the bidders increased their offer to $24.80 per share, the latest in a series of price hikes since they first launched their takeover effort last year.', 'Macy\'s said the company had gone ""well beyond what is customarily required"" in a due diligence period, offering the bidder group store-by-store profit and loss information and leases for each location.', 'The company also noted that Arkhouse and Brigade had been allowed to share that confidential information with more than a dozen ""credible financing sources.', '""Arkhouse, after its initial efforts had been rebuffed, said earlier this year it intended to mount a proxy fight for control of Macy\'s.', ""The two sides were able to reach a settlement in April, adding two independent directors to the Macy's board."", ""Arkhouse did not immediately respond to CNBC's request for comment."", ""Shares of Macy's fell roughly 14% in early trading Monday."", ""Macy's is in the middle of a turnaround effort led by CEO Tony Spring, who stepped into the top job in February."", ""The department store operator announced earlier this year that it wouldclose about 150 of its namesake storesand open new locations of Bloomingdale's and Bluemercury, its two brands that have put up stronger results."", ""It is alsoopening smaller Macy's locationsin bustling strip malls in the suburbs."", ""But the legacy department store operator's efforts to grow sales have been stymied by high inflation, as consumers became more selective about spending on discretionary items."", ""Macy's has had tofight to stay relevant, too, as younger shoppers turn to online players such as Shein, big-box stores such as Target and off-price chains such as T.J. Maxx instead of department stores."", ""For the fiscal year, Macy's expects net sales to range between $22.3 billion and $22.9 billion, which would be a drop from $23.09 billion in 2023.It expects comparable sales, which take out the effect of store openings and closures, to range from a decline of about 1% to a gain of 1.5% on an owned-plus-licensed basis and including third-party marketplace sales."", 'On an earnings call in late May, Spring said Macy\'s is in the ""early innings"" of revitalizing its namesake stores.', ""Yet, hepointed to better sales resultsat the first 50 stores where Macy's had invested in more staffing, sharper merchandise displays and special events."", ""Prior to Monday's losses, shares of Macy's had fallen about 5% so far in 2024 for a market value of roughly $5 billion, trailing behind the S&P 500's roughly 18% gain during the same period."", 'Arkhouse is a well-known real estate investment firm led by Gavriel Kahane and Jonathon Blackwell.', 'While it is not a conventional activist investing firm, it has made a handful of unsolicited bids for REITs over the past few years.', 'Brigade Capital Management focuses on retail companies, and has previously invested in names such as Sears and Neiman Marcus.', ""Together, the bidding group sought to unlock what it saw as trapped value inside Macy's real estate holdings, while simultaneously overhauling the company's operations."", 'Other department store names have been activist targets in the recent past for similar reasons.', ""In 2022, activist fund Macellum urged Kohl's to sell itself.""]",0.1346937520291199,"Yet, hepointed to better sales resultsat the first 50 stores where Macy's had invested in more staffing, sharper merchandise displays and special events.","""Arkhouse, after its initial efforts had been rebuffed, said earlier this year it intended to mount a proxy fight for control of Macy's.",-0.1878453850746154,"The department store operator announced earlier this year that it wouldclose about 150 of its namesake storesand open new locations of Bloomingdale's and Bluemercury, its two brands that have put up stronger results.","For the fiscal year, Macy's expects net sales to range between $22.3 billion and $22.9 billion, which would be a drop from $23.09 billion in 2023.It expects comparable sales, which take out the effect of store openings and closures, to range from a decline of about 1% to a gain of 1.5% on an owned-plus-licensed basis and including third-party marketplace sales.",2024-07-19
What are my rights if my flight is cancelled or delayed?,https://www.bbc.co.uk/news/business-61646214,2022-05-31T11:46:37.000Z,"A number of airlines around the world have been affected by an IT outage with almost 1,400 flights cancelled and others delayed. In these circumstances, airlines have a duty to look after you, including providing meals and accommodation if necessary. However, consumer group Which? says customers will not be entitled to any additional financial compensation for delays because these are extraordinary circumstances. ""Airlines should also reroute you as quickly as possible, though given the global nature of the problem, this may not be immediately possible,"" it added. So what are your rights if your journey is disrupted? If your flight is covered by UK law, your airline must let you choose between either getting a refund or being booked on to an alternative flight, regardless of how far in advance the cancellation was made.  You can get your money back for any part of the ticket you have not used.  So if you booked a return flight and the outbound leg is cancelled, you can get the full cost of the return ticket refunded.  If you still want to travel, your airline must find you an alternative flight.  If another airline is flying to your destination significantly sooner, or there are other suitable modes of transport available, then you have a right to be booked onto that alternative transport instead.  If you are stuck abroad or at the airport because of a flight cancellation, airlines must also provide you with other assistance until you are able to fly to your destination.  This includes:  If your airline is unable to arrange assistance, you have the right to organise this yourself and claim back the cost later.  In this case, the Civil Aviation Authority advises people to keep receipts and not spend more than necessary.  You are entitled to the same assistance as for a cancellation if your flight is delayed by more than two hours.  You may also be able to claim compensation if your flight arrives at its destination more than three hours late.  The amount is based on how far you are flying.  If you are delayed by more than five hours and no longer want to travel, you can get a full refund. If you booked a package holiday with a company that is an ABTA member and your flight is cancelled, you are entitled to a suitable alternative flight or a full refund.  Disruption caused by things like strikes by airport or air traffic control staff, bad weather or other ""extraordinary circumstances"" does not entitle you to extra compensation. However, in other circumstances - when it is considered to be the airline's fault - you have a number of rights under UK law. These apply as long as you are flying from a UK airport on any airline, arriving at a UK airport on an EU or UK airline, or arriving at an airport in the EU on a UK airline.  What you are entitled to depends on what caused the cancellation and how much notice you are given.  If your flight is cancelled with less than two weeks' notice, you may be able to claim compensation based on the timings of the alternative flight you are offered. The amount you are entitled to also depends on how far you were travelling:  Airlines will not refund you for loss of earnings. They are only responsible for covering direct costs, such as hotel rooms, meals and alternative flights. They are not obliged to cover consequential losses. Travel insurance policies will not usually cover loss of earnings either.  If you think you're going to be late back at work because of flight delays, you have a responsibility to contact your employer to let them know you won't be back as planned, legal experts say. You should agree with your employer how to deal with the absence - for example, by using more annual leave or time banked in lieu. Taking unpaid leave could also be an option. Employers have no legal obligation to pay employees who are absent in this situation, experts say, unless it is stated in their contract. Have you been personally affected by the disruption to flights? Get in touch by emailing haveyoursay@bbc.co.uk. Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk. Please include your name, age and location with any submission.  ",BBC,31/05/2022,"['A number of airlines around the world have been affected by an IT outage with almost 1,400 flights cancelled and others delayed.', 'In these circumstances, airlines have a duty to look after you, including providing meals and accommodation if necessary.', 'However, consumer group Which?', 'says customers will not be entitled to any additional financial compensation for delays because these are extraordinary circumstances. ""', 'Airlines should also reroute you as quickly as possible, though given the global nature of the problem, this may not be immediately possible,"" it added.', 'So what are your rights if your journey is disrupted?', 'If your flight is covered by UK law, your airline must let you choose between either getting a refund or being booked on to an alternative flight, regardless of how far in advance the cancellation was made.', 'You can get your money back for any part of the ticket you have not used.', 'So if you booked a return flight and the outbound leg is cancelled, you can get the full cost of the return ticket refunded.', 'If you still want to travel, your airline must find you an alternative flight.', 'If another airline is flying to your destination significantly sooner, or there are other suitable modes of transport available, then you have a right to be booked onto that alternative transport instead.', 'If you are stuck abroad or at the airport because of a flight cancellation, airlines must also provide you with other assistance until you are able to fly to your destination.', 'This includes: If your airline is unable to arrange assistance, you have the right to organise this yourself and claim back the cost later.', 'In this case, the Civil Aviation Authority advises people to keep receipts and not spend more than necessary.', 'You are entitled to the same assistance as for a cancellation if your flight is delayed by more than two hours.', 'You may also be able to claim compensation if your flight arrives at its destination more than three hours late.', 'The amount is based on how far you are flying.', 'If you are delayed by more than five hours and no longer want to travel, you can get a full refund.', 'If you booked a package holiday with a company that is an ABTA member and your flight is cancelled, you are entitled to a suitable alternative flight or a full refund.', 'Disruption caused by things like strikes by airport or air traffic control staff, bad weather or other ""extraordinary circumstances"" does not entitle you to extra compensation.', ""However, in other circumstances - when it is considered to be the airline's fault - you have a number of rights under UK law."", 'These apply as long as you are flying from a UK airport on any airline, arriving at a UK airport on an EU or UK airline, or arriving at an airport in the EU on a UK airline.', 'What you are entitled to depends on what caused the cancellation and how much notice you are given.', ""If your flight is cancelled with less than two weeks' notice, you may be able to claim compensation based on the timings of the alternative flight you are offered."", 'The amount you are entitled to also depends on how far you were travelling: Airlines will not refund you for loss of earnings.', 'They are only responsible for covering direct costs, such as hotel rooms, meals and alternative flights.', 'They are not obliged to cover consequential losses.', 'Travel insurance policies will not usually cover loss of earnings either.', ""If you think you're going to be late back at work because of flight delays, you have a responsibility to contact your employer to let them know you won't be back as planned, legal experts say."", 'You should agree with your employer how to deal with the absence - for example, by using more annual leave or time banked in lieu.', 'Taking unpaid leave could also be an option.', 'Employers have no legal obligation to pay employees who are absent in this situation, experts say, unless it is stated in their contract.', 'Have you been personally affected by the disruption to flights?', 'Get in touch by emailing haveyoursay@bbc.co.uk.', 'Please include a contact number if you are willing to speak to a BBC journalist.', ""You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk."", 'Please include your name, age and location with any submission.']",-0.0539579760702223,"If you booked a package holiday with a company that is an ABTA member and your flight is cancelled, you are entitled to a suitable alternative flight or a full refund.","Disruption caused by things like strikes by airport or air traffic control staff, bad weather or other ""extraordinary circumstances"" does not entitle you to extra compensation.",-0.930946409702301,,"A number of airlines around the world have been affected by an IT outage with almost 1,400 flights cancelled and others delayed.",2024-07-19
Bank of America shares jump 5% after saying net interest income rebound is coming,https://www.cnbc.com/2024/07/16/bank-of-america-bac-earnings-q2-2024.html,2024-07-16T20:27:41+0000,"In this articleBank of America on Tuesday said second-quarter revenue and profit topped expectations on rising investment banking and asset management fees.Here's what the company reported:The bank said profit slipped 6.9% from the year earlier period to $6.9 billion, or 83 cents a share, as the company's net interest income declined amid higher interest rates. Revenue climbed less than 1% to $25.54 billion.The firm was helped by a 29% increase in investment banking fees to $1.56 billion, edging out the $1.51 billion StreetAccount estimate. Asset management fees rose 14% to $3.37 billion, buoyed by higher stock market values, helping the firm's wealth management division post a 6.3% increase in revenue to $5.57 billion, essentially matching the estimate.Net interest income slipped 3% to $13.86 billion, also matching the StreetAccount estimate.But new guidance on the measure, known as NII, gave investors confidence that a turnaround is in the making. NII is one of the main ways that banks earn money.The measure, which is the difference between what a bank earns on loans and what it pays depositors for their savings, will rise to about $14.5 billion in the fourth quarter of this year, Bank of America said in a slide presentation.That confirms what executives previously told investors, which is that net interest income would probably bottom in the second quarter.Wells Fargo shares fell on Friday when it posted disappointing NII figures, showing how much investors are fixated on the metric.Shares of Bank of America climbed 5.4%, aided by the NII guidance.Last week, JPMorgan Chase, Wells Fargo and Citigroup each topped expectations for revenue and profit, a streak continued by Goldman Sachs on Monday, helped by a rebound in Wall Street activity.",CNBC,16/07/2024,"['In this articleBank of America on Tuesday said second-quarter revenue and profit topped expectations on rising investment banking and asset management fees.', ""Here's what the company reported:The bank said profit slipped 6.9% from the year earlier period to $6.9 billion, or 83 cents a share, as the company's net interest income declined amid higher interest rates."", 'Revenue climbed less than 1% to $25.54 billion.', 'The firm was helped by a 29% increase in investment banking fees to $1.56 billion, edging out the $1.51 billion StreetAccount estimate.', ""Asset management fees rose 14% to $3.37 billion, buoyed by higher stock market values, helping the firm's wealth management division post a 6.3% increase in revenue to $5.57 billion, essentially matching the estimate."", 'Net interest income slipped 3% to $13.86 billion, also matching the StreetAccount estimate.', 'But new guidance on the measure, known as NII, gave investors confidence that a turnaround is in the making.', 'NII is one of the main ways that banks earn money.', 'The measure, which is the difference between what a bank earns on loans and what it pays depositors for their savings, will rise to about $14.5 billion in the fourth quarter of this year, Bank of America said in a slide presentation.', 'That confirms what executives previously told investors, which is that net interest income would probably bottom in the second quarter.', 'Wells Fargo shares fell on Friday when it posted disappointing NII figures, showing how much investors are fixated on the metric.', 'Shares of Bank of America climbed 5.4%, aided by the NII guidance.', 'Last week, JPMorgan Chase,Wells Fargoand Citigroup each topped expectations for revenue and profit, a streak continued by Goldman Sachs on Monday, helped by a rebound in Wall Street activity.']",0.4024516582040477,"Asset management fees rose 14% to $3.37 billion, buoyed by higher stock market values, helping the firm's wealth management division post a 6.3% increase in revenue to $5.57 billion, essentially matching the estimate.",,0.333440234263738,In this articleBank of America on Tuesday said second-quarter revenue and profit topped expectations on rising investment banking and asset management fees.,"Wells Fargo shares fell on Friday when it posted disappointing NII figures, showing how much investors are fixated on the metric.",2024-07-19
