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
Star Wars Outlaws: Massive defends glitches in 'complex' game,https://www.bbc.co.uk/news/articles/c9d1v41xzj5o,2024-08-29T09:39:35.668Z,"The journey to the first-ever open-world Star Wars game has had intrigue, interest and for those with early access, some bugs and glitches. Some pre-release players of Star Wars Outlaws have reported problems with game progression, being stuck in certain parts of the game and issues with saving, with studio Ubisoft now advising of possible fixes. But the early issues are a source of slight frustration for Julian Gerighty, creative director for Massive Entertainment, which made the game. ""When you have millions of players step into your world, you'd rather it not happen,"" he tells BBC Newsbeat. ""It's one of those things that we’ll keep a look out for, keep correcting and keep improving."" But he believes it is partly a product of their ambition for this game, particularly compared to previous generations. ""I think it's very important that the bigger the game is, the more systems you have, the more complex that it’s going to be. ""It's also the joy of video games, of being able to step into these worlds and sometimes [these] things happen,"" he says. Outlaws is set between the events of The Empire Strikes Back and Return of the Jedi, with players following the story of Kay Vess, a ""scoundrel"" wanting freedom and the means to start a new life, navigating through the galaxy’s crime syndicates. The reviews of the game have so far been mixed. IGN has given a ""good"" rating, saying it is ""a fun intergalactic heist adventure with great exploration, but hindered by simple stealth, repetitive combat, and a few too many bugs at launch"". Eurogamer says Outlaws ""isn’t a squeaky clean game on a technical level, with a few rough points amid a general trend of brilliance"". PC Gamer describes Outlaws as ""everything good and bad about big-budget open world excess"". ""There is so much going on between its main quests, side quests… yet fundamental fun video game stuff like getting from place to place falls flat,"" it writes. Gamespot gives it a ""fair"" rating, saying ""the unexciting space combat and unrewarding syndicate-relationship tracker don't add anything meaningful to the experience"".  But it points out the game has success when ""it comes to gunslinging or sneaking, both of which are aided by a superb soundtrack"". Compared to previous games, they’ve been able to do more this time around, Julian says. ""[Things like] the density of cities… the city's streets, to a densely populated market town to your spaceship. And then blast off into orbit completely seamlessly with no loading."" But trying to go bigger has not been simple in terms of design. ""It’s a real technical challenge with the speeds.  ""It can only be achievable with this generation of consoles,"" he says, adding that previously it would have been ""completely impossible"" to achieve the same scale due to the limits of technology. ""I think the game really flies when people step into their own role-playing of being a scoundrel and an outlaw and they follow their own path. ""That's where the world comes together and you really feel like you're a part of Star Wars,"" he says. The Star Wars fanbase, like many notable franchises, has passionate fans scrutinising every last detail. And Julian appreciates the importance of feedback from them. ""If you look at the history of Massive Entertainment, the community is such a vocal part of making things better and improving the game. ""We see it as more of an opportunity to examine how we can push things further in the future. And that’s going to be a part of the action plan on this game, too. ""I think you have to look at it through the lens of your creative vision as well as good faith and bad faith takes,"" he says. ""So there's a lot of things that we can do to improve the experiences. But it always has to be through the lens of the creative filter."" And Julian is also aware of the place of Outlaws in the wider universe - crediting development group LucasFilm Games for its guidance. ""[We need] to make sure that we understand what else is being made within the galaxy, of different media elements from publishing to TV to movies. ""We know more or less how we fit within that, without spoiling any of the other entertainment pieces that are coming out or have to come out."" Reflecting on Outlaws, Julian feels a sense of pride. ""It's equal parts thrilling and terrifying, always a joy to launch something. ""Letting it go into the wild and wanting people to have the best possible experience. It's always a little bit scary at the same time."" But after celebrating, there will be an evaluation of ""how people are playing the game"". ""Where the real points of joy are, and frustration as well. How do we address those things in later updates?"" He shares in the next year or so, the team is planning to launch downloadable content (DLC) – extra content that can be downloaded for games after they’ve been released. ""With every single DLC, it'll be a moment for us to update, improve and make sure that the experience is as good as it can be,"" he says. Star Wars Outlaws is due to be widely released on 30 August. Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here. ",BBC,29/08/2024,"['The journey to the first-ever open-world Star Wars game has had intrigue, interest and for those with early access, some bugs and glitches.', 'Some pre-release players of Star Wars Outlaws have reported problems with game progression, being stuck in certain parts of the game and issues with saving, with studio Ubisoft now advising of possible fixes.', 'But the early issues are a source of slight frustration for Julian Gerighty, creative director for Massive Entertainment, which made the game. ""', 'When you have millions of players step into your world, you\'d rather it not happen,"" he tells BBC Newsbeat. ""', 'It\'s one of those things that we’ll keep a look out for, keep correcting and keep improving.""', 'But he believes it is partly a product of their ambition for this game, particularly compared to previous generations. ""', 'I think it\'s very important that the bigger the game is, the more systems you have, the more complex that it’s going to be. ""', 'It\'s also the joy of video games, of being able to step into these worlds and sometimes [these] things happen,"" he says.', 'Outlaws is set between the events of The Empire Strikes Back and Return of the Jedi, with players following the story of Kay Vess, a ""scoundrel"" wanting freedom and the means to start a new life, navigating through the galaxy’s crime syndicates.', 'The reviews of the game have so far been mixed.', 'IGN has given a ""good"" rating, saying it is ""a fun intergalactic heist adventure with great exploration, but hindered by simple stealth, repetitive combat, and a few too many bugs at launch"".', 'Eurogamer says Outlaws ""isn’t a squeaky clean game on a technical level, with a few rough points amid a general trend of brilliance"".', 'PC Gamer describes Outlaws as ""everything good and bad about big-budget open world excess"". ""', 'There is so much going on between its main quests, side quests… yet fundamental fun video game stuff like getting from place to place falls flat,"" it writes.', 'Gamespot gives it a ""fair"" rating, saying ""the unexciting space combat and unrewarding syndicate-relationship tracker don\'t add anything meaningful to the experience"".', 'But it points out the game has success when ""it comes to gunslinging or sneaking, both of which are aided by a superb soundtrack"".', 'Compared to previous games, they’ve been able to do more this time around, Julian says. ""[', ""Things like] the density of cities… the city's streets, to a densely populated market town to your spaceship."", 'And then blast off into orbit completely seamlessly with no loading.""', 'But trying to go bigger has not been simple in terms of design. ""', 'It’s a real technical challenge with the speeds. ""', 'It can only be achievable with this generation of consoles,"" he says, adding that previously it would have been ""completely impossible"" to achieve the same scale due to the limits of technology. ""', 'I think the game really flies when people step into their own role-playing of being a scoundrel and an outlaw and they follow their own path. ""', 'That\'s where the world comes together and you really feel like you\'re a part of Star Wars,"" he says.', 'The Star Wars fanbase, like many notable franchises, has passionate fans scrutinising every last detail.', 'And Julian appreciates the importance of feedback from them. ""', 'If you look at the history of Massive Entertainment, the community is such a vocal part of making things better and improving the game. ""', 'We see it as more of an opportunity to examine how we can push things further in the future.', 'And that’s going to be a part of the action plan on this game, too. ""', 'I think you have to look at it through the lens of your creative vision as well as good faith and bad faith takes,"" he says. ""', ""So there's a lot of things that we can do to improve the experiences."", 'But it always has to be through the lens of the creative filter.""', 'And Julian is also aware of the place of Outlaws in the wider universe - crediting development group LucasFilm Games for its guidance. ""[', 'We need] to make sure that we understand what else is being made within the galaxy, of different media elements from publishing to TV to movies. ""', 'We know more or less how we fit within that, without spoiling any of the other entertainment pieces that are coming out or have to come out.""', 'Reflecting on Outlaws, Julian feels a sense of pride. ""', 'It\'s equal parts thrilling and terrifying, always a joy to launch something. ""', 'Letting it go into the wild and wanting people to have the best possible experience.', 'It\'s always a little bit scary at the same time.""', 'But after celebrating, there will be an evaluation of ""how people are playing the game"". ""', 'Where the real points of joy are, and frustration as well.', 'How do we address those things in later updates?""', 'He shares in the next year or so, the team is planning to launch downloadable content (DLC) – extra content that can be downloaded for games after they’ve been released. ""', 'With every single DLC, it\'ll be a moment for us to update, improve and make sure that the experience is as good as it can be,"" he says.', 'Star Wars Outlaws is due to be widely released on 30 August.', 'Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here.']",0.2601625422509638,"But it points out the game has success when ""it comes to gunslinging or sneaking, both of which are aided by a superb soundtrack"".","Some pre-release players of Star Wars Outlaws have reported problems with game progression, being stuck in certain parts of the game and issues with saving, with studio Ubisoft now advising of possible fixes.",0.1541444845497608,"Compared to previous games, they’ve been able to do more this time around, Julian says. ""[","Eurogamer says Outlaws ""isn’t a squeaky clean game on a technical level, with a few rough points amid a general trend of brilliance"".",2024-08-29
Massive Reliance-Disney merger cleared by India watchdog,https://www.bbc.co.uk/news/articles/c7v5j5dern7o,2024-08-29T09:22:53.693Z,"A $8.5bn (£6.43bn) merger between Disney and Reliance Industries has been provisionally approved by the India's competition watchdog. The venture, in which billionaire Mukesh Ambani's Reliance Industries will have majority stake, will create India's biggest entertainment player which will compete with Sony, Netflix and Amazon. The joint venture will enjoy broadcasting rights for a majority of India's sports events, including coveted cricket tournaments. The merger is expected to be completed in the next six months and will be chaired by Mr Ambani's wife, Nita Ambani, according to reports. The deal is “subject to the compliance of voluntary modifications"", India's competition watchdog said in a press release on Wednesday. It had previously raised concerns about the control this merger would grant the two companies over broadcasting rights for cricket, the country's most popular sport with a massive fan base. Streaming services offered by Disney and Reliance have been attracting Indian subscribers for years by providing free livestreams of cricket matches. According to Reuters news agency, the two companies have spent $9.5bn on TV and streaming rights for the Indian Premier League (IPL), T20 World Cups and matches held by the International Cricket Council.   The competition watchdog had raised concerns that the new entity could increase advertising prices for these matches.  However, the two companies have reportedly pledged not to raise advertising rates excessively for cricket match streams. They have also said they would sell seven to eight of their non-sports TV channels  to balance out revenues, a source told Reuters.  With the merger, the two companies will also have Indian broadcast rights for the Wimbledon, MotoGP and the English Premier League or EPL. The deal ""creates a huge digital entertainment giant"", Gurmeet Chadha, managing partner of financial consultant Complete Circle, told CNBC-TV18 news channel.  ""They have the content muscle and their tech capabilities are well-known. They have the reach in terms of distribution. They have the relative analytics and insight into what content is consumed where,"" he said.  In a country with 1.4bn people and 90% internet penetration, ""this has huge, huge long-term implications,"" he added. ",BBC,29/08/2024,"[""A $8.5bn (£6.43bn) merger between Disney and Reliance Industries has been provisionally approved by the India's competition watchdog."", ""The venture, in which billionaire Mukesh Ambani's Reliance Industries will have majority stake, will create India's biggest entertainment player which will compete with Sony, Netflix and Amazon."", ""The joint venture will enjoy broadcasting rights for a majority of India's sports events, including coveted cricket tournaments."", ""The merger is expected to be completed in the next six months and will be chaired by Mr Ambani's wife, Nita Ambani, according to reports."", 'The deal is “subject to the compliance of voluntary modifications"", India\'s competition watchdog said in a press release on Wednesday.', ""It had previously raised concerns about the control this merger would grant the two companies over broadcasting rights for cricket, the country's most popular sport with a massive fan base."", 'Streaming services offered by Disney and Reliance have been attracting Indian subscribers for years by providing free livestreams of cricket matches.', 'According to Reuters news agency, the two companies have spent $9.5bn on TV and streaming rights for the Indian Premier League (IPL), T20 World Cups and matches held by the International Cricket Council.', 'The competition watchdog had raised concerns that the new entity could increase advertising prices for these matches.', 'However, the two companies have reportedly pledged not to raise advertising rates excessively for cricket match streams.', 'They have also said they would sell seven to eight of their non-sports TV channels to balance out revenues, a source told Reuters.', 'With the merger, the two companies will also have Indian broadcast rights for the Wimbledon, MotoGP and the English Premier League or EPL.', 'The deal ""creates a huge digital entertainment giant"", Gurmeet Chadha, managing partner of financial consultant Complete Circle, told CNBC-TV18 news channel. ""', 'They have the content muscle and their tech capabilities are well-known.', 'They have the reach in terms of distribution.', 'They have the relative analytics and insight into what content is consumed where,"" he said.', 'In a country with 1.4bn people and 90% internet penetration, ""this has huge, huge long-term implications,"" he added.']",0.2965105595822964,"It had previously raised concerns about the control this merger would grant the two companies over broadcasting rights for cricket, the country's most popular sport with a massive fan base.",,0.3517102301120758,Streaming services offered by Disney and Reliance have been attracting Indian subscribers for years by providing free livestreams of cricket matches.,The competition watchdog had raised concerns that the new entity could increase advertising prices for these matches.,2024-08-29
New Heights: Travis and Jason Kelce sign $100m podcast deal with Amazon,https://www.bbc.co.uk/news/articles/czxl1wnpjgyo,2024-08-28T10:27:45.694Z,"NFL stars Travis and Jason Kelce have signed a lucrative podcast deal with Amazon, reportedly worth $100m (£75m). The three-year deal, announced on Tuesday, gives the company's Wondery audio network exclusive multimedia rights to the brothers' popular New Heights podcast. The pair said they ""couldn't be more excited"" at the deal ahead of the show's third series. The siblings launched the podcast in 2022 - interviewing celebrity guests and discussing their own lives - all with brotherly humour.  Travis, 34, a three-time Super Bowl champion for the Kansas City Chiefs, has since found wider fame as the boyfriend of pop megastar Taylor Swift.  Elder brother Jason, 36, recently retired after 13 seasons with the Philadelphia Eagles and has taken up an analyst role with ESPN. The deal marks a high watermark in the booming popularity of both sport podcasts and the medium in general, with New Heights winning podcast of the year at the 2024 iHeartPodcast Awards. Wondery boss Jen Sargent said: ""New Heights on the surface is a sports podcast, and sports is such a well-listened-to category. But it's become a cultural phenomenon, they're all in that zeitgeist."" According to Nielsen's recent podcast analysis, the number of Americans listening to podcasts has increased by 45% in the last five years alone - more than doubling in the past decade to reach 183m people.  A similar shift has happened in the UK, with ad revenue spiking worldwide to be worth billions, according to PwC.  The rise reflects a change in consumption habits, with younger audiences increasingly choosing podcasts over linear TV. The Kelces' signing to Wondery follows the company's similar deal with comedian and podcaster Dax Shephard last month. Other big-name, big-money podcast deals include Joe Rogan's $100m partnership with Spotify and Alex Cooper's move to Sirius XM. Earlier this year, it was announced that Kelce would host US gameshow Are You Smarter Than a Celebrity?, also for Amazon. ",BBC,28/08/2024,"['NFL stars Travis and Jason Kelce have signed a lucrative podcast deal with Amazon, reportedly worth $100m (£75m).', ""The three-year deal, announced on Tuesday, gives the company's Wondery audio network exclusive multimedia rights to the brothers' popular New Heights podcast."", 'The pair said they ""couldn\'t be more excited"" at the deal ahead of the show\'s third series.', 'The siblings launched the podcast in 2022 - interviewing celebrity guests and discussing their own lives - all with brotherly humour.', 'Travis, 34, a three-time Super Bowl champion for the Kansas City Chiefs, has since found wider fame as the boyfriend of pop megastar Taylor Swift.', 'Elder brother Jason, 36, recently retired after 13 seasons with the Philadelphia Eagles and has taken up an analyst role with ESPN.', 'The deal marks a high watermark in the booming popularity of both sport podcasts and the medium in general, with New Heights winning podcast of the year at the 2024 iHeartPodcast Awards.', 'Wondery boss Jen Sargent said: ""New Heights on the surface is a sports podcast, and sports is such a well-listened-to category.', 'But it\'s become a cultural phenomenon, they\'re all in that zeitgeist.""', ""According to Nielsen's recent podcast analysis, the number of Americans listening to podcasts has increased by 45% in the last five years alone - more than doubling in the past decade to reach 183m people."", 'A similar shift has happened in the UK, with ad revenue spiking worldwide to be worth billions, according to PwC. The rise reflects a change in consumption habits, with younger audiences increasingly choosing podcasts over linear TV.', ""The Kelces' signing to Wondery follows the company's similar deal with comedian and podcaster Dax Shephard last month."", ""Other big-name, big-money podcast deals include Joe Rogan's $100m partnership with Spotify and Alex Cooper's move to Sirius XM."", 'Earlier this year, it was announced that Kelce would host US gameshow Are You Smarter Than a Celebrity?,', 'also for Amazon.']",0.3510327113687824,"Travis, 34, a three-time Super Bowl champion for the Kansas City Chiefs, has since found wider fame as the boyfriend of pop megastar Taylor Swift.",,0.9992065310478212,"According to Nielsen's recent podcast analysis, the number of Americans listening to podcasts has increased by 45% in the last five years alone - more than doubling in the past decade to reach 183m people.",,2024-08-29
NFL wants a cut of private equity investment profits,https://www.cnbc.com/2024/08/27/nfl-wants-to-take-percentage-of-private-equity-investment-profits.html,2024-08-28T13:54:30+0000,"The National Football League has informed owners and investment firms that it intends to take a percentage of private equity profits on any future sales of ownership stakes, according to people familiar with the matter.NFL owners voted Tuesday to allow private equity firms to take a maximum 10% stake in teams.The league has never allowed private equity investment before. Major League Baseball, the National Basketball Association and the National Hockey League already allow up to 30% of teams to be owned by investment firms, though the cap for individual funds is between 15% and 20%.No other league takes a percentage of the so-called carry — the percentage of a fund's investment profits that managers typically receive as compensation — for all private equity firms. It was unclear heading into the owners' meeting if the NFL plan would apply to all or only some firms, or what percentage of the profits the league wanted to take.The NFL has informally told investment firms that if they make a return on an investment, it wants a portion of the profits to be returned to the league.""Each of us are privileged to own an asset that we're custodians of the local community and we don't want ownership that's putting making money first,"" New England Patriots owner Robert Kraft told CNBC's ""Squawk Box"" on Wednesday. ""If you do your job and you present a good product, the community gets behind it.""It was unclear if the NFL's plans to take a piece of profits would deter future investment from private equity. The initial approved firms include Ares Management, Sixth Street Partners and Arctos Partners, and a consortium of investors including Dynasty Equity, Blackstone, Carlyle Group, CVC Capital Partners and Ludis, a platform founded by investor and former NFL running back Curtis Martin.The NFL declined to comment.Over the past 20 years, the league's total value has risen from $23.46 billion to $190 billion, a 710% gain, according to Sportico. The S&P 500 index has risen about 660% during the same time span.— CNBC's Jake Piazza contributed to this report.",CNBC,28/08/2024,"['The National Football League has informed owners and investment firms that it intends to take a percentage of private equity profits on any future sales of ownership stakes, according to people familiar with the matter.', 'NFL owners voted Tuesday to allow private equity firms to take a maximum 10% stake in teams.', 'The league has never allowed private equity investment before.', ""Major League Baseball, the National Basketball Association and the National Hockey League already allow up to 30% of teams to be owned by investment firms, though the cap for individual funds is between 15% and 20%.No other league takes a percentage of the so-called carry — the percentage of a fund's investment profits that managers typically receive as compensation — for all private equity firms."", ""It was unclear heading into the owners' meeting if the NFL plan would apply to all or only some firms, or what percentage of the profits the league wanted to take."", 'The NFL has informally told investment firms that if they make a return on an investment, it wants a portion of the profits to be returned to the league.', '""Each of us are privileged to own an asset that we\'re custodians of the local community and we don\'t want ownership that\'s putting making money first,"" New England Patriots owner Robert Kraft told CNBC\'s ""Squawk Box"" on Wednesday. ""', 'If you do your job and you present a good product, the community gets behind it.', '""It was unclear if the NFL\'s plans to take a piece of profits would deter future investment from private equity.', 'The initial approved firms includeAres Management,Sixth Street Partners and Arctos Partners, and a consortium of investors including Dynasty Equity,Blackstone,Carlyle Group,CVC Capital Partnersand Ludis, a platform founded by investor and former NFL running back Curtis Martin.', 'The NFL declined to comment.', ""Over the past 20 years, the league's total value has risen from $23.46 billion to $190 billion, a 710% gain, according to Sportico."", 'The S&P 500 index has risen about 660% during the same time span.—', ""CNBC's Jake Piazza contributed to this report.""]",0.3173730239255343,"Over the past 20 years, the league's total value has risen from $23.46 billion to $190 billion, a 710% gain, according to Sportico.",,0.3556423584620158,"Over the past 20 years, the league's total value has risen from $23.46 billion to $190 billion, a 710% gain, according to Sportico.","""It was unclear if the NFL's plans to take a piece of profits would deter future investment from private equity.",2024-08-29
"Mavericks, Pelicans games are leaving their local sports networks ahead of NBA season",https://www.cnbc.com/2024/08/26/mavericks-pelicans-games-leave-local-networks-amid-diamond-bankruptcy.html,2024-08-26T20:44:33+0000,"Dallas Mavericks and New Orleans Pelicans fans are waiting for a new way to watch local games in the upcoming National Basketball Association season.Both teams are exiting their regional sports networks owned by Diamond Sports, according to a Friday bankruptcy court filing.The NBA season is set to begin Oct. 22. While neither franchise has publicly announced where its local games will be aired, both teams have a history of televising their games with local broadcasters.The Pelicans have reached an agreement in principle with Gray Television to air games this season, a person close to the team told CNBC, confirming earlier media reports. Representatives for Gray and the Pelicans declined to comment on the matter.Last season, the Pelicans aired 10 of their matchups on Gray's local stations, and the Mavericks, who appeared in last season's NBA Finals, entered a 13-game agreement with Tegna's Dallas-Fort Worth stations.Representatives for the Mavericks and Tegna did not immediately respond to CNBC's requests asking who would broadcast their local games.The Mavericks and Pelicans are the latest teams to move the bulk of their regular-season games from their Diamond-owned regional sports networks, which are under the Bally Sports brand.Diamond Sports has spent the past 18 months trying to navigate its way out of bankruptcy, and along the way, several NBA, WNBA and National Hockey League teams have ditched regional sports networks in favor of local broadcasters. Some Major League Baseball teams that have left these networks will now have their games produced by the league.Diamond Sports will receive $1.3 million and more than $297,000 in repayments from the Mavericks and Pelicans, respectively, as part of the terminations, according to the court filing.The split with the Mavericks and Pelicans comes as Diamond enters into broadcast and streaming rights agreements with the NBA and NHL for the upcoming season as part of its bankruptcy process. The deals are subject to court approval.""We are appreciative of the ongoing collaboration and long-term partnerships with the NBA and NHL,"" Diamond Sports CEO David Preschlack said in a statement, adding the deals with the leagues ""are another major milestone"" toward exiting bankruptcy protection.Diamond Sports has been one of many companies crushed by the decline of cable. Though it launched a sports-only streaming service for some of its teams in 2022, the company's $8 billion debt load was too staggering to stop it from filing for bankruptcy protection.As the NBA and NHL seasons near, Diamond has also faced more pressure in recent months to form a viable business plan and prove it can make the necessary rights payments.Diamond marked another milestone this summer when it reached a deal to return its networks to Comcast's cable TV customers. The Bally Sports networks went dark on Comcast — Diamond's third largest distributor — in early May.Disclosure: Comcast is the parent company of NBCUniversal and CNBC.",CNBC,26/08/2024,"['Dallas Mavericks and New Orleans Pelicans fans are waiting for a new way to watch local games in the upcoming National Basketball Association season.', 'Both teams are exiting their regional sports networks owned by Diamond Sports, according to a Friday bankruptcy court filing.', 'The NBA season is set to begin Oct. 22.', 'While neither franchise has publicly announced where its local games will be aired, both teams have a history of televising their games with local broadcasters.', 'The Pelicans have reached an agreement in principle with Gray Television to air games this season,a personclose to the team told CNBC, confirming earlier media reports.', 'Representatives for Gray and the Pelicans declined to comment on the matter.', ""Last season, the Pelicans aired 10 of their matchups on Gray's local stations, and the Mavericks, who appeared in last season's NBA Finals, entered a 13-game agreement with Tegna's Dallas-Fort Worth stations."", ""Representatives for the Mavericks and Tegna did not immediately respond to CNBC's requests asking who would broadcast their local games."", 'The Mavericks and Pelicans are the latest teams to move the bulk of their regular-season games from their Diamond-owned regional sports networks, which are under the Bally Sports brand.', 'Diamond Sports has spent the past 18 months trying to navigate its way out of bankruptcy, and along the way, several NBA, WNBA and National Hockey League teams have ditched regional sports networks in favor of local broadcasters.', 'Some Major League Baseball teams that have left these networks will now have their games produced by the league.', 'Diamond Sports will receive $1.3 million and more than $297,000 in repayments from the Mavericks and Pelicans, respectively, as part of the terminations, according to the court filing.', 'The split with the Mavericks and Pelicans comes as Diamond enters into broadcast and streaming rights agreements with the NBA and NHL for the upcoming season as part of its bankruptcy process.', 'The deals are subject to court approval.', '""We are appreciative of the ongoing collaboration and long-term partnerships with the NBA and NHL,"" Diamond Sports CEO David Preschlack said in a statement, adding the deals with the leagues ""are another major milestone"" toward exiting bankruptcy protection.', 'Diamond Sports has been one of many companies crushed by the decline of cable.', ""Though it launched a sports-only streaming service for some of its teams in 2022, the company's $8 billion debt load was too staggering to stop it from filing for bankruptcy protection."", 'As the NBA and NHL seasons near, Diamond has also faced more pressure in recent months to form a viable business plan and prove it can make the necessary rights payments.', ""Diamond marked another milestone this summer when it reached a deal to return its networks to Comcast's cable TV customers."", ""The Bally Sports networks went dark on Comcast — Diamond's third largest distributor — in early May."", 'Disclosure: Comcast is the parent company of NBCUniversal and CNBC.']",0.2369959799857742,"""We are appreciative of the ongoing collaboration and long-term partnerships with the NBA and NHL,"" Diamond Sports CEO David Preschlack said in a statement, adding the deals with the leagues ""are another major milestone"" toward exiting bankruptcy protection.","Though it launched a sports-only streaming service for some of its teams in 2022, the company's $8 billion debt load was too staggering to stop it from filing for bankruptcy protection.",-0.2300930470228195,Diamond marked another milestone this summer when it reached a deal to return its networks to Comcast's cable TV customers.,Diamond Sports has been one of many companies crushed by the decline of cable.,2024-08-29
Washington Commanders strike stadium naming rights deal with Northwest Federal Credit Union,https://www.cnbc.com/2024/08/27/washington-commanders-stadium-northwest-federal-credit-union.html,2024-08-27T19:46:50+0000,"The home of the Washington Commanders just got a new name.The team's stadium will be renamed Northwest Stadium, per a new agreement with Northwest Federal Credit Union that runs through the 2030-31 season, according to a person familiar with the matter. The deal is worth an average annual value in the low $8 million range, according to the person.The home of the Washington, D.C., NFL team has been without a naming rights partner since FedEx ended its deal with the Commanders in February, two years early. The shipping giant had a deal with the football team that ran from 1999 through the 2025 season.""As we continue to work toward our goal of building the Commanders into an elite franchise that consistently competes for championships, we are excited to welcome our team and fans to Northwest Stadium and look forward to creating incredible memories together on the field and in the communities we serve,"" said Washington Commanders Managing Partner Josh Harris in a statement.The new agreement with the Northwest Federal Credit Union adds to an existing stadium sponsorship deal that came in at around $2 million per year, according to the person familiar with the matter. That deal did not include naming rights.The expanded partnership includes Northwest branding across the stadium, including a new stadium logo. Northwest will also serve as the team's jersey patch partner for off-season and in-season practices. The partnership will also extend new benefits to Commanders fans who are members of Northwest Federal Credit Union, including discounts on tickets and merchandise.Last year,  Northwest Federal Credit Union became the Commanders' official credit union partner.The Commanders are looking to build a new stadium in either Washington, D.C., or Virginia. Should the team move into a new stadium before the 2030-31 season ends, the Commanders have the right under the new agreement to seek a new naming rights partner for the new stadium, the person familiar with the matter said. The credit union does not have the rights to the new stadium or right of first refusal for those rights, the person added.The Los Angeles Rams currently have the most valuable stadium naming rights deal in the NFL. That deal, with SoFi, is for $625 million over 20 years, according to a person familiar with that agreement. SoFi Stadium is also home to the NFL's Chargers, but Rams owner Stanley Kroenke owns the stadium, so the Rams collect 85% of stadium sponsorship revenue.",CNBC,27/08/2024,"['The home of the Washington Commanders just got a new name.', ""The team's stadium will be renamed Northwest Stadium, per a new agreement with Northwest Federal Credit Union that runs through the 2030-31 season, according to a person familiar with the matter."", 'The deal is worth an average annual value in the low $8 million range,according to the person.', 'The home of the Washington, D.C., NFL team has been without a naming rights partner since FedEx ended its deal with the Commanders in February, two years early.', 'The shipping giant had a deal with the football team that ran from 1999 throughthe 2025 season.', '""As we continue to work toward our goal of building the Commanders into an elite franchise that consistently competes for championships, we are excited to welcome our team and fans to Northwest Stadium and look forward to creating incredible memories together on the field and in the communities we serve,"" said Washington Commanders Managing Partner Josh Harris in a statement.', 'The new agreement with the Northwest Federal Credit Union adds to an existing stadium sponsorship deal that came in at around $2 million per year, according to the person familiar with the matter.', 'That deal did not include naming rights.', 'The expanded partnership includes Northwest branding across the stadium, including a new stadium logo.', ""Northwest will also serve as the team's jersey patch partner for off-season and in-season practices."", 'The partnership will also extend new benefits to Commanders fans who are members of Northwest Federal Credit Union, including discounts on tickets and merchandise.', ""Last year, Northwest Federal Credit Union became the Commanders' official credit union partner."", 'The Commanders are looking to build a new stadium in either Washington, D.C., or Virginia.', 'Should the team move into a new stadium before the 2030-31 season ends, the Commanders have the right under the new agreement to seek a new naming rights partner for the new stadium, the person familiar with the matter said.', 'The credit union does not have the rights to the new stadium or right of first refusal for those rights, the person added.', 'The Los Angeles Rams currently have the most valuable stadium naming rights deal in the NFL.', 'That deal, with SoFi, is for $625 million over 20 years, according to a person familiar with that agreement.', ""SoFi Stadium is also home to the NFL's Chargers, but Rams owner Stanley Kroenke owns the stadium, so the Rams collect 85% of stadium sponsorship revenue.""]",0.3245834831982503,"""As we continue to work toward our goal of building the Commanders into an elite franchise that consistently competes for championships, we are excited to welcome our team and fans to Northwest Stadium and look forward to creating incredible memories together on the field and in the communities we serve,"" said Washington Commanders Managing Partner Josh Harris in a statement.",,0.949747696518898,"The partnership will also extend new benefits to Commanders fans who are members of Northwest Federal Credit Union, including discounts on tickets and merchandise.",,2024-08-29
Are AI-created recipes hard to swallow?,https://www.bbc.co.uk/news/articles/cl7y71krnjvo,2024-08-28T23:11:55.251Z,"Can AI help restaurant owners come up with tasty new menus to tempt customers, or is this just a recipe for disaster? ""We asked [popular AI chatbot] ChatGPT to create a recipe - the best pizza for Dubai,"" says Spartak Arutyunyan, who heads menu development for the city’s branch of restaurant and delivery chain Dodo Pizza. ""And it did create a recipe. We launched it, it was actually a huge hit, and it's still on the menu.” With 90% of Dubai's three million people being immigrants, ""there's so many cultures here"", says Mr Arutyunyan. ""Indians, Pakistanis, Filipinos, Arab people, European guys."" He asked ChatGPT to come up with a pizza that represented that cultural mix. Its response was a topping comprising Arab shawarma chicken, Indian grilled paneer cheese, Middle Eastern Za'atar herbs, and tahini sauce. And Dodo Pizza’s customers apparently cannot get enough of it. “As a chef, I wouldn't mix these ingredients ever on a pizza, but still, the mix of flavours was surprisingly good,” says Mr Arutyunyan. Yet other pizzas dreamed up by the AI did not make it to the menu, for example strawberries and pasta, and blueberries and breakfast cereal. A world away in the US, Venecia Willis conducted a similar AI experiment at Dallas' Velvet Taco, where she is culinary director. She became ""really curious"" about AI, so she let ChatGPT loose on devising one of their tacos of the week. For prompts, Ms Willis says she told it to ""use, like, eight ingredients, and it could only select one tortilla and one protein"". Some recipe results were rather less than moreish. ""There were some funky combinations, and I was like, I'm not really sure if red curry, coconut tofu and pineapple are going to be delicious together,"" says Ms Willis. But she made three of the recipes that looked more promising, and ultimately chose a prawns and steak taco to go on public sale. They sold 22,000 in a week. “I think AI is a great tool to use when you're in a bit of a creative slump, to get the brain going again – ‘that combination might actually work, let's try it’. The AI can suggest something maybe I wouldn't have thought of."" But Ms Willis adds that she “wouldn’t go completely rogue with AI. There has to be a human element to validate recipes.” Not everyone in the food trade loves the idea of AI though. London-based cocktail creator Julian de Feral says he avoids AI because it “seems very counter-intuitive”, with its choices lacking common sense. AI chatbots are “not magic”, warns Emily Bender, a linguistics professor at the University of Washington in Seattle. She says that they have instead learned from what they have read online. “If you can get ChatGPT to spit out something that looks like a recipe, then it's because there are recipes on the internet.” She adds that the AI could have grabbed the recipe from someone’s cookery blog, thereby decreasing their reader numbers, and their ability to make a living from subscriptions or advertising revenue. However, Prof Bender does concede that in the future more sophisticated AI may be helpful in recipe creation. She says that the AI could be asked to ""categorise ingredients as sweet, or acidic, and so on"", find those that the internet says should taste good together, and then come up with endless detailed recipes. ""However, you have to have a well-defined research question [to give the AI] to get that kind of benefit,"" she adds. Still, UK supermarket chain Waitrose is using AI to spot rising food trends on social media. Currently these include “smash burgers” – crispy burgers made by squashing ground beef onto a super-hot pan – and “crookies” – a croissant filled with cookie dough and chocolate chips. ""We saw smash burgers trending all over social media,"" says Lizzie Haywood, Waitrose's innovations manager. “Now three or four dedicated smash burger restaurants opening up in the UK has coincided with us launching our smash burgers.” As for crookies, she says the AI saw that the mention of them had “jumped 80 to 90% from last year on social media, and we managed to launch them into trial stores in three months"". In Singapore, Italian expat Stefano Cantù has created an AI-powered app that can suggest recipes in response to you telling it what ingredients you have in your fridge and cupboards. In a nod to the app being powered by ChatGPT he has called it “ChefGPT”. ""I'm Italian, so of course I cook stuff,"" says Mr Cantù, whose day job is at a software company. He says he came up with the idea “over a weekend” after asking ChatGPT for recipe inspirations. The app also has drop-down menus and toggles, to let a user specify tools they have in their kitchen, or if they're in a hurry or not a very good cook. The AI then comes up with a recipe and a picture of the dish. Mr Cantù says he got 30,000 users within a week and a half of launching last year. But then he got “quite a big bill from OpenAI”, the company behind ChatGPT. He now continues to pay OpenAI a regular fee for using its AI. Mr Cantù explains that this is a standard arrangement when a start-up like his builds its app on top of another company's technology. He adds that he is continuing to try to find “the right balance between advertising and subscriptions, and the right level of usage to give free users"". And how he can “monetise free users without selling their data"". Back in Dubai, Spartak Arutyunyan at Dodo Pizza says AI should be seen as more of a fun thing to use rather than something you’d base your entire menu around. Yet Dodo Pizza is now enabling customers in Dubai, who order via its app, to try using AI themselves to dream up unusual pizza toppings. And the firm says it aims to extend the AI function to its other branches around the world. ",BBC,28/08/2024,"['Can AI help restaurant owners come up with tasty new menus to tempt customers, or is this just a recipe for disaster? ""', 'We asked [popular AI chatbot] ChatGPT to create a recipe - the best pizza for Dubai,"" says Spartak Arutyunyan, who heads menu development for the city’s branch of restaurant and delivery chain Dodo Pizza. ""', 'And it did create a recipe.', ""We launched it, it was actually a huge hit, and it's still on the menu.”"", 'With 90% of Dubai\'s three million people being immigrants, ""there\'s so many cultures here"", says Mr Arutyunyan. ""', 'Indians, Pakistanis, Filipinos, Arab people, European guys.""', 'He asked ChatGPT to come up with a pizza that represented that cultural mix.', ""Its response was a topping comprising Arab shawarma chicken, Indian grilled paneer cheese, Middle Eastern Za'atar herbs, and tahini sauce."", 'And Dodo Pizza’s customers apparently cannot get enough of it. “', ""As a chef, I wouldn't mix these ingredients ever on a pizza, but still, the mix of flavours was surprisingly good,” says Mr Arutyunyan."", 'Yet other pizzas dreamed up by the AI did not make it to the menu, for example strawberries and pasta, and blueberries and breakfast cereal.', ""A world away in the US, Venecia Willis conducted a similar AI experiment at Dallas' Velvet Taco, where she is culinary director."", 'She became ""really curious"" about AI, so she let ChatGPT loose on devising one of their tacos of the week.', 'For prompts, Ms Willis says she told it to ""use, like, eight ingredients, and it could only select one tortilla and one protein"".', 'Some recipe results were rather less than moreish. ""', 'There were some funky combinations, and I was like, I\'m not really sure if red curry, coconut tofu and pineapple are going to be delicious together,"" says Ms Willis.', 'But she made three of the recipes that looked more promising, and ultimately chose a prawns and steak taco to go on public sale.', 'They sold 22,000 in a week. “', ""I think AI is a great tool to use when you're in a bit of a creative slump, to get the brain going again – ‘that combination might actually work, let's try it’."", 'The AI can suggest something maybe I wouldn\'t have thought of.""', 'But Ms Willis adds that she “wouldn’t go completely rogue with AI.', 'There has to be a human element to validate recipes.”', 'Not everyone in the food trade loves the idea of AI though.', 'London-based cocktail creator Julian de Feral says he avoids AI because it “seems very counter-intuitive”, with its choices lacking common sense.', 'AI chatbots are “not magic”, warns Emily Bender, a linguistics professor at the University of Washington in Seattle.', 'She says that they have instead learned from what they have read online. “', ""If you can get ChatGPT to spit out something that looks like a recipe, then it's because there are recipes on the internet.”"", 'She adds that the AI could have grabbed the recipe from someone’s cookery blog, thereby decreasing their reader numbers, and their ability to make a living from subscriptions or advertising revenue.', 'However, Prof Bender does concede that in the future more sophisticated AI may be helpful in recipe creation.', 'She says that the AI could be asked to ""categorise ingredients as sweet, or acidic, and so on"", find those that the internet says should taste good together, and then come up with endless detailed recipes. ""', 'However, you have to have a well-defined research question [to give the AI] to get that kind of benefit,"" she adds.', 'Still, UK supermarket chain Waitrose is using AI to spot rising food trends on social media.', 'Currently these include “smash burgers” – crispy burgers made by squashing ground beef onto a super-hot pan – and “crookies” – a croissant filled with cookie dough and chocolate chips. ""', 'We saw smash burgers trending all over social media,"" says Lizzie Haywood, Waitrose\'s innovations manager. “', 'Now three or four dedicated smash burger restaurants opening up in the UK has coincided with us launching our smash burgers.”', 'As for crookies, she says the AI saw that the mention of them had “jumped 80 to 90% from last year on social media, and we managed to launch them into trial stores in three months"".', 'In Singapore, Italian expat Stefano Cantù has created an AI-powered app that can suggest recipes in response to you telling it what ingredients you have in your fridge and cupboards.', 'In a nod to the app being powered by ChatGPT he has called it “ChefGPT”. ""', 'I\'m Italian, so of course I cook stuff,"" says Mr Cantù, whose day job is at a software company.', 'He says he came up with the idea “over a weekend” after asking ChatGPT for recipe inspirations.', ""The app also has drop-down menus and toggles, to let a user specify tools they have in their kitchen, or if they're in a hurry or not a very good cook."", 'The AI then comes up with a recipe and a picture of the dish.', 'Mr Cantù says he got 30,000 users within a week and a half of launching last year.', 'But then he got “quite a big bill from OpenAI”, the company behind ChatGPT.', 'He now continues to pay OpenAI a regular fee for using its AI.', ""Mr Cantù explains that this is a standard arrangement when a start-up like his builds its app on top of another company's technology."", 'He adds that he is continuing to try to find “the right balance between advertising and subscriptions, and the right level of usage to give free users"".', 'And how he can “monetise free users without selling their data"".', 'Back in Dubai, Spartak Arutyunyan at Dodo Pizza says AI should be seen as more of a fun thing to use rather than something you’d base your entire menu around.', 'Yet Dodo Pizza is now enabling customers in Dubai, who order via its app, to try using AI themselves to dream up unusual pizza toppings.', 'And the firm says it aims to extend the AI function to its other branches around the world.']",0.2289213709271987,"We asked [popular AI chatbot] ChatGPT to create a recipe - the best pizza for Dubai,"" says Spartak Arutyunyan, who heads menu development for the city’s branch of restaurant and delivery chain Dodo Pizza. ""","The app also has drop-down menus and toggles, to let a user specify tools they have in their kitchen, or if they're in a hurry or not a very good cook.",0.407850456237793,"As for crookies, she says the AI saw that the mention of them had “jumped 80 to 90% from last year on social media, and we managed to launch them into trial stores in three months"".","She adds that the AI could have grabbed the recipe from someone’s cookery blog, thereby decreasing their reader numbers, and their ability to make a living from subscriptions or advertising revenue.",2024-08-29
"'People are right to be angry', says water boss",https://www.bbc.co.uk/news/articles/cx2lgl9kypno,2024-08-28T01:49:33.135Z,"Thames Water has warned it will not survive unless it is allowed to increase water bills by almost 60% over a five-year period. The UK’s largest water company demanded the bill hike after the wider water industry issued a scathing response to a proposed cap from the regulator for water bill rises. In July, regulator Ofwat proposed an average £19 a year ceiling on water bill rises, with a final decision due in December. But the water industry has argued the increase is not enough and said there was a risk that companies would not be able to raise enough investment to stop things like sewage spills. Water firms have faced a fierce backlash over sewage discharges and leaks in recent years. Critics have also said companies have historically neglected investment in favour of paying executive bonuses and shareholder dividends. It has led to a stand-off between regulator Ofwat and water companies over how much customers should pay. Thames Water has been in the spotlight and faced questions over whether it can survive as it struggles under a £15.2bn debt pile and only has enough cash to fund its operations until the end of May next year. When all water firms put forward requests to Ofwat for bills from 2025 to 2030, Thames originally asked the regulator to increase bills by 44%, but the regulator proposed a 23% rise. On Wednesday, the company announced it wanted to go further, hiking bills by as much as 59%. The proposed changes in bills do not take account of inflation. Such a move would take the average annual water bill to £638 per customer by 2030. Average bills are currently around £443. Chris Weston, chief executive of Thames Water, said the money from higher bills would be invested in new infrastructure and improving services.  ""They [customers] are not being asked to pay twice, but to make up for years of focus on keeping bills low,"" he said in a response to the regulator. Mr Weston claimed Ofwat's current proposal - a 23% rise in bills - would be ""neither financeable nor investible"". ""It would also prevent the turnaround and recovery of the company,"" he added. The warning came after Water UK, the industry body for all water firms, said bills needed to be increased by more in order to stop leaks. David Henderson, chief executive of Water UK, told the BBC people were ""right to be angry"" at water companies over sewage spills, but said the country had a ""system that's tired and it's old"". ""If Ofwat doesn't change its proposal then investors may not stump up the money that we need,"" Mr Henderson said. ""No rational investor is going to put their money into water right now."" Ofwat has proposed a water bill increase limit as part of its draft decision on the business plans of water companies from 2025 to 2030. The proposed increase is a third less than the amount requested by water firms, who argue companies must be able to charge more in order to spend money on fixing leaks. Mr Henderson rejected the idea that the amount paid out in dividends to investors in recent years was part of the reason there was not enough money for companies to invest, rather than just bills being lower. He said returns were set by the regulator Ofwat, adding: ""If you want investors to put their money into the UK they need to receive a return."" He said without more investment, building projects such as hospitals and housing developments would potentially not be built. The GMB union called the claims from water companies ""absolute balderdash"". ""Water companies have had the money, failed to invest in plugging leaks and preventing sewage spills and now want more money to do what they failed to do,"" said Gary Carter, GMB's national officer. An Ofwat spokesperson told the BBC it would carefully consider all responses to its proposals, which were required by midday on Wednesday. ""We expect to receive responses from many organisations, including water companies, customers, environmental and consumer organisations and investors,"" they said.  ""These are likely to reflect a diverse range of views on the proposals we have made."" Raw sewage spills into England's rivers and the sea by water companies more than doubled last year. A BBC investigation earlier this year revealed sewage had potentially been released illegally 6,000 times in 2022 by England's water companies in breach of their permits. Thames Water, along with Yorkshire Water and Northumbrian Water face a total of £168m in fines from the regulator for a ""failure"" to stop years of leaks. Ofwat has suggested a ban on director bonuses until leaks and sewage spills are dealt with. ",BBC,28/08/2024,"['Thames Water has warned it will not survive unless it is allowed to increase water bills by almost 60% over a five-year period.', 'The UK’s largest water company demanded the bill hike after the wider water industry issued a scathing response to a proposed cap from the regulator for water bill rises.', 'In July, regulator Ofwat proposed an average £19 a year ceiling on water bill rises, with a final decision due in December.', 'But the water industry has argued the increase is not enough and said there was a risk that companies would not be able to raise enough investment to stop things like sewage spills.', 'Water firms have faced a fierce backlash over sewage discharges and leaks in recent years.', 'Critics have also said companies have historically neglected investment in favour of paying executive bonuses and shareholder dividends.', 'It has led to a stand-off between regulator Ofwat and water companies over how much customers should pay.', 'Thames Water has been in the spotlight and faced questions over whether it can survive as it struggles under a £15.2bn debt pile and only has enough cash to fund its operations until the end of May next year.', 'When all water firms put forward requests to Ofwat for bills from 2025 to 2030, Thames originally asked the regulator to increase bills by 44%, but the regulator proposed a 23% rise.', 'On Wednesday, the company announced it wanted to go further, hiking bills by as much as 59%.', 'The proposed changes in bills do not take account of inflation.', 'Such a move would take the average annual water bill to £638 per customer by 2030.', 'Average bills are currently around £443.', 'Chris Weston, chief executive of Thames Water, said the money from higher bills would be invested in new infrastructure and improving services. ""', 'They [customers] are not being asked to pay twice, but to make up for years of focus on keeping bills low,"" he said in a response to the regulator.', 'Mr Weston claimed Ofwat\'s current proposal - a 23% rise in bills - would be ""neither financeable nor investible"". ""', 'It would also prevent the turnaround and recovery of the company,"" he added.', 'The warning came after Water UK, the industry body for all water firms, said bills needed to be increased by more in order to stop leaks.', 'David Henderson, chief executive of Water UK, told the BBC people were ""right to be angry"" at water companies over sewage spills, but said the country had a ""system that\'s tired and it\'s old"". ""', 'If Ofwat doesn\'t change its proposal then investors may not stump up the money that we need,"" Mr Henderson said. ""', 'No rational investor is going to put their money into water right now.""', 'Ofwat has proposed a water bill increase limit as part of its draft decision on the business plans of water companies from 2025 to 2030.', 'The proposed increase is a third less than the amount requested by water firms, who argue companies must be able to charge more in order to spend money on fixing leaks.', 'Mr Henderson rejected the idea that the amount paid out in dividends to investors in recent years was part of the reason there was not enough money for companies to invest, rather than just bills being lower.', 'He said returns were set by the regulator Ofwat, adding: ""If you want investors to put their money into the UK they need to receive a return.""', 'He said without more investment, building projects such as hospitals and housing developments would potentially not be built.', 'The GMB union called the claims from water companies ""absolute balderdash"". ""', 'Water companies have had the money, failed to invest in plugging leaks and preventing sewage spills and now want more money to do what they failed to do,"" said Gary Carter, GMB\'s national officer.', 'An Ofwat spokesperson told the BBC it would carefully consider all responses to its proposals, which were required by midday on Wednesday. ""', 'We expect to receive responses from many organisations, including water companies, customers, environmental and consumer organisations and investors,"" they said. ""', 'These are likely to reflect a diverse range of views on the proposals we have made.""', ""Raw sewage spills into England's rivers and the sea by water companies more than doubled last year."", ""A BBC investigation earlier this year revealed sewage had potentially been released illegally 6,000 times in 2022 by England's water companies in breach of their permits."", 'Thames Water, along with Yorkshire Water and Northumbrian Water face a total of £168m in fines from the regulator for a ""failure"" to stop years of leaks.', 'Ofwat has suggested a ban on director bonuses until leaks and sewage spills are dealt with.']",-0.1089251948326627,"Chris Weston, chief executive of Thames Water, said the money from higher bills would be invested in new infrastructure and improving services. ""","Water companies have had the money, failed to invest in plugging leaks and preventing sewage spills and now want more money to do what they failed to do,"" said Gary Carter, GMB's national officer.",-0.5123525047302246,Raw sewage spills into England's rivers and the sea by water companies more than doubled last year.,But the water industry has argued the increase is not enough and said there was a risk that companies would not be able to raise enough investment to stop things like sewage spills.,2024-08-29
Why is Thames Water in so much trouble?,https://www.bbc.co.uk/news/business-66051555,2023-06-29T12:22:03.000Z,"Thames Water has said its bills need to rise by 59% between 2025 and 2030 or else the business will not be able to recover from its financial crisis. The UK's largest water company demanded the bill hike as the wider water industry raised concerns over a proposed cap from the regulator for water bill rises for all suppliers. So why is Thames Water facing a crisis - and are other firms facing similar problems? When the company was privatised in 1989, it had no debt. But over the years it borrowed heavily and is currently £15.2bn in debt, by one measure. A large proportion of that was added when Macquarie, an Australian infrastructure bank, owned Thames Water, reaching over £10bn when the company was sold in 2017. Analysts say Thames Water's current debt amounts to about 80% of the value of the business, making it the most heavily indebted of England and Wales' water companies.  Also, interest payments on more than half of Thames' debt rise with inflation, which has been high in recent years, adding to the firm's woes. Macquarie said that it invested billions of pounds in upgrading Thames's water and sewage infrastructure while it owned the company.   But critics argue that it took billions of pounds out of the company in loans and dividends - which is a share of a business's profits that is paid to shareholders. Thames Water said that it has not paid dividends to external shareholders since 2017.   However, dividends can also be used to move money around companies that are ultimately owned by one parent company. Thames Water has paid over £200m in dividends to other companies within the group in the past five years.  Most of this money has then been paid as interest to outside investors who have loaned the group money.   Critics argue that the dividends were paid with money that could have been spent on improving Thames Water's infrastructure and services. However, Thames Water is legally obliged to make those debt interest payments. The company says it has enough cash until the end of May next year. Thames Water's travails have certainly put a spotlight on what is a debt-laden industry. According to the regulator Ofwat, the sector's total debt reached £60.6bn by March last year.  Of the 11 companies that provide water and sewage services in England and Wales, six are owned by or controlled by overseas investors from countries including Hong Kong, Canada and Malaysia. Like Thames Water, critics claim that overseas owners have loaded water companies up with debt and paid themselves handsome dividends at the expense of investment.   While the sector has - like other industries - been hit by higher costs for things like chemicals and energy, one problem for water companies is that the interest that they pay on their debt is linked to the retail prices index (RPI) measure of inflation.  This is usually higher than the consumer prices index (CPI) measure of inflation. For example, in July RPI inflation was 3.6% compared with CPI inflation of 2.2%. Ofwat estimates that half of water companies' debt is linked to inflation and the vast majority of that is tied to the RPI measure.  Meanwhile, in December 2022 Ofwat raised concerns about the financial resilience of five companies: Thames Water, Southern Water, Yorkshire Water, SES and Portsmouth. Yorkshire, Southern, Portsmouth and SES all say they have taken steps to address Ofwat's concerns. Thames Water is owned by a group of investors spanning four continents. The largest is the Canadian pension fund, OMERS, with 31.8%.  The second-largest is the Universities Superannuation Scheme, with 19.7%, a pension fund for UK academics. Other investors include sovereign wealth funds from China and Abu Dhabi, which invest those nations' assets on behalf of their governments.   Three other pension funds and two investment firms make up the rest.   The entire water and waste sector was privatised 34 years ago under the late Margaret Thatcher's Conservative government for £7.6bn. At the time, Mrs Thatcher wrote off the industry's £5bn debt, leaving companies with a clean slate and gave them £1.5bn in public money.  The government had wanted to privatise the industry in 1984 but a public backlash against the plan saw it shelved until after the general election three years later. At the time, the UK was under pressure from Europe to improve the purity of its water. However, meeting European standards would cost billions of pounds worth of investment which, it was hoped, would come from the private sector and, by extension, companies' customers.  ""If we want environmental improvement, it will cost money,"" said Mrs Thatcher in 1988. ""It will be the people who want those improvements in water who will have to pay."" Former Labour MP Ann Taylor later said of privatising the water industry: ""The message is always the same - maximise the cost to the consumer to ensure maximum return to the investor. We should not be surprised at that. After all, that is what private investors expect of their companies.""  ",BBC,29/06/2023,"['Thames Water has said its bills need to rise by 59% between 2025 and 2030 or else the business will not be able to recover from its financial crisis.', ""The UK's largest water company demanded the bill hike as the wider water industry raised concerns over a proposed cap from the regulator for water bill rises for all suppliers."", 'So why is Thames Water facing a crisis - and are other firms facing similar problems?', 'When the company was privatised in 1989, it had no debt.', 'But over the years it borrowed heavily and is currently £15.2bn in debt, by one measure.', 'A large proportion of that was added when Macquarie, an Australian infrastructure bank, owned Thames Water, reaching over £10bn when the company was sold in 2017.', ""Analysts say Thames Water's current debt amounts to about 80% of the value of the business, making it the most heavily indebted of England and Wales' water companies."", ""Also, interest payments on more than half of Thames' debt rise with inflation, which has been high in recent years, adding to the firm's woes."", ""Macquarie said that it invested billions of pounds in upgrading Thames's water and sewage infrastructure while it owned the company."", ""But critics argue that it took billions of pounds out of the company in loans and dividends - which is a share of a business's profits that is paid to shareholders."", 'Thames Water said that it has not paid dividends to external shareholders since 2017.', 'However, dividends can also be used to move money around companies that are ultimately owned by one parent company.', 'Thames Water has paid over £200m in dividends to other companies within the group in the past five years.', 'Most of this money has then been paid as interest to outside investors who have loaned the group money.', ""Critics argue that the dividends were paid with money that could have been spent on improving Thames Water's infrastructure and services."", 'However, Thames Water is legally obliged to make those debt interest payments.', 'The company says it has enough cash until the end of May next year.', ""Thames Water's travails have certainly put a spotlight on what is a debt-laden industry."", ""According to the regulator Ofwat, the sector's total debt reached £60.6bn by March last year."", 'Of the 11 companies that provide water and sewage services in England and Wales, six are owned by or controlled by overseas investors from countries including Hong Kong, Canada and Malaysia.', 'Like Thames Water, critics claim that overseas owners have loaded water companies up with debt and paid themselves handsome dividends at the expense of investment.', 'While the sector has - like other industries - been hit by higher costs for things like chemicals and energy, one problem for water companies is that the interest that they pay on their debt is linked to the retail prices index (RPI) measure of inflation.', 'This is usually higher than the consumer prices index (CPI) measure of inflation.', 'For example, in July RPI inflation was 3.6% compared with CPI inflation of 2.2%.', ""Ofwat estimates that half of water companies' debt is linked to inflation and the vast majority of that is tied to the RPI measure."", 'Meanwhile, in December 2022 Ofwat raised concerns about the financial resilience of five companies: Thames Water, Southern Water, Yorkshire Water, SES and Portsmouth.', ""Yorkshire, Southern, Portsmouth and SES all say they have taken steps to address Ofwat's concerns."", 'Thames Water is owned by a group of investors spanning four continents.', 'The largest is the Canadian pension fund, OMERS, with 31.8%.', 'The second-largest is the Universities Superannuation Scheme, with 19.7%, a pension fund for UK academics.', ""Other investors include sovereign wealth funds from China and Abu Dhabi, which invest those nations' assets on behalf of their governments."", 'Three other pension funds and two investment firms make up the rest.', ""The entire water and waste sector was privatised 34 years ago under the late Margaret Thatcher's Conservative government for £7.6bn."", ""At the time, Mrs Thatcher wrote off the industry's £5bn debt, leaving companies with a clean slate and gave them £1.5bn in public money."", 'The government had wanted to privatise the industry in 1984 but a public backlash against the plan saw it shelved until after the general election three years later.', 'At the time, the UK was under pressure from Europe to improve the purity of its water.', 'However, meeting European standards would cost billions of pounds worth of investment which, it was hoped, would come from the private sector and, by extension, companies\' customers. ""', 'If we want environmental improvement, it will cost money,"" said Mrs Thatcher in 1988. ""', 'It will be the people who want those improvements in water who will have to pay.""', 'Former Labour MP Ann Taylor later said of privatising the water industry: ""The message is always the same - maximise the cost to the consumer to ensure maximum return to the investor.', 'We should not be surprised at that.', 'After all, that is what private investors expect of their companies.""']",-0.0023051724465894,"Other investors include sovereign wealth funds from China and Abu Dhabi, which invest those nations' assets on behalf of their governments.",So why is Thames Water facing a crisis - and are other firms facing similar problems?,-0.4340577233921397,"At the time, the UK was under pressure from Europe to improve the purity of its water.","Meanwhile, in December 2022 Ofwat raised concerns about the financial resilience of five companies: Thames Water, Southern Water, Yorkshire Water, SES and Portsmouth.",2024-08-29