"Postmasters had fingers in the till, minister told",https://www.bbc.co.uk/news/articles/c4ngr82zedxo,2024-07-19T16:03:29.994Z,"Jo Swinson has claimed that former Post Office chief executive Paula Vennells said  “something to the effect” that some sub-postmasters had “their fingers in the till."" The Former Liberal Democrat leader said that Vennells told her “although these might seem to be lovely people, clearly some of them are actually just at it”. Ms Swinson, who was Postal Affairs Minister between 2012 and 2015 also accused Ms Vennells of failing to tell her about the unreliability of a key witness in the prosecution of sub postmasters. She was referring to the former Fujitsu engineer, Gareth Jenkins, who defended the Horizon system in court cases where sub postmasters were sent to prison. Ms Swinson said Ms Vennells made the comments to her over the phone in the manner of ""taking me into her confidence."" In 2013, the barrister Simon Clarke KC advised the Post Office that Jenkins was  aware of bugs in the Horizon system and said the IT expert should have disclosed the existence of software bugs to the defence. Ms Swinson told the inquiry that Ms Vennells should have realised that the Clarke memo demanded ‘’urgent attention’’ and said ‘’she never told me’’ about it. Ms Vennells’ barrister Samantha Leak KC was quick to challenge Jo Swinson about her evidence.  She said that there was no evidence that Ms Vennells was shown the Clarke advice by the Post Office lawyer Susan Crichton or any of the company’s other lawyers.  Ms Swinson responded that she would have expected a chief executive to have asked to see it. The Former Liberal Democrat leader became emotional whilst giving evidence.  ""I’m sorry. I asked lots of questions but that wasn’t enough,"" she said to sub postmasters in the room while holding back tears. ",BBC,19/07/2024,"['Jo Swinson has claimed that former Post Office chief executive Paula Vennells said “something to the effect” that some sub-postmasters had “their fingers in the till.""', 'The Former Liberal Democrat leader said that Vennells told her “although these might seem to be lovely people, clearly some of them are actually just at it”.', 'Ms Swinson, who was Postal Affairs Minister between 2012 and 2015 also accused Ms Vennells of failing to tell her about the unreliability of a key witness in the prosecution of sub postmasters.', 'She was referring to the former Fujitsu engineer, Gareth Jenkins, who defended the Horizon system in court cases where sub postmasters were sent to prison.', 'Ms Swinson said Ms Vennells made the comments to her over the phone in the manner of ""taking me into her confidence.""', 'In 2013, the barrister Simon Clarke KC advised the Post Office that Jenkins was aware of bugs in the Horizon system and said the IT expert should have disclosed the existence of software bugs to the defence.', 'Ms Swinson told the inquiry that Ms Vennells should have realised that the Clarke memo demanded ‘’urgent attention’’ and said ‘’she never told me’’ about it.', 'Ms Vennells’ barrister Samantha Leak KC was quick to challenge Jo Swinson about her evidence.', 'She said that there was no evidence that Ms Vennells was shown the Clarke advice by the Post Office lawyer Susan Crichton or any of the company’s other lawyers.', 'Ms Swinson responded that she would have expected a chief executive to have asked to see it.', 'The Former Liberal Democrat leader became emotional whilst giving evidence. ""', 'I’m sorry.', 'I asked lots of questions but that wasn’t enough,"" she said to sub postmasters in the room while holding back tears.']",-0.039152716357377,"The Former Liberal Democrat leader said that Vennells told her “although these might seem to be lovely people, clearly some of them are actually just at it”.","Ms Swinson, who was Postal Affairs Minister between 2012 and 2015 also accused Ms Vennells of failing to tell her about the unreliability of a key witness in the prosecution of sub postmasters.",,,,2024-07-19
Super Bowl winner 'wrongly handcuffed' on United Airlines flight,https://www.bbc.co.uk/news/articles/crg5zl0vdv0o,2024-07-18T17:45:07.667Z,"United Airlines has apologised to NFL Hall of Fame legend Terrell Davis after the two-time Super Bowl champion said he was ""wrongly handcuffed"" on a flight to California. Mr Davis said he was removed from a United Airlines aircraft last Saturday after a flight attendant accused the former Denver Broncos star of hitting him. The 51-year-old, who was flying with his family from Denver, spoke about his ordeal on social media. He said the claim was false and described feeling ""traumatised"" by it. United Airlines told the BBC it had removed the flight attendant from duty while it investigates the matters and reviews its policies. Posting on his Instagram, Mr Davis released a statement explaining that during the flight's beverage service his son had asked for a cup of ice.  In an effort to get his son the ice, Mr Davis said he ""lightly tapped"" the flight attendant on the arm to get his attention, only to hear him respond, ""Don't hit me!"" The flight attendant then left the cart and went to the front of the plane, according to the Instagram account. ""I was confused, as were the passengers in front of me who witnessed the exchange, Mr Davis wrote. ""I thought nothing of it other than this particular employee was incredibly rude and blatantly wrong in his accusations of me hitting him.” Mr Davis said that when the plane arrived at Orange County's John Wayne Airport, he and other passengers were told to remain seated. FBI agents and local authorities then boarded the plane, placed him in handcuffs in front of his wife and three children and then removed him from the flight. He said the ""entire flight of passengers watched in silence"". A United Airlines spokeswoman told the BBC the company has apologised to Mr Davis and continues to discuss the incident with him. ""This is clearly not the kind of travel experience we strive to provide,"" she said. ""We have removed the flight attendant from duty while we closely look into this matter and we are reviewing our policies around incidents like this."" Mr Davis was a star running back for the Denver Broncos, playing for them from 1995 to 2001. He helped Denver win Super Bowls XXXII and XXXIII, remains the team's all-time leading rusher and was inducted into the Hall of Fame in 2017. ",BBC,18/07/2024,"['United Airlines has apologised to NFL Hall of Fame legend Terrell Davis after the two-time Super Bowl champion said he was ""wrongly handcuffed"" on a flight to California.', 'Mr Davis said he was removed from a United Airlines aircraft last Saturday after a flight attendant accused the former Denver Broncos star of hitting him.', 'The 51-year-old, who was flying with his family from Denver, spoke about his ordeal on social media.', 'He said the claim was false and described feeling ""traumatised"" by it.', 'United Airlines told the BBC it had removed the flight attendant from duty while it investigates the matters and reviews its policies.', ""Posting on his Instagram, Mr Davis released a statement explaining that during the flight's beverage service his son had asked for a cup of ice."", 'In an effort to get his son the ice, Mr Davis said he ""lightly tapped"" the flight attendant on the arm to get his attention, only to hear him respond, ""Don\'t hit me!""', 'The flight attendant then left the cart and went to the front of the plane, according to the Instagram account. ""', 'I was confused, as were the passengers in front of me who witnessed the exchange, Mr Davis wrote. ""', 'I thought nothing of it other than this particular employee was incredibly rude and blatantly wrong in his accusations of me hitting him.”', ""Mr Davis said that when the plane arrived at Orange County's John Wayne Airport, he and other passengers were told to remain seated."", 'FBI agents and local authorities then boarded the plane, placed him in handcuffs in front of his wife and three children and then removed him from the flight.', 'He said the ""entire flight of passengers watched in silence"".', 'A United Airlines spokeswoman told the BBC the company has apologised to Mr Davis and continues to discuss the incident with him. ""', 'This is clearly not the kind of travel experience we strive to provide,"" she said. ""', 'We have removed the flight attendant from duty while we closely look into this matter and we are reviewing our policies around incidents like this.""', 'Mr Davis was a star running back for the Denver Broncos, playing for them from 1995 to 2001.', ""He helped Denver win Super Bowls XXXII and XXXIII, remains the team's all-time leading rusher and was inducted into the Hall of Fame in 2017.""]",0.1049293035842696,"United Airlines has apologised to NFL Hall of Fame legend Terrell Davis after the two-time Super Bowl champion said he was ""wrongly handcuffed"" on a flight to California.",I thought nothing of it other than this particular employee was incredibly rude and blatantly wrong in his accusations of me hitting him.”,-0.9344825148582458,,"He said the claim was false and described feeling ""traumatised"" by it.",2024-07-19
Phone and broadband mid-contract price surprise rises banned,https://www.bbc.co.uk/news/articles/c51ydz24lj2o,2024-07-19T06:17:43.545Z,"Mobile phone, pay TV, and broadband companies have been banned from surprise price rises during a contract. In new deals from 17 January, providers must tell customers about any mid-contract price rises at the point of sale and ""in pounds and pence"". This must be done in a ""clear and comprehensible"" way, Ofcom has ordered. Complaints from customers have risen about large, unexpected price rises at a time when other bills had been soaring. Ofcom said that many telecoms companies had changed contract terms in recent years to include price rises during a contract that were linked to inflation. This was usually on top of a 3.9% standard increase. That meant customers, when agreeing to a deal, could not budget for unknown price rises in the future.  Cristina Luna-Esteban, Ofcom's telecoms policy director, said: “People need to have certainty about their monthly outgoings. But that’s impossible if you’re tied into a contract where the price could change based on something as hard to predict as future inflation. “We’re stepping in on behalf of phone, broadband and pay TV customers to stamp out this practice, so people can be certain of the price they will pay, compare deals more easily and take advantage of the competitive market we have in the UK.” The move was proposed in December and has been through a consultation process. Ofcom said, as of April, about six in 10 broadband and mobile customers were on contracts subject to inflation-linked price rises.  Many were unaware of the rates of inflation - which chart the rising cost of living - and so found it difficult to estimate the effect on their payments. However, some providers were offering fixed-price deals in what the regulator described as a competitive market. Consumer groups were circumspect about the change in the rules. Tom MacInnes, from Citizens Advice, criticised Ofcom for the time it had taken to reach the decision. In the meantime, billions of pounds had collectively been added to bills when many people were struggling. “While we welcome steps to ban inflation-linked hikes, the announcement falls short of a full ban on prices rising mid-contract,"" he said. “Ofcom has also left the door wide open for mobile and broadband providers to sneakily include ‘prices may vary’ small print in their contracts, leaving consumers exposed to wholly unpredictable price rises. That's why we've always been clear that fixed should mean fixed.” ",BBC,19/07/2024,"['Mobile phone, pay TV, and broadband companies have been banned from surprise price rises during a contract.', 'In new deals from 17 January, providers must tell customers about any mid-contract price rises at the point of sale and ""in pounds and pence"".', 'This must be done in a ""clear and comprehensible"" way, Ofcom has ordered.', 'Complaints from customers have risen about large, unexpected price rises at a time when other bills had been soaring.', 'Ofcom said that many telecoms companies had changed contract terms in recent years to include price rises during a contract that were linked to inflation.', 'This was usually on top of a 3.9% standard increase.', 'That meant customers, when agreeing to a deal, could not budget for unknown price rises in the future.', ""Cristina Luna-Esteban, Ofcom's telecoms policy director, said: “People need to have certainty about their monthly outgoings."", 'But that’s impossible if you’re tied into a contract where the price could change based on something as hard to predict as future inflation. “', 'We’re stepping in on behalf of phone, broadband and pay TV customers to stamp out this practice, so people can be certain of the price they will pay, compare deals more easily and take advantage of the competitive market we have in the UK.”', 'The move was proposed in December and has been through a consultation process.', 'Ofcom said, as of April, about six in 10 broadband and mobile customers were on contracts subject to inflation-linked price rises.', 'Many were unaware of the rates of inflation - which chart the rising cost of living - and so found it difficult to estimate the effect on their payments.', 'However, some providers were offering fixed-price deals in what the regulator described as a competitive market.', 'Consumer groups were circumspect about the change in the rules.', 'Tom MacInnes, from Citizens Advice, criticised Ofcom for the time it had taken to reach the decision.', 'In the meantime, billions of pounds had collectively been added to bills when many people were struggling. “', 'While we welcome steps to ban inflation-linked hikes, the announcement falls short of a full ban on prices rising mid-contract,"" he said. “', 'Ofcom has also left the door wide open for mobile and broadband providers to sneakily include ‘prices may vary’ small print in their contracts, leaving consumers exposed to wholly unpredictable price rises.', ""That's why we've always been clear that fixed should mean fixed.”""]",-0.0132285350070373,"We’re stepping in on behalf of phone, broadband and pay TV customers to stamp out this practice, so people can be certain of the price they will pay, compare deals more easily and take advantage of the competitive market we have in the UK.”","While we welcome steps to ban inflation-linked hikes, the announcement falls short of a full ban on prices rising mid-contract,"" he said. “",-0.0864041745662689,This was usually on top of a 3.9% standard increase.,"Mobile phone, pay TV, and broadband companies have been banned from surprise price rises during a contract.",2024-07-19
EU seals 'historic' pact on Serbia's lithium deposits,https://www.bbc.co.uk/news/articles/cw4yg09rl8lo,2024-07-19T15:58:41.600Z,"The EU has hailed a pact with Serbia on lithium mining as a “historic day for Serbia, as well as for Europe”, bringing to an end a race to seal the deal. On Tuesday, Serbia restored mining giant Rio Tinto’s licence to extract the mineral in the Jadar Valley in the west of the country. By Thursday evening, Germany’s Chancellor Olaf Scholz was in Belgrade and championing a deal he said would help to defend Europe's economic security. Mr Scholz was keen to ensure his country’s auto industry was at the front of the queue for supplies. Carmakers will need ever more lithium for batteries, as the transition to zero-emission vehicles accelerates – and Rio Tinto’s Jadar project could provide as much as nine-tenths of Europe’s current lithium needs. The European Commission’s vice-president, Maros Sefcovic, was also in Belgrade on Friday, for a meeting billed as a “critical raw materials summit”.  He was joined by what he called the “crème de la crème” of European companies with a strong interest in a new source of lithium. They included Mercedes-Benz and Stellantis, who between them account for almost a quarter of all car sales in Europe.  Representatives of lithium battery-makers also looked on as Serbia and the EU signed an agreement to establish a “strategic partnership on sustainable raw materials, battery production chains and electric vehicles”. While Mr Sefcovic described it a historic day, Olaf Scholz celebrated securing access to the continent’s largest-known reserves of lithium – which should reduce reliance on supplies from China. “This decision takes courage, but it was made at the right moment,” he said, adding that the move would ensure Europe remains ""sovereign in a changing world"" and ""is not dependent on others"". This was praise for Serbia’s leadership, who scrapped a ban on lithium mining after a court ruling last week declared it to be unconstitutional. The government imposed the moratorium in 2022, after extensive protests across the country. It was not just environmentalists who took part in the demonstrations. Many of those who blocked roads and bridges were new to protesting. All of them were alarmed that a foreign company had gained mining rights through a process they felt had not been transparent. And they were concerned about the potential impact on important sources of food and water in the Jadar Valley. Those concerns have not gone away, despite the assurances of Serbia’s president, Aleksandar Vucic. “We will never hide anything from our people at any stage of the opening of the mine, at any part of the procedure,” he said at the signing ceremony.  “As president, I will personally fight for the environment and for the lives of our citizens in Jadar, so that their water and air are clean”. Mr Vucic was also keen to play up the potential economic gains. He insisted that Jadar’s lithium would stay in the country.   