Telegram boss Pavel Durov banned from leaving France in criminal probe,https://www.bbc.co.uk/news/articles/c985ppy0znyo,2024-08-28T20:09:37.589Z,"Telegram boss and founder Pavel Durov has been placed under formal investigation in France as part of a probe into organised crime on the messaging app, Paris prosecutors say. Mr Durov, 39, has not been remanded in custody, but placed under judicial supervision, and has to pay a €5m (£4.2m; $5.6m) deposit. The Russian-born billionaire, who is also a French national, also has to show up at a French police station twice a week and is not allowed to leave French territory. Mr Durov was first detained upon arrival at Le Bourget airport north of Paris last Saturday under a warrant for offences related to the app.  In Wednesday's statement, the Paris prosecutors said Mr Durov was put under formal investigation over alleged offences that included:  In France, being put under formal investigation does not imply guilt or necessarily result in a trial - but it indicates that judges consider there is enough of a case to proceed with an investigation. Mr Durov has so far made no public comments on the latest developments. His lawyer, David-Olivier Kaminski, said Telegram complied in every respect with European digital regulations and was moderated to the same standards as other social networks. It was ""absurd"" to suggest his client could be involved ""in criminal acts that don't concern him either directly or indirectly"", he added. It is unprecedented for the owner of a social media platform to be arrested because of the way in which that platform is being used, and it has fuelled a fierce debate online about freedom of speech and accountability.  We have previously seen tech bosses hauled in front of lawmakers for confrontational grillings about their practices and failings, but not met by law enforcement at airports. Elon Musk, the owner of X, has defended Mr Durov, arguing that moderation is a ""propaganda word"" for censorship. He has called for Mr Durov's release.  Chris Pavlovski, the founder of a controversial video-sharing app called Rumble, said he had fled Europe following Mr Durov’s detention. While most of the world’s largest social networks do engage with national and international bodies when it comes to serious criminal offences such as the sharing of child sexual abuse images, Telegram is accused of ignoring them.  The firm, which is now headquartered in Dubai, insists that its moderation tools meet industry standards. French President Emmanuel Macron said earlier this week that France was deeply committed to freedom of expression, and that the decision to hold Mr Durov was ""in no way... political"". Huge groups of up to 200,000 people can share and comment on information and content on Telegram - WhatsApp on the other hand limits its maximum group size to just over 1,000. While Telegram messages can be encrypted, meaning that only the sender and recipient can view them, this is not activated by default and has to be manually switched on to private chats. On Monday evening, Paris prosecutors said Mr Durov was being held in custody as part of a cyber-criminality investigation. In response, Telegram said Mr Durov had ""nothing to hide"". Russia has warned France against turning the case into what it described as a ""political persecution"", having previously said that without serious evidence the charges could be construed as an act of ""intimidation"". ""We know that the president of France has denied any connection [to the case] with politics,"" Kremlin spokesman Dmitry Peskov said on Thursday, according to Reuters.  ""But on the other hand, certain accusations are being made."" Russian lawmaker Leonid Slutsky said that the charges against Mr Durov sounded ""wild"" and that the Telegram CEO was a ""hostage of the dictatorship of democracy of the collective West"".  Telegram is ranked as one of the major social media platforms.  It was founded in 2013 and is particularly popular in Russia, Ukraine and other former Soviet Union states, as well as Iran. Russian war correspondent Sasha Kots wondered whether users would ever ""trust Telegram as before"". Kots, who regularly posts updates about the war in Ukraine to his large Telegram following, suggested that French and Western authorities might now have access to the network's encryption keys. ""The truth is that no matter how events around Durov develop now, one can never be sure of the security of the messenger,"" he wrote on Telegram. The BBC revealed on Wednesday that Telegram - which has more than 950 million registered users - has repeatedly refused to join international programmes aimed at detecting and removing child abuse material online. The BBC has contacted Telegram for comment about its refusal to join the child protection schemes. Mr Durov, who also founded the popular Russian social media company VKontakte, left Russia in 2014 after refusing to comply with government demands to shut down opposition communities on the platform. He also holds passports of St Kitts and Nevis and the United Arab Emirates. ",BBC,28/08/2024,"['Telegram boss and founder Pavel Durov has been placed under formal investigation in France as part of a probe into organised crime on the messaging app, Paris prosecutors say.', 'Mr Durov, 39, has not been remanded in custody, but placed under judicial supervision, and has to pay a €5m (£4.2m; $5.6m) deposit.', 'The Russian-born billionaire, who is also a French national, also has to show up at a French police station twice a week and is not allowed to leave French territory.', 'Mr Durov was first detained upon arrival at Le Bourget airport north of Paris last Saturday under a warrant for offences related to the app.', ""In Wednesday's statement, the Paris prosecutors said Mr Durov was put under formal investigation over alleged offences that included: In France, being put under formal investigation does not imply guilt or necessarily result in a trial - but it indicates that judges consider there is enough of a case to proceed with an investigation."", 'Mr Durov has so far made no public comments on the latest developments.', 'His lawyer, David-Olivier Kaminski, said Telegram complied in every respect with European digital regulations and was moderated to the same standards as other social networks.', 'It was ""absurd"" to suggest his client could be involved ""in criminal acts that don\'t concern him either directly or indirectly"", he added.', 'It is unprecedented for the owner of a social media platform to be arrested because of the way in which that platform is being used, and it has fuelled a fierce debate online about freedom of speech and accountability.', 'We have previously seen tech bosses hauled in front of lawmakers for confrontational grillings about their practices and failings, but not met by law enforcement at airports.', 'Elon Musk, the owner of X, has defended Mr Durov, arguing that moderation is a ""propaganda word"" for censorship.', ""He has called for Mr Durov's release."", 'Chris Pavlovski, the founder of a controversial video-sharing app called Rumble, said he had fled Europe following Mr Durov’s detention.', 'While most of the world’s largest social networks do engage with national and international bodies when it comes to serious criminal offences such as the sharing of child sexual abuse images, Telegram is accused of ignoring them.', 'The firm, which is now headquartered in Dubai, insists that its moderation tools meet industry standards.', 'French President Emmanuel Macron said earlier this week that France was deeply committed to freedom of expression, and that the decision to hold Mr Durov was ""in no way... political"".', 'Huge groups of up to 200,000 people can share and comment on information and content on Telegram - WhatsApp on the other hand limits its maximum group size to just over 1,000.', 'While Telegram messages can be encrypted, meaning that only the sender and recipient can view them, this is not activated by default and has to be manually switched on to private chats.', 'On Monday evening, Paris prosecutors said Mr Durov was being held in custody as part of a cyber-criminality investigation.', 'In response, Telegram said Mr Durov had ""nothing to hide"".', 'Russia has warned France against turning the case into what it described as a ""political persecution"", having previously said that without serious evidence the charges could be construed as an act of ""intimidation"". ""', 'We know that the president of France has denied any connection [to the case] with politics,"" Kremlin spokesman Dmitry Peskov said on Thursday, according to Reuters. ""', 'But on the other hand, certain accusations are being made.""', 'Russian lawmaker Leonid Slutsky said that the charges against Mr Durov sounded ""wild"" and that the Telegram CEO was a ""hostage of the dictatorship of democracy of the collective West"".', 'Telegram is ranked as one of the major social media platforms.', 'It was founded in 2013 and is particularly popular in Russia, Ukraine and other former Soviet Union states, as well as Iran.', 'Russian war correspondent Sasha Kots wondered whether users would ever ""trust Telegram as before"".', 'Kots, who regularly posts updates about the war in Ukraine to his large Telegram following, suggested that French and Western authorities might now have access to the network\'s encryption keys. ""', 'The truth is that no matter how events around Durov develop now, one can never be sure of the security of the messenger,"" he wrote on Telegram.', 'The BBC revealed on Wednesday that Telegram - which has more than 950 million registered users - has repeatedly refused to join international programmes aimed at detecting and removing child abuse material online.', 'The BBC has contacted Telegram for comment about its refusal to join the child protection schemes.', 'Mr Durov, who also founded the popular Russian social media company VKontakte, left Russia in 2014 after refusing to comply with government demands to shut down opposition communities on the platform.', 'He also holds passports of St Kitts and Nevis and the United Arab Emirates.']",-0.0787895017591469,"Huge groups of up to 200,000 people can share and comment on information and content on Telegram - WhatsApp on the other hand limits its maximum group size to just over 1,000.","While most of the world’s largest social networks do engage with national and international bodies when it comes to serious criminal offences such as the sharing of child sexual abuse images, Telegram is accused of ignoring them.",-0.702962264418602,,The BBC revealed on Wednesday that Telegram - which has more than 950 million registered users - has repeatedly refused to join international programmes aimed at detecting and removing child abuse material online.,2024-08-29
"Nordstrom shares climb 5% as earnings top estimates, but retailer issues cautious guidance",https://www.cnbc.com/2024/08/27/nordstrom-jwn-earnings-q2-2024.html,2024-08-27T23:18:11+0000,"In this articleNordstrom on Tuesday posted earnings that blew past Wall Street's expectations, indicating the department store is making strides in its efforts to cut costs and boost efficiencies. Though the Seattle-based retailer posted earnings per share that were 25 cents higher than expected, it issued tepid guidance for the full year. Nordstrom now expects adjusted earnings per share to be between $1.75 and $2.05, compared to a previous range of $1.65 to $2.05. It anticipates sales will be in a range of a 1% decline to 1% growth from the prior year, compared to previous guidance of down 2% to up 1%. In a news release, Nordstrom CEO Erik Nordstrom said the company is optimistic about the second half of the year despite the cautious guidance.""Our second quarter results were solid, and we're encouraged by the continued topline strength in both banners and the progress we're making to expand gross margin and increase profitability,"" said Nordstrom. ""We're confident in our outlook for the remainder of the year and look forward to sustaining the momentum we've built.""Shares rose about 5% in extended trading.Here is how the department store did in its second fiscal quarter compared to what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 3 was $122 million, or 72 cents per share, compared to $137 million, or 84 cents per share, a year earlier. Excluding one-time items related to supply chain impairments, the retailer posted adjusted earnings of 96 cents per share. Sales rose to $3.89 billion, up about 3.4% from $3.77 billion a year earlier. Revenue came in just shy of analysts' expectations.  Across the company, comparable sales increased 1.9%, while gross merchandise value jumped 3.5%. It is unclear how much of that GMV uptick was related to price increases versus volume.As consumers continue to pull back on discretionary spending in the face of persistent inflation and high interest rates, retailers have been working to improve operations and cut costs to protect profits against softening demand. During the quarter, Nordstrom's profits fell compared to the same period a year ago, but earnings grew over the past six months. Last year, Nordstrom reported a net loss of $67 million in the six months that ended July 29, 2023, but during the same period this year, it posted a profit of $83 million. Nordstrom has said it is working to improve its supply chain. Last quarter, it said the time it takes for online orders to arrive was more than 5% faster. It has also improved the way merchandise is making its way to customers and stores, which it said has helped drive higher conversion and lower return rates. Another key focus area for the company has been growing its off-price banner, Nordstrom Rack. Over the past couple of quarters, momentum has been growing at Nordstrom Rack and has helped prop up the company's overall results. During the quarter, sales at Nordstrom Rack were up 8.8%, while comparable sales increased 4.1% compared to the same period a year ago.That compares to Nordstrom's mainline banner, which saw net sales and comparable sales each increase just 0.9%. Nordstrom has been working to build more Rack locations and has opened 11 new locations so far this fiscal year, with a goal of opening at least 22 by the end of the year. The focus on Rack has been critical for Nordstrom's ability to compete with off-price giant TJX Cos., the owner of TJ Maxx and Marshall's, and capture consumers who are still spending but eager for cheaper options and deals.The off-price sector has seen explosive growth for more than a year, but Rack missed out on the beginning of that trend. To reverse the slump, the company has focused on opening more locations, hiring off-price veterans and sharpening its focus on well-known brands.",CNBC,27/08/2024,"[""In this articleNordstrom on Tuesday posted earnings that blew past Wall Street's expectations, indicating the department store is making strides in its efforts to cut costs and boost efficiencies."", 'Though the Seattle-based retailer posted earnings per share that were 25 cents higher than expected, it issued tepid guidance for the full year.', 'Nordstrom now expects adjusted earnings per share to be between $1.75 and $2.05, compared to a previous range of $1.65 to $2.05.', 'It anticipates sales will be in a range of a 1% decline to 1% growth from the prior year, compared to previous guidance of down 2% to up 1%.In a news release, Nordstrom CEO Erik Nordstrom said the company is optimistic about the second half of the year despite the cautious guidance.', '""Our second quarter results were solid, and we\'re encouraged by the continued topline strength in both banners and the progress we\'re making to expand gross margin and increase profitability,"" said Nordstrom. ""', ""We're confident in our outlook for the remainder of the year and look forward to sustaining the momentum we've built."", '""Shares rose about 5% in extended trading.', ""Here is how the department store did in its second fiscal quarter compared to what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 3 was $122 million, or 72 cents per share, compared to $137 million, or 84 cents per share, a year earlier."", 'Excluding one-time items related to supply chain impairments, the retailer posted adjusted earnings of 96 cents per share.', 'Sales rose to $3.89 billion, up about 3.4% from $3.77 billion a year earlier.', ""Revenue came in just shy of analysts' expectations."", 'Across the company, comparable sales increased 1.9%, while gross merchandise value jumped 3.5%.', 'It is unclear how much of that GMV uptick was related to price increases versus volume.', 'As consumers continue to pull back on discretionary spending in the face of persistent inflation and high interest rates, retailers have been working to improve operations and cut costs to protect profits against softening demand.', ""During the quarter, Nordstrom's profits fell compared to the same period a year ago, but earnings grew over the past six months."", 'Last year, Nordstrom reported a net loss of $67 million in the six months that ended July 29, 2023, but during the same period this year, it posted a profit of $83 million.', 'Nordstrom has said it is working to improve its supply chain.', 'Last quarter, it said the time it takes for online orders to arrive was more than 5% faster.', 'It has also improved the way merchandise is making its way to customers and stores, which it said has helped drive higher conversion and lower return rates.', 'Another key focus area for the company has been growing its off-price banner, Nordstrom Rack.', ""Over the past couple of quarters, momentum has been growing at Nordstrom Rack and has helped prop up the company's overall results."", 'During the quarter, sales at Nordstrom Rack were up 8.8%, while comparable sales increased 4.1% compared to the same period a year ago.', ""That compares to Nordstrom's mainline banner, which saw net sales and comparable sales each increase just 0.9%.Nordstrom has been working to build more Rack locations and has opened 11 new locations so far this fiscal year, with a goal of opening at least 22 by the end of the year."", ""The focus on Rack has been critical for Nordstrom's ability to compete with off-price giant TJX Cos.,"", ""the owner of TJ Maxx and Marshall's, and capture consumers who are still spending but eager for cheaper options and deals."", 'The off-price sector has seen explosive growth for more than a year, but Rack missed out on the beginning of that trend.', 'To reverse the slump, the company has focused on opening more locations, hiring off-price veterans and sharpening its focus on well-known brands.']",0.2901067069296191,"""Our second quarter results were solid, and we're encouraged by the continued topline strength in both banners and the progress we're making to expand gross margin and increase profitability,"" said Nordstrom. """,Revenue came in just shy of analysts' expectations.,0.6823056225593274,"""Shares rose about 5% in extended trading.","It anticipates sales will be in a range of a 1% decline to 1% growth from the prior year, compared to previous guidance of down 2% to up 1%.In a news release, Nordstrom CEO Erik Nordstrom said the company is optimistic about the second half of the year despite the cautious guidance.",2024-08-29
"YES Network, MSG Networks to launch combined New York regional sports app",https://www.cnbc.com/2024/08/28/yes-network-msg-networks-to-launch-bundled-new-york-sports-app.html,2024-08-28T22:09:35+0000,"Gotham Advanced Media and Entertainment, the joint venture between MSG Networks and the YES Network, is launching a new app in the fall that will air local games for seven New York area teams.The package announced Wednesday is believed to be the first time that two regional sports networks have combined their apps into a bundled option. The Gotham Sports app will launch ahead of the NBA and NHL seasons. Locals will be able to watch the New York Knicks, New York Rangers, New Jersey Devils, New York Islanders, Buffalo Sabres, Brooklyn Nets and New York Yankees with a subscription.The Gotham Package that gives access to all of those teams will cost $359.99 annually and $41.99 monthly, almost identical to the monthly price of Fox, Disney and Warner Bros. Discovery's joint Venu streaming service that was blocked with a temporary injunction earlier this month. Customers who watch only some of those teams can also purchase access to just MSG+ or the YES App services for $29.99 and $24.99 monthly, respectively. If they already have MSG Networks and YES Network via their pay-TV subscription, they will get Gotham Sports App's services for no extra fee.""With the increased fragmentation of outlets carrying fan favorite sports programming, The Gotham Sports App allows fans of our teams one easy access point for New York area sporting events from MSG Networks and the YES Network,"" MSG Networks President and CEO Andrea Greenberg said in a press release.Notably, SportsNet New York — the regional sports network that airs the New York Mets — is not included in this joint venture. It is only available via FuboTV, DirecTV stream and online login for people who pay for cable. Sterling Entertainment Enterprises, Comcast and Charter co-own SportsNet New York.The regional sports networks business has undergone dramatic changes in recent years. Boston's local cable network that aired Red Sox and Bruins games launched the first stand-alone regional streaming service in 2022, and other markets have followed. Diamond Sports Group, the biggest owner of regional sports networks, filed for bankruptcy in March 2023, leading many professional teams across leagues to change the way they air their games.A handful of NBA, WNBA and NHL teams have turned to local broadcasters, most recently the NBA's New Orleans Pelicans and Dallas Mavericks.Some MLB teams have opted to have their games produced by the league. The Gotham Sports App is not the first regional sports streaming option residents of the greater New York area have had. YES Network and MSG Networks both launched separate streaming services last year, and customers who only want one of the networks' services and not the combined package can still pay a cheaper rate.Not all the new regional sports streaming services follow the subscription model. The NHL's Dallas Stars and Anaheim Ducks both announced their games would be locally aired on Victory+, a free, ad-supported streaming service owned by A Parent Media Co. Both teams previously had their local games carried by a regional sports network owned by Diamond Sports. Disclosure: Comcast is the parent company of CNBC.",CNBC,28/08/2024,"['Gotham Advanced Media and Entertainment, the joint venture between MSG Networks and the YES Network, is launching a new app in the fall that will air local games for seven New York area teams.', 'The package announced Wednesday is believed to be the first time that two regional sports networks have combined their apps into a bundled option.', 'The Gotham Sports app will launch ahead of the NBA and NHL seasons.', 'Locals will be able to watch the New York Knicks, New York Rangers, New Jersey Devils, New York Islanders, Buffalo Sabres, Brooklyn Nets and New York Yankees with a subscription.', ""The Gotham Package that gives access to all of those teams will cost $359.99 annually and $41.99 monthly, almost identical to the monthly price of Fox, Disney and Warner Bros. Discovery's joint Venu streaming service that was blocked with a temporary injunction earlier this month."", 'Customers who watch only some of those teams can also purchase access to just MSG+ or the YES App services for $29.99 and $24.99 monthly, respectively.', ""If they already have MSG Networks and YES Network via their pay-TV subscription, they will get Gotham Sports App's services for no extra fee."", '""With the increased fragmentation of outlets carrying fan favorite sports programming, The Gotham Sports App allows fans of our teams one easy access point for New York area sporting events from MSG Networks and the YES Network,"" MSG Networks President and CEO Andrea Greenberg said in a press release.', 'Notably, SportsNet New York — the regional sports network that airs the New York Mets — is not included in this joint venture.', 'It is only available via FuboTV, DirecTV stream and online login for people who pay for cable.', 'Sterling Entertainment Enterprises, Comcast and Charter co-own SportsNet New York.', 'The regional sports networks business has undergone dramatic changes in recent years.', ""Boston's local cable network that aired Red Sox and Bruins games launched the first stand-alone regional streaming service in 2022, and other markets have followed."", 'Diamond Sports Group, the biggest owner of regional sports networks, filed for bankruptcy in March 2023, leading many professional teams across leagues to change the way they air their games.', ""A handful of NBA, WNBA and NHL teams have turned to local broadcasters, most recently the NBA's New Orleans Pelicans and Dallas Mavericks."", 'Some MLB teams have opted to have their games produced by the league.', 'The Gotham Sports App is not the first regional sports streaming option residents of the greater New York area have had.', ""YES Network and MSG Networks both launched separate streaming services last year, and customers who only want one of the networks' services and not the combined package can still pay a cheaper rate."", 'Not all the new regional sports streaming services follow the subscription model.', ""The NHL's Dallas Stars and Anaheim Ducks both announced their games would be locally aired on Victory+, a free, ad-supported streaming service owned by A Parent Media Co.Both teams previously had their local games carried by a regional sports network owned by Diamond Sports."", 'Disclosure: Comcast is the parent company of CNBC.']",0.1932998874991772,"""With the increased fragmentation of outlets carrying fan favorite sports programming, The Gotham Sports App allows fans of our teams one easy access point for New York area sporting events from MSG Networks and the YES Network,"" MSG Networks President and CEO Andrea Greenberg said in a press release.","Locals will be able to watch the New York Knicks, New York Rangers, New Jersey Devils, New York Islanders, Buffalo Sabres, Brooklyn Nets and New York Yankees with a subscription.",0.4888350814580917,"YES Network and MSG Networks both launched separate streaming services last year, and customers who only want one of the networks' services and not the combined package can still pay a cheaper rate.","Diamond Sports Group, the biggest owner of regional sports networks, filed for bankruptcy in March 2023, leading many professional teams across leagues to change the way they air their games.",2024-08-29
"Fuel duty cut could be scrapped, says RAC",https://www.bbc.co.uk/news/articles/cm2nrneym82o,2024-08-29T08:15:35.559Z,"A 5p cut in fuel duty is expected to be scrapped in the upcoming Budget, according to the RAC motoring organisation, because drivers are not gaining any benefit. The RAC has claimed that retailers have failed to pass on lower petrol and diesel prices to motorists and instead have boosted their own profits.   On Wednesday, Prime Minister Sir Keir Starmer refused to rule out a rise in fuel duty in the forthcoming Budget.  Chancellor Rachel Reeves will set out Labour's first Budget on 30 October, which Sir Keir has warned ""will be painful"". Fuel duty has been frozen for more than a decade under the Conservative government. In 2022, the then chancellor Rishi Sunak cut it by 5p per litre. That was extended until March next year. Simon Williams, head of policy at the RAC, said Ms Reeves ""knows the 5p discount is losing the Treasury £2bn a year"". The UK's competition watchdog recently found that drivers were still paying too much for fuel, costing them £1.6bn in 2023. Consequently, the RAC said it had reached the conclusion that Ms Reeves ""has no option but to put fuel duty back up"". “We’d normally be against any increase in duty,"" said Mr Williams. ""But we’ve long been saying drivers haven’t been benefitting from the current discount due to much higher-than-average retailer margins."" Sir Keir has refused to rule out any changes to fuel duty. During the election, Labour pledged to protect ""working people"" by not raising income tax, VAT or national insurance. In response to whether an increase in fuel duty would be a tax increase for working people, Sir Keir said on Wednesday that Labour would stick to its past promises on tax. ""Beyond that, I'm not going to speculate about the Budget,"" he said. Ms Reeves has also refused to comment on speculation that she may increase inheritance tax, capital gains tax or reform tax relief on pensions. A Treasury spokesperson said: “The chancellor will set out decisions on tax policy at the Budget on 30 October.” The chancellor has already set out plans to scrap winter fuel payments for pensioners in England and Wales who are not on benefits.  Within weeks of taking over, Labour claimed that it had uncovered a major shortfall in public finances - which former chancellor Jeremy Hunt has denied. The AA is opposed to the 5p cut being scrapped. The motoring group said the government already takes 52.95p per litre in fuel duty as well as 20% in VAT. The Office for Budget Responsibility, the independent fiscal watchdog, forecasts that duties on petrol, diesel and other fuels will raise £24.7bn for 2023-24.  The AA said an increase in fuel duty ""could backfire by fuelling inflation and hitting those in rural areas who have no alternative to the car, disabled drivers, and low-income shift workers"". According to the latest figures from the RAC, the average price for a litre of unleaded petrol is 142.17p across the UK and 147.02p for diesel.  Last month, the Competition and Markets Authority (CMA) found that supermarkets' profit margins - the difference between the price they pay to buy fuel and what they charge motorists - had doubled since 2019. The CMA's chief executive, Sarah Cardell, said she would work with the new government to introduce a ""real-time fuel finder scheme"" to show motorists where the cheapest petrol and diesel prices are in their area.   ",BBC,29/08/2024,"['A 5p cut in fuel duty is expected to be scrapped in the upcoming Budget, according to the RAC motoring organisation, because drivers are not gaining any benefit.', 'The RAC has claimed that retailers have failed to pass on lower petrol and diesel prices to motorists and instead have boosted their own profits.', 'On Wednesday, Prime Minister Sir Keir Starmer refused to rule out a rise in fuel duty in the forthcoming Budget.', 'Chancellor Rachel Reeves will set out Labour\'s first Budget on 30 October, which Sir Keir has warned ""will be painful"".', 'Fuel duty has been frozen for more than a decade under the Conservative government.', 'In 2022, the then chancellor Rishi Sunak cut it by 5p per litre.', 'That was extended until March next year.', 'Simon Williams, head of policy at the RAC, said Ms Reeves ""knows the 5p discount is losing the Treasury £2bn a year"".', ""The UK's competition watchdog recently found that drivers were still paying too much for fuel, costing them £1.6bn in 2023."", 'Consequently, the RAC said it had reached the conclusion that Ms Reeves ""has no option but to put fuel duty back up"". “', 'We’d normally be against any increase in duty,"" said Mr Williams. ""', 'But we’ve long been saying drivers haven’t been benefitting from the current discount due to much higher-than-average retailer margins.""', 'Sir Keir has refused to rule out any changes to fuel duty.', 'During the election, Labour pledged to protect ""working people"" by not raising income tax, VAT or national insurance.', 'In response to whether an increase in fuel duty would be a tax increase for working people, Sir Keir said on Wednesday that Labour would stick to its past promises on tax. ""', 'Beyond that, I\'m not going to speculate about the Budget,"" he said.', 'Ms Reeves has also refused to comment on speculation that she may increase inheritance tax, capital gains tax or reform tax relief on pensions.', 'A Treasury spokesperson said: “The chancellor will set out decisions on tax policy at the Budget on 30 October.”', 'The chancellor has already set out plans to scrap winter fuel payments for pensioners in England and Wales who are not on benefits.', 'Within weeks of taking over, Labour claimed that it had uncovered a major shortfall in public finances - which former chancellor Jeremy Hunt has denied.', 'The AA is opposed to the 5p cut being scrapped.', 'The motoring group said the government already takes 52.95p per litre in fuel duty as well as 20% in VAT.', 'The Office for Budget Responsibility, the independent fiscal watchdog, forecasts that duties on petrol, diesel and other fuels will raise £24.7bn for 2023-24.', 'The AA said an increase in fuel duty ""could backfire by fuelling inflation and hitting those in rural areas who have no alternative to the car, disabled drivers, and low-income shift workers"".', 'According to the latest figures from the RAC, the average price for a litre of unleaded petrol is 142.17p across the UK and 147.02p for diesel.', ""Last month, the Competition and Markets Authority (CMA) found that supermarkets' profit margins - the difference between the price they pay to buy fuel and what they charge motorists - had doubled since 2019."", 'The CMA\'s chief executive, Sarah Cardell, said she would work with the new government to introduce a ""real-time fuel finder scheme"" to show motorists where the cheapest petrol and diesel prices are in their area.']",-0.0062710962480952,"In response to whether an increase in fuel duty would be a tax increase for working people, Sir Keir said on Wednesday that Labour would stick to its past promises on tax. ""","A 5p cut in fuel duty is expected to be scrapped in the upcoming Budget, according to the RAC motoring organisation, because drivers are not gaining any benefit.",-0.3151469975709915,"Last month, the Competition and Markets Authority (CMA) found that supermarkets' profit margins - the difference between the price they pay to buy fuel and what they charge motorists - had doubled since 2019.","Within weeks of taking over, Labour claimed that it had uncovered a major shortfall in public finances - which former chancellor Jeremy Hunt has denied.",2024-08-29
Peloton to start charging subscribers with used equipment $95 activation fee,https://www.cnbc.com/2024/08/22/peloton-to-charge-95-activation-fee-for-used-bikes-.html,2024-08-23T11:51:25+0000,"In this articlePeloton on Thursday said it will start charging new subscribers a one-time $95 activation fee if they bought their hardware on the secondary market as more consumers snag lightly used equipment for a fraction of the typical retail price.The used equipment activation fee for subscribers in the U.S. and Canada comes as Peloton starts to see a meaningful increase in new members who bought used Bikes or Treads from peer-to-peer markets such as Facebook Marketplace. During its fiscal fourth quarter, which ended June 30, Peloton said it saw a ""steady stream of paid connected fitness subscribers"" who bought hardware on the secondary market. The company said the segment grew 16% year over year.""We believe a meaningful share of these subscribers are incremental, and they exhibit lower net churn rates than rental subscribers,"" the company said in a letter to shareholders. ""It's also worth highlighting that this activation fee will be a source of incremental revenue and gross profit for us, helping to support our investments in improving the fitness experience for our members,"" interim co-CEO Christopher Bruzzo later added on a call with analysts. While plenty of Peloton subscribers are avid users of the home workout machines, some have likened them to glorified clothes racks because so many people stop using the equipment. Those people paid Peloton for that hardware originally, but importantly, many of them have canceled their monthly subscription, which is how Peloton makes the bulk of its money. The ability to attract new, budget-conscious members from the secondary market who are willing to pay for a monthly subscription is a unique opportunity for Peloton to grow revenue without any upfront cost, on top of the revenue from the original sale. Ari Kimmelfeld — whose startup Trade My Stuff, formerly known as Trade My Spin, sells used Peloton equipment — estimates there are around a million Bikes collecting dust in homes around the world that could be a source of new revenue for the company. He told CNBC he previously met with Peloton executives to discuss ways to collaborate, because every time he sells a used piece of equipment, it could lead to more than $500 in new revenue per year for Peloton. With the new used equipment activation fee, that number could grow to more than $600 for the first year. ""We save the customer a lot more than $95,"" Kimmelfeld told CNBC on Thursday after the new activation fee was announced. ""I don't think it'll stop or slow down people from buying secondary equipment … because you can get a bike delivered faster and cheaper on the secondary market, even with the $95, let's call it a tax, from Peloton."" Trade My Stuff sells first-generation Bikes for $499, compared with $1,445 new. It offers the Bike+ for $1,199, compared with $2,495 new. It also sells used Treads for $1,999, compared with $2,995 new. Since launching his business, Kimmelfeld has worked with people looking to sell their used Peloton equipment and has since sold a ""few thousand"" Bikes. In 14 cities around the country, including Los Angeles, Denver and New York City, the company offers same- or next-day delivery. Outside of those locales, it provides delivery within three to five days. That compares with a new Peloton purchase, which can take significantly longer to deliver. The used equipment activation fee is designed to ensure that new members ""receive the same high-quality onboarding experience Peloton is known for,"" the company said. Bruzzo said that those who buy a used Bike or Bike+ have access to a virtual custom fitting ahead of their first ride, as well as a history summary that shows how many rides those bikes had before they were resold. ""We're also offering these new members discounts on accessories such as bike shoes, bike mats and spare parts,"" said Bruzzo. ""We'll continue to lean into this important channel and find additional ways to improve the new member experience, for example, providing early education about the broad range of fitness modalities that we offer and the many series and programs our instructors provide to new members.""",CNBC,23/08/2024,"['In this articlePeloton on Thursday said it will start charging new subscribers a one-time $95 activation fee if they bought their hardware on the secondary market as more consumers snag lightly used equipment for a fraction of the typical retail price.', 'The used equipment activation fee for subscribers in the U.S. and Canada comes as Peloton starts to see a meaningful increase in new members who bought used Bikes or Treads from peer-to-peer markets such as Facebook Marketplace.', 'During its fiscal fourth quarter, which ended June 30, Peloton said it saw a ""steady stream of paid connected fitness subscribers"" who bought hardware on the secondary market.', 'The company said the segment grew 16% year over year.', '""We believe a meaningful share of these subscribers are incremental, and they exhibit lower net churn rates than rental subscribers,"" the company said in a letter to shareholders.', '""It\'s also worth highlighting that this activation fee will be a source of incremental revenue and gross profit for us, helping to support our investments in improving the fitness experience for our members,"" interim co-CEO Christopher Bruzzo later added on a call with analysts.', 'While plenty of Peloton subscribers are avid users of the home workout machines, some have likened them to glorified clothes racks because so many people stop using the equipment.', 'Those people paid Peloton for that hardware originally, but importantly, many of them have canceled their monthly subscription, which is how Peloton makes the bulk of its money.', 'The ability to attract new, budget-conscious members from the secondary market who are willing to pay for a monthly subscription is a unique opportunity for Peloton to grow revenue without any upfront cost, on top of the revenue from the original sale.', 'Ari Kimmelfeld — whose startup Trade My Stuff, formerly known as Trade My Spin, sells used Peloton equipment — estimates there are around a million Bikes collecting dust in homes around the world that could be a source of new revenue for the company.', 'He told CNBC he previously met with Peloton executives to discuss ways to collaborate, because every time he sells a used piece of equipment, it could lead to more than $500 in new revenue per year for Peloton.', 'With the new used equipment activation fee, that number could grow to more than $600 for the first year.', '""We save the customer a lot more than $95,"" Kimmelfeld told CNBC on Thursday after the new activation fee was announced. ""', ""I don't think it'll stop or slow down people from buying secondary equipment … because you can get a bike delivered faster and cheaper on the secondary market, even with the $95, let's call it a tax, from Peloton."", '""Trade My Stuff sells first-generation Bikes for $499, compared with $1,445 new.', 'It offers the Bike+ for $1,199, compared with $2,495 new.', 'It also sells used Treads for $1,999, compared with $2,995 new.', 'Since launching his business, Kimmelfeld has worked with people looking to sell their used Peloton equipment and has since sold a ""few thousand"" Bikes.', 'In 14 cities around the country, including Los Angeles, Denver and New York City, the company offers same- or next-day delivery.', 'Outside of those locales, it provides delivery within three to five days.', 'That compares with a new Peloton purchase, which can take significantly longer to deliver.', 'The used equipment activation fee is designed to ensure that new members ""receive the same high-quality onboarding experience Peloton is known for,"" the company said.', 'Bruzzo said that those who buy a used Bike or Bike+ have access to a virtual custom fitting ahead of their first ride, as well as a history summary that shows how many rides those bikes had before they were resold.', '""We\'re also offering these new members discounts on accessories such as bike shoes, bike mats and spare parts,"" said Bruzzo. ""', 'We\'ll continue to lean into this important channel and find additional ways to improve the new member experience, for example, providing early education about the broad range of fitness modalities that we offer and the many series and programs our instructors provide to new members.""']",0.2162157198496136,"""It's also worth highlighting that this activation fee will be a source of incremental revenue and gross profit for us, helping to support our investments in improving the fitness experience for our members,"" interim co-CEO Christopher Bruzzo later added on a call with analysts.","I don't think it'll stop or slow down people from buying secondary equipment … because you can get a bike delivered faster and cheaper on the secondary market, even with the $95, let's call it a tax, from Peloton.",0.828438401222229,The used equipment activation fee for subscribers in the U.S. and Canada comes as Peloton starts to see a meaningful increase in new members who bought used Bikes or Treads from peer-to-peer markets such as Facebook Marketplace.,"That compares with a new Peloton purchase, which can take significantly longer to deliver.",2024-08-29