Maros Sefcovic said that would mean Serbia would become the first European country with “the whole value chain from lithium down to the electric vehicles built here in Serbia”. Opposition parties remain unconvinced by the president’s environmental guarantees. They never believed the lithium mine had been scrapped for good. Now they’re demanding transparency over the revived Rio Tinto project. “There is a complete lack of trust in the government when they say it will be in the interest of citizens,” says the co-leader of the Green-Left Movement, Biljana Djordjevic. “We fear that Serbia will be sacrificed to provide lithium for electric vehicles that pretty much nobody in Serbia can afford.” It means that despite the celebrations in Brussels, Berlin and Belgrade, the protests against lithium mining in rural Serbia are likely to return in earnest. ",BBC,19/07/2024,"['The EU has hailed a pact with Serbia on lithium mining as a “historic day for Serbia, as well as for Europe”, bringing to an end a race to seal the deal.', 'On Tuesday, Serbia restored mining giant Rio Tinto’s licence to extract the mineral in the Jadar Valley in the west of the country.', ""By Thursday evening, Germany’s Chancellor Olaf Scholz was in Belgrade and championing a deal he said would help to defend Europe's economic security."", 'Mr Scholz was keen to ensure his country’s auto industry was at the front of the queue for supplies.', 'Carmakers will need ever more lithium for batteries, as the transition to zero-emission vehicles accelerates – and Rio Tinto’s Jadar project could provide as much as nine-tenths of Europe’s current lithium needs.', 'The European Commission’s vice-president, Maros Sefcovic, was also in Belgrade on Friday, for a meeting billed as a “critical raw materials summit”.', 'He was joined by what he called the “crème de la crème” of European companies with a strong interest in a new source of lithium.', 'They included Mercedes-Benz and Stellantis, who between them account for almost a quarter of all car sales in Europe.', 'Representatives of lithium battery-makers also looked on as Serbia and the EU signed an agreement to establish a “strategic partnership on sustainable raw materials, battery production chains and electric vehicles”.', 'While Mr Sefcovic described it a historic day, Olaf Scholz celebrated securing access to the continent’s largest-known reserves of lithium – which should reduce reliance on supplies from China. “', 'This decision takes courage, but it was made at the right moment,” he said, adding that the move would ensure Europe remains ""sovereign in a changing world"" and ""is not dependent on others"".', 'This was praise for Serbia’s leadership, who scrapped a ban on lithium mining after a court ruling last week declared it to be unconstitutional.', 'The government imposed the moratorium in 2022, after extensive protests across the country.', 'It was not just environmentalists who took part in the demonstrations.', 'Many of those who blocked roads and bridges were new to protesting.', 'All of them were alarmed that a foreign company had gained mining rights through a process they felt had not been transparent.', 'And they were concerned about the potential impact on important sources of food and water in the Jadar Valley.', 'Those concerns have not gone away, despite the assurances of Serbia’s president, Aleksandar Vucic. “', 'We will never hide anything from our people at any stage of the opening of the mine, at any part of the procedure,” he said at the signing ceremony. “', 'As president, I will personally fight for the environment and for the lives of our citizens in Jadar, so that their water and air are clean”.', 'Mr Vucic was also keen to play up the potential economic gains.', 'He insisted that Jadar’s lithium would stay in the country.', 'Maros Sefcovic said that would mean Serbia would become the first European country with “the whole value chain from lithium down to the electric vehicles built here in Serbia”.', 'Opposition parties remain unconvinced by the president’s environmental guarantees.', 'They never believed the lithium mine had been scrapped for good.', 'Now they’re demanding transparency over the revived Rio Tinto project. “', 'There is a complete lack of trust in the government when they say it will be in the interest of citizens,” says the co-leader of the Green-Left Movement, Biljana Djordjevic. “', 'We fear that Serbia will be sacrificed to provide lithium for electric vehicles that pretty much nobody in Serbia can afford.”', 'It means that despite the celebrations in Brussels, Berlin and Belgrade, the protests against lithium mining in rural Serbia are likely to return in earnest.']",0.2086050992073543,"By Thursday evening, Germany’s Chancellor Olaf Scholz was in Belgrade and championing a deal he said would help to defend Europe's economic security.",Many of those who blocked roads and bridges were new to protesting.,0.3920783767333397,Mr Vucic was also keen to play up the potential economic gains.,"There is a complete lack of trust in the government when they say it will be in the interest of citizens,” says the co-leader of the Green-Left Movement, Biljana Djordjevic. “",2024-07-19
Thousands of flights in US cancelled and delayed due to IT outage,https://www.bbc.co.uk/news/articles/cpd9jzrygnno,2024-07-19T08:59:57.927Z,"Major airlines have restored some operations after grounding flights across the US, citing communication issues caused by a global IT outage. The outage - which has also affected banks and emergency services around the world - has been caused by a faulty software update from cybersecurity firm Crowdstrike. Delta Airlines, which is the world's second biggest carrier by passenger numbers, had paused all of its flights but later said some had resumed. American Airlines also grounded its flights earlier but has resumed service. Crowdstrike has apologised and said that the issue “has been identified, isolated and a fix has been deployed”. It is not currently known when the issue will be resolved. Nearly 28,000 flights have been delayed and more than 3,000 have been cancelled, according to FlightAware. American Airlines and Delta have told passengers they would be issuing travel waivers for the disrupted services. Around the world, thousands of travellers have been affected. US tourist Stephanie Thompson was unable to board her flight back to Dallas following a holiday in the UK. ""We couldn't get an answer from anybody,” she said, speaking from Edinburgh Airport. “I was on hold with American (Airlines) for about an hour and 10 minutes before I finally hung up. ""We just paid $6,800 (£5,260) for a one-way trip home, hopefully leaving tonight. I didn't know what else to do. I just wanted something to get us home."" A spokeswoman for Los Angeles International Airport told the BBC that “some flights are taking off and landing”, indicating that the issue is primarily affecting airlines rather than airports. United Airlines has also been affected by the tech outage, along with a number of smaller carriers. The first indication of the Crowdstrike issue affecting US airlines emerged late on Thursday, when US airline Frontier said a major ""technical outage"" had affected its operations. Commenting on that development, US Secretary of Transportation Pete Buttigieg said his department was ""monitoring technical issues” at Frontier that were “leading to cancellations and delays across their network."" The disruptions affected more than airports, with hospitals also reporting outages.  The New York-based Kaleida Health network, which runs five hospitals in the Buffalo area, said on Friday morning that its systems were momentarily down. At Mass Brigham General hospitals, in Boston, Massachusetts, all appointments considered non-urgent were cancelled on Friday due to the outage. The widespread IT outage disrupted air travel far beyond the US. Japan's Narita airport, around 60km (37miles) from Tokyo, says airlines JetStar, Jeju Air, Qantas, HK Express and Spring Japan are having issues with their systems. And in India, Delhi airport says some services have been temporarily impacted. Amsterdam's Schiphol airport is one of the latest to report delays caused by the IT outage. ""The outage has an impact on flights flying from and to Schiphol,"" a spokesperson said, adding that it was not yet clear how many flights had been affected. ",BBC,19/07/2024,"['Major airlines have restored some operations after grounding flights across the US, citing communication issues caused by a global IT outage.', 'The outage - which has also affected banks and emergency services around the world - has been caused by a faulty software update from cybersecurity firm Crowdstrike.', ""Delta Airlines, which is the world's second biggest carrier by passenger numbers, had paused all of its flights but later said some had resumed."", 'American Airlines also grounded its flights earlier but has resumed service.', 'Crowdstrike has apologised and said that the issue “has been identified, isolated and a fix has been deployed”.', 'It is not currently known when the issue will be resolved.', 'Nearly 28,000 flights have been delayed and more than 3,000 have been cancelled, according to FlightAware.', 'American Airlines and Delta have told passengers they would be issuing travel waivers for the disrupted services.', 'Around the world, thousands of travellers have been affected.', 'US tourist Stephanie Thompson was unable to board her flight back to Dallas following a holiday in the UK. ""', ""We couldn't get an answer from anybody,” she said, speaking from Edinburgh Airport. “"", 'I was on hold with American (Airlines) for about an hour and 10 minutes before I finally hung up. ""', 'We just paid $6,800 (£5,260) for a one-way trip home, hopefully leaving tonight.', ""I didn't know what else to do."", 'I just wanted something to get us home.""', 'A spokeswoman for Los Angeles International Airport told the BBC that “some flights are taking off and landing”, indicating that the issue is primarily affecting airlines rather than airports.', 'United Airlines has also been affected by the tech outage, along with a number of smaller carriers.', 'The first indication of the Crowdstrike issue affecting US airlines emerged late on Thursday, when US airline Frontier said a major ""technical outage"" had affected its operations.', 'Commenting on that development, US Secretary of Transportation Pete Buttigieg said his department was ""monitoring technical issues” at Frontier that were “leading to cancellations and delays across their network.""', 'The disruptions affected more than airports, with hospitals also reporting outages.', 'The New York-based Kaleida Health network, which runs five hospitals in the Buffalo area, said on Friday morning that its systems were momentarily down.', 'At Mass Brigham General hospitals, in Boston, Massachusetts, all appointments considered non-urgent were cancelled on Friday due to the outage.', 'The widespread IT outage disrupted air travel far beyond the US.', ""Japan's Narita airport, around 60km (37miles) from Tokyo, says airlines JetStar, Jeju Air, Qantas, HK Express and Spring Japan are having issues with their systems."", 'And in India, Delhi airport says some services have been temporarily impacted.', 'Amsterdam\'s Schiphol airport is one of the latest to report delays caused by the IT outage. ""', 'The outage has an impact on flights flying from and to Schiphol,"" a spokesperson said, adding that it was not yet clear how many flights had been affected.']",-0.0329411591637678,"US tourist Stephanie Thompson was unable to board her flight back to Dallas following a holiday in the UK. """,The outage - which has also affected banks and emergency services around the world - has been caused by a faulty software update from cybersecurity firm Crowdstrike.,-0.9000804378436162,,"Commenting on that development, US Secretary of Transportation Pete Buttigieg said his department was ""monitoring technical issues” at Frontier that were “leading to cancellations and delays across their network.""",2024-07-19
Train tickets: Will Labour's plan make them cheaper?,https://www.bbc.co.uk/news/articles/cy63j4x66ylo,2024-04-25T12:39:13.543Z,"The newly-elected Labour government used the King's Speech on Wednesday to lay out its plans for renationalising the railways. But what will this mean for passengers, and how will it work? The government has not guaranteed lower fares, but has promised a ""best fare guarantee"", to make sure people are always paying the lowest fare for their journey. It has also promised its reforms would make buying cheaper tickets simpler. However, railway specialist Tony Miles - who has covered the industry for over 40 years -  told the BBC when the plans were first announced that any savings were likely to be minimal. He said this is because the private operators' profit margins are already so small, at just a few pence for each passenger journey. He argued this would mean Labour would only be able to pass on very small savings per journey. From just after the Second World War until the 1990s the UK rail system was fully nationalised, with the government owning the rail networks and all of the trains. The industry was privatised in the 1990s, with services run by a variety of train operating companies. At the moment the infrastructure is managed by Network Rail, while passenger train services are run by individual operators. The situation is different in Scotland and Wales, where passenger services are already run by the devolved governments. In Northern Ireland, the system is fully nationalised. Labour wants to move further towards nationalisation, confirming plans to establish Great British Railways (GBR). This publicly-owned body would oversee the rail system across England, Wales, and Scotland. It would take over the service contracts currently held by private firms in England as they expire in the future. However, the government has not said GBR would buy back ""rolling stock' (an industry term for the train carriages) from private firms. This implies it would continue to lease them. There is also no suggestion the rail freight companies will be nationalised, with the government instead saying that GBR will support and promote freight operators. The government also plans to set up an independent watchdog, the Passenger Standards Authority, which would ""champion improvement in service against a range of measures"". Whether this will make the trains run better ""comes down to how they’re going to fund things"" and whether it will allow major construction projects to move forward, says Mark Simmons, deputy editor at International Railway Journal. Mr Simmons also queried what expertise GBR would have, suggesting there could still be a ""skills deficit"" at GBR, a problem which he said was affecting rail systems across Europe. ""If lots of people leave as rail operator contracts terminate, what we could see is an exodus of talent,"" he said. Luxembourg operates a fully state-run system where all train journeys are free, and train tickets in other European countries with more state control than the UK can be much cheaper. However, those networks also receive lots of government investment, which can mean higher taxes. Mr Miles argues the UK’s franchising system, whereby the government owns the network through National Rail and hands out operator contracts to private companies, was the “envy of Europe” before Covid hit. He said passenger numbers have increased as a result of the franchise system, but added that the contracts written during Covid were done so “in a rush” and are “too generous”. He pointed to Transport for London and the Manchester bus service as examples of where a state run franchising system to private contractors can work. Mr Simmons says trains in the UK are ""not as bad as people think"". ""Sometimes the perception is that everywhere else is better, and that’s very much not true.” However, he said other countries were “powering ahead” with long-term planning for major projects.  If Labour waits until the current franchise contracts run out and takes them on itself, as the previous government did during Covid, this would not necessarily cost the taxpayer anything. However, doing so would also mean taking on the railway operators debts, leases, and liabilities, such as their pension fund pots and the lease contracts for the rolling stock. Labour says its plans would save the taxpayer £2.2bn a year, but the government has not guaranteed that all this money would be reinvested in the railways. ""It could happen very quickly,"" says Mr Simmons, given the plan is to transfer train networks to public ownership as the current operator contracts begin to run out. Some train operators are already under public control after being taken into the government’s Operator of Last Resort. Many train operators' franchises come up for renewal in the next few years, but some have an earlier ""core term"" expiry date, which would allow the government to take control sooner. All railway operators' contracts or core terms will expire by October 2027. UK private operators' contract expiry dates UK private operators' 'core term' expiry dates* *No 'core term' expiry date for South Western or Essex Thameside (c2c) UK public operators Source: Rail Partners, Department for Transport ",BBC,25/04/2024,"[""The newly-elected Labour government used the King's Speech on Wednesday to lay out its plans for renationalising the railways."", 'But what will this mean for passengers, and how will it work?', 'The government has not guaranteed lower fares, but has promised a ""best fare guarantee"", to make sure people are always paying the lowest fare for their journey.', 'It has also promised its reforms would make buying cheaper tickets simpler.', 'However, railway specialist Tony Miles - who has covered the industry for over 40 years - told the BBC when the plans were first announced that any savings were likely to be minimal.', ""He said this is because the private operators' profit margins are already so small, at just a few pence for each passenger journey."", 'He argued this would mean Labour would only be able to pass on very small savings per journey.', 'From just after the Second World War until the 1990s the UK rail system was fully nationalised, with the government owning the rail networks and all of the trains.', 'The industry was privatised in the 1990s, with services run by a variety of train operating companies.', 'At the moment the infrastructure is managed by Network Rail, while passenger train services are run by individual operators.', 'The situation is different in Scotland and Wales, where passenger services are already run by the devolved governments.', 'In Northern Ireland, the system is fully nationalised.', 'Labour wants to move further towards nationalisation, confirming plans to establish Great British Railways (GBR).', 'This publicly-owned body would oversee the rail system across England, Wales, and Scotland.', 'It would take over the service contracts currently held by private firms in England as they expire in the future.', 'However, the government has not said GBR would buy back ""rolling stock\' (an industry term for the train carriages) from private firms.', 'This implies it would continue to lease them.', 'There is also no suggestion the rail freight companies will be nationalised, with the government instead saying that GBR will support and promote freight operators.', 'The government also plans to set up an independent watchdog, the Passenger Standards Authority, which would ""champion improvement in service against a range of measures"".', 'Whether this will make the trains run better ""comes down to how they’re going to fund things"" and whether it will allow major construction projects to move forward, says Mark Simmons, deputy editor at International Railway Journal.', 'Mr Simmons also queried what expertise GBR would have, suggesting there could still be a ""skills deficit"" at GBR, a