Bronfman's Paramount bid could keep Shari Redstone involved at the company,https://www.cnbc.com/2024/08/23/bronfman-paramount-bid-shari-redstone.html,2024-08-23T20:42:26+0000,"In this articleEdgar Bronfman Jr.'s offer for a controlling stake in Paramount Global could keep Shari Redstone close to the company, if his bid is successful.Bronfman is open to having Redstone, currently non-executive chairman at Paramount, remain involved with the company if the Paramount special committee accepts his consortium's bid for National Amusements, the controlling shareholder, according to a person familiar with the matter.Bronfman has raised $6 billion to challenge Skydance Media for ownership of National Amusements, the holding company founded by Sumner Redstone, according to people familiar with the matter. Both Bronfman's bid and Skydance's bid would also include money to buy out a percentage of Paramount Global common shareholders.At $6 billion, Bronfman's bid would give cash to about 20% of Class B holders at $16 per share. Skydance would pay out about 50% of current Paramount common investors at $15 per share as part of its bid, according to the people familiar.It's not clear if Redstone prefers one offer over the other. The Paramount Global special committee will determine if Bronfman's offer is a superior proposal for shareholders by Aug. 28. If the committee decides Bronfman's offer is better, Skydance will then have four business days to match. The deadline for the entire process to be concluded is Sept. 5.Bronfman still has a few more days to raise more money for a competing bid to counter Skydance, which agreed to an $8 billion deal to merge with Paramount Global last month. The special committee earlier this week extended the so-called ""go-shop"" period — during which it could entertain competing offers — by 15 days to review Bronfman's initial bid.One of the individuals who is part of Bronfman's bid is former AOL CEO Jon Miller, suggesting Redstone could potentially have more control over a future Paramount Global than she'd get with Skydance. Miller, a close ally of Redstone, has been connecting Bronfman with potential capital and would likely take a role with the company if it came under Bronfman's stewardship — perhaps a board seat and an operational job — according to people familiar with the matter. Bronfman would be CEO of the company if his deal were to be accepted and go through, said the people.Miller, Redstone and Redstone's son-in-law, Jason Ostheimer, together run Advancit Capital, a small venture capital firm that invests in media and technology. The trio are the only three people that appear on the firm's website. Miller has also operated as a de facto strategic advisor to Redstone for many years, according to people familiar with the matter.Redstone has not spoken with Miller about the bid, according to people familiar with the matter.While the Redstone family and Bronfman family have run in similar circles, including donating heavily to Jewish foundations, Edgar Bronfman Jr. and Shari Redstone haven't met many times and don't have a close preexisting relationship, two of the people said.Skydance CEO David Ellison and Redstone have had several discussions about the potential for Redstone to stay in as a shareholder of a combined Skydance-Paramount Global, according to people familiar with the matter.Redstone is taking a wait-and-see approach to any future involvement she may want to have in Paramount Global moving forward regardless of its ownership, according to a person familiar with her thinking.Spokespeople for Redstone, Bronfman, the Paramount Global special committee and Skydance all declined to comment.Bronfman has spent the last few weeks aggregating individuals with interest in owning a piece of Paramount Global, including film producer Steven Paul and Patron cofounder John Paul DeJoria, who had previously considered a bid of their own, according to a person familiar with the process, as well as Fortress Investment Group, the credit arm of private equity firm BC Partners, and former Turner Broadcasting CEO John Martin.Bronfman's financing comes from many different sources, which may potentially trigger regulatory concerns if too much of the money is from foreign entities. Having so many different financers may also make Bronfman's offer riskier than Skydance's bid, which is backed by private equity firm RedBird Capital and multibillionaire Larry Ellison, the father of David Ellison.Bronfman is the chairman of Fubo, a sports streaming service, and the former head of Universal and Warner Music.Skydance's lawyers sent a letter to the Paramount Global special committee demanding the company stop negotiating with Bronfman, the Wall Street Journal reported Thursday. Skydance said Paramount Global breached the terms of the go-shop agreement by not alerting Skydance that it planned to extend the window, the report said.Skydance also argued the special committee didn't have the right to extend the go-shop because a bid had to ""reasonably be expected to lead to a superior proposal."" Skydance argued the Bronfman bid didn't meet the criteria.WATCH: Media power struggle: Paramount deal in jeopardy?",CNBC,23/08/2024,"[""In this articleEdgar Bronfman Jr.'s offer for a controlling stake in Paramount Global could keep Shari Redstone close to the company, if his bid is successful."", ""Bronfman is open to having Redstone, currently non-executive chairman at Paramount, remain involved with the company if the Paramount special committee accepts his consortium's bid for National Amusements, the controlling shareholder, according to a person familiar with the matter."", 'Bronfman has raised $6 billion to challenge Skydance Media for ownership of National Amusements, the holding company founded by Sumner Redstone, according to people familiar with the matter.', ""Both Bronfman's bid and Skydance's bid would also include money to buy out a percentage of Paramount Global common shareholders."", ""At $6 billion, Bronfman's bid would give cash to about 20% of Class B holders at $16 per share."", 'Skydance would pay out about 50% of current Paramount common investors at $15 per share as part of its bid, according to the people familiar.', ""It's not clear if Redstone prefers one offer over the other."", ""The Paramount Global special committee will determine if Bronfman's offer is a superior proposal for shareholders by Aug. 28."", ""If the committee decides Bronfman's offer is better, Skydance will then have four business days to match."", 'The deadline for the entire process to be concluded is Sept. 5.Bronfman still has a few more days to raise more money for a competing bid to counter Skydance, which agreed to an $8 billion deal to merge with Paramount Global last month.', 'The special committee earlier this week extended the so-called ""go-shop"" period — during which it could entertain competing offers — by 15 days to review Bronfman\'s initial bid.', ""One of the individuals who is part of Bronfman's bid is former AOL CEO Jon Miller, suggesting Redstone could potentially have more control over a future Paramount Global than she'd get with Skydance."", ""Miller, a close ally of Redstone, has been connecting Bronfman with potential capital and would likely take a role with the company if it came under Bronfman's stewardship — perhaps a board seat and an operational job — according to people familiar with the matter."", 'Bronfman would be CEO of the company if his deal were to be accepted and go through, said the people.', ""Miller, Redstone and Redstone's son-in-law, Jason Ostheimer, together run Advancit Capital, a small venture capital firm that invests in media and technology."", ""The trio are the only three people that appear on the firm's website."", 'Miller has also operated as a de facto strategic advisor to Redstone for many years, according to people familiar with the matter.', 'Redstone has not spoken with Miller about the bid, according to people familiar with the matter.', ""While the Redstone family and Bronfman family have run in similar circles, including donating heavily to Jewish foundations, Edgar Bronfman Jr. and Shari Redstone haven't met many times and don't have a close preexisting relationship, two of the people said."", 'Skydance CEO David Ellison and Redstone have had several discussions about the potential for Redstone to stay in as a shareholder of a combined Skydance-Paramount Global, according to people familiar with the matter.', 'Redstone is taking a wait-and-see approach to any future involvement she may want to have in Paramount Global moving forward regardless of its ownership, according to a person familiar with her thinking.', 'Spokespeople for Redstone, Bronfman, the Paramount Global special committee and Skydance all declined to comment.', 'Bronfman has spent the last few weeks aggregating individuals with interest in owning a piece of Paramount Global, including film producer Steven Paul and Patron cofounder John Paul DeJoria, who had previously considered a bid of their own, according to a person familiar with the process, as well as Fortress Investment Group, the credit arm of private equity firm BC Partners, and former Turner Broadcasting CEO John Martin.', ""Bronfman's financing comes from many different sources, which may potentially trigger regulatory concerns if too much of the money is from foreign entities."", ""Having so many different financers may also make Bronfman's offer riskier than Skydance's bid, which is backed by private equity firm RedBird Capital and multibillionaire Larry Ellison, the father of David Ellison."", 'Bronfman is the chairman of Fubo, a sports streaming service, and the former head of Universal and Warner Music.', ""Skydance's lawyers sent a letter to the Paramount Global special committee demanding the company stop negotiating with Bronfman, the Wall Street Journal reported Thursday."", 'Skydance said Paramount Global breached the terms of the go-shop agreement by not alerting Skydance that it planned to extend the window, the report said.', 'Skydance also argued the special committee didn\'t have the right to extend the go-shop because a bid had to ""reasonably be expected to lead to a superior proposal.""', ""Skydance argued the Bronfman bid didn't meet the criteria."", 'WATCH: Media power struggle: Paramount deal in jeopardy?']",0.1775149756430325,"Bronfman has spent the last few weeks aggregating individuals with interest in owning a piece of Paramount Global, including film producer Steven Paul and Patron cofounder John Paul DeJoria, who had previously considered a bid of their own, according to a person familiar with the process, as well as Fortress Investment Group, the credit arm of private equity firm BC Partners, and former Turner Broadcasting CEO John Martin.",WATCH: Media power struggle: Paramount deal in jeopardy?,-0.8429049104452133,,"Skydance said Paramount Global breached the terms of the go-shop agreement by not alerting Skydance that it planned to extend the window, the report said.",2024-08-29
What taxes might be raised in the Budget?,https://www.bbc.co.uk/news/articles/cv2gxkln5elo,2024-07-31T23:01:05.897Z,"The government has said it will have to increase taxes to plug what it claims is a £22bn ""hole"" in the public finances.  Prime Minister Sir Keir Starmer has warned the first Budget under his new administration on 30 October is ""going to be painful"". But Labour has ruled out raising taxes on ""working people"", including VAT (value added tax), income tax and National Insurance.   So which taxes might go up? One option would be to introduce a so-called stealth tax - a means of raising revenue which is not explicitly labelled or intended as a tax. Paul Johnson, director of the Institute for Fiscal Studies (IFS), believes the most obvious solution would be to focus on tax thresholds - the amount of money you can earn before any tax starts to be paid. Currently the thresholds on income tax and National Insurance are frozen until 2028, a policy brought in by the previous government. But Labour could extend them beyond this date.  The policy amounts to a tax rise because of a process called ""fiscal drag"", which sees more people ""dragged"" into paying higher rates of tax as their wages rise. The Resolution Foundation, a think tank that aims to improve living standards for low-to-middle income families, calculates the current freeze will generate about £40bn of revenue by 2028.  Its director James Smith told the BBC that may be enough to address the ""shortfall"" in the public finances, meaning Ms Reeves would not have to raise any other taxes.  Another route Ms Reeves could take is to put up capital gains tax (CGT). This is charged on the profit made from the sale of an asset that has increased in value, with some examples including stocks that are not held in ISAs or second homes.   CGT is payable by individuals, but also self-employed sole traders, partners in business partnerships and company owners, among others. It starts at a rate of 10% (or 18% on residential property) on profits above £3,000. It then rises to 20% on any amount above the basic tax rate, or 24% on residential property. Critics point out that CGT rates are substantially lower than income tax. They say this can benefit wealthier people and Ms Reeves could opt to level the playing field or cut some CGT tax breaks for businesses. However, industry groups have warned that increasing CGT could hit those at the centre of Labour's plans to grow the economy. ""No government at all serious about growth would hike CGT on entrepreneurs selling a small business,"" Tina McKenzie from the Federation of Small Businesses (FSB) told the BBC. “Investing in a small business is already one of the least tax-efficient things anyone can do with their money,"" she said, adding that she hoped the party would continue to work ""in partnership"" with business. Fuel duty is a tax that is levied on purchases of petrol, diesel and other fuels - the level it is set at should have an impact on what drivers pay at the pumps. The levy is a ""significant source"" of revenue for government, according to Office for Budget Responsibility, with £24.7bn expected to have been raised in 2023-24. But fuel duty has not been raised in more than a decade. Between 2012 and 2022 it was frozen at the same level.  Then in March 2022 the then Conservative chancellor Rishi Sunak cut it by 5p a litre after Russia's invasion of Ukraine led to record pump prices. However, some motoring groups have argued this cut - which is due to end in March next year - has not been passed on to drivers. This has prompted the RAC to suggest the cut should be scrapped by Ms Reeves in the Budget. Simon Williams, head of policy at the RAC, said the motoring group had reached the conclusion the chancellor ""has no option but to put fuel duty back up"". Ms Reeves ""knows the 5p discount is losing the Treasury £2bn a year,"" he said. When people or their employers pay into private pension pots, they receive tax relief on these contributions, up to set limits. The relief allows some of a person's earnings that may have been taken by government in tax to go into their savings for retirement instead. Under the current system, savers receive tax relief at the same rate as their income tax - meaning basic rate taxpayers receive relief at 20% and higher rate taxpayers at 40% or 45%. In the run-up to big political events like the Budget, Tom Selby, director of public policy at AJ Bell, says that there is often speculation that a flat rate of pension tax relief could be introduced.  This would mean the system is less generous for higher earners, but the IFS has suggested this could raise ""billions"" for the government. Some opponents have said, however, this could dissuade people from saving for the future and might be difficult to implement. Inheritance tax, currently paid at a rate of 40%, is charged on the part of a deceased person's estate above a threshold of £325,000. But it only applies to fewer than one in 20 estates.  No tax is paid if the estate is valued at less than £325,000, or if anything above this threshold is left to a husband or wife, civil partner, charity, or a community amateur sports club. And if a home is part of the estate and a person's children and grandchildren stand to inherit it, the threshold can go up to £500,000. Ms Reeves could raise the rate of inheritance tax, or curb the relief available on certain inherited assets.  These include agricultural land and pension savings, which can both be inherited tax-free.  There are also allowances for unquoted shares, which are shares in a business not listed on the stock exchange. James Smith of the Resolution Foundation believes inheritance tax should be reformed because there are ""all sorts of reliefs within the system that allow you to move your assets in a way that allows you to avoid paying inheritance tax"". However, Paul Johnson from the IFS says Ms Reeves will have to go further than simply curbing allowances, saying: ""You won't raise a lot by doing that - maybe a billion or two."" Calls to cut or abolish inheritance tax come often as the tax is so unpopular, the Resolution Foundation says. ",BBC,31/07/2024,"['The government has said it will have to increase taxes to plug what it claims is a £22bn ""hole"" in the public finances.', 'Prime Minister Sir Keir Starmer has warned the first Budget under his new administration on 30 October is ""going to be painful"".', 'But Labour has ruled out raising taxes on ""working people"", including VAT (value added tax), income tax and National Insurance.', 'So which taxes might go up?', 'One option would be to introduce a so-called stealth tax - a means of raising revenue which is not explicitly labelled or intended as a tax.', 'Paul Johnson, director of the Institute for Fiscal Studies (IFS), believes the most obvious solution would be to focus on tax thresholds - the amount of money you can earn before any tax starts to be paid.', 'Currently the thresholds on income tax and National Insurance are frozen until 2028, a policy brought in by the previous government.', 'But Labour could extend them beyond this date.', 'The policy amounts to a tax rise because of a process called ""fiscal drag"", which sees more people ""dragged"" into paying higher rates of tax as their wages rise.', 'The Resolution Foundation, a think tank that aims to improve living standards for low-to-middle income families, calculates the current freeze will generate about £40bn of revenue by 2028.', 'Its director James Smith told the BBC that may be enough to address the ""shortfall"" in the public finances, meaning Ms Reeves would not have to raise any other taxes.', 'Another route Ms Reeves could take is to put up capital gains tax (CGT).', 'This is charged on the profit made from the sale of an asset that has increased in value, with some examples including stocks that are not held in ISAs or second homes.', 'CGT is payable by individuals, but also self-employed sole traders, partners in business partnerships and company owners, among others.', 'It starts at a rate of 10% (or 18% on residential property) on profits above £3,000.', 'It then rises to 20% on any amount above the basic tax rate, or 24% on residential property.', 'Critics point out that CGT rates are substantially lower than income tax.', 'They say this can benefit wealthier people and Ms Reeves could opt to level the playing field or cut some CGT tax breaks for businesses.', 'However, industry groups have warned that increasing CGT could hit those at the centre of Labour\'s plans to grow the economy. ""', 'No government at all serious about growth would hike CGT on entrepreneurs selling a small business,"" Tina McKenzie from the Federation of Small Businesses (FSB) told the BBC. “', 'Investing in a small business is already one of the least tax-efficient things anyone can do with their money,"" she said, adding that she hoped the party would continue to work ""in partnership"" with business.', 'Fuel duty is a tax that is levied on purchases of petrol, diesel and other fuels - the level it is set at should have an impact on what drivers pay at the pumps.', 'The levy is a ""significant source"" of revenue for government, according to Office for Budget Responsibility, with £24.7bn expected to have been raised in 2023-24.', 'But fuel duty has not been raised in more than a decade.', 'Between 2012 and 2022 it was frozen at the same level.', ""Then in March 2022 the then Conservative chancellor Rishi Sunak cut it by 5p a litre after Russia's invasion of Ukraine led to record pump prices."", 'However, some motoring groups have argued this cut - which is due to end in March next year - has not been passed on to drivers.', 'This has prompted the RAC to suggest the cut should be scrapped by Ms Reeves in the Budget.', 'Simon Williams, head of policy at the RAC, said the motoring group had reached the conclusion the chancellor ""has no option but to put fuel duty back up"".', 'Ms Reeves ""knows the 5p discount is losing the Treasury £2bn a year,"" he said.', 'When people or their employers pay into private pension pots, they receive tax relief on these contributions, up to set limits.', ""The relief allows some of a person's earnings that may have been taken by government in tax to go into their savings for retirement instead."", 'Under the current system, savers receive tax relief at the same rate as their income tax - meaning basic rate taxpayers receive relief at 20% and higher rate taxpayers at 40% or 45%.', 'In the run-up to big political events like the Budget, Tom Selby, director of public policy at AJ Bell, says that there is often speculation that a flat rate of pension tax relief could be introduced.', 'This would mean the system is less generous for higher earners, but the IFS has suggested this could raise ""billions"" for the government.', 'Some opponents have said, however, this could dissuade people from saving for the future and might be difficult to implement.', ""Inheritance tax, currently paid at a rate of 40%, is charged on the part of a deceased person's estate above a threshold of £325,000."", 'But it only applies to fewer than one in 20 estates.', 'No tax is paid if the estate is valued at less than £325,000, or if anything above this threshold is left to a husband or wife, civil partner, charity, or a community amateur sports club.', ""And if a home is part of the estate and a person's children and grandchildren stand to inherit it, the threshold can go up to £500,000."", 'Ms Reeves could raise the rate of inheritance tax, or curb the relief available on certain inherited assets.', 'These include agricultural land and pension savings, which can both be inherited tax-free.', 'There are also allowances for unquoted shares, which are shares in a business not listed on the stock exchange.', 'James Smith of the Resolution Foundation believes inheritance tax should be reformed because there are ""all sorts of reliefs within the system that allow you to move your assets in a way that allows you to avoid paying inheritance tax"".', 'However, Paul Johnson from the IFS says Ms Reeves will have to go further than simply curbing allowances, saying: ""You won\'t raise a lot by doing that - maybe a billion or two.""', 'Calls to cut or abolish inheritance tax come often as the tax is so unpopular, the Resolution Foundation says.']",0.1293575285738439,"This is charged on the profit made from the sale of an asset that has increased in value, with some examples including stocks that are not held in ISAs or second homes.","Prime Minister Sir Keir Starmer has warned the first Budget under his new administration on 30 October is ""going to be painful"".",-0.3856328340137706,They say this can benefit wealthier people and Ms Reeves could opt to level the playing field or cut some CGT tax breaks for businesses.,Then in March 2022 the then Conservative chancellor Rishi Sunak cut it by 5p a litre after Russia's invasion of Ukraine led to record pump prices.,2024-08-29
Delta chief operations officer departing for another company after just over a year on the job,https://www.cnbc.com/2024/08/23/delta-chief-operations-officer-coo-mike-spanos.html,2024-08-23T16:25:57+0000,"In this articleDelta Air Lines' chief operating officer is leaving at the end of the month, the company said in a securities filing Friday.CEO Ed Bastian said in an employee memo that Chief Operating Officer Mike Spanos is taking a job at another company.His departure, after just over a year on the job, comes weeks after Delta suffered a meltdown in the wake of the massive CrowdStrike outage in July. Delta estimates those disruptions cost the airline some $500 million and said it will seek compensation from CrowdStrike and Microsoft.However, Bastian said in the memo Friday that Spanos told him earlier in the summer that he was ""considering opportunities outside of Delta.""Delta doesn't plan to replace Spanos, Bastian said. Instead, John Laughter, chief of operations and president of Delta's TechOps maintenance and overhaul unit, and Allison Ausband, chief customer experience officer, will report to Bastian. Spanos joined Delta in May 2023 and previously held the role of CEO at Six Flags Entertainment and executive positions at PepsiCo.",CNBC,23/08/2024,"[""In this articleDelta Air Lines' chief operating officer is leaving at the end of the month, the company said in a securities filing Friday."", 'CEO Ed Bastian said in an employee memo that Chief Operating Officer Mike Spanos is taking a job at another company.', 'His departure, after just over a year on the job, comes weeks after Delta suffered a meltdown in the wake of the massive CrowdStrike outage in July.', 'Delta estimates those disruptions cost the airline some $500 million and said it will seek compensation from CrowdStrike and Microsoft.', 'However, Bastian said in the memo Friday that Spanos told him earlier in the summer that he was ""considering opportunities outside of Delta.', '""Delta doesn\'t plan to replace Spanos, Bastian said.', ""Instead, John Laughter, chief of operations and president of Delta's TechOps maintenance and overhaul unit, and Allison Ausband, chief customer experience officer, will report to Bastian."", 'Spanos joined Delta in May 2023 and previously held the role of CEO at Six Flags Entertainment and executive positions at PepsiCo.']",0.094911363188699,"Instead, John Laughter, chief of operations and president of Delta's TechOps maintenance and overhaul unit, and Allison Ausband, chief customer experience officer, will report to Bastian.","His departure, after just over a year on the job, comes weeks after Delta suffered a meltdown in the wake of the massive CrowdStrike outage in July.",-0.9799729585647584,,"His departure, after just over a year on the job, comes weeks after Delta suffered a meltdown in the wake of the massive CrowdStrike outage in July.",2024-08-29
"Lego revenue jumps 13% in first half of 2024, boosted by Lego Fortnite and diverse brick sets",https://www.cnbc.com/2024/08/28/lego-revenue-first-half-2024.html,2024-08-28T15:07:41+0000,"An inflation-fueled sales slump hit the toy industry in the first half of 2024, but one company is gaining market share brick by brick.On Wednesday, Lego said revenue during the first six months of the year jumped 13%, reaching 31 billion Danish kroner, or about $4.65 billion.Niels Christiansen, CEO of the privately held Danish toymaker, told CNBC that the company is seeing strength across its portfolio, especially with Lego Icons and Lego Creator, and through its partnership with Epic Games' Fortnite.Last year, Lego saw a trend of consumers ""trading down"" or opting for lower-priced sets, while still buying the same volume as the year before. This year, volume is up, Christiansen said.""To the extent they traded down last year, they're not trading further down,"" he said. ""So that has stabilized. And we see almost all of the growth is actually growth in volume.""Meanwhile, publicly traded rival Mattel saw net sales fall 1% in the first six months of 2024 and Hasbro reported that its net revenue fell 21% between January and the end of June. Mattel is facing tough comparisons from toy sales fueled by ""Barbie"" in 2023, and Hasbro is still reeling from its divestment of eOne.Lego has continued to build on pandemic-era growth with a diverse slate of products that cater to kids and adults alike. In addition to sets tied to popular franchises such as Harry Potter and Star Wars, Lego also has innovative design options for consumers to build flowers and succulents, famous works of art and animals.Sales in the U.S. and Europe remain strong, Christiansen noted, while China sales are flat. He said consumers in the region are spending less on bigger-ticket items, and their frequency of purchasing is down.However, Lego is not giving up on expansion in China. Christiansen said there is still ""long-term potential"" in the area.Of the 40 Lego stores that opened in the first quarter, 20 were in China. Similarly, of the 60 planned openings in the second half of the year, 20 are set for China.Christiansen also touted Lego's sustainability efforts. So far this year, the company has nearly doubled the amount of renewable and recyclable materials it uses in its bricks compared to full-year 2023.""That's a good milestone,"" he said. ""That's a good step forward. [We are] spending quite significantly on that in a couple of ways, primarily in buying material that is more expensive, because mass balance material is more expensive than just standard.""Christiansen noted that Lego is not passing that cost on to consumers.""By actually being willing to pay a premium to get to this product, we also created an incentive for [suppliers] to actually develop the kind of products and to establish more production capacity for these type of products. We are working really as an industry need to try to put more speed on that entire process.""Over the next few years, Lego hopes to source half its raw materials from sustainable sources.",CNBC,28/08/2024,"['An inflation-fueled sales slump hit the toy industry in the first half of 2024, but one company is gaining market share brick by brick.', 'On Wednesday, Lego said revenue during the first six months of the year jumped 13%, reaching 31 billion Danish kroner, or about $4.65 billion.', ""Niels Christiansen, CEO of the privately held Danish toymaker, told CNBC that the company is seeing strength across its portfolio, especially with Lego Icons and Lego Creator, and through its partnership with Epic Games' Fortnite."", 'Last year, Lego saw a trend of consumers ""trading down"" or opting for lower-priced sets, while still buying the same volume as the year before.', 'This year, volume is up, Christiansen said.', '""To the extent they traded down last year, they\'re not trading further down,"" he said. ""', 'So that has stabilized.', 'And we see almost all of the growth is actually growth in volume.', '""Meanwhile, publicly traded rivalMattel saw net sales fall 1% in the first six months of 2024 and Hasbroreported that its net revenue fell 21% between January and the end of June.', 'Mattel is facing tough comparisons from toy sales fueled by ""Barbie"" in 2023, and Hasbro is still reeling from its divestment of eOne.', 'Lego has continued to build on pandemic-era growth with a diverse slate of products that cater to kids and adults alike.', 'In addition to sets tied to popular franchises such as Harry Potter and Star Wars, Lego also has innovative design options for consumers to build flowers and succulents, famous works of art and animals.', 'Sales in the U.S. and Europe remain strong, Christiansen noted, while China sales are flat.', 'He said consumers in the region are spending less on bigger-ticket items, and their frequency of purchasing is down.', 'However, Lego is not giving up on expansion in China.', 'Christiansen said there is still ""long-term potential"" in the area.', 'Of the 40 Lego stores that opened in the first quarter, 20 were in China.', 'Similarly, of the 60 planned openings in the second half of the year, 20 are set for China.', ""Christiansen also touted Lego's sustainability efforts."", 'So far this year, the company has nearly doubled the amount of renewable and recyclable materials it uses in its bricks compared to full-year 2023.""That\'s a good milestone,"" he said. ""', ""That's a good step forward. ["", 'We are] spending quite significantly on that in a couple of ways, primarily in buying material that is more expensive, because mass balance material is more expensive than just standard.', '""Christiansen noted that Lego is not passing that cost on to consumers.', '""By actually being willing to pay a premium to get to this product, we also created an incentive for [suppliers] to actually develop the kind of products and to establish more production capacity for these type of products.', 'We are working really as an industry need to try to put more speed on that entire process.', '""Over the next few years, Lego hopes to source half its raw materials from sustainable sources.']",0.176270062906085,"An inflation-fueled sales slump hit the toy industry in the first half of 2024, but one company is gaining market share brick by brick.","Last year, Lego saw a trend of consumers ""trading down"" or opting for lower-priced sets, while still buying the same volume as the year before.",0.4372433854473961,"On Wednesday, Lego said revenue during the first six months of the year jumped 13%, reaching 31 billion Danish kroner, or about $4.65 billion.","""Meanwhile, publicly traded rivalMattel saw net sales fall 1% in the first six months of 2024 and Hasbroreported that its net revenue fell 21% between January and the end of June.",2024-08-29