problem which he said was affecting rail systems across Europe. ""', 'If lots of people leave as rail operator contracts terminate, what we could see is an exodus of talent,"" he said.', 'Luxembourg operates a fully state-run system where all train journeys are free, and train tickets in other European countries with more state control than the UK can be much cheaper.', 'However, those networks also receive lots of government investment, which can mean higher taxes.', 'Mr Miles argues the UK’s franchising system, whereby the government owns the network through National Rail and hands out operator contracts to private companies, was the “envy of Europe” before Covid hit.', 'He said passenger numbers have increased as a result of the franchise system, but added that the contracts written during Covid were done so “in a rush” and are “too generous”.', 'He pointed to Transport for London and the Manchester bus service as examples of where a state run franchising system to private contractors can work.', 'Mr Simmons says trains in the UK are ""not as bad as people think"". ""', 'Sometimes the perception is that everywhere else is better, and that’s very much not true.”', 'However, he said other countries were “powering ahead” with long-term planning for major projects.', 'If Labour waits until the current franchise contracts run out and takes them on itself, as the previous government did during Covid, this would not necessarily cost the taxpayer anything.', 'However, doing so would also mean taking on the railway operators debts, leases, and liabilities, such as their pension fund pots and the lease contracts for the rolling stock.', 'Labour says its plans would save the taxpayer £2.2bn a year, but the government has not guaranteed that all this money would be reinvested in the railways. ""', 'It could happen very quickly,"" says Mr Simmons, given the plan is to transfer train networks to public ownership as the current operator contracts begin to run out.', 'Some train operators are already under public control after being taken into the government’s Operator of Last Resort.', 'Many train operators\' franchises come up for renewal in the next few years, but some have an earlier ""core term"" expiry date, which would allow the government to take control sooner.', ""All railway operators' contracts or core terms will expire by October 2027."", ""UK private operators' contract expiry dates UK private operators' 'core term' expiry dates* *No 'core term' expiry date for South Western or Essex Thameside (c2c) UK public operators Source: Rail Partners, Department for Transport""]",0.1118810111862596,"The government has not guaranteed lower fares, but has promised a ""best fare guarantee"", to make sure people are always paying the lowest fare for their journey.","Mr Simmons also queried what expertise GBR would have, suggesting there could still be a ""skills deficit"" at GBR, a problem which he said was affecting rail systems across Europe. """,0.336638147632281,"He said passenger numbers have increased as a result of the franchise system, but added that the contracts written during Covid were done so “in a rush” and are “too generous”.","Mr Simmons also queried what expertise GBR would have, suggesting there could still be a ""skills deficit"" at GBR, a problem which he said was affecting rail systems across Europe. """,2024-07-19
"How much money is the UK government borrowing, and does it matter?",https://www.bbc.co.uk/news/business-50504151,2019-11-21T15:27:10.000Z,"The government generally spends more than it raises in tax. To fill this gap it borrows money, but that has to be paid back - with interest - and that can influence wider tax and spending plans.  The government gets most of its income from taxes. For example, workers pay income tax, everyone pays VAT on certain goods, and companies pay tax on their profits. It could, in theory, cover all of its spending from taxes, and in some years that happens. But if it can't, it will cover the gap by raising taxes, cutting spending or borrowing. Higher taxes mean people have less money to spend, so businesses make less profit, which can be bad for jobs and wages. Lower profits also mean companies pay less tax. So, governments often borrow to boost the economy. They also borrow to pay for big projects - such as new railways and roads - which they hope will help the economy. The government borrows money by selling financial products called bonds. A bond is a promise to pay money in the future. Most require the borrower to make regular interest payments over the bond's lifetime.  UK government bonds - known as ""gilts"" - are normally considered very safe, with little risk the money will not be repaid. Gilts are mainly bought by financial institutions in the UK and abroad, such as pension funds, investment funds, banks and insurance companies.  The Bank of England has also bought hundreds of billions of pounds' worth of government bonds in the past to support the economy, through a process called ""quantitative easing"". The amount the government borrows varies from month to month.  For instance, when people submit tax returns in January, they often pay a large chunk of their annual tax bill in one go, so the government sees a jump in the amount of money it takes in.  So it is more helpful to look at the whole year, or the year-to-date. In the last financial year, to March 2024, the government borrowed £122.1bn. The most recent monthly figures show that borrowing was £14.5bn in June, £3.2bn less than in the same month last year.  The total amount the government owes is called the national debt. It is currently about £2.7 trillion. That is roughly the same as the value of all the goods and services produced in the UK in a year, known as the gross domestic product, or GDP. That current level is more than double what was seen from the 1980s through to the financial crisis of 2008.  The combination of the financial crash and the Covid pandemic pushed the UK's debt up from those historic lows to its current level. But in relation to the size of the economy, UK debt figures are still low compared with much of the last century, and also compared with some other leading economies. The larger the national debt gets, the more interest the government has to pay.  That extra cost was not as big when the interest rates due were low through the 2010s, but it became more noticeable after the Bank of England raised interest rates. The amount of interest the government pays on national debt fluctuates, and by one measure, hit a 20-year high in early October 2023. Around a quarter of UK debt is index-linked, meaning payments are directly linked to the rate of inflation. When inflation rose it pushed up the bill for servicing debt significantly, although these payments are now easing. If the government has to set aside more cash for paying its debts, it may mean it has less to spend on the public services which it borrowed to fund in the first place.  Some economists fear the government is borrowing too much, at too great a cost. Others argue extra borrowing helps the economy grow faster - generating more tax revenue in the long run. With measures such as a cut in National Insurance announced at the March Budget, the OBR expects borrowing to rise slightly in the next financial year, before remaining in line with previous forecasts.  It would fall below 3% of GDP by 2025-26, meeting one of the financial rules the previous government decided to set itself.  But the OBR has previously warned that public debt could soar as the population ages and tax income falls. In an ageing population, the proportion of people of working age drops, meaning the government takes less in tax while paying out more in pensions.  In its latest forecasts in March, the OBR said debt, measured against the size of the economy, is still set to rise over the next four years, before falling back marginally in the fifth year. Other economists argue that big economies like the UK could borrow much more than they currently do, and the negative impact is greatly exaggerated. The deficit is the gap between the government's income and the amount it spends. When a government spends less than its income, it has what is known as a surplus.  Debt is the total amount of money owed by the government that has built up over years.  It rises when there is a deficit, and falls in those years when there is a surplus.   ",BBC,21/11/2019,"['The government generally spends more than it raises in tax.', 'To fill this gap it borrows money, but that has to be paid back - with interest - and that can influence wider tax and spending plans.', 'The government gets most of its income from taxes.', 'For example, workers pay income tax, everyone pays VAT on certain goods, and companies pay tax on their profits.', 'It could, in theory, cover all of its spending from taxes, and in some years that happens.', ""But if it can't, it will cover the gap by raising taxes, cutting spending or borrowing."", 'Higher taxes mean people have less money to spend, so businesses make less profit, which can be bad for jobs and wages.', 'Lower profits also mean companies pay less tax.', 'So, governments often borrow to boost the economy.', 'They also borrow to pay for big projects - such as new railways and roads - which they hope will help the economy.', 'The government borrows money by selling financial products called bonds.', 'A bond is a promise to pay money in the future.', ""Most require the borrower to make regular interest payments over the bond's lifetime."", 'UK government bonds - known as ""gilts"" - are normally considered very safe, with little risk the money will not be repaid.', 'Gilts are mainly bought by financial institutions in the UK and abroad, such as pension funds, investment funds, banks and insurance companies.', 'The Bank of England has also bought hundreds of billions of pounds\' worth of government bonds in the past to support the economy, through a process called ""quantitative easing"".', 'The amount the government borrows varies from month to month.', 'For instance, when people submit tax returns in January, they often pay a large chunk of their annual tax bill in one go, so the government sees a jump in the amount of money it takes in.', 'So it is more helpful to look at the whole year, or the year-to-date.', 'In the last financial year, to March 2024, the government borrowed £122.1bn.', 'The most recent monthly figures show that borrowing was £14.5bn in June, £3.2bn less than in the same month last year.', 'The total amount the government owes is called the national debt.', 'It is currently about £2.7 trillion.', 'That is roughly the same as the value of all the goods and services produced in the UK in a year, known as the gross domestic product, or GDP.', 'That current level is more than double what was seen from the 1980s through to the financial crisis of 2008.', ""The combination of the financial crash and the Covid pandemic pushed the UK's debt up from those historic lows to its current level."", 'But in relation to the size of the economy, UK debt figures are still low compared with much of the last century, and also compared with some other leading economies.', 'The larger the national debt gets, the more interest the government has to pay.', 'That extra cost was not as big when the interest rates due were low through the 2010s, but it became more noticeable after the Bank of England raised interest rates.', 'The amount of interest the government pays on national debt fluctuates, and by one measure, hit a 20-year high in early October 2023.', 'Around a quarter of UK debt is index-linked, meaning payments are directly linked to the rate of inflation.', 'When inflation rose it pushed up the bill for servicing debt significantly, although these payments are now easing.', 'If the government has to set aside more cash for paying its debts, it may mean it has less to spend on the public services which it borrowed to fund in the first place.', 'Some economists fear the government is borrowing too much, at too great a cost.', 'Others argue extra borrowing helps the economy grow faster - generating more tax revenue in the long run.', 'With measures such as a cut in National Insurance announced at the March Budget, the OBR expects borrowing to rise slightly in the next financial year, before remaining in line with previous forecasts.', 'It would fall below 3% of GDP by 2025-26, meeting one of the financial rules the previous government decided to set itself.', 'But the OBR has previously warned that public debt could soar as the population ages and tax income falls.', 'In an ageing population, the proportion of people of working age drops, meaning the government takes less in tax while paying out more in pensions.', 'In its latest forecasts in March, the OBR said debt, measured against the size of the economy, is still set to rise over the next four years, before falling back marginally in the fifth year.', 'Other economists argue that big economies like the UK could borrow much more than they currently do, and the negative impact is greatly exaggerated.', ""The deficit is the gap between the government's income and the amount it spends."", 'When a government spends less than its income, it has what is known as a surplus.', 'Debt is the total amount of money owed by the government that has built up over years.', 'It rises when there is a deficit, and falls in those years when there is a surplus.']",-0.028844080138893,"The Bank of England has also bought hundreds of billions of pounds' worth of government bonds in the past to support the economy, through a process called ""quantitative easing"".",The combination of the financial crash and the Covid pandemic pushed the UK's debt up from those historic lows to its current level.,0.0654621098352515,"For instance, when people submit tax returns in January, they often pay a large chunk of their annual tax bill in one go, so the government sees a jump in the amount of money it takes in.",But the OBR has previously warned that public debt could soar as the population ages and tax income falls.,2024-07-19
"IT problems will take 'some time' to fix, says Crowdstrike boss",https://www.bbc.co.uk/news/articles/cn4vgq5150qo,2024-07-19T12:42:25.005Z,"The boss of cyber-security firm Crowdstrike has admitted it could be ""some time"" before all systems are back up and running after an update from the company triggered a global IT outage. Experts are warning that it could take days for big organisations to get back to normal.  Although there is now a software fix for the issue, the manual process required will take a huge amount of work, they said. The global outage has led to almost 1,400 flights being cancelled, while banking, healthcare and shops have all been affected. The issue was  caused when an update from Crowdstrike caused Microsoft systems to ""blue screen"" and crash. The problem piece of software was sent out automatically to the firm's customers overnight which is why so many were affected when they came into work on Friday morning. It meant their computers could not be restarted. Writing on X, Crowdstrike chief executive George Kurtz said: ""The issue has been identified, isolated and a fix has been deployed."" In an interview on NBC's Today Show in the US, Mr Kurtz said the company was ""deeply sorry for the impact that we've caused to customers"". ""Many of the customers are rebooting the system and it's coming up and it'll be operational,"" he said, but added: ""It could be some time for some systems that won't automatically recover."" The fix will not be automatic, but what the industry calls a ""fingers on keyboards"" solution. Researcher Kevin Beaumont said: “As systems no longer start, impacted systems will need to be started in ‘Safe Mode’ to remove the faulty update. ""This is incredibly time consuming and will take organisations days to do at scale."" Technical staff will need to go and reboot each and every computer affected, which could be a monumental task. Crowdstrike is one of the biggest and most trusted brands in cyber-security. It has about 24,000 customers around the world and protects potentially hundreds of thousands of computers. The wording of Mr Kurtz's statement suggests the overnight update was supposed to be small, describing it as a ""content update"". So it was not a major refresh of the cyber-security software. It could have been something as innocuous as the changing of a font or logo on the software design.  