'We were fined £50 each over £3 extra train fare',https://www.bbc.co.uk/news/articles/c0l841xeyklo,2024-08-29T23:02:08.607Z,"Train ticket inspectors should treat deliberate fare dodgers differently to people who make genuine mistakes, the passenger watchdog has said. When BBC News reported that thousands of prosecutions for alleged rail fare evasion were to be quashed, scores of people who were not prosecuted got in touch to say they felt ticket inspectors had been over-zealous in giving them penalty fares. Transport Focus said there was ""an overwhelming need for reform of the fares and ticketing system"" because it was easy to buy the wrong ticket.  But the Rail Delivery Group which represents train companies said all staff could use discretion in giving penalties and there was a robust appeals process. Alexandra Petri and her partner Ross Jones bought advance train tickets on holiday in York but ended up on the wrong train. When they tried to pay the difference in fares of £3 they each had to pay a penalty fare of £50, they told the BBC. ""We felt like there was no understanding for small errors. We just paid the fine because I am not from the UK and didn't want to risk anything potentially going on my record that could cause trouble in the future,"" she added. Transport Focus said it accepted the need for a penalty-fare system but called for more discretion to be used in the case of passengers who make an honest mistake. ""We accept that some cases are very clear cut,"" said Mike Hewitson, the watchdog's head of policy. ""But there are grey areas, cases where perhaps more discretion should be used."" Railway companies lose £240 million every year from ticketless travel – but there are certain cases where a passenger making a mistake with their fare doesn't cost the train company money, he added. ""It's about trying to strip out the mistake from the deliberate,"" Mr Hewitson said.  ""It can be easy to get it wrong... people should know what their ticket entitles them to, but the train operators also have to make this clear to them"". Last year the then Conservative government announced a trial of scrapping return train tickets. It said there were 55 million fares available in Britain, which made it difficult for travellers to decide which is best for them. This month a landmark ruling found as many as 74,000 prosecutions for alleged rail fare evasion in England and Wales were set to be quashed as a certain legal procedure should not have been used. Following the BBC's reporting of this story passengers who had not been prosecuted but had received penalty fares got in touch.  Many we spoke to said they had mistakenly believed they could buy tickets on board a train.  In the UK, you must have a valid ticket to travel on a train, unless you are in an area that is not designated as a compulsory ticket area.  A penalty fare is charged if you do not comply with ticket purchasing rules and the maximum is £1,000.   The penalty is £100 plus the price of the full single fare applicable for your intended journey.  However, if it is paid within 21 days, the penalty is reduced to £50 plus the price of the single fare applicable.  A fine for rail ticket evasion can arise if the penalty fare is not paid and court proceedings follow. Holly, 29, was among those who told the BBC she thought she could buy a ticket on board a train.  ""I found the guard and said: 'Can I buy a ticket, please?' And he said: 'No you can't, you're fare dodging.' I was a bit shocked,"" she said. After Holly unsuccessfully tried to appeal her penalty fare, she was sent a magistrates court summons. ""Eventually, I got through to the train company's phone line and paid £55,"" she said. Rob McDowall, 41, told the BBC he also tried to buy a ticket on board when there were no working ticket machines at Leatherhead station in Surrey due to building works. He decided to buy a ticket when he got off, two stops later at Epsom.  ""The ticket inspector told me I was lying, as if I had refused to buy a ticket,"" he said. ""He was very forceful - he prodded me in the chest twice. ""I reported it to BTP [British Transport Police] but nothing came of it."" Rob received a court summons and pleaded guilty after receiving legal advice and was fined more than £300.  ""The way the whole system is set up you basically can’t explain yourself,"" Rob said. A spokesperson for the Rail Delivery Group told the BBC: “Fare dodging is unfair because it means less money to invest in improving services and increases the burden on fare-paying passengers and taxpayers. “We would always advise customers to purchase a ticket before they travel. All staff involved in the issuing of penalty fares have discretion over the individual circumstances of the customer.  ""There is a robust statutory appeals process for every penalty issued, which includes an independent final appeal stage to consider wider circumstances.” ",BBC,29/08/2024,"['Train ticket inspectors should treat deliberate fare dodgers differently to people who make genuine mistakes, the passenger watchdog has said.', 'When BBC News reported that thousands of prosecutions for alleged rail fare evasion were to be quashed, scores of people who were not prosecuted got in touch to say they felt ticket inspectors had been over-zealous in giving them penalty fares.', 'Transport Focus said there was ""an overwhelming need for reform of the fares and ticketing system"" because it was easy to buy the wrong ticket.', 'But the Rail Delivery Group which represents train companies said all staff could use discretion in giving penalties and there was a robust appeals process.', 'Alexandra Petri and her partner Ross Jones bought advance train tickets on holiday in York but ended up on the wrong train.', 'When they tried to pay the difference in fares of £3 they each had to pay a penalty fare of £50, they told the BBC. ""', 'We felt like there was no understanding for small errors.', 'We just paid the fine because I am not from the UK and didn\'t want to risk anything potentially going on my record that could cause trouble in the future,"" she added.', 'Transport Focus said it accepted the need for a penalty-fare system but called for more discretion to be used in the case of passengers who make an honest mistake. ""', 'We accept that some cases are very clear cut,"" said Mike Hewitson, the watchdog\'s head of policy. ""', 'But there are grey areas, cases where perhaps more discretion should be used.""', 'Railway companies lose £240 million every year from ticketless travel – but there are certain cases where a passenger making a mistake with their fare doesn\'t cost the train company money, he added. ""', 'It\'s about trying to strip out the mistake from the deliberate,"" Mr Hewitson said. ""', 'It can be easy to get it wrong... people should know what their ticket entitles them to, but the train operators also have to make this clear to them"".', 'Last year the then Conservative government announced a trial of scrapping return train tickets.', 'It said there were 55 million fares available in Britain, which made it difficult for travellers to decide which is best for them.', 'This month a landmark ruling found as many as 74,000 prosecutions for alleged rail fare evasion in England and Wales were set to be quashed as a certain legal procedure should not have been used.', ""Following the BBC's reporting of this story passengers who had not been prosecuted but had received penalty fares got in touch."", 'Many we spoke to said they had mistakenly believed they could buy tickets on board a train.', 'In the UK, you must have a valid ticket to travel on a train, unless you are in an area that is not designated as a compulsory ticket area.', 'A penalty fare is charged if you do not comply with ticket purchasing rules and the maximum is £1,000.', 'The penalty is £100 plus the price of the full single fare applicable for your intended journey.', 'However, if it is paid within 21 days, the penalty is reduced to £50 plus the price of the single fare applicable.', 'A fine for rail ticket evasion can arise if the penalty fare is not paid and court proceedings follow.', 'Holly, 29, was among those who told the BBC she thought she could buy a ticket on board a train. ""', ""I found the guard and said: 'Can I buy a ticket, please?'"", ""And he said: 'No you can't, you're fare dodging.'"", 'I was a bit shocked,"" she said.', 'After Holly unsuccessfully tried to appeal her penalty fare, she was sent a magistrates court summons. ""', 'Eventually, I got through to the train company\'s phone line and paid £55,"" she said.', 'Rob McDowall, 41, told the BBC he also tried to buy a ticket on board when there were no working ticket machines at Leatherhead station in Surrey due to building works.', 'He decided to buy a ticket when he got off, two stops later at Epsom. ""', 'The ticket inspector told me I was lying, as if I had refused to buy a ticket,"" he said. ""', 'He was very forceful - he prodded me in the chest twice. ""', 'I reported it to BTP [British Transport Police] but nothing came of it.""', 'Rob received a court summons and pleaded guilty after receiving legal advice and was fined more than £300. ""', 'The way the whole system is set up you basically can’t explain yourself,"" Rob said.', 'A spokesperson for the Rail Delivery Group told the BBC: “Fare dodging is unfair because it means less money to invest in improving services and increases the burden on fare-paying passengers and taxpayers. “', 'We would always advise customers to purchase a ticket before they travel.', 'All staff involved in the issuing of penalty fares have discretion over the individual circumstances of the customer. ""', 'There is a robust statutory appeals process for every penalty issued, which includes an independent final appeal stage to consider wider circumstances.”']",-0.1696561437107165,But the Rail Delivery Group which represents train companies said all staff could use discretion in giving penalties and there was a robust appeals process.,"Rob received a court summons and pleaded guilty after receiving legal advice and was fined more than £300. """,-0.5559211075305939,"We just paid the fine because I am not from the UK and didn't want to risk anything potentially going on my record that could cause trouble in the future,"" she added.",A spokesperson for the Rail Delivery Group told the BBC: “Fare dodging is unfair because it means less money to invest in improving services and increases the burden on fare-paying passengers and taxpayers. “,2024-08-29
The Gruffalo's Child to go on commemorative Royal Mint 50p coin,https://www.bbc.co.uk/news/articles/cewl8101d0no,2024-08-28T07:16:21.405Z,"The Gruffalo's Child will appear on a new commemorative 50p coin to mark 20 years since the story was first published. The character will follow in the footsteps of her father, the Gruffalo, who appeared on 50p coins in 2019. The new coins will not enter general circulation but will be available to buy from The Royal Mint in precious metal finishes, starting at £12. The book's illustrator Axel Scheffler said he was ""honoured"" that the Gruffalo's offspring was being celebrated, while author Julia Donaldson said it was ""wonderful"". The new coins will pair the Gruffalo's Child with the ""mouse in the woods"" from the story, and some will have colour in the design. The cheapest one costs £12 while a gold one will set you back £99, although past Gruffalo coins have sold for much higher prices on resale sites due to their rarity. The Gruffalo book series has sold more than 18 million copies worldwide, and has been translated into more than 100 languages. The books have earned several awards since their release, with an animated version of The Gruffalo's Child first airing on BBC One in 2011 on Christmas Day. “The heart-warming tale of The Gruffalo’s Child has captivated readers since its release 20 years ago, and this year, the curious little monster finds a permanent home on a 50 pence piece,"" said Rebecca Morgan, The Royal Mint's director of commemorative coin. The Royal Mint, which is one of Britain’s oldest companies and the original maker of UK coins, has previously featured hugely popular children's characters on its coins, including Paddington, The Snowman, and Beatrix Potter favourites. ",BBC,28/08/2024,"[""The Gruffalo's Child will appear on a new commemorative 50p coin to mark 20 years since the story was first published."", 'The character will follow in the footsteps of her father, the Gruffalo, who appeared on 50p coins in 2019.', 'The new coins will not enter general circulation but will be available to buy from The Royal Mint in precious metal finishes, starting at £12.', 'The book\'s illustrator Axel Scheffler said he was ""honoured"" that the Gruffalo\'s offspring was being celebrated, while author Julia Donaldson said it was ""wonderful"".', 'The new coins will pair the Gruffalo\'s Child with the ""mouse in the woods"" from the story, and some will have colour in the design.', 'The cheapest one costs £12 while a gold one will set you back £99, although past Gruffalo coins have sold for much higher prices on resale sites due to their rarity.', 'The Gruffalo book series has sold more than 18 million copies worldwide, and has been translated into more than 100 languages.', ""The books have earned several awards since their release, with an animated version of The Gruffalo's Child first airing on BBC One in 2011 on Christmas Day. “"", 'The heart-warming tale of The Gruffalo’s Child has captivated readers since its release 20 years ago, and this year, the curious little monster finds a permanent home on a 50 pence piece,"" said Rebecca Morgan, The Royal Mint\'s director of commemorative coin.', ""The Royal Mint, which is one of Britain’s oldest companies and the original maker of UK coins, has previously featured hugely popular children's characters on its coins, including Paddington, The Snowman, and Beatrix Potter favourites.""]",0.3401972960107644,"The book's illustrator Axel Scheffler said he was ""honoured"" that the Gruffalo's offspring was being celebrated, while author Julia Donaldson said it was ""wonderful"".",,0.980387270450592,"The book's illustrator Axel Scheffler said he was ""honoured"" that the Gruffalo's offspring was being celebrated, while author Julia Donaldson said it was ""wonderful"".",,2024-08-29
"FDA approves updated Pfizer, Moderna Covid vaccines as virus surges; shots to be available within days",https://www.cnbc.com/2024/08/22/covid-vaccines-fda-approves-pfizer-moderna-updated-kppoint2-shots.html,2024-08-22T20:30:31+0000,"In this articleThe Food and Drug Administration on Thursday approved updated Covid vaccines from Pfizer and Moderna, putting the new shots on track to reach most Americans in the coming days amid a summer surge of the virus. The jabs target a strain called KP.2, a descendant of the highly contagious omicron subvariant JN.1 that began circulating widely in the U.S. earlier this year. KP.2 was the dominant Covid strain in May, but now only accounts for roughly 3% of all U.S. cases as of Saturday, according to the latest Centers for Disease Control and Prevention data.Still, Pfizer and Moderna have said their KP.2 vaccines can produce stronger immune responses against other circulating subvariants of JN.1, such as KP.3 and LB.1, than last year's round of shots targeting the omicron strain XBB.1.5 can.""Given waning immunity of the population from previous exposure to the virus and from prior vaccination, we strongly encourage those who are eligible to consider receiving an updated COVID-19 vaccine to provide better protection against currently circulating variants,"" Dr. Peter Marks, director of the FDA's Center for Biologics Evaluation and Research, said in a statement.In June, the CDC recommended that everyone over 6 months old receive an updated Covid vaccine and flu jab this year. The new shots from Pfizer and Moderna are specifically approved for people ages 12 and older and are authorized under emergency use for children 6 months through 11 years old.  Pfizer will begin shipping its new shot immediately and expects it to be available in pharmacies, hospitals and clinics across the U.S. ""beginning in the coming days,"" the company said in a statement. Moderna also expects its shot to be available in a similar time frame, according to a statement.""Staying up to date with your COVID-19 vaccine remains one of the best ways for people to be protected and prevent severe illness,"" Moderna CEO Stephane Bancel said in a statement. ""We appreciate the U.S. FDA's timely review and encourage individuals to speak to their healthcare providers about receiving their updated COVID-19 vaccine alongside their flu shot this fall.""The FDA's approval comes a few weeks ahead of last year's round of shots, which the agency cleared on Sept. 11.The earlier arrival of updated vaccines could offer some reassurance to Americans as the nation sees a relatively large spike in the virus this summer. A ""high"" or ""very high"" level of Covid is being detected in wastewater in almost every state, according to CDC data. Wastewater monitoring provides a glimpse of how widespread the virus is in the U.S. as other forms of testing have fallen off.Other measures of the virus are rising but remain far below where they were at the peak of the pandemic. Covid test positivity rates rose to 18.3% for the week ended Aug. 10, from 17.9% the week before, according to the CDC.Meanwhile, the CDC said about four people are being hospitalized for Covid for every 100,000 people in a given area. That's up from about one Covid hospitalization for every 100,000 people in May, which was the lowest level since the pandemic began. The summer Covid wave may decline by the time the shots reach patients' arms and kick in an immune response against the virus, which typically takes two weeks after vaccination. Still, federal health officials have long told Americans to expect annual updates to Covid shots as the virus churns out new strains that can dodge the immunity people have from previous vaccinations or infections — protection that wanes over time. It's similar to how the U.S. rolls out new flu vaccines every year. It's unclear how many Americans will actually roll up their sleeves to get another shot in the coming months.Only around 22.5% of U.S. adults received the latest round of shots that came out last fall, according to CDC data through early May. Many Americans who got previous rounds of Covid shots cited a lack of worry about the virus as a reason they didn't get the latest booster, according to a November survey from health policy research organization KFF. Others said they had been too busy to get their shot, the survey said.In June, the FDA asked vaccine makers to manufacture shots against JN.1 before telling them to target KP.2 instead ""if feasible.""That shift appeared to put Novavax, which filed for authorization of a new JN.1 shot that same month, at a disadvantage. The FDA has not cleared the biotech company's jab. In a statement, Novavax said it is working ""productively"" with the FDA as the agency completes its review. Novavax expects its shot to receive authorization in time for peak vaccination season in the U.S.The company noted that its shot provides protection against descendants of JN.1, including KP.2.3, KP.3, KP.3.1.1 and LB.1.Novavax manufactures protein-based vaccines, which cannot be quickly updated to target another strain of the virus. Protein-based technology is a decades-old method used in routine vaccinations against hepatitis B and shingles. Meanwhile, Pfizer's and Moderna's shots use messenger RNA technology, which teaches cells how to make proteins that trigger an immune response against Covid. The mRNA vaccines are much easier to develop and update than protein shots.",CNBC,22/08/2024,"['In this articleThe Food and Drug Administration on Thursday approved updated Covid vaccines from Pfizer and Moderna, putting the new shots on track to reach most Americans in the coming days amid a summer surge of the virus.', 'The jabs target a strain called KP.2, a descendant of the highly contagious omicron subvariant JN.1 that began circulating widely in the U.S. earlier this year.', 'KP.2 was the dominant Covid strain in May, but now only accounts for roughly 3% of all U.S. cases as of Saturday, according to the latest Centers for Disease Control and Prevention data.', ""Still, Pfizer and Moderna have said their KP.2 vaccines can produce stronger immune responses against other circulating subvariants of JN.1, such as KP.3 and LB.1, than last year's round of shots targeting the omicron strain XBB.1.5 can."", '""Given waning immunity of the population from previous exposure to the virus and from prior vaccination, we strongly encourage those who are eligible to consider receiving an updated COVID-19 vaccine to provide better protection against currently circulating variants,"" Dr. Peter Marks, director of the FDA\'s Center for Biologics Evaluation and Research, said in a statement.', 'In June, the CDC recommended that everyone over 6 months old receive an updated Covid vaccine and flu jab this year.', 'The new shots from Pfizer and Moderna are specifically approved for people ages 12 and older and are authorized under emergency use for children 6 months through 11 years old.', 'Pfizer will begin shipping its new shot immediately and expects it to be available in pharmacies, hospitals and clinics across the U.S. ""beginning in the coming days,"" the company said in a statement.', 'Moderna also expectsitsshotto be available in a similar time frame, according to a statement.', '""Staying up to date with your COVID-19 vaccine remains one of the best ways for people to be protected and prevent severe illness,"" Moderna CEO Stephane Bancel said in a statement. ""', ""We appreciate the U.S. FDA's timely review and encourage individuals to speak to their healthcare providers about receiving their updated COVID-19 vaccine alongside their flu shot this fall."", '""The FDA\'s approval comes a few weeks ahead of last year\'s round of shots, which the agency cleared on Sept. 11.The earlier arrival of updated vaccines could offer some reassurance to Americans as the nation sees a relatively large spike in the virus this summer.', 'A ""high"" or ""very high"" level of Covid is being detected in wastewater in almost every state, according to CDC data.', 'Wastewater monitoring provides a glimpse of how widespread the virus is in the U.S. as other forms of testing have fallen off.', 'Other measures of the virus are rising but remain far below where they were at the peak of the pandemic.', 'Covid test positivity rates rose to 18.3% for the week ended Aug. 10, from 17.9% the week before, according to the CDC.Meanwhile, the CDC said about four people are being hospitalized for Covid for every 100,000 people in a given area.', ""That's up from about one Covid hospitalization for every 100,000 people in May, which was the lowest level since the pandemic began."", ""The summer Covid wave may decline by the time the shots reach patients' arms and kick in an immune response against the virus, which typically takes two weeks after vaccination."", 'Still, federal health officials have long told Americans to expect annual updates to Covid shots as the virus churns out new strains that can dodge the immunity people have from previous vaccinations or infections — protection that wanes over time.', ""It's similar to how the U.S. rolls out new flu vaccines every year."", ""It's unclear how many Americans will actually roll up their sleeves to get another shot in the coming months."", 'Only around 22.5% of U.S. adults received the latest round of shots that came out last fall, according to CDC data through early May.', ""Many Americans who got previous rounds of Covid shots cited a lack of worry about the virus as a reason they didn't get the latest booster, according to a November survey from health policy research organization KFF."", 'Others said they had been too busy to get their shot, the survey said.', 'In June, the FDA asked vaccine makers to manufacture shots against JN.1 before telling them to target KP.2 instead ""if feasible.', '""That shift appeared to put Novavax, which filed for authorization of a new JN.1 shot that same month, at a disadvantage.', ""The FDA has not cleared the biotech company's jab."", 'In a statement, Novavax said it is working ""productively"" with the FDA as the agency completes its review.', 'Novavax expects its shot to receive authorization in time for peak vaccination season in the U.S.The company noted that its shot provides protection against descendants of JN.1, including KP.2.3, KP.3, KP.3.1.1 and LB.1.Novavax manufactures protein-based vaccines, which cannot be quickly updated to target another strain of the virus.', 'Protein-based technology is a decades-old method used in routine vaccinations against hepatitis B and shingles.', ""Meanwhile, Pfizer's and Moderna's shots use messenger RNA technology, which teaches cells how to make proteins that trigger an immune response against Covid."", 'The mRNA vaccines are much easier to develop and update than protein shots.']",0.0488887973547498,"""Given waning immunity of the population from previous exposure to the virus and from prior vaccination, we strongly encourage those who are eligible to consider receiving an updated COVID-19 vaccine to provide better protection against currently circulating variants,"" Dr. Peter Marks, director of the FDA's Center for Biologics Evaluation and Research, said in a statement.","Many Americans who got previous rounds of Covid shots cited a lack of worry about the virus as a reason they didn't get the latest booster, according to a November survey from health policy research organization KFF.",0.0050598631302515,"Covid test positivity rates rose to 18.3% for the week ended Aug. 10, from 17.9% the week before, according to the CDC.Meanwhile, the CDC said about four people are being hospitalized for Covid for every 100,000 people in a given area.","""That shift appeared to put Novavax, which filed for authorization of a new JN.1 shot that same month, at a disadvantage.",2024-08-29
NFL owners vote in favor of private equity investment; select firms commit $12 billion,https://www.cnbc.com/2024/08/27/nfl-private-equity-ownership-vote.html,2024-08-28T13:55:22+0000,"The NFL's most exclusive club just let in new members.At a special league meeting in Eagan, Minnesota, on Tuesday, National Football League owners voted in favor of allowing select private equity firms to buy up to a 10% stake of a team. Each fund or consortium will be able to do deals with up to six teams.The vote passed with support from 31 of the 32 franchise owners. Cincinnati Bengals owner Mike Brown voted against the measure, according to a person familiar with the vote.Kansas City Chiefs owner Clark Hunt led the special committee on ownership policy. He told CNBC's Jim Cramer after the vote that the NFL has been considering such a move for upwards of 5 years and felt it was the right time for the league — though he acknowledged the 10% cap amounted to ""baby steps.""""The capital will be very helpful to teams as they look to grow their business and improve the fan experience,"" Hunt said.The initial approved firms include Ares Management, Sixth Street Partners and Arctos Partners, in addition to a consortium nicknamed ""The Avengers"" that includes Dynasty Equity, Blackstone, Carlyle Group, CVC Capital Partners and Ludis, a platform founded by investor and former NFL running back Curtis Martin.The firms collectively have $2 trillion in assets and intend to commit $12 billion of capital to be raised (inclusive of leverage) over time, according to people familiar with the matter, who asked not to be identified to speak about terms that were not public. With at least four investor groups able to invest in up to six teams each, that works out to $500 million of added capital on average for each team that receives an investment.According to the terms of the proposal, the minimum hold period for these funds will be six years.""We thought it's an opportunity for us to really change how some of the ownership groups have real problems with the illiquidity, they have big families and have to solve a lot of problems that are not usual,"" New England Patriots owner Robert Kraft told CNBC's ""Squawk Box"" on Wednesday. ""And so we thought this was a great source of capital and could be done in a way that was very functional and wouldn't affect the operation.""Pending final approval, Arctos, one of the approved firms, would be the only firm approved to invest in equity across each of the five most popular major North American sports leagues.""We are honored to be among the first private investment firms being considered by the National Football League as potential partners for their clubs and owners,"" Arctos said in a statement. ""[We] look forward to contributing to the League's continued success.""Ares said in a statement it was honored to be able to invest in ""iconic football franchises.""""The NFL has long engendered deeply loyal fanbases, innovative approaches to media and some of the most viewed and highest valued sports franchises in the world. We are excited for the opportunity to support the continued growth of NFL teams through Ares' extensive investment experience and strong relationship networks in the sports, media and entertainment sector,"" the firm said.The investing consortium of Blackstone, Carlyle, CVC, Dynasty Equity and Ludis said in a statement: ""We are pleased to have secured this provisional approval following the NFL's thoughtful and robust process, and welcome the potential opportunity to partner with the league.""The approval Tuesday comes after years of discussion.NFL Commissioner Roger Goodell told CNBC in July that the league had seen tremendous interest from private equity.The league created a committee last September to look at the possibility of welcoming private equity funding and has been meeting with the selected firms more recently.The NFL is the last major sports league to allow private equity investment, and it's still treading lightly on the issue by allowing only a select group to participate and at a lower rate than the other professional sports leagues.The National Basketball Association, Major League Baseball, the National Hockey League and Major League Soccer all allow private equity ownership of up to 30%.Goodell told CNBC in July that he believes the 10% is a complement to the existing ownership structure and that the percentage could be raised at some point in the future.As NFL team valuations rise, it's meant a smaller pool of owners have the money to foot the price tag when teams become available.That dynamic was on display during the sale of the Washington Commanders last year. The franchise sold for a record $6.05 billion to an ownership group that included Apollo co-founder Josh Harris and 20 other investors.Harris said in June that the process ""created a little bit of a wake-up call at the NFL.""""Unless you're one of the wealthiest 50 people [in the world], writing a $5 billion equity check is pretty hard for anyone,"" Harris told CNBC at the CNBC CEO Council Summit at the time.As the NFL opens its doors to fresh capital, the money will also free up funding for new stadiums and related projects.""It will give teams who are considering new or renovated stadiums access to a capital pool they haven't had access to in the past,"" Hunt said.The Buffalo Bills and Tennessee Titans are both currently in the process of building new stadiums, while the Cleveland Browns, Chicago Bears and Washington Commanders are actively pursuing new stadiums in the future.— CNBC's Jake Piazza contributed to this report.",CNBC,28/08/2024,"[""The NFL's most exclusive club just let in new members."", 'At a special league meeting in Eagan, Minnesota, on Tuesday, National Football League owners voted in favor of allowing select private equity firms to buy up to a 10% stake of a team.', 'Each fund or consortium will be able to do deals with up to six teams.', 'The vote passed with support from 31 of the 32 franchise owners.', 'Cincinnati Bengals owner Mike Brown voted against the measure, according to a person familiar with the vote.', 'Kansas City Chiefs owner Clark Hunt led the special committee on ownership policy.', 'He told CNBC\'s Jim Cramer after the vote that the NFL has been considering such a move for upwards of 5 years and felt it was the right time for the league — though he acknowledged the 10% cap amounted to ""baby steps.', '""""The capital will be very helpful to teams as they look to grow their business and improve the fan experience,"" Hunt said.', 'The initial approved firms include Ares Management, Sixth Street Partners and Arctos Partners, in addition to a consortium nicknamed ""The Avengers"" that includes Dynasty Equity, Blackstone, Carlyle Group, CVC Capital Partners and Ludis, a platform founded by investor and former NFL running back Curtis Martin.', 'The firms collectively have $2 trillion in assets and intend to commit $12 billion of capital to be raised (inclusive of leverage) over time, according to people familiar with the matter,who asked not to be identified to speak about terms that were not public.', 'With at least four investor groups able to invest in up to six teams each, that works out to $500 million of added capital on average for each team that receives an investment.', 'According to the terms of the proposal, the minimum hold period for these funds will be six years.', '""We thought it\'s an opportunity for us to really change how some of the ownership groups have real problems with the illiquidity, they have big families and have to solve a lot of problems that are not usual,"" New England Patriots owner Robert Kraft told CNBC\'s ""Squawk Box"" on Wednesday. ""', ""And so we thought this was a great source of capital and could be done in a way that was very functional and wouldn't affect the operation."", '""Pending final approval, Arctos, one of the approved firms, would be the only firm approved to invest in equity across each of the five most popular major North American sports leagues.', '""We are honored to be among the first private investment firms being considered by the National Football League as potential partners for their clubs and owners,"" Arctos said in a statement. ""[', ""We] look forward to contributing to the League's continued success."", '""Ares said in a statement it was honored to be able to invest in ""iconic football franchises.', '""""The NFL has long engendered deeply loyal fanbases, innovative approaches to media and some of the most viewed and highest valued sports franchises in the world.', 'We are excited for the opportunity to support the continued growth of NFL teams through Ares\' extensive investment experience and strong relationship networks in the sports, media and entertainment sector,"" the firm said.', 'The investing consortium of Blackstone, Carlyle, CVC, Dynasty Equity and Ludis said in a statement: ""We are pleased to have secured this provisional approval following the NFL\'s thoughtful and robust process, and welcome the potential opportunity to partner with the league.', '""The approval Tuesday comes after years of discussion.', 'NFL Commissioner Roger Goodell told CNBC in July that the league had seen tremendous interest from private equity.', 'The league created a committee last September to look at the possibility of welcoming private equity funding and has been meeting with the selected firms more recently.', ""The NFL is the last major sports league to allow private equity investment, and it's still treading lightly on the issue by allowing only a select group to participate and at a lower rate than the other professional sports leagues."", 'The National Basketball Association, Major League Baseball, the National Hockey League and Major League Soccer all allow private equity ownership of up to 30%.Goodell told CNBC in July that he believes the 10% is a complement to the existing ownership structure and that the percentage could be raised at some point in the future.', ""As NFL team valuations rise, it's meant a smaller pool of owners have the money to foot the price tag when teams become available."", 'That dynamic was on display during the sale of the Washington Commanders last year.', 'The franchise sold for a record $6.05 billion to an ownership group that included Apollo co-founder Josh Harris and 20 other investors.', 'Harris said in June that the process ""created a little bit of a wake-up call at the NFL.""""Unless you\'re one of the wealthiest 50 people [in the world], writing a $5 billion equity check is pretty hard for anyone,"" Harris told CNBC at the CNBC CEO Council Summit at the time.', 'As the NFL opens its doors to fresh capital, the money will also free up funding for new stadiums and related projects.', '""It will give teams who are considering new or renovated stadiums access to a capital pool they haven\'t had access to in the past,"" Hunt said.', 'The Buffalo Bills and Tennessee Titans are both currently in the process of building new stadiums, while the Cleveland Browns, Chicago Bears and Washington Commanders are actively pursuing new stadiums in the future.—', ""CNBC's Jake Piazza contributed to this report.""]",0.3841646113134327,"The investing consortium of Blackstone, Carlyle, CVC, Dynasty Equity and Ludis said in a statement: ""We are pleased to have secured this provisional approval following the NFL's thoughtful and robust process, and welcome the potential opportunity to partner with the league.","""We thought it's an opportunity for us to really change how some of the ownership groups have real problems with the illiquidity, they have big families and have to solve a lot of problems that are not usual,"" New England Patriots owner Robert Kraft told CNBC's ""Squawk Box"" on Wednesday. """,0.8392235094850714,"We are excited for the opportunity to support the continued growth of NFL teams through Ares' extensive investment experience and strong relationship networks in the sports, media and entertainment sector,"" the firm said.","Harris said in June that the process ""created a little bit of a wake-up call at the NFL.""""Unless you're one of the wealthiest 50 people [in the world], writing a $5 billion equity check is pretty hard for anyone,"" Harris told CNBC at the CNBC CEO Council Summit at the time.",2024-08-29
"Stephen Curry signs $62.6 million, one-year contract extension with Warriors",https://www.cnbc.com/2024/08/29/stephen-curry-signs-62point6-million-extension-with-warriors.html,2024-08-29T18:31:42+0000,"NBA superstar Stephen Curry has agreed to sign a one-year, $62.6 million extension with the Golden State Warriors, his agent confirmed to CNBC.The extension keeps Curry in a Warriors uniform through the 2026-2027 season, and will make him the first NBA player to make $60 million in a season, according to Spotrac. As of now, several NBA players who have signed long-term extensions are set to eclipse Curry's $62.6 million salary the following year.Curry is a four-time NBA champion and most recently won a gold medal with the Team USA basketball team at the 2024 Olympics. In the championship game against France, Curry led the team with 24 points, all of which were three-pointers.Curry is no stranger to setting records. He was the first NBA player to hit both the $40 million and $50 million annual base salary marks and has been the highest paid player in the league since the 2017-2018 season, according to Spotrac.Curry, among other stars, is one of the reasons why the NBA was able to negotiate an 11-year, $77 billion media rights contract in its most recent deal with Disney, NBCUniversal and Amazon, which takes effect after the upcoming season. The booming value of media rights is driving player salaries up with it.Younger players like Boston Celtics forward Jayson Tatum have signed contracts worth more than $300 million over five years, as the league keeps growing more popular and sports continue to be one of the only types of television that people will tune in for live.Curry, 36, has played his entire NBA career with the Warriors. He has won two league MVP awards and is the all-time leader in three-pointers made.Programming note: Curry will appear on CNBC's ""Squawk on the Street"" at 10:30 a.m. ET on Tuesday.Disclosure: Comcast NBCUniversal is the parent company of CNBC.",CNBC,29/08/2024,"['NBA superstar Stephen Curry has agreed to sign a one-year, $62.6 million extension with the Golden State Warriors, his agent confirmed to CNBC.The extension keeps Curry in a Warriors uniform through the 2026-2027 season, and will make him the first NBA player to make $60 million in a season, according to Spotrac.', ""As of now, several NBA players who have signed long-term extensions are set to eclipse Curry's $62.6 million salary the following year."", 'Curry is a four-time NBA champion and most recently won a gold medal with the Team USA basketball team at the 2024 Olympics.', 'In the championship game against France, Curry led the team with 24 points, all of which were three-pointers.', 'Curry is no stranger to setting records.', 'He was the first NBA player to hit both the $40 million and $50 million annual base salary marks and has been the highest paid player in the league since the 2017-2018 season, according to Spotrac.', 'Curry, among other stars, is one of the reasons why the NBA was able to negotiate an 11-year, $77 billion media rights contract in its most recent deal with Disney, NBCUniversal and Amazon, which takes effect after the upcoming season.', 'The booming value of media rights is driving player salaries up with it.', 'Younger players like Boston Celtics forward Jayson Tatum have signed contracts worth more than $300 million over five years, as the league keeps growing more popular and sports continue to be one of the only types of television that people will tune in for live.', 'Curry, 36, has played his entire NBA career with the Warriors.', 'He has won two league MVP awards and is the all-time leader in three-pointers made.', 'Programming note: Curry will appear on CNBC\'s ""Squawk on the Street"" at 10:30 a.m. ET on Tuesday.', 'Disclosure: Comcast NBCUniversal is the parent company of CNBC.']",0.2883384119498057,Curry is a four-time NBA champion and most recently won a gold medal with the Team USA basketball team at the 2024 Olympics.,Curry is no stranger to setting records.,0.9991334676742554,"Younger players like Boston Celtics forward Jayson Tatum have signed contracts worth more than $300 million over five years, as the league keeps growing more popular and sports continue to be one of the only types of television that people will tune in for live.",,2024-08-29
"Gap beats earnings and revenue estimates, hikes profit margin outlook as results are posted early",https://www.cnbc.com/2024/08/29/gap-q2-earnings-shares-halted-after-apparent-early-release.html,2024-08-29T22:55:10+0000,"In this articleGap raised its full-year profit outlook on Thursday after seeing better-than-expected results at its largest brand, Old Navy.The apparel company's fiscal second quarter results were released earlier than planned after the company ""inadvertently"" posted them to its website and then removed them, a Gap spokesperson told CNBC.""As soon as the error was caught, we notified the NYSE and trading of our stock was halted temporarily,"" the spokesperson said, adding the results were posted ""as a result of administrative error.""Gap's stock was halted just before 10 a.m. ET. The company then released its quarterly results at 11:12 a.m. ET. Following the release, shares rose more than 2% after being halted for much of the morning.Here's what the company reported, compared with what Wall Street expected, according to analysts surveyed by LSEG:The company's reported net income for the three-month period that ended Aug. 3 nearly doubled from the year-ago period. Gap posted earnings of $206 million, or 54 cents per share, compared with $117 million, or 32 cents per share, a year earlier.Sales rose to $3.72 billion, up about 5% from $3.55 billion in the prior-year period.For the full year, Gap now expects its gross margin to be 2 percentage points higher than the uptick of at least 1.5 percentage points it had previously forecast. It also expects its operating income to grow by about 50%. It previously anticipated it would increase by slightly more than 40%.Over the last year, Gap has been working to turn around its business, reverse a sales slump and reclaim cultural relevance under the direction of CEO Richard Dickson — the former Mattel executive credited with reviving the Barbie empire.Since Dickson took over, sales have started to turn around at the company's four brands — Banana Republic, Old Navy, Athleta and its namesake banner — and the company is finding its voice again among its peers. Beyond sales and relevance, Gap's profits and balance sheet have also improved significantly under Dickson. The company ended the quarter with $2.1 billion in cash, cash equivalents and short-term investments, an increase of 59% compared to last year.The company's second-quarter results didn't blow away expectations, but are solid improvements from where the company was a year ago.""We really concentrated on our strategic priorities, and the first priority has been about maintaining financial and operational rigor that is becoming, to the extent that we can define it, the fabric of how we work, and it's reinforcing better processes and cultural accountability,"" Dickson told CNBC in an interview.""Reinvigorating our brands is enabled by financial and operational rigor, and you see it. You see it in the results, you see it in our stores. You see it on our sites,"" he added.""We're building stronger brand identities. They're supported by trend right products,"" Dickson said. ""We're amplifying those through better storytelling. Our media mix has gotten much more innovative, and generally speaking, I'm proud of the brand's portfolio work in the context of cultural relevance.""During the quarter, comparable sales were up 3%, in line with the 3.1% growth that analysts had expected, according to StreetAccount. Its gross margin came in better than forecast at 42.6%, ahead of the 40.8% that analysts had expected, according to StreetAccount.Here's a closer look at how each brand performed:Sales rose 8% to $2.1 billion, with comparable sales up 5%, better than the 4.3% growth analysts had expected, according to StreetAccount. The company has been working to improve its assortment and ensure that its value offering isn't just low cost but also fashionable.""We've been dialing up, if you will, our fashion quotient,"" said Dickson. ""Besides really driving a much more disciplined approach with financial and operational rigor, we're now dialing up and seeing the results of our reinvigoration strategy.""As consumers feel the brunt of inflation and high interest rates, many have traded down to cheaper options, and Dickson said Old Navy is seeing ""growth across all income cohorts.""""With a presumed flight to value, Old Navy is there with a welcome mat,"" said Dickson. ""We become the style authority and the brand in the value space, and so again, we're concentrating on our strategic approach, our strategic priorities. I think we're seeing the success of that.""Revenue at Gap's namesake banner rose 1% to $766 million during the quarter, with comparable sales up 3%, just shy of the 3.4% uptick analysts had expected. As Dickson looks to bring cultural relevancy back to the company, it has helped the company's namesake banner grow sales, he said.Gap's elevated work-wear line has dragged on the company's overall performance. Both revenue and comparable sales were flat in the second quarter compared to last year, versus StreetAccount estimates of up 0.5%. The company said it is working to ""improve its pricing and assortment"" to turn around the brand's performance.""In some cases, we got too ahead of ourselves, and in other cases, we could add more value orientation to drive more scale,"" Dickson said when asked what work the company is doing to improve pricing.""Some of our new merchandising strategies include depth of product in store, finding that right mix, if you will. And last but not least, really improving fit, which is an important part of any brand, but in particular, has been a challenge in the women's space in Banana Republic, where we're really concentrating,"" he said.Sales at Gap's athleisure brand Athleta slid 1% to $388 million, with comparable sales down 4%. The results were not comparable to analyst estimates.One of Gap's strongest brands during the pandemic, Athleta had been on a downward trajectory and weighed heavily on the company's performance until it appointed former Alo Yoga president Chris Blakeslee as its CEO last summer. Since then, Blakeslee has worked to improve Athleta's assortment and has also worked to generate more excitement at the line with product drops and collaborations with athletes.In a press release, the company said it expects Athleta to return to positive comparable sales growth for the remainder of the year.",CNBC,29/08/2024,"['In this articleGap raised its full-year profit outlook on Thursday after seeing better-than-expected results at its largest brand, Old Navy.', 'The apparel company\'s fiscal second quarter results were released earlier than planned after the company ""inadvertently"" posted them to its website and then removed them, a Gap spokesperson told CNBC.""As soon as the error was caught,we notified the NYSE and trading of our stock was halted temporarily,"" the spokesperson said, adding the results were posted ""as a result of administrative error.', '""Gap\'s stock was halted just before 10 a.m. ET.', 'The company then released its quarterly results at 11:12 a.m. ET.', 'Following the release, shares rose more than 2% after being halted for much of the morning.', ""Here's what the company reported, compared with what Wall Street expected, according to analysts surveyed by LSEG:The company's reported net income for the three-month period that ended Aug. 3 nearly doubled from the year-ago period."", 'Gap posted earnings of $206 million, or 54 cents per share, compared with $117 million, or 32 cents per share, a year earlier.', 'Sales rose to $3.72 billion, up about 5% from $3.55 billion in the prior-year period.', 'For the full year, Gap now expects its gross margin to be 2 percentage points higher than the uptick of at least 1.5 percentage points it had previously forecast.', 'It also expects its operating income to grow by about 50%.', 'It previously anticipated it would increase by slightly more than 40%.Over the last year, Gap has been working to turn around its business, reverse a sales slump and reclaim cultural relevance under the direction of CEO Richard Dickson — the former Mattel executive credited with reviving the Barbie empire.', ""Since Dickson took over, sales have started to turn around at the company's four brands — Banana Republic, Old Navy, Athleta and its namesake banner — and the company is finding its voice again among its peers."", ""Beyond sales and relevance, Gap's profits and balance sheet have also improved significantly under Dickson."", 'The company ended the quarter with $2.1 billion in cash, cash equivalents and short-term investments, an increase of 59% compared to last year.', ""The company's second-quarter results didn't blow away expectations, but are solid improvements from where the company was a year ago."", '""We really concentrated on our strategic priorities, and the first priority has been about maintaining financial and operational rigor that is becoming, to the extent that we can define it, the fabric of how we work, and it\'s reinforcing better processes and cultural accountability,"" Dickson told CNBC in an interview.', '""Reinvigorating our brands is enabled by financial and operational rigor, and you see it.', 'You see it in the results, you see it in our stores.', 'You see it on our sites,"" he added.', '""We\'re building stronger brand identities.', 'They\'re supported by trend right products,"" Dickson said. ""', ""We're amplifying those through better storytelling."", ""Our media mix has gotten much more innovative, and generally speaking, I'm proud of the brand's portfolio work in the context of cultural relevance."", '""During the quarter, comparable sales were up 3%, in line with the 3.1% growth that analysts had expected, according to StreetAccount.', 'Its gross margin came in better than forecast at 42.6%, ahead of the 40.8% that analysts had expected, according to StreetAccount.', ""Here's a closer look at how each brand performed:Sales rose 8% to $2.1 billion, with comparable sales up 5%, better than the 4.3% growth analysts had expected, according to StreetAccount."", ""The company has been working to improve its assortment and ensure that its value offering isn't just low cost but also fashionable."", '""We\'ve been dialing up, if you will, our fashion quotient,"" said Dickson. ""', ""Besides really driving a much more disciplined approach with financial and operational rigor, we're now dialing up and seeing the results of our reinvigoration strategy."", '""As consumers feel the brunt of inflation and high interest rates, many have traded down to cheaper options, and Dickson said Old Navy is seeing ""growth across all income cohorts.', '""""With a presumed flight to value, Old Navy is there with a welcome mat,"" said Dickson. ""', ""We become the style authority and the brand in the value space, and so again, we're concentrating on our strategic approach, our strategic priorities."", ""I think we're seeing the success of that."", '""Revenue at Gap\'s namesake banner rose 1% to $766 million during the quarter, with comparable sales up 3%, just shy of the 3.4% uptick analysts had expected.', ""As Dickson looks to bring cultural relevancy back to the company, it has helped the company's namesake banner grow sales, he said."", ""Gap's elevated work-wear line has dragged on the company's overall performance."", 'Both revenue and comparable sales were flat in the second quarter compared to last year, versus StreetAccount estimates of up 0.5%.', 'The company said it is working to ""improve its pricing and assortment"" to turn around the brand\'s performance.', '""In some cases, we got too ahead of ourselves, and in other cases, we could add more value orientation to drive more scale,"" Dickson said when asked what work the company is doing to improve pricing.', '""Some of our new merchandising strategies include depth of product in store, finding that right mix, if you will.', 'And last but not least, really improving fit, which is an important part of any brand, but in particular, has been a challenge in the women\'s space in Banana Republic, where we\'re really concentrating,"" he said.', ""Sales at Gap's athleisure brand Athleta slid 1% to $388 million, with comparable sales down 4%."", 'The results were not comparable to analyst estimates.', ""One of Gap's strongest brands during the pandemic, Athleta had been on a downward trajectory and weighed heavily on the company's performance until it appointed former Alo Yoga president Chris Blakeslee as its CEO last summer."", ""Since then, Blakeslee has worked to improve Athleta's assortment and has also worked to generate more excitement at the line with product drops and collaborations with athletes."", 'In a press release, the company said it expects Athleta to return to positive comparable sales growth for the remainder of the year.']",0.2871461857237231,"And last but not least, really improving fit, which is an important part of any brand, but in particular, has been a challenge in the women's space in Banana Republic, where we're really concentrating,"" he said.","The apparel company's fiscal second quarter results were released earlier than planned after the company ""inadvertently"" posted them to its website and then removed them, a Gap spokesperson told CNBC.""As soon as the error was caught,we notified the NYSE and trading of our stock was halted temporarily,"" the spokesperson said, adding the results were posted ""as a result of administrative error.",0.762261722017737,"Here's a closer look at how each brand performed:Sales rose 8% to $2.1 billion, with comparable sales up 5%, better than the 4.3% growth analysts had expected, according to StreetAccount.","Sales at Gap's athleisure brand Athleta slid 1% to $388 million, with comparable sales down 4%.",2024-08-29
Could 'super potatoes' save the tattie industry?,https://www.bbc.co.uk/news/articles/cjdkyrk0g0lo,2024-08-29T22:10:09.456Z,"Scientists have made a major breakthrough which could save the Scottish potato industry from collapse. A pest called potato cyst nematodes (PCN) has been steadily infecting fields and rendering them useless for growing seed potatoes. A team from the James Hutton Institute has been testing varieties which are resistant to PCN while retaining their taste. They have discovered several varieties and have been working with supermarkets to make sure they can replace potatoes which are more vulnerable. James Price, a molecular plant pathologist at the Institute, says the potatoes ""have every possibility to save the industry."" ""Having resistance to both species of the potato cyst nematodes that we see in Scotland and the UK, they'll be able to keep the numbers reduced in the soil,"" he said.  ""This means that seed could be returned to these lands when PCN aren't detectable in the soil any more."" Scientists had been predicting that PCN would wipe out Scotland’s seed potato industry by 2050. Seed potatoes are those which are grown to be sold to other farmers who then use them to grow ""ware"" potatoes. Ware potatoes are the potatoes we buy for eating at home, in restaurants or as processed foods like chips and crisps. The sector is worth £4.5bn to the economy with almost 80% of Britain’s seed potatoes coming from Scotland. Those seeds are needed for the UK’s food security with potatoes being a huge staple of the British diet. Dr Kerry Leslie, a potato specialist at SAC Consulting, believes there is little difference in the taste of the resistant varieties compared with favourites such as the Maris Piper. She said taste was key for retailers to get on board. ""As long as these varieties aren't majorly different in terms of taste and texture, they should be fine to get taken up by the supermarkets,"" she said. To slow the spread, fields with even low levels of PCN can no longer grow seed potatoes until they have been shown to be clear for a number of years. An action network was set up in 2021 to see if alternative varieties could be found which are resistant to PCN. Field trials have been under way to identify the ones which can be sold as “white potatoes” in supermarkets.  ",BBC,29/08/2024,"['Scientists have made a major breakthrough which could save the Scottish potato industry from collapse.', 'A pest called potato cyst nematodes (PCN) has been steadily infecting fields and rendering them useless for growing seed potatoes.', 'A team from the James Hutton Institute has been testing varieties which are resistant to PCN while retaining their taste.', 'They have discovered several varieties and have been working with supermarkets to make sure they can replace potatoes which are more vulnerable.', 'James Price, a molecular plant pathologist at the Institute, says the potatoes ""have every possibility to save the industry."" ""', 'Having resistance to both species of the potato cyst nematodes that we see in Scotland and the UK, they\'ll be able to keep the numbers reduced in the soil,"" he said. ""', 'This means that seed could be returned to these lands when PCN aren\'t detectable in the soil any more.""', 'Scientists had been predicting that PCN would wipe out Scotland’s seed potato industry by 2050.', 'Seed potatoes are those which are grown to be sold to other farmers who then use them to grow ""ware"" potatoes.', 'Ware potatoes are the potatoes we buy for eating at home, in restaurants or as processed foods like chips and crisps.', 'The sector is worth £4.5bn to the economy with almost 80% of Britain’s seed potatoes coming from Scotland.', 'Those seeds are needed for the UK’s food security with potatoes being a huge staple of the British diet.', 'Dr Kerry Leslie, a potato specialist at SAC Consulting, believes there is little difference in the taste of the resistant varieties compared with favourites such as the Maris Piper.', 'She said taste was key for retailers to get on board. ""', 'As long as these varieties aren\'t majorly different in terms of taste and texture, they should be fine to get taken up by the supermarkets,"" she said.', 'To slow the spread, fields with even low levels of PCN can no longer grow seed potatoes until they have been shown to be clear for a number of years.', 'An action network was set up in 2021 to see if alternative varieties could be found which are resistant to PCN.', 'Field trials have been under way to identify the ones which can be sold as “white potatoes” in supermarkets.']",0.0837369211446974,Those seeds are needed for the UK’s food security with potatoes being a huge staple of the British diet.,A pest called potato cyst nematodes (PCN) has been steadily infecting fields and rendering them useless for growing seed potatoes.,0.0172424217065175,"James Price, a molecular plant pathologist at the Institute, says the potatoes ""have every possibility to save the industry."" """,A pest called potato cyst nematodes (PCN) has been steadily infecting fields and rendering them useless for growing seed potatoes.,2024-08-29
Ryanair boss calls for two-drink limit at airports to tackle disorder,https://www.bbc.co.uk/news/articles/cgl28npy7e2o,2024-08-28T07:42:53.275Z,"Aeroplane passengers should be restricted to two drinks at airports, Ryanair chief executive Michael O'Leary has said. Mr O'Leary said introducing alcohol limits at airports would help tackle a rise in disorder on flights. Violent outbursts are occurring weekly due to alcohol, he said, especially when it is mixed with other substances. ""We don't want to begrudge people having a drink,"" he told the Daily Telegraph.  ""But we don't allow people to drink-drive, yet we keep putting them up in aircraft at 33,000ft."" Crew members and other passengers have become targets, according to Mr O'Leary. Delays add to the problem, with longer drinking times at airports. ""In the old days, people who drank too much would eventually fall over or fall asleep. But now those passengers are also on tablets and powder,"" he added. ""It's the mix. You get much more aggressive behaviour that becomes very difficult to manage."" Mr O'Leary said it was difficult for airlines to identify inebriated people at the gate, especially when they boarded in a group. ""As long as they can stand up and shuffle they will get through. Then when the plane takes off, we see the misbehaviour,"" he said. Ryanair staff search bags for alcohol before passengers board flights to Ibiza, one of the worst-affected ""party destinations"".  Other challenging destinations include some of the Greek islands. An AirportsUK spokesperson said that disruptive behaviour, whether due to alcohol or other causes, ""is unacceptable and could lead to substantial penalties"".  These penalties include fines, boarding being refused, or up to two years in jail. The spokesperson added that airports have ""a wide range of measures in place to monitor and tackle disruptive behaviour and ensure everyone's safety"". ""Airports are committed to providing a safe and enjoyable travel experience for all passengers and we're pleased that the vast majority of travellers continue to enjoy their journeys responsibly,"" they said. In response to Mr O'Leary's comments, Wetherspoon chairman Tim Martin said they have reviewed their sales in the last four weeks at their busiest airport pub. “We have had no complaints about our pubs from the airport authorities or airlines, that I'm aware of, in recent years,"" Mr Martin said. “If our pub teams do see a possibly disruptive passenger, they alert airport police and security,"" he continued. While there is ""no perfect solution"", he added, ""working with airports and airlines and the licensing authorities"" strikes a ""reasonable balance for outbound flights.” ",BBC,28/08/2024,"[""Aeroplane passengers should be restricted to two drinks at airports, Ryanair chief executive Michael O'Leary has said."", ""Mr O'Leary said introducing alcohol limits at airports would help tackle a rise in disorder on flights."", 'Violent outbursts are occurring weekly due to alcohol, he said, especially when it is mixed with other substances. ""', 'We don\'t want to begrudge people having a drink,"" he told the Daily Telegraph. ""', 'But we don\'t allow people to drink-drive, yet we keep putting them up in aircraft at 33,000ft.""', ""Crew members and other passengers have become targets, according to Mr O'Leary."", 'Delays add to the problem, with longer drinking times at airports. ""', 'In the old days, people who drank too much would eventually fall over or fall asleep.', 'But now those passengers are also on tablets and powder,"" he added. ""', ""It's the mix."", 'You get much more aggressive behaviour that becomes very difficult to manage.""', 'Mr O\'Leary said it was difficult for airlines to identify inebriated people at the gate, especially when they boarded in a group. ""', 'As long as they can stand up and shuffle they will get through.', 'Then when the plane takes off, we see the misbehaviour,"" he said.', 'Ryanair staff search bags for alcohol before passengers board flights to Ibiza, one of the worst-affected ""party destinations"".', 'Other challenging destinations include some of the Greek islands.', 'An AirportsUK spokesperson said that disruptive behaviour, whether due to alcohol or other causes, ""is unacceptable and could lead to substantial penalties"".', 'These penalties include fines, boarding being refused, or up to two years in jail.', 'The spokesperson added that airports have ""a wide range of measures in place to monitor and tackle disruptive behaviour and ensure everyone\'s safety"". ""', 'Airports are committed to providing a safe and enjoyable travel experience for all passengers and we\'re pleased that the vast majority of travellers continue to enjoy their journeys responsibly,"" they said.', ""In response to Mr O'Leary's comments, Wetherspoon chairman Tim Martin said they have reviewed their sales in the last four weeks at their busiest airport pub. “"", 'We have had no complaints about our pubs from the airport authorities or airlines, that I\'m aware of, in recent years,"" Mr Martin said. “', 'If our pub teams do see a possibly disruptive passenger, they alert airport police and security,"" he continued.', 'While there is ""no perfect solution"", he added, ""working with airports and airlines and the licensing authorities"" strikes a ""reasonable balance for outbound flights.”']",-0.0674808945529526,"Airports are committed to providing a safe and enjoyable travel experience for all passengers and we're pleased that the vast majority of travellers continue to enjoy their journeys responsibly,"" they said.","Violent outbursts are occurring weekly due to alcohol, he said, especially when it is mixed with other substances. """,0.0078751345475514,"Airports are committed to providing a safe and enjoyable travel experience for all passengers and we're pleased that the vast majority of travellers continue to enjoy their journeys responsibly,"" they said.","Delays add to the problem, with longer drinking times at airports. """,2024-08-29
Home prices hit record high in June on S&P Case-Shiller Index,https://www.cnbc.com/2024/08/27/home-prices-hit-record-high-in-june-on-sp-case-shiller-index.html,2024-08-27T17:55:03+0000,"Even as mortgage interest rates were rising, home prices reached the highest level ever on the S&P CoreLogic Case-Shiller U.S. National Home Price Index.On a three-month running average ended in June, prices nationally were 5.4% higher than they were in June 2023, according to data released Tuesday. Despite being a record high for the index, the annual gain was smaller than May's 5.9% reading.The index's 10-city composite rose 7.4% annually, down from 7.8% in the previous month. The 20-city composite was 6.5% higher year over year, down from a 6.9% increase in May.""While both housing and inflation have slowed, the gap between the two is larger than historical norms, with our National Index averaging 2.8% more than the Consumer Price Index,"" noted Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices, in a release. ""That is a full percentage point above the 50-year average. Before accounting for inflation, home prices have risen over 1,100% since 1974, but have slightly more than doubled (111%) after accounting for inflation.""New York saw the highest annual gain among the 20 cities, with prices climbing 9% in June, followed by San Diego and Las Vegas with annual increases of 8.7% and 8.5%, respectively. Portland, Oregon, saw just a 0.8% annual rise in June, the smallest gain of the top cities.Since housing affordability has been a major talking point in this election cycle, this month's report also broke out home values by price tier, dividing each city's market into three tiers. Looking just at large markets over the past five years, it found that 75% of the markets covered show low-price tiers rising faster than the overall market.""For example, the lower tier of the Atlanta market has risen 18% faster than the middle- and higher-tiered homes,"" Luke wrote in the release.""New York's low tier has the largest five-year outperformance, rising nearly 20% above the overall New York region,"" he continued. ""New York also has the largest divergence between low- and high-tier prices. Conversely, San Diego has seen the largest appreciation in higher-tier homes over the past five years.""Prices in the overall San Diego market are up 72% in the past five years, but the high tier is up 79% versus 63% for the lower tier.The increase in prices came even as mortgage rates rose sharply from April through June, which is the period averaged on the index. Usually when rates rise, prices cool.The average rate on the 30-year fixed started April just below 7% and then shot up to 7.5% by the end of the month, according to Mortgage News Daily. Rates stayed over 7% before falling back under that level in July. The 30-year fixed is now right around 6.5%.""Mortgage rates have fallen since June, but there is evidence that even the decline in rates has not been enough to bring buyers back into the market,"" said Lisa Sturtevant, chief economist at Bright MLS. ""Some buyers are waiting for home prices — and not just interest rates — to come down,""While home prices should ease month to month going into the fall, due to seasonal factors and more inventory on the market, they are unlikely to drop significantly, and are expected to still be higher than they were last fall.",CNBC,27/08/2024,"['Even as mortgage interest rates were rising, home prices reached the highest level ever on the S&P CoreLogic Case-Shiller U.S. National Home Price Index.', 'On a three-month running average ended in June, prices nationally were 5.4% higher than they were in June 2023, according to data released Tuesday.', ""Despite being a record high for the index, the annual gain was smaller than May's 5.9% reading."", ""The index's 10-city composite rose 7.4% annually, down from 7.8% in the previous month."", 'The 20-city composite was 6.5% higher year over year, down from a 6.9% increase in May.', '""While both housing and inflation have slowed, the gap between the two is larger than historical norms, with our National Index averaging 2.8% more than the Consumer Price Index,"" noted Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices, in a release. ""', 'That is a full percentage point above the 50-year average.', 'Before accounting for inflation, home prices have risen over 1,100% since 1974, but have slightly more than doubled (111%) after accounting for inflation.', '""New York saw the highest annual gain among the 20 cities, with prices climbing 9% in June, followed by San Diego and Las Vegas with annual increases of 8.7% and 8.5%, respectively.', 'Portland, Oregon, saw just a 0.8% annual rise in June, the smallest gain of the top cities.', ""Since housing affordability has been a major talking point in this election cycle, this month's report also broke out home values by price tier, dividing each city's market into three tiers."", 'Looking just at large markets over the past five years, it found that 75% of the markets covered show low-price tiers rising faster than the overall market.', '""For example, the lower tier of the Atlanta market has risen 18% faster than the middle- and higher-tiered homes,"" Luke wrote in the release.', '""New York\'s low tier has the largest five-year outperformance, rising nearly 20% above the overall New York region,"" he continued. ""', 'New York also has the largest divergence between low- and high-tier prices.', 'Conversely, San Diego has seen the largest appreciation in higher-tier homes over the past five years.', '""Prices in the overall San Diego market are up 72% in the past five years, but the high tier is up 79% versus 63% for the lower tier.', 'The increase in prices came even as mortgage rates rose sharply from April through June, which is the period averaged on the index.', 'Usually when rates rise, prices cool.', 'The average rate on the 30-year fixed started April just below 7% and then shot up to 7.5% by the end of the month, according to Mortgage News Daily.', 'Rates stayed over 7% before falling back under that level in July.', 'The 30-year fixed is now right around 6.5%.""Mortgage rates have fallen since June, but there is evidence that even the decline in rates has not been enough to bring buyers back into the market,"" said Lisa Sturtevant, chief economist at Bright MLS. ""', 'Some buyers are waiting for home prices — and not just interest rates — to come down,""While home prices should ease month to month going into the fall, due to seasonal factors and more inventory on the market, they are unlikely to drop significantly, and are expected to still be higher than they were last fall.']",0.1217034221770017,"""New York saw the highest annual gain among the 20 cities, with prices climbing 9% in June, followed by San Diego and Las Vegas with annual increases of 8.7% and 8.5%, respectively.","""Prices in the overall San Diego market are up 72% in the past five years, but the high tier is up 79% versus 63% for the lower tier.",0.347285787264506,"""Prices in the overall San Diego market are up 72% in the past five years, but the high tier is up 79% versus 63% for the lower tier.","The 20-city composite was 6.5% higher year over year, down from a 6.9% increase in May.",2024-08-29
Mineral Resources' boss opposes staff leaving office for coffee,https://www.bbc.co.uk/news/articles/cdey4zzl529o,2024-08-29T22:07:43.000Z,"Workers who leave the head office to buy a cup of coffee are costing an Australian mining firm too much money, according to its boss. Managing director of Mineral Resources Chris Ellison said during a financial results presentation on Wednesday he wants to ""hold staff captive all day long"". ""I don't want them leaving the building,"" he said. The head office in Perth has a restaurant, nine staff psychologists, a gym, and other facilities designed to encourage staff to stay in the office. ""We have a lot of different benefits that we have brought on,"" said Mr Ellison, whose company has a strict ""no work from home policy"". ""Why have I done that? Because when I get them first thing in the morning, I want to hold them captive all day long. I don't want them leaving the building. ""I don't want them walking down the road for a cup of coffee. We kind of figured out a few years ago how much that costs."" He said the rest of the mining industry should ""get on board"" with his thinking on the benefits of working in the office rather than at home. ""The industry cannot afford it. We can't have people working three days a week and picking up five days a week pay - or four days."" The company culture at Mining Resources also extends to Mr Ellison's views on parents, with the company building a day-care centre on site big enough for 105 children. ""Another reason for them to come in and enjoy work,"" he said.  ""Drop their little tykes off next door. We have doctors on board and nurses who are going to feed them, but mum and dad will be working in our office."" Mr Ellison is not the only boss to enforce a no work from home policy.  Last week, the head of London-based smartphone maker Nothing sent an all-staff email to announce the end of hybrid working and a move to fully office-based work. ""I know this is a controversial decision that may not be a fit for everyone, and there are definitely companies out there that thrive in remote or hybrid setups,"" he wrote in the email. ""But that’s not right for our type of business, and won’t help us fully realize our potential as a company."" ",BBC,29/08/2024,"['Workers who leave the head office to buy a cup of coffee are costing an Australian mining firm too much money, according to its boss.', 'Managing director of Mineral Resources Chris Ellison said during a financial results presentation on Wednesday he wants to ""hold staff captive all day long"". ""', 'I don\'t want them leaving the building,"" he said.', 'The head office in Perth has a restaurant, nine staff psychologists, a gym, and other facilities designed to encourage staff to stay in the office. ""', 'We have a lot of different benefits that we have brought on,"" said Mr Ellison, whose company has a strict ""no work from home policy"". ""', 'Why have I done that?', 'Because when I get them first thing in the morning, I want to hold them captive all day long.', 'I don\'t want them leaving the building. ""', ""I don't want them walking down the road for a cup of coffee."", 'We kind of figured out a few years ago how much that costs.""', 'He said the rest of the mining industry should ""get on board"" with his thinking on the benefits of working in the office rather than at home. ""', 'The industry cannot afford it.', 'We can\'t have people working three days a week and picking up five days a week pay - or four days.""', 'The company culture at Mining Resources also extends to Mr Ellison\'s views on parents, with the company building a day-care centre on site big enough for 105 children. ""', 'Another reason for them to come in and enjoy work,"" he said. ""', 'Drop their little tykes off next door.', 'We have doctors on board and nurses who are going to feed them, but mum and dad will be working in our office.""', 'Mr Ellison is not the only boss to enforce a no work from home policy.', 'Last week, the head of London-based smartphone maker Nothing sent an all-staff email to announce the end of hybrid working and a move to fully office-based work. ""', 'I know this is a controversial decision that may not be a fit for everyone, and there are definitely companies out there that thrive in remote or hybrid setups,"" he wrote in the email. ""', 'But that’s not right for our type of business, and won’t help us fully realize our potential as a company.""']",0.1270910239503675,"The company culture at Mining Resources also extends to Mr Ellison's views on parents, with the company building a day-care centre on site big enough for 105 children. """,Mr Ellison is not the only boss to enforce a no work from home policy.,-0.991248220205307,,"But that’s not right for our type of business, and won’t help us fully realize our potential as a company.""",2024-08-29