That could potentially explain why the software was not as rigorously checked in the same way that a major update would have been. But it also poses the question: how could a small update do so much damage? One struggling IT manager said the process to get computers back up and running is quick once an IT person is at the machine, but the problem is getting them to the machines. The person, who wished to remain anonymous, is responsible for 4,000 computers in an education company and said his team were working flat out. “We have managed to fix all of our servers using the command prompt as a workaround, but for many of our PCs, it's not easy to do manually as we are spread out across five sites. Any PCs that are left switched on overnight are affected and we're rebuilding them,” he said. IT experts say this manual process will be particularly hard in large organisations with thousands of computers that are potentially under-resourced in IT. Small and medium-sized businesses without dedicated IT teams or which outsource their IT issues might also struggle. The larger, more resourced companies, like American Airlines, appear to be fixing the problems rapidly. Interestingly it looks like many in the US might be less affected as computers that are potentially not yet switched on can be started up to download the corrected software instead of the bad version. But that might still involve a level of manual operation. Mr Beaumont said that one of the world’s ""highest impact IT incidents"" was ""caused by a cyber-security vendor"". Ironically if a customer was affected by this it was because they followed all the usual advice that is issued by cyber-security experts – install the security updates when you receive them. While some security companies in the past have accidentally sent out a dodgy software update, we’ve never seen one at this scale and this damaging. While this incident has caused widespread disruption, the WannaCry cyber-attack in May 2017 was potentially worse. That was a malicious cyber-attack that affected an old version of Microsoft Windows and spread automatically to any computer that had the old and unprotected Windows software. It affected an estimated 300,000 computers in 150 different countries. It hit the NHS for days, affecting doctors' surgeries and hospitals around the country. In that case it was an attack thought to be carried out by North Korea that got out of hand. The NotPetya attack a month after that was eerily similar in method and damage. In contrast, the outages on Friday are a mistake and not an attack. ",BBC,19/07/2024,"['The boss of cyber-security firm Crowdstrike has admitted it could be ""some time"" before all systems are back up and running after an update from the company triggered a global IT outage.', 'Experts are warning that it could take days for big organisations to get back to normal.', 'Although there is now a software fix for the issue, the manual process required will take a huge amount of work, they said.', 'The global outage has led to almost 1,400 flights being cancelled, while banking, healthcare and shops have all been affected.', 'The issue was caused when an update from Crowdstrike caused Microsoft systems to ""blue screen"" and crash.', ""The problem piece of software was sent out automatically to the firm's customers overnight which is why so many were affected when they came into work on Friday morning."", 'It meant their computers could not be restarted.', 'Writing on X, Crowdstrike chief executive George Kurtz said: ""The issue has been identified, isolated and a fix has been deployed.""', 'In an interview on NBC\'s Today Show in the US, Mr Kurtz said the company was ""deeply sorry for the impact that we\'ve caused to customers"". ""', 'Many of the customers are rebooting the system and it\'s coming up and it\'ll be operational,"" he said, but added: ""It could be some time for some systems that won\'t automatically recover.""', 'The fix will not be automatic, but what the industry calls a ""fingers on keyboards"" solution.', 'Researcher Kevin Beaumont said: “As systems no longer start, impacted systems will need to be started in ‘Safe Mode’ to remove the faulty update. ""', 'This is incredibly time consuming and will take organisations days to do at scale.""', 'Technical staff will need to go and reboot each and every computer affected, which could be a monumental task.', 'Crowdstrike is one of the biggest and most trusted brands in cyber-security.', 'It has about 24,000 customers around the world and protects potentially hundreds of thousands of computers.', 'The wording of Mr Kurtz\'s statement suggests the overnight update was supposed to be small, describing it as a ""content update"".', 'So it was not a major refresh of the cyber-security software.', 'It could have been something as innocuous as the changing of a font or logo on the software design.', 'That could potentially explain why the software was not as rigorously checked in the same way that a major update would have been.', 'But it also poses the question: how could a small update do so much damage?', 'One struggling IT manager said the process to get computers back up and running is quick once an IT person is at the machine, but the problem is getting them to the machines.', 'The person, who wished to remain anonymous, is responsible for 4,000 computers in an education company and said his team were working flat out. “', ""We have managed to fix all of our servers using the command prompt as a workaround, but for many of our PCs, it's not easy to do manually as we are spread out across five sites."", ""Any PCs that are left switched on overnight are affected and we're rebuilding them,” he said."", 'IT experts say this manual process will be particularly hard in large organisations with thousands of computers that are potentially under-resourced in IT.', 'Small and medium-sized businesses without dedicated IT teams or which outsource their IT issues might also struggle.', 'The larger, more resourced companies, like American Airlines, appear to be fixing the problems rapidly.', 'Interestingly it looks like many in the US might be less affected as computers that are potentially not yet switched on can be started up to download the corrected software instead of the bad version.', 'But that might still involve a level of manual operation.', 'Mr Beaumont said that one of the world’s ""highest impact IT incidents"" was ""caused by a cyber-security vendor"".', 'Ironically if a customer was affected by this it was because they followed all the usual advice that is issued by cyber-security experts – install the security updates when you receive them.', 'While some security companies in the past have accidentally sent out a dodgy software update, we’ve never seen one at this scale and this damaging.', 'While this incident has caused widespread disruption, the WannaCry cyber-attack in May 2017 was potentially worse.', 'That was a malicious cyber-attack that affected an old version of Microsoft Windows and spread automatically to any computer that had the old and unprotected Windows software.', 'It affected an estimated 300,000 computers in 150 different countries.', ""It hit the NHS for days, affecting doctors' surgeries and hospitals around the country."", 'In that case it was an attack thought to be carried out by North Korea that got out of hand.', 'The NotPetya attack a month after that was eerily similar in method and damage.', 'In contrast, the outages on Friday are a mistake and not an attack.']",-0.1101137597674479,Crowdstrike is one of the biggest and most trusted brands in cyber-security.,"While this incident has caused widespread disruption, the WannaCry cyber-attack in May 2017 was potentially worse.",-0.6688943079539708,Interestingly it looks like many in the US might be less affected as computers that are potentially not yet switched on can be started up to download the corrected software instead of the bad version.,"While this incident has caused widespread disruption, the WannaCry cyber-attack in May 2017 was potentially worse.",2024-07-19
Pay grows at slowest rate for almost two years,https://www.bbc.co.uk/news/articles/cw5ykyzdzezo,2024-07-18T06:24:04.850Z,"Pay is rising at its slowest rate in almost two years as the job market continues to cool. Wages grew at an annual pace of 5.7% in the three months to May, but they are still outpacing rising prices. The number of job vacancies has fallen while the unemployment rate remained at 4.4% in the three months to May, the Office for National Statistics (ONS) said. Economists are debating whether the numbers will encourage the Bank of England to cut interest rates next month, with the decision expected to be very close. Liz McKeown, ONS director of economic statistics, said that pay growth, ""while remaining relatively strong, is showing signs of slowing again"". ""However, with inflation falling, in real terms it is at its highest rate in over two and a half years."" After taking the impact of inflation into account, wages were up by 3.2%.  The speed of pay growth is one of the things the Bank of England will consider at its next meeting on 1 August when deciding what to do about interest rates. The Bank tends to raise interest rates - or keep them high - when it believes inflation or wages are rising too quickly, hoping that pricier debt will slow down price and pay increases. If wages are growing strongly, this can push up costs for firms, which they may seek to offset by increasing prices to consumers. Inflation data released on Wednesday showed it was unchanged at 2% - in line with the Bank's target, giving some confidence that rates could be cut. However, price rises in the services sector, which covers business such as restaurants and hairdressers, remained strong. Ashely Webb, UK economist at Capital Economics said that, while the slowdown in pay growth was ""encouraging"", he doubted it would be enough to offset concerns about persistent inflation in services. ""We now expect the Bank to cut interest rates from 5.25% to 5.00% in September instead of August,"" he said. Yael Selfin, chief economist at KPMG UK, said the ""modest"" slowdown in pay growth ""offers some good news for those looking for a rate cut in August"". ""But with annual pay growth excluding bonuses at 5.7%, the Bank of England may be unwilling to risk an August cut in rates before the labour market has cooled sufficiently,” she added. Pay growth in the private sector slowed to 5.6% from 5.9% in the previous three months, the ONS said, while it stayed unchanged at 6.4% in the public sector. Earnings grew fastest in the finance and business services sector, up 6.7%, while the construction sector saw the smallest rise, with an increase of 3.0%. Ms McKeown said: “We continue to see overall some signs of a cooling in the labour market, with the growth in the number of employees on the payroll weakening over the medium term and unemployment gradually increasing."" Between April and June this year, the number of job vacancies fell by 30,000 on the quarter to 889,000, led by the retail and hospitality sectors. The number of vacancies has now been falling for two years, but still remains higher than pre-coronavirus pandemic levels. The rate of people considered ""economically inactive"" - defined as those aged between 16 to 64 years old not in work or looking for a job - edged lower to 22.1% in the March to May period, the ONS said. It means about 9.4 million people are classed as ""inactive"", with the figure about 800,000 higher than before the coronavirus pandemic. Concerns have been raised over worker shortages affecting the UK economy. Work and Pensions Secretary Liz Kendall said the new government had been given  ""a truly dire inheritance"". “Spiralling economic inactivity, rising unemployment and the UK standing alone as the only G7 country where the employment rate is still not back to pre-pandemic levels."" One of the problems the Bank of England and others have had in using the jobs data recently is questions over the reliability of the figures. The Labour Force Survey conducted by the ONS, which produces the data, has had a smaller number of respondents over the past year than normal. The ONS has been developing a new version of the survey, but it said on Thursday this was still being worked on and it would report back on progress early next year.  ",BBC,18/07/2024,"['Pay is rising at its slowest rate in almost two years as the job market continues to cool.', 'Wages grew at an annual pace of 5.7% in the three months to May, but they are still outpacing rising prices.', 'The number of job vacancies has fallen while the unemployment rate remained at 4.4% in the three months to May, the Office for National Statistics (ONS) said.', 'Economists are debating whether the numbers will encourage the Bank of England to cut interest rates next month, with the decision expected to be very close.', 'Liz McKeown, ONS director of economic statistics, said that pay growth, ""while remaining relatively strong, is showing signs of slowing again"". ""', 'However, with inflation falling, in real terms it is at its highest rate in over two and a half years.""', 'After taking the impact of inflation into account, wages were up by 3.2%.', 'The speed of pay growth is one of the things the Bank of England will consider at its next meeting on 1 August when deciding what to do about interest rates.', 'The Bank tends to raise interest rates - or keep them high - when it believes inflation or wages are rising too quickly, hoping that pricier debt will slow down price and pay increases.', 'If wages are growing strongly, this can push up costs for firms, which they may seek to offset by increasing prices to consumers.', ""Inflation data released on Wednesday showed it was unchanged at 2% - in line with the Bank's target, giving some confidence that rates could be cut."", 'However, price rises in the services sector, which covers business such as restaurants and hairdressers, remained strong.', 'Ashely Webb, UK economist at Capital Economics said that, while the slowdown in pay growth was ""encouraging"", he doubted it would be enough to offset concerns about persistent inflation in services. ""', 'We now expect the Bank to cut interest rates from 5.25% to 5.00% in September instead of August,"" he said.', 'Yael Selfin, chief economist at KPMG UK, said the ""modest"" slowdown in pay growth ""offers some good news for those looking for a rate cut in August"". ""', 'But with annual pay growth excluding bonuses at 5.7%, the Bank of England may be unwilling to risk an August cut in rates before the labour market has cooled sufficiently,” she added.', 'Pay growth in the private sector slowed to 5.6% from 5.9% in the previous three months, the ONS said, while it stayed unchanged at 6.4% in the public sector.', 'Earnings grew fastest in the finance and business services sector, up 6.7%, while the construction sector saw the smallest rise, with an increase of 3.0%.', 'Ms McKeown said: “We continue to see overall some signs of a cooling in the labour market, with the growth in the number of employees on the payroll weakening over the medium term and unemployment gradually increasing.""', 'Between April and June this year, the number of job vacancies fell by 30,000 on the quarter to 889,000, led by the retail and hospitality sectors.', 'The number of vacancies has now been falling for two years, but still remains higher than pre-coronavirus pandemic levels.', 'The rate of people considered ""economically inactive"" - defined as those aged between 16 to 64 years old not in work or looking for a job - edged lower to 22.1% in the March to May period, the ONS said.', 'It means about 9.4 million people are classed as ""inactive"", with the figure about 800,000 higher than before the coronavirus pandemic.', 'Concerns have been raised over worker shortages affecting the UK economy.', 'Work and Pensions Secretary Liz Kendall said the new government had been given ""a truly dire inheritance"". “', 'Spiralling economic inactivity, rising unemployment and the UK standing alone as the only G7 country where the employment rate is still not back to pre-pandemic levels.""', 'One of the problems the Bank of England and others have had in using the jobs data recently is questions over the reliability of the figures.', 'The Labour Force Survey conducted by the ONS, which produces the data, has had a smaller number of respondents over the past year than normal.', 'The ONS has been developing a new version of the survey, but it said on Thursday this was still being worked on and it would report back on progress early next year.']",0.1580793463054077,"Liz McKeown, ONS director of economic statistics, said that pay growth, ""while remaining relatively strong, is showing signs of slowing again"". ""","The number of job vacancies has fallen while the unemployment rate remained at 4.4% in the three months to May, the Office for National Statistics (ONS) said.",-0.1273859763145446,"Wages grew at an annual pace of 5.7% in the three months to May, but they are still outpacing rising prices.","Spiralling economic inactivity, rising unemployment and the UK standing alone as the only G7 country where the employment rate is still not back to pre-pandemic levels.""",2024-07-19
SK:N: Why has the cosmetic surgery chain gone bust?,https://www.bbc.co.uk/news/articles/cw4yvxw9y5po,2024-07-18T14:53:41.855Z,"The collapse of High Street plastic surgery chain SK:N on Wednesday has shocked its customers and staff, many of whom have contacted the BBC to say they are owed thousands of pounds for treatments they've not yet had or wages not received.  The group, which has 70 branches across the UK under various brand names, has given little detail beyond a message on its website to say its clinics have ""ceased trading"" with immediate effect and that is doing ""all"" it can to address customer concerns.     Jane, 33, from Essex, who did not want to use her real name, says she is “so stressed” having paid £10,870 earlier this month for abdominal cosmetic surgery and liposuction.  “They took the full amount on 11 July. It was only one week ago. Surely they would have known [they were going to go bust]?"" she told the BBC. Like others, when she called her clinic she just got an automated message and has no idea if she'll get her money back.   “I wanted the surgery because I have four children and I wanted my body to be back to how it was before I had children,” she explained.  “My Dad gave me the money for this and I was going to pay him back in small instalments. My sister had booked time off work to look after my children."" SK:N is yet to say whether refunds will be issued but customers like Jane may struggle to get their money back, said Lisa Webb, a consumer law expert at Which?. ""Unfortunately, when a company ceases trading, customers often end up at the back of a long line of creditors, making it nearly impossible to get a refund,"" she added. However, she said there was ""a light at the end of the tunnel"" for people who paid for their services on credit as credit card companies were jointly liable for any breach of contract by the retailer.  ""This protection is especially valuable if the retailer has gone out of business,"" she added. Sarah Kiely, 40, from Northampton told the BBC she had paid £1,300 for 16 treatments at a SK:N clinic but only had four of them.  However, because she used her Lloyds Bank credit card she has been told there is a chance of getting some money back. She arrived at her local clinic yesterday to find it shut with a group of women outside trying to find out what was going on. One of them told her she was owed £15,000 by the company. Sarah told the BBC she felt “really sad” for the staff at the clinic who along with hundreds of others across the UK have lost their jobs overnight.  ""I've been using this clinic for three years and have got to know the clinicians and staff. For such a huge company to give zero notice to staff or customers is shocking.""  SK:N group is part of the UK's ""aesthetics"" sector which has grown rapidly over the last few years by filling a gap in the market for minor cosmetic treatments not covered by the NHS.  The Birmingham-headquartered firm started out in 1990 offering laser hair removal but branched out to provide services ranging from acne treatment and wart removal to lip filler and thread lifts (a type of facelift). It's been a challenging five years for the industry which could not operate during Covid lockdowns. It has also been hit by higher costs and slower consumer spending, due to high inflation. A host of smaller clinics have sprung up to challenge the bigger players while health professionals such as dentists are extending their remits to include cosmetic ""tweakments"", says Catherine Shuttleworth, founder of the retail consultancy Savvy.  She said that big marketing pushes by cosmetic firm overseas had also had a significant impact on UK clinics. SK:N is not the only business to have been hit: Laser Clinics UK, a chain of 50 franchised salons, has also shut shops this year.   Dr Aenone Harper-Machin is a spokeswoman for the British Association of Plastic, Reconstructive and Aesthetic Surgeons (Bapras) and a consultant plastic surgeon.  She says SK:N was ""an excellent business concept"" which filled a big gap in the market by taking aesthetics treatments ""mainstream"".  But she questions whether SK:N, which was bought out by the private equity company TriSpan in 2019, had expanded too quickly.  The group had 51 clinics back then but now has over 70 nationwide under brands including SK:N Clinics, the Harley Medical Group, Skinbrands, The Skin Experts and ABC Medical. ""Laser kit is really really expensive. Their rent costs would have been too. I’m not sure but they probably overextended themselves."" Trispan has yet to comment but the BBC understands that the owners invested heavily in trying to turn the business around but were unable to manage it. Now, as customers chase their refunds, around 450 staff face a nervous wait to find out if they will get paid.  Rakhee, 31, who works at a SK:N clinic in Richmond says staff are ""shocked."" ""We had 15 minutes to clear out our clinics and go home. All our clients were trying to get their money back. Some people were due to get their stitches out. She worked for the group for nearly a decade, but says she and her colleagues were ""terminated after a 10 minute video call, with no remorse, no empathy, no redundancy pay, not even a final pay slip"". Lucie, 32, said she worked at the SK:N clinic in Guildford and had no idea the company was in trouble.  Then, like Rakhee, yesterday staff learnt the news at a Zoom meeting.  ""We have been told we’re not going to get paid this month,"" she told the BBC.  ""We had to leave a note on the front door for our clients. They’ve all spent thousands of pounds on procedures and treatments."" According to Citizens Advice, if your employer is insolvent you can claim some of the money your employer owes you from the Redundancy Payments Service, which is a government service.  You can claim: The maximum amount you can claim for a week's unpaid wages or annual leave is £700 if your employment ended on or after 6 April 2024, or £643 if it ended between 6 April 2023 and 5 April 2024.  ",BBC,18/07/2024,"[""The collapse of High Street plastic surgery chain SK:N on Wednesday has shocked its customers and staff, many of whom have contacted the BBC to say they are owed thousands of pounds for treatments they've not yet had or wages not received."", 'The group, which has 70 branches across the UK under various brand names, has given little detail beyond a message on its website to say its clinics have ""ceased trading"" with immediate effect and that is doing ""all"" it can to address customer concerns.', 'Jane, 33, from Essex, who did not want to use her real name, says she is “so stressed” having paid £10,870 earlier this month for abdominal cosmetic surgery and liposuction. “', 'They took the full amount on 11 July.', 'It was only one week ago.', 'Surely they would have known [they were going to go bust]?""', 'she told the BBC.', ""Like others, when she called her clinic she just got an automated message and has no idea if she'll get her money back. “"", 'I wanted the surgery because I have four children and I wanted my body to be back to how it was before I had children,” she explained. “', 'My Dad gave me the money for this and I was going to pay him back in small instalments.', 'My sister had booked time off work to look after my children.""', 'SK:N is yet to say whether refunds will be issued but customers like Jane may struggle to get their money back, said Lisa Webb, a consumer law expert at Which?. ""', 'Unfortunately, when a company ceases trading, customers often end up at the back of a long line of creditors, making it nearly impossible to get a refund,"" she added.', 'However, she said there was ""a light at the end of the tunnel"" for people who paid for their services on credit as credit card companies were jointly liable for any breach of contract by the retailer. ""', 'This protection is especially valuable if the retailer has gone out of business,"" she added.', 'Sarah Kiely, 40, from Northampton told the BBC she had paid £1,300 for 16 treatments at a SK:N clinic but only had four of them.', 'However, because she used her Lloyds Bank credit card she has been told there is a chance of getting some money back.', 'She arrived at her local clinic yesterday to find it shut with a group of women outside trying to find out what was going on.', 'One of them told her she was owed £15,000 by the company.', 'Sarah told the BBC she felt “really sad” for the staff at the clinic who along with hundreds of others across the UK have lost their jobs overnight. ""', ""I've been using this clinic for three years and have got to know the clinicians and staff."", 'For such a huge company to give zero notice to staff or customers is shocking.""', 'SK:N group is part of the UK\'s ""aesthetics"" sector which has grown rapidly over the last few years by filling a gap in the market for minor cosmetic treatments not covered by the NHS.', 'The Birmingham-headquartered firm started out in 1990 offering laser hair removal but branched out to provide services ranging from acne treatment and wart removal to lip filler and thread lifts (a type of facelift).', ""It's been a challenging five years for the industry which could not operate during Covid lockdowns."", 'It has also been hit by higher costs and slower consumer spending, due to high inflation.', 'A host of smaller clinics have sprung up to challenge the bigger players while health professionals such as dentists are extending their remits to include cosmetic ""tweakments"", says Catherine Shuttleworth, founder of the retail consultancy Savvy.', 'She said that big marketing pushes by cosmetic firm overseas had also had a significant impact on UK clinics.', 'SK:N is not the only business to have been hit: Laser Clinics UK, a chain of 50 franchised salons, has also shut shops this year.', 'Dr Aenone Harper-Machin is a spokeswoman for the British Association of Plastic, Reconstructive and Aesthetic Surgeons (Bapras) and a consultant plastic surgeon.', 'She says SK:N was ""an excellent business concept"" which filled a big gap in the market by taking aesthetics treatments ""mainstream"".', 'But she questions whether SK:N, which was bought out by the private equity company TriSpan in 2019, had expanded too quickly.', 'The group had 51 clinics back then but now has over 70 nationwide under brands including SK:N Clinics, the Harley Medical Group, Skinbrands, The Skin Experts and ABC Medical. ""', 'Laser kit is really really expensive.', 'Their rent costs would have been too.', 'I’m not sure but they probably overextended themselves.""', 'Trispan has yet to comment but the BBC understands that the owners invested heavily in trying to turn the business around but were unable to manage it.', 'Now, as customers chase their refunds, around 450 staff face a nervous wait to find out if they will get paid.', 'Rakhee, 31, who works at a SK:N clinic in Richmond says staff are ""shocked."" ""', 'We had 15 minutes to clear out our clinics and go home.', 'All our clients were trying to get their money back.', 'Some people were due to get their stitches out.', 'She worked for the group for nearly a decade, but says she and her colleagues were ""terminated after a 10 minute video call, with no remorse, no empathy, no redundancy pay, not even a final pay slip"".', 'Lucie, 32, said she worked at the SK:N clinic in Guildford and had no idea the company was in trouble.', 'Then, like Rakhee, yesterday staff learnt the news at a Zoom meeting. ""', 'We have been told we’re not going to get paid this month,"" she told the BBC. ""', 'We had to leave a note on the front door for our clients.', 'They’ve all spent thousands of pounds on procedures and treatments.""', 'According to Citizens Advice, if your employer is insolvent you can claim some of the money your employer owes you from the Redundancy Payments Service, which is a government service.', ""You can claim: The maximum amount you can claim for a week's unpaid wages or annual leave is £700 if your employment ended on or after 6 April 2024, or £643 if it ended between 6 April 2023 and 5 April 2024.""]",-0.012186054541026,"However, she said there was ""a light at the end of the tunnel"" for people who paid for their services on credit as credit card companies were jointly liable for any breach of contract by the retailer. ""","She worked for the group for nearly a decade, but says she and her colleagues were ""terminated after a 10 minute video call, with no remorse, no empathy, no redundancy pay, not even a final pay slip"".",-0.3989488993372236,"SK:N group is part of the UK's ""aesthetics"" sector which has grown rapidly over the last few years by filling a gap in the market for minor cosmetic treatments not covered by the NHS.","It has also been hit by higher costs and slower consumer spending, due to high inflation.",2024-07-19
Chip stocks drop on report US plans to tighten China curbs,https://www.bbc.co.uk/news/articles/c7241wmknm3o,2024-07-18T03:16:45.300Z,"Technology stocks around the world have slumped on fears about the global computer chip industry. The sell-off came after a report that the Biden administration could be set to further tighten restrictions on exports of semiconductor equipment to China. Comments by former US President Donald Trump that Taiwan, the biggest producer of chips, should pay for its own defence added to the concerns. In the US, the tech-heavy Nasdaq index closed 2.7% lower on Wednesday, while chip stocks have also tumbled in Europe and Asia. ""Regardless of the outcome of the elections... I think we will see the US increase some of the restrictions"" said Bob O'Donnell, chief analyst at TECHnalysis Research. ""How far they will take it, though, is the big question."" In Asia, chip making giant TSMC lost 2.4% on Thursday, while semiconductor equipment maker Tokyo Electron was down by around 8.8%. That came after Nvidia closed 6.6% lower in New York on Wednesday, while AMD lost more than 10%. In Europe, shares in ASML, which makes chip making machines, tumbled by almost 11%. The falls came after Bloomberg News reported on Wednesday that the US government is preparing to impose its tightest curbs yet on semiconductor making equipment to China if firms like ASML and Tokyo Electron continue to give the country access to their advanced chip technology. The US Commerce Department, ASML, and Tokyo Electron declined to comment when contacted by BBC News. The Biden administration has previously taken steps to restrict China's access to advanced chip technology. In October, it restricted exports to China of advanced semiconductors used in artificial intelligence (AI) technology. The remarks on Taiwan by Mr Trump also hinted at possible disruption of global chip supplies.  Taiwan produces most of the world's advanced chips. “Investors always react to any remarks from the US but despite these comments, the long term business trend for the semiconductor industry is clearly going up,” said Marco Mezger, Executive Vice President of memory chip technology company Neumonda. ",BBC,18/07/2024,"['Technology stocks around the world have slumped on fears about the global computer chip industry.', 'The sell-off came after a report that the Biden administration could be set to further tighten restrictions on exports of semiconductor equipment to China.', 'Comments by former US President Donald Trump that Taiwan, the biggest producer of chips, should pay for its own defence added to the concerns.', 'In the US, the tech-heavy Nasdaq index closed 2.7% lower on Wednesday, while chip stocks have also tumbled in Europe and Asia. ""', 'Regardless of the outcome of the elections... I think we will see the US increase some of the restrictions"" said Bob O\'Donnell, chief analyst at TECHnalysis Research. ""', 'How far they will take it, though, is the big question.""', 'In Asia, chip making giant TSMC lost 2.4% on Thursday, while semiconductor equipment maker Tokyo Electron was down by around 8.8%.', 'That came after Nvidia closed 6.6% lower in New York on Wednesday, while AMD lost more than 10%.', 'In Europe, shares in ASML, which makes chip making machines, tumbled by almost 11%.', 'The falls came after Bloomberg News reported on Wednesday that the US government is preparing to impose its tightest curbs yet on semiconductor making equipment to China if firms like ASML and Tokyo Electron continue to give the country access to their advanced chip technology.', 'The US Commerce Department, ASML, and Tokyo Electron declined to comment when contacted by BBC News.', ""The Biden administration has previously taken steps to restrict China's access to advanced chip technology."", 'In October, it restricted exports to China of advanced semiconductors used in artificial intelligence (AI) technology.', 'The remarks on Taiwan by Mr Trump also hinted at possible disruption of global chip supplies.', ""Taiwan produces most of the world's advanced chips. “"", 'Investors always react to any remarks from the US but despite these comments, the long term business trend for the semiconductor industry is clearly going up,” said Marco Mezger, Executive Vice President of memory chip technology company Neumonda.']",7.77062839646056e-05,"Investors always react to any remarks from the US but despite these comments, the long term business trend for the semiconductor industry is clearly going up,” said Marco Mezger, Executive Vice President of memory chip technology company Neumonda.","That came after Nvidia closed 6.6% lower in New York on Wednesday, while AMD lost more than 10%.",-0.8008243716680087,"Investors always react to any remarks from the US but despite these comments, the long term business trend for the semiconductor industry is clearly going up,” said Marco Mezger, Executive Vice President of memory chip technology company Neumonda.","In Europe, shares in ASML, which makes chip making machines, tumbled by almost 11%.",2024-07-19
Probe started into house purchase payments delay,https://www.bbc.co.uk/news/articles/cq5xql07n29o,2024-07-18T14:08:12.739Z,"Global banking officials are investigating the cause of a worldwide ""payments issue"" which delayed some high value and time sensitive money transfers, including house purchases for several hours.  Swift, the global financial artery that allows the smooth and rapid transfer of money across borders, said that it was taking the incident ""extremely seriously"" and apologised for the disruption caused. Earlier, the Bank of England had warned that payments made via the CHAPS system, used by traditional UK High Street banks as well as international lenders, could be affected by a problem in the wider global payments network. The Bank said the issue at Swift had been fixed after few hours. Swift said the problem causing payments to be delayed for some customers had been caused by ""an operational incident"". The problem was not cyber-related, it said.  ""We are in contact with our customers to support them in mitigating the consequences on their operations and in turn on their own customers’ transactions,"" a statement said. The issue did not affect ordinary debit and credit payments, cash machines or bank transfers. The Bank of England said any outstanding payments which had been set to be transferred would be settled by the end of the day and advised anyone who was worried about a CHAPS payment to contact their bank. ""We are pleased to confirm that the third party supplier has restored service following their earlier issues, and CHAPS payments are settling as normal,"" the Bank said. Banks and lenders use the CHAPS system to transfer money between them. Overall, there are 200,000 payments via it every day in the UK, at a value of £363bn. Several thousand financial institutions in the UK could have been affected, either directly or indirectly. Individuals use it for high-value transfers such as house completions and the purchase of cars. On average there are around 4,000 housing transactions a day. Andrew Montlake, from mortgage broker Coreco, said the situation earlier on Thursday had the ""potential to be a nightmare scenario for home buyers on the day of completion, potentially leaving them and their removal vans all packed up with nowhere to go"". The issue originated with part of the Swift system. It stands for Society for Worldwide Interbank Financial Telecommunication. Created in 1973 and based in Belgium, Swift links 11,000 banks and institutions in more than 200 countries. Not a bank in itself, it is a co-operative running an instant messaging system that informs users when payments have been sent and arrived. It sends more than 40 million messages a day, as trillions of dollars change hands between companies and governments. ",BBC,18/07/2024,"['Global banking officials are investigating the cause of a worldwide ""payments issue"" which delayed some high value and time sensitive money transfers, including house purchases for several hours.', 'Swift, the global financial artery that allows the smooth and rapid transfer of money across borders, said that it was taking the incident ""extremely seriously"" and apologised for the disruption caused.', 'Earlier, the Bank of England had warned that payments made via the CHAPS system, used by traditional UK High Street banks as well as international lenders, could be affected by a problem in the wider global payments network.', 'The Bank said the issue at Swift had been fixed after few hours.', 'Swift said the problem causing payments to be delayed for some customers had been caused by ""an operational incident"".', 'The problem was not cyber-related, it said. ""', 'We are in contact with our customers to support them in mitigating the consequences on their operations and in turn on their own customers’ transactions,"" a statement said.', 'The issue did not affect ordinary debit and credit payments, cash machines or bank transfers.', 'The Bank of England said any outstanding payments which had been set to be transferred would be settled by the end of the day and advised anyone who was worried about a CHAPS payment to contact their bank. ""', 'We are pleased to confirm that the third party supplier has restored service following their earlier issues, and CHAPS payments are settling as normal,"" the Bank said.', 'Banks and lenders use the CHAPS system to transfer money between them.', 'Overall, there are 200,000 payments via it every day in the UK, at a value of £363bn.', 'Several thousand financial institutions in the UK could have been affected, either directly or indirectly.', 'Individuals use it for high-value transfers such as house completions and the purchase of cars.', 'On average there are around 4,000 housing transactions a day.', 'Andrew Montlake, from mortgage broker Coreco, said the situation earlier on Thursday had the ""potential to be a nightmare scenario for home buyers on the day of completion, potentially leaving them and their removal vans all packed up with nowhere to go"".', 'The issue originated with part of the Swift system.', 'It stands for Society for Worldwide Interbank Financial Telecommunication.', 'Created in 1973 and based in Belgium, Swift links 11,000 banks and institutions in more than 200 countries.', 'Not a bank in itself, it is a co-operative running an instant messaging system that informs users when payments have been sent and arrived.', 'It sends more than 40 million messages a day, as trillions of dollars change hands between companies and governments.']",0.0869522195819651,"We are pleased to confirm that the third party supplier has restored service following their earlier issues, and CHAPS payments are settling as normal,"" the Bank said.","Earlier, the Bank of England had warned that payments made via the CHAPS system, used by traditional UK High Street banks as well as international lenders, could be affected by a problem in the wider global payments network.",-0.5868449211120605,"We are pleased to confirm that the third party supplier has restored service following their earlier issues, and CHAPS payments are settling as normal,"" the Bank said.","Andrew Montlake, from mortgage broker Coreco, said the situation earlier on Thursday had the ""potential to be a nightmare scenario for home buyers on the day of completion, potentially leaving them and their removal vans all packed up with nowhere to go"".",2024-07-19