"Peloton shares soar 35% as turnaround plan takes hold, losses shrink",https://www.cnbc.com/2024/08/22/peloton-pton-earnings-q4-2024.html,2024-08-22T20:07:22+0000,"In this articlePeloton said Thursday it is digging itself out of the red and eked out a slight sales increase for the first time in nine quarters as it slashed its overall losses. The company's shares spiked 35% on Thursday.The beleaguered connected fitness company, which two board members have run since former CEO Barry McCarthy resigned earlier this year, saw sales grow by 0.2% during its fiscal fourth quarter. While only a modest uptick, it's the first time Peloton posted year-over-year revenue growth since its 2021 holiday quarter. The company also indicated it's ready to focus on profitability over growth with significant cuts to its marketing and sales spending and meaningful increases to free cash flow and adjusted EBITDA. Those cuts helped Peloton narrow its quarterly losses to $30.5 million from $241.1 million in the year-ago period.Here's how the Bike and Tread maker performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:For the three-month period that ended June 30, Peloton significantly narrowed its losses. The company posted a loss of $30.5 million, or 8 cents per share, compared with a loss of $241.8 million, or 68 cents per share, a year earlier. Sales rose to $643.6 million, up about 0.2% from $642.1 million a year earlier. That's only a $1.5 million increase, but Peloton did it at a time when sales are typically a bit slower for the company, because the quarter bleeds into the summer when people are more focused on going out and traveling than working out. The last time Peloton delivered year-over-year sales growth was during its holiday season in 2021, which is typically the company's strongest quarter.During the quarter, sales for Peloton's pricy connected fitness hardware fell about 4%, continuing a trend for the company. But subscription revenue rose by 2.3%, and the segment's gross margin increased by 1 percentage point.Though hardware sales were down, Peloton is growing its subscription revenue through the secondary market where people can buy used stationary bikes for a fraction of the cost of a new one. During the quarter, subscription revenue from hardware purchased on the secondary market grew 16% year over year.""We believe a meaningful share of these subscribers are incremental, and they exhibit lower net churn rates than rental subscribers,"" the company said in a letter to shareholders.While hardware sales have hurt Peloton's overall performance, sales for its Tread are growing after it overcame a costly recall. During the quarter, sales from Peloton's treadmill portfolio grew 42% year over year.The company is also seeing some positive signs in its Bike rental program, which allowed it to clear through a glut of inventory. During the quarter, average net monthly paid subscription churn for rentals was down 1.1 percentage points. Demand has been so steady, it no longer has the refurbished inventory levels necessary to supply that side of the program. The company ceased offering its original Bike rental program on Aug. 1 and since then, has seen demand grow for its Bike+ rental, refurbished original Bike sales and financed new Bike sales.""These alternative programs have stronger unit economics than original Bike rental, with more cash paid upfront and a stronger retention profile,"" the company said in its shareholder letter.Ever since Peloton's pandemic heyday came to an end, the company has struggled to generate free cash flow and ensure it has enough assets on its balance sheet to cover its many liabilities. Earlier this year, it announced a sprawling restructuring plan that included cutting 15% of the company's global workforce to achieve $200 million in annualized cost savings by the end of fiscal 2025.Those efforts are starting to bear fruit.During the quarter, Peloton delivered adjusted EBITDA and free cash flow for the second consecutive quarter – a feat it had not pulled off since the height of the Covid-19 pandemic. It posted $70 million of adjusted EBITDA, far more than the $53 million that analysts had expected, according to StreetAccount. That metric was up $105 million compared with the year-ago period and $64 million quarter over quarter.Peloton also generated $26 million in free cash flow, compared with negative $74 million in the year-ago period and $8 million in the prior quarter.Improvements to Peloton's balance sheet come after the company completed massive refinancing of its debt that staved off a looming liquidity crunch and pushed out its debt maturities by several years.As far as who will be Peloton's next leader, interim co-CEO Karen Boone said the search is ""well underway"" and they've seen ""no shortage of interest.""""We are far along in the process. We've done a lot of vetting, a lot of conversations, and we've narrowed it down to some very highly qualified candidates,"" Boone said. ""We have some very specific folks in mind at this point.""In her opening remarks, Boone said the company can't speculate on when its next CEO will start. But just before ending the call, she said the new hire will be in place by the time the company next reports earnings, which is expected to be sometime in the fall.""I should probably under-promise here, but I am excited to say that I do believe you will be speaking to and hearing from the new CEO of Peloton on this call next quarter,"" said Boone.For the year ahead, Peloton is planning to invest in its hardware and software to deliver a better user experience, among other initiatives. However, its guidance assumes that investments in these new initiatives ""will not deliver subscriber growth within the fiscal year,"" indicating Peloton may finally be shifting its focus away from growth in favor of profitability and free cash flow generation.""Chris, and I, in partnership with Peloton's strong leadership team, are continuing to make progress on several key strategic priorities, which include aligning our cost structure to the current size of our business to improve profitability, and deliver meaningful free cash flow without requiring growth to get there,"" Boone said on a call with analysts.""We're enthusiastic about our innovative roadmap, but we'll be judicious about deploying marketing dollars until we demonstrate product market fit, and continue to be cautious about marketing spend given the uncertain consumer backdrop, and ongoing macro environment,"" she said.That shift shows in its reductions to sales and marketing spending — an expense that has long dragged down Peloton's balance sheet and has been criticized as being too high for the company's size.During the quarter, Peloton cut sales and marketing spending by $25.5 million, or 19% year over year. It said it expects to continue to make reductions to its marketing budget throughout fiscal 2025.For the current quarter, Peloton is projecting sales to be worse than Wall Street expected but is guiding to higher-than-forecast adjusted EBITDA. The company said it anticipates sales to be between $560 million and $580 million, compared with estimates of $609 million, according to LSEG. It's expecting to post adjusted EBITDA of $50 million to $60 million, compared with estimates of $45 million, according to StreetAccount.StreetAccount analysts had expected the number of connected fitness subscribers to be 2.96 million during the current quarter, but Peloton projects a range of 2.88 million to 2.89 million instead.For the full year, Peloton expects sales to be between $2.4 billion and $2.5 billion, compared with estimates of $2.7 billion, according to LSEG.",CNBC,22/08/2024,"['In this articlePeloton said Thursday it is digging itself out of the red and eked out a slight sales increase for the first time in nine quarters as it slashed its overall losses.', ""The company's shares spiked 35% on Thursday."", 'The beleaguered connected fitness company, which two board members have run since former CEO Barry McCarthy resigned earlier this year, saw sales grow by 0.2% during its fiscal fourth quarter.', ""While only a modest uptick, it's the first time Peloton posted year-over-year revenue growth since its 2021 holiday quarter."", ""The company also indicated it's ready to focus on profitability over growth with significant cuts to its marketing and sales spending and meaningful increases to free cash flow and adjusted EBITDA."", 'Those cuts helped Peloton narrow its quarterly losses to $30.5 million from $241.1 million in the year-ago period.', ""Here's how the Bike and Tread maker performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:For the three-month period that ended June 30, Peloton significantly narrowed its losses."", 'The company posted a loss of $30.5 million, or 8 cents per share, compared with a loss of $241.8 million, or 68 cents per share, a year earlier.', 'Sales rose to $643.6 million, up about 0.2% from $642.1 million a year earlier.', ""That's only a $1.5 million increase, but Peloton did it at a time when sales are typically a bit slower for the company, because the quarter bleeds into the summer when people are more focused on going out and traveling than working out."", ""The last time Peloton delivered year-over-year sales growth was during its holiday season in 2021, which is typically the company's strongest quarter."", ""During the quarter, sales for Peloton's pricy connected fitness hardware fell about 4%, continuing a trend for the company."", ""But subscription revenue rose by 2.3%, and the segment's gross margin increased by 1 percentage point."", 'Though hardware sales were down, Peloton is growing its subscription revenue through the secondary market where people can buy used stationary bikes for a fraction of the cost of a new one.', 'During the quarter, subscription revenue from hardware purchased on the secondary market grew 16% year over year.', '""We believe a meaningful share of these subscribers are incremental, and they exhibit lower net churn rates than rental subscribers,"" the company said in a letter to shareholders.', ""While hardware sales have hurt Peloton's overall performance, sales for its Tread are growing after it overcame a costly recall."", ""During the quarter, sales from Peloton's treadmill portfolio grew 42% year over year."", 'The company is also seeing some positive signs in its Bike rental program, which allowed it to clear through a glut of inventory.', 'During the quarter, average net monthly paid subscription churn for rentals was down 1.1 percentage points.', 'Demand has been so steady, it no longer has the refurbished inventory levels necessary to supply that side of the program.', 'The company ceased offering its original Bike rental program on Aug. 1 and since then, has seen demand grow for its Bike+ rental, refurbished original Bike sales and financed new Bike sales.', '""These alternative programs have stronger unit economics than original Bike rental, with more cash paid upfront and a stronger retention profile,"" the company said in its shareholder letter.', ""Ever since Peloton's pandemic heyday came to an end, the company has struggled to generate free cash flow and ensure it has enough assets on its balance sheet to cover its many liabilities."", ""Earlier this year, it announced a sprawling restructuring plan that included cutting 15% of the company's global workforce to achieve $200 million in annualized cost savings by the end of fiscal 2025.Those efforts are starting to bear fruit."", 'During the quarter, Peloton delivered adjusted EBITDA and free cash flow for the second consecutive quarter – a feat it had not pulled off since the height of the Covid-19 pandemic.', 'It posted $70 million of adjusted EBITDA, far more than the $53 million that analysts had expected, according to StreetAccount.', 'That metric was up $105 million compared with the year-ago period and $64 million quarter over quarter.', 'Peloton also generated $26 million in free cash flow, compared with negative $74 million in the year-ago period and $8 million in the prior quarter.', ""Improvements to Peloton's balance sheet come after the company completed massive refinancing of its debt that staved off a looming liquidity crunch and pushed out its debt maturities by several years."", 'As far as who will be Peloton\'s next leader, interim co-CEO Karen Boone said the search is ""well underway"" and they\'ve seen ""no shortage of interest.', '""""We are far along in the process.', 'We\'ve done a lot of vetting, a lot of conversations, and we\'ve narrowed it down to some very highly qualified candidates,"" Boone said. ""', 'We have some very specific folks in mind at this point.', '""In her opening remarks, Boone said the company can\'t speculate on when its next CEO will start.', 'But just before ending the call, she said the new hire will be in place by the time the company next reports earnings, which is expected to be sometime in the fall.', '""I should probably under-promise here, but I am excited to say that I do believe you will be speaking to and hearing from the new CEO of Peloton on this call next quarter,"" said Boone.', 'For the year ahead, Peloton is planning to invest in its hardware and software to deliver a better user experience, among other initiatives.', 'However, its guidance assumes that investments in these new initiatives ""will not deliver subscriber growth within the fiscal year,"" indicating Peloton may finally be shifting its focus away from growth in favor of profitability and free cash flow generation.', '""Chris, and I, in partnership with Peloton\'s strong leadership team, are continuing to make progress on several key strategic priorities, which include aligning our cost structure to the current size of our business to improve profitability, and deliver meaningful free cash flow without requiring growth to get there,"" Boone said on a call with analysts.', '""We\'re enthusiastic about our innovative roadmap, but we\'ll be judicious about deploying marketing dollars until we demonstrate product market fit, and continue to be cautious about marketing spend given the uncertain consumer backdrop, and ongoing macro environment,"" she said.', ""That shift shows in its reductions to sales and marketing spending — an expense that has long dragged down Peloton's balance sheet and has been criticized as being too high for the company's size."", 'During the quarter, Peloton cut sales and marketing spending by $25.5 million, or 19% year over year.', 'It said it expects to continue to make reductions to its marketing budget throughout fiscal 2025.For the current quarter, Peloton is projecting sales to be worse than Wall Street expected but is guiding to higher-than-forecast adjusted EBITDA.', 'The company said it anticipates sales to be between $560 million and $580 million, compared with estimates of $609 million, according to LSEG.', ""It's expecting to post adjusted EBITDA of $50 million to $60 million, compared with estimates of $45 million, according to StreetAccount."", 'StreetAccount analysts had expected the number of connected fitness subscribers to be 2.96 million during the current quarter, but Peloton projects a range of 2.88 million to 2.89 million instead.', 'For the full year, Peloton expects sales to be between $2.4 billion and $2.5 billion, compared with estimates of $2.7 billion, according to LSEG.']",0.1329421236166253,"""Chris, and I, in partnership with Peloton's strong leadership team, are continuing to make progress on several key strategic priorities, which include aligning our cost structure to the current size of our business to improve profitability, and deliver meaningful free cash flow without requiring growth to get there,"" Boone said on a call with analysts.",Those cuts helped Peloton narrow its quarterly losses to $30.5 million from $241.1 million in the year-ago period.,0.5970576956868172,"During the quarter, sales from Peloton's treadmill portfolio grew 42% year over year.","It said it expects to continue to make reductions to its marketing budget throughout fiscal 2025.For the current quarter, Peloton is projecting sales to be worse than Wall Street expected but is guiding to higher-than-forecast adjusted EBITDA.",2024-08-29
Weekend strikes by LNER train drivers called off,https://www.bbc.co.uk/news/articles/cy4lwde3l73o,2024-08-29T17:52:53.929Z,"Train driver strikes at London North Eastern Railway (LNER) have been called off following last-ditch talks between union and company officials. Some 450 drivers at the company had planned to walk out every weekend until mid-November over what the union said were broken agreements. However, Aslef told the BBC late on Thursday a ""resolution"" had been reached and confirmed drivers would ""now report for duty as normal"". LNER said it would look to ""strengthen"" its timetable for this weekend having planned fewer services. LNER, which operates services between Edinburgh and London on the East Coast Mainline, had warned that trains would be ""extremely busy"" due to the reduced timetable. It advised passengers to still check bookings before travelling. The company, which is run by the government, operates trains to and from London King's Cross station and also through major cities including Newcastle, York and Durham. Aslef originally announced the strikes earlier this month, with the first action scheduled to take place from this weekend, and every following one until 10 November. The dispute between LNER and Aslef was separate to the long-running row over pay between drivers and all 16 train companies in England, which could soon be resolved following a new pay offer. The union accused LNER of ""breaking agreements"" on working practices, which officials said included driver managers driving trains and ""improper use"" of overtime working. Mick Whelan, general secretary of Aslef, said the union was ""pleased to have finally resolved this long-standing issue with LNER’s abuse of our agreements"". He said the union would ""continue to campaign for a fully-staffed railway that does not rely on excessive use of driver overtime"". An LNER spokesperson described the talks as ""constructive"" and said it was pleased the strikes had been called off. Transport Secretary Louise Haigh welcomed the resolution, which she said had come at ""no extra cost to the taxpayer"". Various railway strikes have led to cancelled services and disruption for passengers for more than two years. But a breakthrough between the parties was made earlier this month when Aslef revealed its members will vote on a fresh pay deal. The new offer is for a 5% backdated pay rise for 2022/23, a 4.75% rise for 23/24, and 4.5% increase for 24/25. ",BBC,29/08/2024,"['Train driver strikes at London North Eastern Railway (LNER) have been called off following last-ditch talks between union and company officials.', 'Some 450 drivers at the company had planned to walk out every weekend until mid-November over what the union said were broken agreements.', 'However, Aslef told the BBC late on Thursday a ""resolution"" had been reached and confirmed drivers would ""now report for duty as normal"".', 'LNER said it would look to ""strengthen"" its timetable for this weekend having planned fewer services.', 'LNER, which operates services between Edinburgh and London on the East Coast Mainline, had warned that trains would be ""extremely busy"" due to the reduced timetable.', 'It advised passengers to still check bookings before travelling.', ""The company, which is run by the government, operates trains to and from London King's Cross station and also through major cities including Newcastle, York and Durham."", 'Aslef originally announced the strikes earlier this month, with the first action scheduled to take place from this weekend, and every following one until 10 November.', 'The dispute between LNER and Aslef was separate to the long-running row over pay between drivers and all 16 train companies in England, which could soon be resolved following a new pay offer.', 'The union accused LNER of ""breaking agreements"" on working practices, which officials said included driver managers driving trains and ""improper use"" of overtime working.', 'Mick Whelan, general secretary of Aslef, said the union was ""pleased to have finally resolved this long-standing issue with LNER’s abuse of our agreements"".', 'He said the union would ""continue to campaign for a fully-staffed railway that does not rely on excessive use of driver overtime"".', 'An LNER spokesperson described the talks as ""constructive"" and said it was pleased the strikes had been called off.', 'Transport Secretary Louise Haigh welcomed the resolution, which she said had come at ""no extra cost to the taxpayer"".', 'Various railway strikes have led to cancelled services and disruption for passengers for more than two years.', 'But a breakthrough between the parties was made earlier this month when Aslef revealed its members will vote on a fresh pay deal.', 'The new offer is for a 5% backdated pay rise for 2022/23, a 4.75% rise for 23/24, and 4.5% increase for 24/25.']",-0.0454135780190486,But a breakthrough between the parties was made earlier this month when Aslef revealed its members will vote on a fresh pay deal.,Various railway strikes have led to cancelled services and disruption for passengers for more than two years.,-0.0556250864809209,"The new offer is for a 5% backdated pay rise for 2022/23, a 4.75% rise for 23/24, and 4.5% increase for 24/25.","The union accused LNER of ""breaking agreements"" on working practices, which officials said included driver managers driving trains and ""improper use"" of overtime working.",2024-08-29
UK government will not fight Rosebank oil field legal challenge,https://www.bbc.co.uk/news/articles/c30393m4z50o,2024-08-29T07:45:36.285Z,"The UK government will not fight a legal challenge against the decision to grant consent to drill in untapped oil and gas fields off Shetland and Aberdeen.  Greenpeace and Uplift jointly brought judicial reviews to stop the development of the Rosebank and Jackdaw fields. It comes after the Supreme Court ruled that a UK council should have considered the climate impact of new oil wells – setting a precedent for all regulators. The government's decision does not mean the licences for Jackdaw and Rosebank have been withdrawn. But if the judicial review backs the environmental groups, operators would need to resubmit environmental assessments.   This would create more delay and additional costs for Rosebank's owners, Equinor and Ithaca Energy, and Jackdaw's owner, Shell. The UK government has pledged that oil and gas would play an important role in the economy ""for decades to come"" as the UK transitions to clean energy. It is planning to consult later this year on its manifesto position not to issue new oil and gas licences to explore new fields. Energy Minister Michael Shanks said: “We will consult at pace on new guidance that takes into account the Supreme Court’s ruling on environmental impact assessments, to enable the industry to plan, secure jobs, and invest in our economy.” Environmental groups welcomed the government’s decision.  Greenpeace said the licences should not have been granted without being ""properly assessed"" for their climate impact. Mel Evans, Greenpeace UK climate team leader, said: “The two new fields combined would generate a vast amount of emissions while doing nothing to lower energy bills.  ""The only real winners from giving them the greenlight would be multi-billion-pound oil giants.” Tessa Khan, executive director of Uplift, said it was a “common sense” decision. She told BBC Radio Scotland: ""Rosebank is a terrible proposition economically, from an energy-security perspective and environmentally for the UK public.  ""No government should be prepared to approve a project like that."" The government's decision comes after the Supreme Court ruled in June that the way fossil fuels are used by consumers – known as Scope 3 emissions – have to be considered when environmental impact assessments are being carried out. The decision could still be challenged by oil companies. Industry body Offshore Energies UK urged the government to conduct its consultation “at pace”, warning that uncertainty “further impacts investor confidence”. A spokesperson added: “We remain absolutely committed to operations in the North Sea that meet the UK's net zero ambitions and support energy security.” Rosebank off Shetland, owned by Norwegian energy giant Equinor and British firm Ithaca Energy, is the UK's largest untapped oil field. Consent for drilling there was granted in September last year. Scotland’s then first minister Humza Yousaf said he was ""disappointed"" at the decision and accused Downing Street of ""climate denial"". Shell’s proposals to develop Jackdaw, east of Aberdeen, were approved in 2022 after initially being rejected on environmental grounds. Both Equinor and Shell said they would carefully consider the implications of the government’s announcement. An Equinor spokesperson said: “Rosebank is a vital project for the UK and is bringing benefits in terms of investment, job creation and energy security."" A Shell spokesperson said: “We believe the Jackdaw field remains an important development for the UK, providing fuel to heat 1.4 million homes and supporting energy security, as other older gas fields reach the end of production.” First things first, this does not mean the end for either Jackdaw or Rosebank, but it is another significant victory for environmental groups.   They key is whether the emissions from consuming the oil and gas produced is considered in environmental impact assessments. Historically, those Scope 3 emissions were disregarded, but July's Supreme Court ruling changed that.  Now, if the judicial review at two of the most prominent North Sea developments rules in favour of the green lobby, operators will have to resubmit environmental impact assessments to be considered afresh. The regulators could then stick to their guns and approve it again.  But this creates more delay and significant additional costs - which environmentalists hope will make fossil fuels less appealing to investors. In its draft energy strategy, published last year, the Scottish government confirmed a ""presumption against"" any new oil and gas exploration. But First Minister John Swinney said in June that North Sea oil and gas would still be needed ""for a period of time"" to help the country meet its net-zero emissions target by 2045. Scotland's acting Energy Secrertary, Gillian Martin, said ministers would carefully consider the UK government announcement.  She noted that offshore oil and gas licensing is reserved to Westminster, but said decisions should be made on a “case by case basis and include rigorous assessments of both climate compatibility and energy security”. Following the Supreme Court ruling, the government also walked away from a legal challenge against a new coal mine in Cumbria approved under the previous Conservative administration. ",BBC,29/08/2024,"['The UK government will not fight a legal challenge against the decision to grant consent to drill in untapped oil and gas fields off Shetland and Aberdeen.', 'Greenpeace and Uplift jointly brought judicial reviews to stop the development of the Rosebank and Jackdaw fields.', 'It comes after the Supreme Court ruled that a UK council should have considered the climate impact of new oil wells – setting a precedent for all regulators.', ""The government's decision does not mean the licences for Jackdaw and Rosebank have been withdrawn."", 'But if the judicial review backs the environmental groups, operators would need to resubmit environmental assessments.', ""This would create more delay and additional costs for Rosebank's owners, Equinor and Ithaca Energy, and Jackdaw's owner, Shell."", 'The UK government has pledged that oil and gas would play an important role in the economy ""for decades to come"" as the UK transitions to clean energy.', 'It is planning to consult later this year on its manifesto position not to issue new oil and gas licences to explore new fields.', 'Energy Minister Michael Shanks said: “We will consult at pace on new guidance that takes into account the Supreme Court’s ruling on environmental impact assessments, to enable the industry to plan, secure jobs, and invest in our economy.”', 'Environmental groups welcomed the government’s decision.', 'Greenpeace said the licences should not have been granted without being ""properly assessed"" for their climate impact.', 'Mel Evans, Greenpeace UK climate team leader, said: “The two new fields combined would generate a vast amount of emissions while doing nothing to lower energy bills. ""', 'The only real winners from giving them the greenlight would be multi-billion-pound oil giants.”', 'Tessa Khan, executive director of Uplift, said it was a “common sense” decision.', 'She told BBC Radio Scotland: ""Rosebank is a terrible proposition economically, from an energy-security perspective and environmentally for the UK public. ""', 'No government should be prepared to approve a project like that.""', ""The government's decision comes after the Supreme Court ruled in June that the way fossil fuels are used by consumers – known as Scope 3 emissions – have to be considered when environmental impact assessments are being carried out."", 'The decision could still be challenged by oil companies.', 'Industry body Offshore Energies UK urged the government to conduct its consultation “at pace”, warning that uncertainty “further impacts investor confidence”.', ""A spokesperson added: “We remain absolutely committed to operations in the North Sea that meet the UK's net zero ambitions and support energy security.”"", ""Rosebank off Shetland, owned by Norwegian energy giant Equinor and British firm Ithaca Energy, is the UK's largest untapped oil field."", 'Consent for drilling there was granted in September last year.', 'Scotland’s then first minister Humza Yousaf said he was ""disappointed"" at the decision and accused Downing Street of ""climate denial"".', 'Shell’s proposals to develop Jackdaw, east of Aberdeen, were approved in 2022 after initially being rejected on environmental grounds.', 'Both Equinor and Shell said they would carefully consider the implications of the government’s announcement.', 'An Equinor spokesperson said: “Rosebank is a vital project for the UK and is bringing benefits in terms of investment, job creation and energy security.""', 'A Shell spokesperson said: “We believe the Jackdaw field remains an important development for the UK, providing fuel to heat 1.4 million homes and supporting energy security, as other older gas fields reach the end of production.”', 'First things first, this does not mean the end for either Jackdaw or Rosebank, but it is another significant victory for environmental groups.', 'They key is whether the emissions from consuming the oil and gas produced is considered in environmental impact assessments.', ""Historically, those Scope 3 emissions were disregarded, but July's Supreme Court ruling changed that."", 'Now, if the judicial review at two of the most prominent North Sea developments rules in favour of the green lobby, operators will have to resubmit environmental impact assessments to be considered afresh.', 'The regulators could then stick to their guns and approve it again.', 'But this creates more delay and significant additional costs - which environmentalists hope will make fossil fuels less appealing to investors.', 'In its draft energy strategy, published last year, the Scottish government confirmed a ""presumption against"" any new oil and gas exploration.', 'But First Minister John Swinney said in June that North Sea oil and gas would still be needed ""for a period of time"" to help the country meet its net-zero emissions target by 2045.', ""Scotland's acting Energy Secrertary, Gillian Martin, said ministers would carefully consider the UK government announcement."", 'She noted that offshore oil and gas licensing is reserved to Westminster, but said decisions should be made on a “case by case basis and include rigorous assessments of both climate compatibility and energy security”.', 'Following the Supreme Court ruling, the government also walked away from a legal challenge against a new coal mine in Cumbria approved under the previous Conservative administration.']",0.3224134278207528,"An Equinor spokesperson said: “Rosebank is a vital project for the UK and is bringing benefits in terms of investment, job creation and energy security.""","Scotland’s then first minister Humza Yousaf said he was ""disappointed"" at the decision and accused Downing Street of ""climate denial"".",-0.2363549023866653,"An Equinor spokesperson said: “Rosebank is a vital project for the UK and is bringing benefits in terms of investment, job creation and energy security.""","Industry body Offshore Energies UK urged the government to conduct its consultation “at pace”, warning that uncertainty “further impacts investor confidence”.",2024-08-29
Foot Locker shares drop 10% despite first comparable sales growth in six quarters,https://www.cnbc.com/2024/08/28/foot-locker-fl-earnings-q2-2024.html,2024-08-28T20:14:18+0000,"In this articleFoot Locker on Wednesday said comparable sales grew for the first time in six quarters as its efforts to refresh its stores and improve the customer experience continue to bear fruit. The beleaguered sneaker company's same-store sales grew 2.6% during its fiscal second quarter, far better than the 0.7% uptick that analysts had expected, according to StreetAccount. Its gross margin also expanded for the first time in more than two years. Despite the positive trends, the company's shares closed more than 10% lower. ""The Lace Up Plan is working,"" CEO Mary Dillon said in a press release, referencing the company's turnaround strategy. ""Our top line trends strengthened as we moved through the quarter, including a solid start to Back-to-School. We were also particularly pleased to deliver stabilization in our Champs Sports banner."" Here's how Foot Locker did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:In the three-month period that ended Aug. 3, Foot Locker had a loss of $12 million, or 13 cents per share, compared with a loss of $5 million, or 5 cents per share, a year earlier. Excluding one-time items, Foot Locker posted a loss of 5 cents per share. Sales rose to $1.90 billion, up about 2% from $1.86 billion a year earlier. For the current fiscal year, Foot Locker largely maintained its guidance and continues to expect sales to be in a range of a 1% decline to 1% growth from the prior year – better than the 0.4% decline that analysts had expected, according to LSEG. Foot Locker also stood by its adjusted earnings per share guidance. It expects earnings to be between $1.50 and $1.70 – much of that range ahead of the $1.54 that analysts had expected, according to LSEG. Since former Ulta Beauty boss Mary Dillon took the helm of Foot Locker about two years ago, she has worked to transform the company and ensure that it stays relevant in a world where brands aren't as reliant on multibrand retailers as they were in the past. Dillon has worked to repair the company's relationship with its biggest brand partner, Nike, and has also taken a hard look at its sprawling, but aging, store fleet, where the company does about 80% of its sales. The company plans to spend $275 million upgrading its stores this year, and it expects to have two-thirds of its fleet remodeled by the end of fiscal 2025.In an interview with CNBC, Dillon said the store investments are leading to increased conversion, basket size and profitability, and better performance for Foot Locker's women's business.""The reason that we're doing it is that it is working for us, both in terms of enhancing a customer experience and a striper [store employee] experience, but also the financial returns,"" said Dillon. ""The performance is ahead of what we thought.""In a series of new megastores Foot Locker is building in hotspots like New York City and Paris, the retailer is working hand in hand with Nike to develop some portions of the shops.""With Nike, this has been since Day One, a high priority for me, and really building a partnership that isn't just about like, what number of shoes are we going to sell, but how do we think about using consumer insights to mutually grow our businesses together,"" said Dillon. ""For us and Nike, it's about the places that we really connect.""Dillon has also worked to streamline costs at Foot Locker. On Wednesday, the company said it was closing its stores and e-commerce operations in South Korea, Denmark, Norway and Sweden, and will rely on a third party for operations in Greece and Romania, where it plans to expand its reach, according to Dillon. In all, 30 of Foot Locker's 140 stores in the Asia-Pacific region and 629 in Europe will be closed or go under a new operator as part of the changes. Foot Locker's Champs banner, which has been dragging down the company's overall performance, is also showing some signs of improvement. During the quarter, comparable sales were down 3.9%, which is an improvement from the 25.3% decline it saw in the year-ago period.Foot Locker is also planning to move its global headquarters from New York City to St. Petersburg, Florida, in late 2025 and plans to maintain only a limited presence in the Big Apple moving forward. ""The intent of the relocation is to further build on the Company's meaningful presence in St. Petersburg and to enable increased collaboration among teams across banners and functions, while also reducing costs,"" Foot Locker said in a news release. Dillon told CNBC the move will increase margins by 0.2 percentage point by 2027, but the decision wasn't just based on saving money.""We've got a big center of gravity already in St. Pete ... many of our executives are there. A lot of our commercial teams,"" said Dillon. ""We think actually bringing more people together for collaboration is going to matter and that's also part of this. It's not just about saving money. It's about, how do we really continue to build on this momentum?""The company isn't planning to make employees relocate and Dillon, who is based in Chicago, won't be forced to become a super commuter, either.""I am traveling, I would say, 90% of the time, to our teams around the world, and to our brand partners, and to investor meetings and to events,"" said Dillon. ""I spend a good chunk of time in New York, I spend a lot of time in St. Pete, I spend a lot of time in Amsterdam where we have our headquarters, and visiting our brand partners. So I'm planning to keep my primary residence in Chicago, but the way that this has been working is really, I think, working pretty well so we're going to continue to do that.""As it improves stores, products, and the customer experience online and in stores, Foot Locker is managing to drive sales even as its core consumer continues to feel the pressure of consistent inflation and high interest rates – indicating that Dillon's efforts are working. ""We're not expecting our customer to get, like, less pressured or more pressured. We're just trying to say this is a category they care about,"" said Dillon. ""How can Foot Locker be the best to serve their needs? And I think our results are showing that that's working.""As of Tuesday's close, shares of the company are up more than 5% this year, compared with Nike's stock, which has fallen more than 21% in the same time period.Demand has undoubtedly slowed across the retail industry, but