Post Office: Davey says he was 'lied to' about Horizon IT flaws,https://www.bbc.co.uk/news/articles/cw4yvg3p0m8o,2024-07-18T14:53:43.314Z,"Former Post Office minister Ed Davey has said that he was ""lied to"" about ""serious flaws"" in the Horizon IT system. The Liberal Democrat leader told an inquiry into the Horizon scandal that ""someone senior must have known the truth at some stage"" about those flaws. He stopped short of accusing Post Office executives of lying to him during his time as minister between 2010 and 2012. Between 1999 and 2015, hundreds of sub-postmasters were blamed and prosecuted for losses caused by bugs in Fujitsu's faulty IT Horizon system.  Mr Davey said that former chief executive Paula Vennells and former managing director David Smith ""were the people passing the information"" to the government ""which was untrue"". He stopped short of saying that they personally lied, but later said that someone senior must have known about the flaws. Mr Davey said: ""I now know I was being lied to, I follow this inquiry, and it's pretty clear that what they told my officials was not true,"" he said. Under questioning from lead counsel to the inquiry Jason Beer, who said that lying involved an intention to deceive, Mr Davey said of senior Post Office executives: ""I cannot know what was in their minds and how the information came to them,"" he said. ""But someone, I assume, senior, in Post Office Limited, must have known the truth, must have at some stage, understood that, and this is what I hope the inquiry will uncover."" He added that what has emerged from the inquiry is that there ""was knowledge of the Horizon system having serious flaws in it, within Post Office Limited, and that was not put forward to ministers, either myself or others"". He added that Post Office Limited, as a body, ""were misleading"" the shareholder executive and ministers. ""Who was responsible within Post Office Limited is quite difficult for me to know,"" he said.  ""One assumes that it was the senior executives because they had a responsible role, and I assume were asking the questions, but it's ultimately for this inquiry"" to find out who knew about the flaws. Earlier, Labour MP Pat McFadden said he had trusted Post Office assertions that its Horizon system was robust with ""terrible consequences"" for sub-postmasters. Mr McFadden, who had this post between 2007 and 2010, answered a number of letters from MPs in 2009 who were concerned about sub-postmasters in their constituencies. He told the inquiry that in every case the Post Office insisted that the Horizon system was robust and had been proven in court. When asked by inquiry counsel Sam Stevens why in the face of growing numbers of complaints from sub-postmasters he continued to trust the Post Office, Mr McFadden said it was due to the ""emphatic"" nature of their responses.  Former sub-postmaster Lee Castleton, who was made bankrupt by the Post Office after a two year legal battle, told the BBC that he accepted the argument that Mr McFadden trusted the advice he was being given by the Post Office. ""You wouldn't employ a plumber and then decide what's wrong with a [broken] boiler,"" he said. However, he said the government could have ensured the Crown Prosecution Service was bringing prosecutions, and not the Post Office. ""I really do believe that the sheer amount of money and pressure that can be brought by a public body should always be checked by a third party,"" he said. Mr McFadden earlier said that it was not possible to unpick exactly who had drafted the letters that he signed insisting on the robust nature of Horizon. But Mr Castleton said it was ""unfair on the victims"" that the ""perpetrators of this seem to be surrounded in mystery"". He added that he felt Mr McFadden was being ""disingenuous"" by saying he did not know who had drafted the letters. ""It's clear that ministers were being given information by people, and those people would be known to the ministers,"" he said. At another point in McFadden's testimony, the inquiry was shown a series of letters from MPs including Brian Binley and Jacqui Smith. They raised concerns that random flaws in the Horizon system were causing discrepancies in accounts, with sub-postmasters having to spend their savings to pay the Post Office back. The letters also questioned prosecutions brought by the Post Office against sub-postmasters. However, the stock response that Mr McFadden signed at the time was that the Post Office itself was in charge of operational matters such as prosecutions, while the government was in charge of overall strategy. When concerns were raised about Post Office, what the government would do is go to the Post Office to get a response, Mr McFadden said. Mr McFadden said: ""In every case they [Post Office] are insisting, in response to our requests, that the system is robust, that it's been proven in court, there is no evidence to suggest there's anything wrong with it [Horizon],"" he said. He said the business department didn't have a ""separate source"" of information about Horizon except from the Post Office. When asked later why the government did not speak to sub-postmasters themselves, Mr McFadden responded that it would not have been appropriate for ministers to question the decisions of courts. Mr McFadden added that it was for the inquiry to determine at what point the ""blind faith"" of Post Office management in Horizon became ""something more sinister"". ""Clearly those responses were wrong. The evidence being used in the court to prosecute the sub-postmasters turned out to be wrong, and was proven to be wrong in the cases that overturned these judgements many years later. ""What I'm not clear about is at what point in this story does blind faith from the Post Office in their IT system turn to something more sinister, where people are just not telling the truth? Now I don't know at what point that happens, but I'm sure it's something the inquiry will want to get to the bottom of."" He added: ""When I look back on this and I think of the terrible human consequences for the sub-postmasters who were prosecuted, even the ones who weren't prosecuted but lost large sums of money or suffered damage in other ways, of course I wish I had asked more about this."" ""But I do believe, given the emphatic nature of the replies, and the Post Office's use of court judgements as a proof point for the robustness of the system, at this stage in the process, I'm not sure it would have got any further."" Mr McFadden was repeatedly asked why he didn't do more at the time to check the Post Office's version of events, and he said that one of the reasons he didn't was that ministers cannot interfere in court judgements. ",BBC,18/07/2024,"['Former Post Office minister Ed Davey has said that he was ""lied to"" about ""serious flaws"" in the Horizon IT system.', 'The Liberal Democrat leader told an inquiry into the Horizon scandal that ""someone senior must have known the truth at some stage"" about those flaws.', 'He stopped short of accusing Post Office executives of lying to him during his time as minister between 2010 and 2012.', ""Between 1999 and 2015, hundreds of sub-postmasters were blamed and prosecuted for losses caused by bugs in Fujitsu's faulty IT Horizon system."", 'Mr Davey said that former chief executive Paula Vennells and former managing director David Smith ""were the people passing the information"" to the government ""which was untrue"".', 'He stopped short of saying that they personally lied, but later said that someone senior must have known about the flaws.', 'Mr Davey said: ""I now know I was being lied to, I follow this inquiry, and it\'s pretty clear that what they told my officials was not true,"" he said.', 'Under questioning from lead counsel to the inquiry Jason Beer, who said that lying involved an intention to deceive, Mr Davey said of senior Post Office executives: ""I cannot know what was in their minds and how the information came to them,"" he said. ""', 'But someone, I assume, senior, in Post Office Limited, must have known the truth, must have at some stage, understood that, and this is what I hope the inquiry will uncover.""', 'He added that what has emerged from the inquiry is that there ""was knowledge of the Horizon system having serious flaws in it, within Post Office Limited, and that was not put forward to ministers, either myself or others"".', 'He added that Post Office Limited, as a body, ""were misleading"" the shareholder executive and ministers. ""', 'Who was responsible within Post Office Limited is quite difficult for me to know,"" he said. ""', 'One assumes that it was the senior executives because they had a responsible role, and I assume were asking the questions, but it\'s ultimately for this inquiry"" to find out who knew about the flaws.', 'Earlier, Labour MP Pat McFadden said he had trusted Post Office assertions that its Horizon system was robust with ""terrible consequences"" for sub-postmasters.', 'Mr McFadden, who had this post between 2007 and 2010, answered a number of letters from MPs in 2009 who were concerned about sub-postmasters in their constituencies.', 'He told the inquiry that in every case the Post Office insisted that the Horizon system was robust and had been proven in court.', 'When asked by inquiry counsel Sam Stevens why in the face of growing numbers of complaints from sub-postmasters he continued to trust the Post Office, Mr McFadden said it was due to the ""emphatic"" nature of their responses.', 'Former sub-postmaster Lee Castleton, who was made bankrupt by the Post Office after a two year legal battle, told the BBC that he accepted the argument that Mr McFadden trusted the advice he was being given by the Post Office. ""', 'You wouldn\'t employ a plumber and then decide what\'s wrong with a [broken] boiler,"" he said.', 'However, he said the government could have ensured the Crown Prosecution Service was bringing prosecutions, and not the Post Office. ""', 'I really do believe that the sheer amount of money and pressure that can be brought by a public body should always be checked by a third party,"" he said.', 'Mr McFadden earlier said that it was not possible to unpick exactly who had drafted the letters that he signed insisting on the robust nature of Horizon.', 'But Mr Castleton said it was ""unfair on the victims"" that the ""perpetrators of this seem to be surrounded in mystery"".', 'He added that he felt Mr McFadden was being ""disingenuous"" by saying he did not know who had drafted the letters. ""', 'It\'s clear that ministers were being given information by people, and those people would be known to the ministers,"" he said.', ""At another point in McFadden's testimony, the inquiry was shown a series of letters from MPs including Brian Binley and Jacqui Smith."", 'They raised concerns that random flaws in the Horizon system were causing discrepancies in accounts, with sub-postmasters having to spend their savings to pay the Post Office back.', 'The letters also questioned prosecutions brought by the Post Office against sub-postmasters.', 'However, the stock response that Mr McFadden signed at the time was that the Post Office itself was in charge of operational matters such as prosecutions, while the government was in charge of overall strategy.', 'When concerns were raised about Post Office, what the government would do is go to the Post Office to get a response, Mr McFadden said.', 'Mr McFadden said: ""In every case they [Post Office] are insisting, in response to our requests, that the system is robust, that it\'s been proven in court, there is no evidence to suggest there\'s anything wrong with it [Horizon],"" he said.', 'He said the business department didn\'t have a ""separate source"" of information about Horizon except from the Post Office.', 'When asked later why the government did not speak to sub-postmasters themselves, Mr McFadden responded that it would not have been appropriate for ministers to question the decisions of courts.', 'Mr McFadden added that it was for the inquiry to determine at what point the ""blind faith"" of Post Office management in Horizon became ""something more sinister"". ""', 'Clearly those responses were wrong.', 'The evidence being used in the court to prosecute the sub-postmasters turned out to be wrong, and was proven to be wrong in the cases that overturned these judgements many years later. ""', ""What I'm not clear about is at what point in this story does blind faith from the Post Office in their IT system turn to something more sinister, where people are just not telling the truth?"", 'Now I don\'t know at what point that happens, but I\'m sure it\'s something the inquiry will want to get to the bottom of.""', 'He added: ""When I look back on this and I think of the terrible human consequences for the sub-postmasters who were prosecuted, even the ones who weren\'t prosecuted but lost large sums of money or suffered damage in other ways, of course I wish I had asked more about this."" ""', 'But I do believe, given the emphatic nature of the replies, and the Post Office\'s use of court judgements as a proof point for the robustness of the system, at this stage in the process, I\'m not sure it would have got any further.""', ""Mr McFadden was repeatedly asked why he didn't do more at the time to check the Post Office's version of events, and he said that one of the reasons he didn't was that ministers cannot interfere in court judgements.""]",-0.1885966351861493,"But someone, I assume, senior, in Post Office Limited, must have known the truth, must have at some stage, understood that, and this is what I hope the inquiry will uncover.""","He added: ""When I look back on this and I think of the terrible human consequences for the sub-postmasters who were prosecuted, even the ones who weren't prosecuted but lost large sums of money or suffered damage in other ways, of course I wish I had asked more about this."" """,-0.3737555369734764,"Earlier, Labour MP Pat McFadden said he had trusted Post Office assertions that its Horizon system was robust with ""terrible consequences"" for sub-postmasters.","He added that he felt Mr McFadden was being ""disingenuous"" by saying he did not know who had drafted the letters. """,2024-07-19
"Hospitals, banks, media, airlines hit by major IT outage",https://www.bbc.co.uk/news/articles/cv2g5lvwkl2o,2024-07-19T06:20:55.102Z,"A raft of global institutions - including hospitals, major banks, media outlets and airlines - have reported a mass IT outage, affecting their ability to offer services. International airports including in India, Hong Kong, the UK, and the US have reported issues, and several airlines have grounded flights and reported delays. Emergency services have also been affected with some hospitals cancelling surgeries and the US state of Alaska warning its 911 system may be unavailable. Cyber security firm Crowdstrike has confirmed the cause of the worldwide outage was a result of their defective software update for its Microsoft Windows hosts. ""The issue has been identified, isolated and a fix has been deployed,"" their statement said, assuring it was not a cyberattack. ""We further recommend organizations ensure they’re communicating with CrowdStrike representatives through official channels,"" it added. Earlier in the day, an official Microsoft 365 service update posted to X said ""we're investigating an issue impacting users ability to access various Microsoft 365 apps and services"". A Microsoft spokesperson told the BBC on Friday that ""the majority of services were recovered"" hours earlier. Meanwhile, companies are scrambling trying to resolve issues with the IT outages. Many broadcast networks in Australia were scrambling on air as systems failed, while Sky News UK went completely off air as a result of the issues. It is now back on air. Several supermarkets were also crippled, with payment systems down. Pictures from Australia show Coles supermarket's self-checkout tills closed. Hospitals in Germany and Israel have reported disruptions, as well as GP services in the UK. Travel plans across the globe have also been thrown into disarray, with flight, taxis and rail affected.  Airports across Europe, the US and the global south-east have reported system failures, with many passengers having to ""manually"" do processes typically done by machine. Samira Hussain, the BBC's South Asia correspondent, was at Indira Gandhi International Airport in Delhi, India, for a flight to Kolkata. ""I just manually made my boarding passes and the stickers for our check-in bags were also done by hand,"" she said, adding it is ""absolute chaos"" at the airport. Hong Kong's Airport Authority said the outage was affecting some of the global airlines at Hong Kong International Airport, with said airlines switching to manual check-in. Flight operations had not been affected, it added. Across the US, airlines United, Delta and American Airlines have issued a ""global ground stop"" on all of their flights, while Australian carriers Virgin and Jetstar have delayed or cancelled flights. According to aviation analytics firm Cirium, more than 1,000 flights have been cancelled around the world following the outages. Airports in Tokyo, Berlin and Prague have also been reportedly affected. Switzerland's largest airport in Zurich has said planes are currently not allowed to land. A spokesperson for the home affairs ministry in Australia - which has been particularly hard hit - said the outage appeared to be related to an issue at a cyber-security firm, while the country's cybersecurity watchdog said there was no information to suggest a malicious attack. “Our current information is this outage relates to a technical issue with a third-party software platform employed by affected companies,"" they said in a statement. Alaskan officials said many 911 and non-emergency call centres were not working properly, but Australian authorities say  triple-0 call centres - the main emergency contact in the country - are not affected. ",BBC,19/07/2024,"['A raft of global institutions - including hospitals, major banks, media outlets and airlines - have reported a mass IT outage, affecting their ability to offer services.', 'International airports including in India, Hong Kong, the UK, and the US have reported issues, and several airlines have grounded flights and reported delays.', 'Emergency services have also been affected with some hospitals cancelling surgeries and the US state of Alaska warning its 911 system may be unavailable.', 'Cyber security firm Crowdstrike has confirmed the cause of the worldwide outage was a result of their defective software update for its Microsoft Windows hosts. ""', 'The issue has been identified, isolated and a fix has been deployed,"" their statement said, assuring it was not a cyberattack. ""', 'We further recommend organizations ensure they’re communicating with CrowdStrike representatives through official channels,"" it added.', 'Earlier in the day, an official Microsoft 365 service update posted to X said ""we\'re investigating an issue impacting users ability to access various Microsoft 365 apps and services"".', 'A Microsoft spokesperson told the BBC on Friday that ""the majority of services were recovered"" hours earlier.', 'Meanwhile, companies are scrambling trying to resolve issues with the IT outages.', 'Many broadcast networks in Australia were scrambling on air as systems failed, while Sky News UK went completely off air as a result of the issues.', 'It is now back on air.', 'Several supermarkets were also crippled, with payment systems down.', ""Pictures from Australia show Coles supermarket's self-checkout tills closed."", 'Hospitals in Germany and Israel have reported disruptions, as well as GP services in the UK.', 'Travel plans across the globe have also been thrown into disarray, with flight, taxis and rail affected.', 'Airports across Europe, the US and the global south-east have reported system failures, with many passengers having to ""manually"" do processes typically done by machine.', 'Samira Hussain, the BBC\'s South Asia correspondent, was at Indira Gandhi International Airport in Delhi, India, for a flight to Kolkata. ""', 'I just manually made my boarding passes and the stickers for our check-in bags were also done by hand,"" she said, adding it is ""absolute chaos"" at the airport.', ""Hong Kong's Airport Authority said the outage was affecting some of the global airlines at Hong Kong International Airport, with said airlines switching to manual check-in."", 'Flight operations had not been affected, it added.', 'Across the US, airlines United, Delta and American Airlines have issued a ""global ground stop"" on all of their flights, while Australian carriers Virgin and Jetstar have delayed or cancelled flights.', 'According to aviation analytics firm Cirium, more than 1,000 flights have been cancelled around the world following the outages.', 'Airports in Tokyo, Berlin and Prague have also been reportedly affected.', ""Switzerland's largest airport in Zurich has said planes are currently not allowed to land."", ""A spokesperson for the home affairs ministry in Australia - which has been particularly hard hit - said the outage appeared to be related to an issue at a cyber-security firm, while the country's cybersecurity watchdog said there was no information to suggest a malicious attack. “"", 'Our current information is this outage relates to a technical issue with a third-party software platform employed by affected companies,"" they said in a statement.', 'Alaskan officials said many 911 and non-emergency call centres were not working properly, but Australian authorities say triple-0 call centres - the main emergency contact in the country - are not affected.']",-0.0684039170706253,"We further recommend organizations ensure they’re communicating with CrowdStrike representatives through official channels,"" it added.",Emergency services have also been affected with some hospitals cancelling surgeries and the US state of Alaska warning its 911 system may be unavailable.,-0.9518260657787324,,"A raft of global institutions - including hospitals, major banks, media outlets and airlines - have reported a mass IT outage, affecting their ability to offer services.",2024-07-19
Bridgerton and Baby Reindeer drive up Netflix sign-ups,https://www.bbc.co.uk/news/articles/cpwd67gge94o,2024-07-18T21:20:19.566Z,"Netflix said it added more than eight million subscribers in the three months to June, reeling in audiences for the new season of Bridgerton and new drama Baby Reindeer. The gain was almost double what investors had predicted, proving the lasting power of the firm's tightened restrictions on password sharing. But the streaming giant warned the impact of the crackdown on sharing passwords may run out in coming months, leading to slower growth in the months ahead. It said it was looking into new areas, such as sports, live events and gaming to extend its lead. Its plans include a multi-player video game tied to the release of a new season of the popular dystopian series Squid Game later this year, as well as offerings linked to shows such as Emily in Paris. ""If we execute well - better stories, easier discovery and more fandom - while also establishing ourselves in newer areas like live, games and advertising, we believe that we have a lot more room to grow,"" the company said to investors. For now, the streaming giant remains the leader to beat for the industry.  The gains last quarter brought its total number of subscribers to more than 277 million globally.  With more than two people in most households, it estimated that its total audience numbers more than 600 million. In the UK, Netflix's cheapest package, which comes with adverts, costs £4.99. The same deal in the US costs $6.99. Netflix said its ads business was making ""steady progress"", with subscriptions to the plan up 34% in the quarter. But it did not share the total number and warned that the ads business would not start having a meaningful impact on revenue until 2026, noting that for now, subscribers were growing far faster than advertisers. Jamie Lumley, an analyst at Third Bridge, said while Netflix's ad-supported tier continued to be an ""important part of the subscriber growth"", it had ""yet to prove itself from a revenue standpoint"". ""Our experts highlight that Amazon has made a much bigger splash in the ad market and Netflix needs to continue working on scale in this segment if it wants to be a major player,"" he added. Total revenue was $9.56bn, up 17% compared with the same period in 2023, while profits were $2.15bn, compared to $1.5bn a year ago.  The firm said it was expecting year-on-year growth of 14% in the July-September period.  ",BBC,18/07/2024,"['Netflix said it added more than eight million subscribers in the three months to June, reeling in audiences for the new season of Bridgerton and new drama Baby Reindeer.', ""The gain was almost double what investors had predicted, proving the lasting power of the firm's tightened restrictions on password sharing."", 'But the streaming giant warned the impact of the crackdown on sharing passwords may run out in coming months, leading to slower growth in the months ahead.', 'It said it was looking into new areas, such as sports, live events and gaming to extend its lead.', 'Its plans include a multi-player video game tied to the release of a new season of the popular dystopian series Squid Game later this year, as well as offerings linked to shows such as Emily in Paris. ""', 'If we execute well - better stories, easier discovery and more fandom - while also establishing ourselves in newer areas like live, games and advertising, we believe that we have a lot more room to grow,"" the company said to investors.', 'For now, the streaming giant remains the leader to beat for the industry.', 'The gains last quarter brought its total number of subscribers to more than 277 million globally.', 'With more than two people in most households, it estimated that its total audience numbers more than 600 million.', ""In the UK, Netflix's cheapest package, which comes with adverts, costs £4.99."", 'The same deal in the US costs $6.99.', 'Netflix said its ads business was making ""steady progress"", with subscriptions to the plan up 34% in the quarter.', 'But it did not share the total number and warned that the ads business would not start having a meaningful impact on revenue until 2026, noting that for now, subscribers were growing far faster than advertisers.', 'Jamie Lumley, an analyst at Third Bridge, said while Netflix\'s ad-supported tier continued to be an ""important part of the subscriber growth"", it had ""yet to prove itself from a revenue standpoint"". ""', 'Our experts highlight that Amazon has made a much bigger splash in the ad market and Netflix needs to continue working on scale in this segment if it wants to be a major player,"" he added.', 'Total revenue was $9.56bn, up 17% compared with the same period in 2023, while profits were $2.15bn, compared to $1.5bn a year ago.', 'The firm said it was expecting year-on-year growth of 14% in the July-September period.']",0.3546579182603535,"If we execute well - better stories, easier discovery and more fandom - while also establishing ourselves in newer areas like live, games and advertising, we believe that we have a lot more room to grow,"" the company said to investors.",,0.8170114308595657,The gains last quarter brought its total number of subscribers to more than 277 million globally.,"But the streaming giant warned the impact of the crackdown on sharing passwords may run out in coming months, leading to slower growth in the months ahead.",2024-07-19
How a single IT update caused global havoc,https://www.bbc.co.uk/news/articles/cpwdyxx0v64o,2024-07-19T11:29:22.101Z,"A single update pushed out from an anti-virus company in the US has managed to cause global havoc today. It’s being described as the biggest outage ever, and while there have been a few lately, it’s certainly hard to recall something that has taken out as many services and companies across the world as this one has. I stopped updating my list of brands reporting issues within an hour of starting it because there were simply so many names to keep track of. You may never have heard of the anti-virus firm Crowdstrike before but something it did to its virus scanner Falcon had a very adverse effect on computers running Windows software – in their millions.  Blue Screen of Death reported worldwide. You probably don’t need me to tell you what that is. Microsoft was quick to say it was a “third-party issue” – in other words, not its fault. Apple and Linux users, unaffected, rejoiced. Crowdstrike says it has now issued a fix but several IT contacts have told me every single machine in their organisations will require a manual reboot in safe mode, and some of these devices are likely to be more physically accessible than others. There is currently no suggestion that it was malicious, or that anybody’s data has been compromised, accessed or stolen. The cyber-security world still advises that it’s a good idea to keep on top of software updates – although perhaps today is not the day to bang that particular drum. Crowdstrike’s statement, when it arrived, stopped short of an apology, which infuriated people online. However, shortly after the statement was released, CEO George Kurtz told US broadcaster NBC News: ""We're deeply sorry for the impact that we've caused to customers, to travellers, to anyone affected by this, including our companies."" It is a poignant reminder of how reliant the world has become on devices managed remotely by huge companies, and how powerless it leaves us when they fail.  These enormous platforms are bombarded all the time with attempted cyber-attacks, and ill-thought out software updates, and most of them are caught by the tech giants’ robust systems. There will no doubt be a post-mortem at Microsoft as to why this one was not. Timing is also everything. “Never push an update on a Friday,” sighed one computer scientist I spoke to, head in hands. That's because if something goes wrong and it takes time to fix, firms typically have fewer people working at weekends so it will inevitably take even longer to resolve. For that reason, many big firms do tend to prefer updates during the middle of the week. If you are a Crowdstrike customer, there are details on its support website explaining the fix. If you work for a company with an IT team, they may well be co-ordinating a company-wide response. Often by the time you’ve noticed an outage, it has fixed itself. This is certainly not the case here. It is likely to be a few days at least before the world returns to normal. ",BBC,19/07/2024,"['A single update pushed out from an anti-virus company in the US has managed to cause global havoc today.', 'It’s being described as the biggest outage ever, and while there have been a few lately, it’s certainly hard to recall something that has taken out as many services and companies across the world as this one has.', 'I stopped updating my list of brands reporting issues within an hour of starting it because there were simply so many names to keep track of.', 'You may never have heard of the anti-virus firm Crowdstrike before but something it did to its virus scanner Falcon had a very adverse effect on computers running Windows software – in their millions.', 'Blue Screen of Death reported worldwide.', 'You probably don’t need me to tell you what that is.', 'Microsoft was quick to say it was a “third-party issue” – in other words, not its fault.', 'Apple and Linux users, unaffected, rejoiced.', 'Crowdstrike says it has now issued a fix but several IT contacts have told me every single machine in their organisations will require a manual reboot in safe mode, and some of these devices are likely to be more physically accessible than others.', 'There is currently no suggestion that it was malicious, or that anybody’s data has been compromised, accessed or stolen.', 'The cyber-security world still advises that it’s a good idea to keep on top of software updates – although perhaps today is not the day to bang that particular drum.', 'Crowdstrike’s statement, when it arrived, stopped short of an apology, which infuriated people online.', 'However, shortly after the statement was released, CEO George Kurtz told US broadcaster NBC News: ""We\'re deeply sorry for the impact that we\'ve caused to customers, to travellers, to anyone affected by this, including our companies.""', 'It is a poignant reminder of how reliant the world has become on devices managed remotely by huge companies, and how powerless it leaves us when they fail.', 'These enormous platforms are bombarded all the time with attempted cyber-attacks, and ill-thought out software updates, and most of them are caught by the tech giants’ robust systems.', 'There will no doubt be a post-mortem at Microsoft as to why this one was not.', 'Timing is also everything. “', 'Never push an update on a Friday,” sighed one computer scientist I spoke to, head in hands.', ""That's because if something goes wrong and it takes time to fix, firms typically have fewer people working at weekends so it will inevitably take even longer to resolve."", 'For that reason, many big firms do tend to prefer updates during the middle of the week.', 'If you are a Crowdstrike customer, there are details on its support website explaining the fix.', 'If you work for a company with an IT team, they may well be co-ordinating a company-wide response.', 'Often by the time you’ve noticed an outage, it has fixed itself.', 'This is certainly not the case here.', 'It is likely to be a few days at least before the world returns to normal.']",-0.0807259851375817,The cyber-security world still advises that it’s a good idea to keep on top of software updates – although perhaps today is not the day to bang that particular drum.,A single update pushed out from an anti-virus company in the US has managed to cause global havoc today.,-0.6588210378374372,"Apple and Linux users, unaffected, rejoiced.",You may never have heard of the anti-virus firm Crowdstrike before but something it did to its virus scanner Falcon had a very adverse effect on computers running Windows software – in their millions.,2024-07-19