consumers are still spending. They're just being far choosier on who they're spending with — which has made execution that much more important. ""Our strategies are building momentum as we look to the remainder of the year,"" said Dillon in a statement. ""I remain confident that we are taking the right actions to position the Company for its next 50 years of profitable growth and create long-term shareholder value.""",CNBC,28/08/2024,"['In this articleFoot Locker on Wednesday said comparable sales grew for the first time in six quarters as its efforts to refresh its stores and improve the customer experience continue to bear fruit.', ""The beleaguered sneaker company's same-store sales grew 2.6% during its fiscal second quarter, far better than the 0.7% uptick that analysts had expected, according to StreetAccount."", 'Its gross margin also expanded for the first time in more than two years.', 'Despite the positive trends, the company\'s shares closed more than 10% lower. ""', 'The Lace Up Plan is working,"" CEO Mary Dillon said in a press release, referencing the company\'s turnaround strategy. ""', 'Our top line trends strengthened as we moved through the quarter, including a solid start to Back-to-School.', 'We were also particularly pleased to deliver stabilization in our Champs Sports banner.', '""Here\'s how Foot Locker did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:In the three-month period that ended Aug. 3, Foot Locker had a loss of $12 million, or 13 cents per share, compared with a loss of $5 million, or 5 cents per share, a year earlier.', 'Excluding one-time items, Foot Locker posted a loss of 5 cents per share.', 'Sales rose to $1.90 billion, up about 2% from $1.86 billion a year earlier.', 'For the current fiscal year, Foot Locker largely maintained its guidance and continues to expect sales to be in a range of a 1% decline to 1% growth from the prior year – better than the 0.4% decline that analysts had expected, according to LSEG.Foot Locker also stood by its adjusted earnings per share guidance.', ""It expects earnings to be between $1.50 and $1.70 – much of that range ahead of the $1.54 that analysts had expected, according to LSEG.Since former Ulta Beauty boss Mary Dillon took the helm of Foot Locker about two years ago, she has worked to transform the company and ensure that it stays relevant in a world where brands aren't as reliant on multibrand retailers as they were in the past."", ""Dillon has worked to repair the company's relationship with its biggest brand partner, Nike, and has also taken a hard look at its sprawling, but aging, store fleet, where the company does about 80% of its sales."", ""The company plans to spend $275 million upgrading its stores this year, and it expects to have two-thirds of its fleet remodeled by the end of fiscal 2025.In an interview with CNBC, Dillon said the store investments are leading to increased conversion, basket size and profitability, and better performance for Foot Locker's women's business."", '""The reason that we\'re doing it is that it is working for us, both in terms of enhancing a customer experience and a striper [store employee] experience, but also the financial returns,"" said Dillon. ""', 'The performance is ahead of what we thought.', '""In a series of new megastores Foot Locker is building in hotspots like New York City and Paris, the retailer is working hand in hand with Nike to develop some portions of the shops.', '""With Nike, this has been since Day One, a high priority for me, and really building a partnership that isn\'t just about like, what number of shoes are we going to sell, but how do we think about using consumer insights to mutually grow our businesses together,"" said Dillon. ""', ""For us and Nike, it's about the places that we really connect."", '""Dillon has also worked to streamline costs at Foot Locker.', 'On Wednesday, the company said it was closing its stores and e-commerce operations in South Korea, Denmark, Norway and Sweden, and will rely on a third party for operations in Greece and Romania, where it plans to expand its reach, according to Dillon.', ""In all, 30 of Foot Locker's 140 stores in the Asia-Pacific region and 629 in Europe will be closed or go under a new operator as part of the changes."", ""Foot Locker's Champs banner, which has been dragging down the company's overall performance, is also showing some signs of improvement."", 'During the quarter, comparable sales were down 3.9%, which is an improvement from the 25.3% decline it saw in the year-ago period.', 'Foot Locker is also planning to move its global headquarters from New York City to St. Petersburg, Florida, in late 2025 and plans to maintain only a limited presence in the Big Apple moving forward.', '""The intent of the relocation is to further build on the Company\'s meaningful presence in St. Petersburg and to enable increased collaboration among teams across banners and functions, while also reducing costs,"" Foot Locker said in a news release.', ""Dillon told CNBC the move will increase margins by 0.2 percentage point by 2027, but the decision wasn't just based on saving money."", '""We\'ve got a big center of gravity already in St. Pete ... many of our executives are there.', 'A lot of our commercial teams,"" said Dillon. ""', ""We think actually bringing more people together for collaboration is going to matter and that's also part of this."", ""It's not just about saving money."", 'It\'s about, how do we really continue to build on this momentum?""The company isn\'t planning to make employees relocate and Dillon, who is based in Chicago, won\'t be forced to become a super commuter, either.', '""I am traveling, I would say, 90% of the time, to our teams around the world, and to our brand partners, and to investor meetings and to events,"" said Dillon. ""', 'I spend a good chunk of time in New York, I spend a lot of time in St. Pete, I spend a lot of time in Amsterdam where we have our headquarters, and visiting our brand partners.', ""So I'm planning to keep my primary residence in Chicago, but the way that this has been working is really, I think, working pretty well so we're going to continue to do that."", '""As it improves stores, products, and the customer experience online and in stores, Foot Locker is managing to drive sales even as its core consumer continues to feel the pressure of consistent inflation and high interest rates – indicating that Dillon\'s efforts are working.', '""We\'re not expecting our customer to get, like, less pressured or more pressured.', 'We\'re just trying to say this is a category they care about,"" said Dillon. ""', 'How can Foot Locker be the best to serve their needs?', ""And I think our results are showing that that's working."", '""As of Tuesday\'s close, shares of the company are up more than 5% this year, compared with Nike\'s stock, which has fallen more than 21% in the same time period.', 'Demand has undoubtedly slowed across the retail industry, but consumers are still spending.', ""They're just being far choosier on who they're spending with — which has made execution that much more important."", '""Our strategies are building momentum as we look to the remainder of the year,"" said Dillon in a statement. ""', 'I remain confident that we are taking the right actions to position the Company for its next 50 years of profitable growth and create long-term shareholder value.""']",0.242355211483859,"I remain confident that we are taking the right actions to position the Company for its next 50 years of profitable growth and create long-term shareholder value.""",Its gross margin also expanded for the first time in more than two years.,0.5484147248444734,Its gross margin also expanded for the first time in more than two years.,"Despite the positive trends, the company's shares closed more than 10% lower. """,2024-08-29
Grand Canyon National Park hotels to close after waterpipe fails,https://www.bbc.co.uk/news/articles/cdd7n25lqjpo,2024-08-29T21:36:02.743Z,"All hotels within the Grand Canyon National Park will be closed and camping will be restricted in advance of one of the busiest holiday weekends of the year due to problems with the park’s water supply. The US National Park Service said in a statement that hotels would be closed starting on Thursday night. Only “dry camping” – meaning campers will have to supply their own water – will be allowed. The park relies on the ageing Transcanyon Waterline, which has suffered four recent significant breaks, cutting off water to the park. Park officials said there are a total of around 950 hotel rooms located inside the park but declined to comment further when reached on Thursday. The park will remain open to day trippers over the US Labor Day weekend, and visitor services such as food outlets, a post office and a medical clinic will still operate. Limited water will be available via spigots and in bathrooms, and park officials said campers should carry all water supplies with them or be able to treat water from streams or the Colorado River. No campfires will be allowed on the South Rim and inner canyon areas. “These measures are crucial for ensuring the safety and sustainability of water resources,” the park service said in a statement.  ""The goal is to restore full operational status for overnight guests on the South Rim as quickly as possible.” However, park officials did not give a timeline for restoring the water supply. Hotels located outside the park in nearby Arizona towns are not affected. Tourists planning to visit commented about scrambling for alternative places to stay on the national park’s Facebook page. “I will look for accommodations outside the park. Sorry this is going on, but we won't let it stop us!” one wrote. Another commented: “I ended up booking outside of the park and plan on canceling my [National Park Service] reservation. I have spent tons of money on this trip which includes other stops along the way.” High temperatures in the park on Thursday are expected to range from 28C (84F) at the South Rim to 38C (100F) in the Inner Canyon. The 12 1/2 mile (20km) Transcanyon Waterline was originally built in the 1960s and according to the National Park Service “has exceeded its expected lifespan and experiences frequent failures”. Park officials said they began to experience water supply issues on 8 July and that currently no water is being pumped to either the South or North Rim – two of the park’s main tourist hubs. There have been more than 85 major breaks in the pipeline since 2010, and the park service has recently started a $208m (£158m) reconstruction project due to be completed in 2027. Around six million people visit Grand Canyon National Park each year, and park grounds are home to around 2,500 year-round residents. ",BBC,29/08/2024,"['All hotels within the Grand Canyon National Park will be closed and camping will be restricted in advance of one of the busiest holiday weekends of the year due to problems with the park’s water supply.', 'The US National Park Service said in a statement that hotels would be closed starting on Thursday night.', 'Only “dry camping” – meaning campers will have to supply their own water – will be allowed.', 'The park relies on the ageing Transcanyon Waterline, which has suffered four recent significant breaks, cutting off water to the park.', 'Park officials said there are a total of around 950 hotel rooms located inside the park but declined to comment further when reached on Thursday.', 'The park will remain open to day trippers over the US Labor Day weekend, and visitor services such as food outlets, a post office and a medical clinic will still operate.', 'Limited water will be available via spigots and in bathrooms, and park officials said campers should carry all water supplies with them or be able to treat water from streams or the Colorado River.', 'No campfires will be allowed on the South Rim and inner canyon areas. “', 'These measures are crucial for ensuring the safety and sustainability of water resources,” the park service said in a statement. ""', 'The goal is to restore full operational status for overnight guests on the South Rim as quickly as possible.”', 'However, park officials did not give a timeline for restoring the water supply.', 'Hotels located outside the park in nearby Arizona towns are not affected.', 'Tourists planning to visit commented about scrambling for alternative places to stay on the national park’s Facebook page. “', 'I will look for accommodations outside the park.', ""Sorry this is going on, but we won't let it stop us!”"", 'one wrote.', 'Another commented: “I ended up booking outside of the park and plan on canceling my [National Park Service] reservation.', 'I have spent tons of money on this trip which includes other stops along the way.”', 'High temperatures in the park on Thursday are expected to range from 28C (84F) at the South Rim to 38C (100F) in the Inner Canyon.', 'The 12 1/2 mile (20km) Transcanyon Waterline was originally built in the 1960s and according to the National Park Service “has exceeded its expected lifespan and experiences frequent failures”.', 'Park officials said they began to experience water supply issues on 8 July and that currently no water is being pumped to either the South or North Rim – two of the park’s main tourist hubs.', 'There have been more than 85 major breaks in the pipeline since 2010, and the park service has recently started a $208m (£158m) reconstruction project due to be completed in 2027.', 'Around six million people visit Grand Canyon National Park each year, and park grounds are home to around 2,500 year-round residents.']",0.0033418204327335,"These measures are crucial for ensuring the safety and sustainability of water resources,” the park service said in a statement. ""","Sorry this is going on, but we won't let it stop us!”",-0.6021321912606558,The goal is to restore full operational status for overnight guests on the South Rim as quickly as possible.”,The 12 1/2 mile (20km) Transcanyon Waterline was originally built in the 1960s and according to the National Park Service “has exceeded its expected lifespan and experiences frequent failures”.,2024-08-29
Keir Starmer: Reset with EU does not mean reversing Brexit,https://www.bbc.co.uk/news/articles/cvg3pxz4334o,2024-08-27T21:30:57.653Z,"The government's desire to reset relations with the European Union does not mean reversing Brexit, Sir Keir Starmer has said.  The prime minister said he wanted a closer relationship with Europe, but the UK had no plans for a youth mobility scheme, which could give young people in the EU the right to live and work in the UK, and vice versa.  Sir Keir was speaking at a joint news conference with German Chancellor Olaf Scholz in Berlin, after the pair began talks on a new co-operation agreement between the two nations.   The PM said the agreement aimed to boost trade, create jobs and deliver economic growth in both countries.  The two leaders hope to sign a treaty, covering areas including defence, energy security, science and technology, by early next year.  During the visit, they also agreed a joint action plan to tackle illegal migration and smuggling gangs by sharing intelligence and data.  Sir Keir has previously said he will seek a better deal on trade with the EU than the one negotiated by Boris Johnson in late 2020. However, it remains unclear whether Brussels would entertain major changes to the UK's existing Brexit trade deal, which is due to be reviewed in 2026. Taking questions from journalists after the news conference, Sir Keir was pressed over what concessions the UK would have to offer to secure an improved deal.  The PM said he was ""absolutely clear"" the government wanted to reset relations with Europe.  He added: ""That does not mean reversing Brexit or re-entering the single market or the customs union. ""But it does mean a closer relationship on a number of fronts, including the economy, including defence, including exchanges."" The single market enables goods, service and people to move freely between member states, with countries applying many common rules and standards.  The customs union is an agreement not to charge taxes called tariffs on goods coming from other EU countries, and to charge the same tariffs as each other on goods coming from outside the EU.  Asked if the UK would allow freedom of movement for young Germans, the PM said: ""We do not have plans for a youth mobility scheme but do have plans for closer relationship between us and the EU."" A youth mobility scheme - which would make it easier for EU citizens aged 18 to 30 to study and work in the UK for a limited period, with young Britons allowed to do the same in Europe in return - has been proposed by the EU.  Speaking after the news conference, Sir Keir insisted the planned treaty with Germany had ""nothing to do with youth mobility"". But when asked about the possibility of student exchanges between the UK and Germany, the prime minister said he wanted a ""close relationship"" including ""education and cultural exchange"". Sir Keir stressed that he and Mr Scholz ""didn’t go into the details of that today"", focusing more on illegal immigration. In his opening remarks at the news conference, Mr Scholz lamented how relations between Britons and Germans had waned after Brexit and the Covid pandemic, adding that he and Sir Keir ""share similar views on this"" and want to ""intensify the exchanges"". Earlier Nils Schmid, foreign affairs spokesperson for Mr Scholz's Social Democratic Party, told the BBC a scheme making it easier for young Germans to travel to the UK to study was a ""major feature of our wish list"". He insisted such a scheme would not be about ""immigration in a general sense"", but ""stays of limited duration"" for educational programmes, student exchanges or work experience. Conservative shadow business secretary Kevin Hollinrake accused Sir Keir of ""cosying up to politicians in Germany and calling for a closer relationship with Europe"". ""Starmer has spent his entire political career plotting to reverse Brexit, so it doesn't take a genius to see where the new Labour government is headed,"" he added.  Liberal Democrat foreign affairs spokeswoman Layla Moran said the talks with Mr Scholz were ""a positive step forward after years of the Conservatives trashing the UK's relationship with Europe"".  ""But the new government needs to be more ambitious about rebuilding stronger ties with our European allies,"" she added.   ""That should start with agreeing a Youth Mobility Scheme giving young people the opportunity to easily live and work across the continent."" ",BBC,27/08/2024,"[""The government's desire to reset relations with the European Union does not mean reversing Brexit, Sir Keir Starmer has said."", 'The prime minister said he wanted a closer relationship with Europe, but the UK had no plans for a youth mobility scheme, which could give young people in the EU the right to live and work in the UK, and vice versa.', 'Sir Keir was speaking at a joint news conference with German Chancellor Olaf Scholz in Berlin, after the pair began talks on a new co-operation agreement between the two nations.', 'The PM said the agreement aimed to boost trade, create jobs and deliver economic growth in both countries.', 'The two leaders hope to sign a treaty, covering areas including defence, energy security, science and technology, by early next year.', 'During the visit, they also agreed a joint action plan to tackle illegal migration and smuggling gangs by sharing intelligence and data.', 'Sir Keir has previously said he will seek a better deal on trade with the EU than the one negotiated by Boris Johnson in late 2020.', ""However, it remains unclear whether Brussels would entertain major changes to the UK's existing Brexit trade deal, which is due to be reviewed in 2026."", 'Taking questions from journalists after the news conference, Sir Keir was pressed over what concessions the UK would have to offer to secure an improved deal.', 'The PM said he was ""absolutely clear"" the government wanted to reset relations with Europe.', 'He added: ""That does not mean reversing Brexit or re-entering the single market or the customs union. ""', 'But it does mean a closer relationship on a number of fronts, including the economy, including defence, including exchanges.""', 'The single market enables goods, service and people to move freely between member states, with countries applying many common rules and standards.', 'The customs union is an agreement not to charge taxes called tariffs on goods coming from other EU countries, and to charge the same tariffs as each other on goods coming from outside the EU.', 'Asked if the UK would allow freedom of movement for young Germans, the PM said: ""We do not have plans for a youth mobility scheme but do have plans for closer relationship between us and the EU.""', 'A youth mobility scheme - which would make it easier for EU citizens aged 18 to 30 to study and work in the UK for a limited period, with young Britons allowed to do the same in Europe in return - has been proposed by the EU.', 'Speaking after the news conference, Sir Keir insisted the planned treaty with Germany had ""nothing to do with youth mobility"".', 'But when asked about the possibility of student exchanges between the UK and Germany, the prime minister said he wanted a ""close relationship"" including ""education and cultural exchange"".', 'Sir Keir stressed that he and Mr Scholz ""didn’t go into the details of that today"", focusing more on illegal immigration.', 'In his opening remarks at the news conference, Mr Scholz lamented how relations between Britons and Germans had waned after Brexit and the Covid pandemic, adding that he and Sir Keir ""share similar views on this"" and want to ""intensify the exchanges"".', 'Earlier Nils Schmid, foreign affairs spokesperson for Mr Scholz\'s Social Democratic Party, told the BBC a scheme making it easier for young Germans to travel to the UK to study was a ""major feature of our wish list"".', 'He insisted such a scheme would not be about ""immigration in a general sense"", but ""stays of limited duration"" for educational programmes, student exchanges or work experience.', 'Conservative shadow business secretary Kevin Hollinrake accused Sir Keir of ""cosying up to politicians in Germany and calling for a closer relationship with Europe"". ""', 'Starmer has spent his entire political career plotting to reverse Brexit, so it doesn\'t take a genius to see where the new Labour government is headed,"" he added.', 'Liberal Democrat foreign affairs spokeswoman Layla Moran said the talks with Mr Scholz were ""a positive step forward after years of the Conservatives trashing the UK\'s relationship with Europe"". ""', 'But the new government needs to be more ambitious about rebuilding stronger ties with our European allies,"" she added. ""', 'That should start with agreeing a Youth Mobility Scheme giving young people the opportunity to easily live and work across the continent.""']",0.2743846650954506,"The PM said the agreement aimed to boost trade, create jobs and deliver economic growth in both countries.","Sir Keir stressed that he and Mr Scholz ""didn’t go into the details of that today"", focusing more on illegal immigration.",0.7492219358682632,"The PM said the agreement aimed to boost trade, create jobs and deliver economic growth in both countries.","In his opening remarks at the news conference, Mr Scholz lamented how relations between Britons and Germans had waned after Brexit and the Covid pandemic, adding that he and Sir Keir ""share similar views on this"" and want to ""intensify the exchanges"".",2024-08-29
AI chip giant Nvidia's shares sink despite record sales of $30bn,https://www.bbc.co.uk/news/articles/c984jrj24wyo,2024-08-29T00:13:57.887Z,"Shares in Nvidia have fallen despite the artificial intelligence (AI) chip giant comfortably beating expectations after more than doubling its sales. Nvidia announced record revenues of $30bn (£24.7bn) over a three-month period.  The company has been one of the biggest beneficiaries of the AI boom, with its stock market value soaring to more than $3 trillion. But while analysts have grown used to Nvidia producing ""spectacular"" sales growth, the latest results indicate ""that rate of growth was starting to slow,"" said Simon French, head of research at Panmure Liberum. Analysts had forecast sales growth of $28.7bn for the three months to 28 July. Nvidia surpassed this with revenues increasing by 122% compared to the same period last year.  But following the release of the results, Nvidia's share price fell by 6% in after-hours trading in New York on Wednesday.  On Thursday, its shares were down about 2% in early trading, but its stock remains about 150% up so far in 2024, making it one of the big winners in the US market. ""It’s less about just beating estimates now,"" said Matt Britzman, senior equity analyst at Hargreaves Lansdown. ""Markets expect them to be shattered and it’s the scale of the beat today that looks to have disappointed a touch.""  Announcing the latest results, Nvidia chief executive Jensen Huang said: ""Generative AI will revolutionise every industry."" But Mr French told the BBC: ""If you’re going to raise expectations that high then you’ve got to keep growing at spectacular rates."" He added that while its current AI chip - called Hopper - is selling well, the next generation Blackwell chip ""has faced some production delays and that perhaps is one of the reasons why Wall Street after hours sold off the stock"". Nvidia's results have become a quarterly event which sends Wall Street into a frenzy of buying and selling shares. A ""watch party"" had been planned in Manhattan, according to the Wall Street Journal, while Mr Huang, famed for his signature leather jacket, has been dubbed the ""Taylor Swift of tech"". Alvin Nguyen, senior analyst at Forrester, told the BBC both Nvidia and Mr Huang have become the ""face of AI"". This has helped the company so far, but it could also hurt its valuation if AI fails to deliver after firms have invested billions of dollars in the technology, Mr Nguyen said. ""A thousand use cases for AI is not enough. You need a million."" Mr Nguyen also said Nvidia's first-mover advantage means it has market-leading products, which its customers have spent decades using and has a ""software ecosystem"". He said that rivals, such as Intel, could ""chip away"" at Nvidia's market share if they developed a better product, though he said this would take time. ",BBC,29/08/2024,"['Shares in Nvidia have fallen despite the artificial intelligence (AI) chip giant comfortably beating expectations after more than doubling its sales.', 'Nvidia announced record revenues of $30bn (£24.7bn) over a three-month period.', 'The company has been one of the biggest beneficiaries of the AI boom, with its stock market value soaring to more than $3 trillion.', 'But while analysts have grown used to Nvidia producing ""spectacular"" sales growth, the latest results indicate ""that rate of growth was starting to slow,"" said Simon French, head of research at Panmure Liberum.', 'Analysts had forecast sales growth of $28.7bn for the three months to 28 July.', 'Nvidia surpassed this with revenues increasing by 122% compared to the same period last year.', ""But following the release of the results, Nvidia's share price fell by 6% in after-hours trading in New York on Wednesday."", 'On Thursday, its shares were down about 2% in early trading, but its stock remains about 150% up so far in 2024, making it one of the big winners in the US market. ""', 'It’s less about just beating estimates now,"" said Matt Britzman, senior equity analyst at Hargreaves Lansdown. ""', 'Markets expect them to be shattered and it’s the scale of the beat today that looks to have disappointed a touch.""', 'Announcing the latest results, Nvidia chief executive Jensen Huang said: ""Generative AI will revolutionise every industry.""', 'But Mr French told the BBC: ""If you’re going to raise expectations that high then you’ve got to keep growing at spectacular rates.""', 'He added that while its current AI chip - called Hopper - is selling well, the next generation Blackwell chip ""has faced some production delays and that perhaps is one of the reasons why Wall Street after hours sold off the stock"".', ""Nvidia's results have become a quarterly event which sends Wall Street into a frenzy of buying and selling shares."", 'A ""watch party"" had been planned in Manhattan, according to the Wall Street Journal, while Mr Huang, famed for his signature leather jacket, has been dubbed the ""Taylor Swift of tech"".', 'Alvin Nguyen, senior analyst at Forrester, told the BBC both Nvidia and Mr Huang have become the ""face of AI"".', 'This has helped the company so far, but it could also hurt its valuation if AI fails to deliver after firms have invested billions of dollars in the technology, Mr Nguyen said. ""', 'A thousand use cases for AI is not enough.', 'You need a million.""', 'Mr Nguyen also said Nvidia\'s first-mover advantage means it has market-leading products, which its customers have spent decades using and has a ""software ecosystem"".', 'He said that rivals, such as Intel, could ""chip away"" at Nvidia\'s market share if they developed a better product, though he said this would take time.']",0.1131297485865743,"But while analysts have grown used to Nvidia producing ""spectacular"" sales growth, the latest results indicate ""that rate of growth was starting to slow,"" said Simon French, head of research at Panmure Liberum.","This has helped the company so far, but it could also hurt its valuation if AI fails to deliver after firms have invested billions of dollars in the technology, Mr Nguyen said. """,0.0963081081708272,Nvidia surpassed this with revenues increasing by 122% compared to the same period last year.,"But following the release of the results, Nvidia's share price fell by 6% in after-hours trading in New York on Wednesday.",2024-08-29
Walmart adds a Burger King benefit to its membership program,https://www.cnbc.com/2024/08/22/walmart-plus-burger-king-benefit.html,2024-08-22T20:57:32+0000,"In this articleWalmart members are in for a whopper of a deal.The retailer on Thursday announced a new partnership with fast-food chain Burger King that will offer members of its Walmart+ subscription program 25% off any Burger King order made through the BK app. Members will also be eligible for a free flame-grilled Whopper every three months starting in September with a purchase, according to a news release.Walmart positioned the added benefits as cost savings for its members. It comes at a time when cost-conscious diners increasingly hunt for value.""We're confident our members will welcome the additional savings, and we're thrilled to collaborate with a trusted brand like Burger King to offer this benefit,"" Venessa Yates, senior vice president and general manager, said in a statement.Walmart+ costs $12.95 per month, or $98 annually, and includes free shipping and delivery on Walmart orders. In 2022, Walmart struck a streaming deal with Paramount Global to offer Walmart+ members free access to an ad-supported plan on Paramount+.""We're thrilled to join the Walmart+ program as its first ever dining partner and look forward to providing members of Walmart+ even more savings on their flame-grilled favorites at Burger King,"" said Pat O'Toole, chief marketing officer for Burger King North America, in a statement.",CNBC,22/08/2024,"['In this articleWalmart members are in for a whopper of a deal.', 'The retailer on Thursday announced a new partnership with fast-food chain Burger King that will offer members of its Walmart+ subscription program 25% off any Burger King order made through the BK app.', 'Members will also be eligible for a free flame-grilled Whopper every three months starting in September with a purchase, according to a news release.', 'Walmart positioned the added benefits as cost savings for its members.', 'It comes at a time when cost-conscious diners increasingly hunt for value.', '""We\'re confident our members will welcome the additional savings, and we\'re thrilled to collaborate with a trusted brand like Burger King to offer this benefit,"" Venessa Yates, senior vice president and general manager, said in a statement.', 'Walmart+ costs $12.95 per month, or $98 annually, and includes free shipping and delivery on Walmart orders.', 'In 2022, Walmart struck a streaming deal with Paramount Global to offer Walmart+ members free access to an ad-supported plan on Paramount+.""We\'re thrilled to join the Walmart+ program as its first ever dining partner and look forward to providing members of Walmart+ even more savings on their flame-grilled favorites at Burger King,"" said Pat O\'Toole, chief marketing officer for Burger King North America, in a statement.']",0.4476056920287553,"""We're confident our members will welcome the additional savings, and we're thrilled to collaborate with a trusted brand like Burger King to offer this benefit,"" Venessa Yates, senior vice president and general manager, said in a statement.",,0.9945579767227172,"In 2022, Walmart struck a streaming deal with Paramount Global to offer Walmart+ members free access to an ad-supported plan on Paramount+.""We're thrilled to join the Walmart+ program as its first ever dining partner and look forward to providing members of Walmart+ even more savings on their flame-grilled favorites at Burger King,"" said Pat O'Toole, chief marketing officer for Burger King North America, in a statement.",,2024-08-29
Homelessness: Councils spent £1bn housing families in England,https://www.bbc.co.uk/news/articles/cj9l8njg2rzo,2024-08-29T16:06:31.985Z,"Councils in England spent a record £1bn on temporary accommodation for homeless families in the past year. This is more than 50% higher than the year before, driven by record numbers of families living in short-term housing, including over 150,000 children. Councils spent £417m accommodating families in hostels and bed and breakfasts, a 63% increase on the year before. The Labour government has said it inherited a housing crisis which has ""left families stuck living in temporary accommodation"". In a statement, a housing ministry spokesperson said the government would deliver on its target of 1.5 million homes and ""prevent homelessness before it occurs"" by banning no-fault evictions.  Experts say soaring private rents, a lack of housebuilding and increased eviction rates have made homelessness a chronic problem. Romel Peters, 37, has been stuck in temporary accommodation in London with her two young sons for over a year after being served a no-fault eviction by her private landlord. The family all sleep in one room, while the “filthy” cooking and washing facilities are shared with other tenants. “I can’t even describe how dirty the place is. I don’t cook here, my family cook and bring us food or I will cook at my mum’s house.  ""I’ve gone into the kitchen to cook food and there have been cockroaches around the microwave,” she said. She worries about the impact on her children, who have little space to play or do their homework, while most of their toys are in storage. Romel had been on her local council’s housing list for almost a decade when she was evicted – only to be told she was no longer eligible because she had previously been renting privately. “I’m devastated, I’ve been trying to contact the council for 18 months and no case worker has ever contacted me [back].  ""I tried to find something myself and join housing associations, but they need a referral from the council and for weeks they got no reply."" The council now want the family to move to temporary accommodation three hours away in West Bromwich.  As she doesn’t want to leave her family network or the children’s school behind, she refused – and the council says it no longer has a duty to help her. The family now face being homeless again as she cannot afford the increased cost of renting privately. Latest figures from the Office for National Statistics show average rent increases across the UK ranged from 8.6% in England through to 8.2% in Scotland and 7.9% in Wales. Northern Ireland's data lags behind the rest of the UK, with figures currently available up to the end of last year. The ONS reported a 10% increase in the country for the year to May 2024. High inflation - in part caused by the Covid pandemic and high energy prices after Russia invaded Ukraine - has kept rent prices high. Polly Neate, chief executive of Shelter, said: “It’s absurd that we keep throwing good money after bad into grim homeless accommodation instead of investing in solutions that would help families into a safe and secure home. “Decades of failure to build enough social homes combined with runaway rents and rising evictions has caused homelessness to spiral.  ""Too many children are being forced to grow up homeless in grotty, cramped hostels and B&Bs, sharing beds with their siblings, with no place to play or do their homework. “Rather than sinking billions into temporary solutions every year, the government must invest in genuinely affordable social homes and support councils so they can start building them.""  Shelter is calling on the government to build 90,000 social homes over the next decade. They and other housing charities point out the real cost of homelessness to the public is even higher.   They say the figures, published by the Ministry of Housing, Communities and Local Government, show £2.3bn was spent paying for households in temporary accommodation once housing benefit, which is paid by the government, was included. Housing is not just a problem in England - the devolved nations are equally under pressure. In Scotland, the government has declared a national housing emergency. It is offering targeted funding of £2 million in 2023 to 2024 to the local authorities facing the most significant temporary accommodation pressures. The latest data on spending on temporary accommodation in Wales has risen from £5.6m in 2018, to £42.9m in 2022 - a seven-fold increase - based on data from 20 out of 22 councils. There are also problems in Northern Ireland - the country's Housing Executive chief executive Grainia Long says there are 11,000 placements in temporary accommodation, compared to 3,000 before the Covid pandemic. ",BBC,29/08/2024,"['Councils in England spent a record £1bn on temporary accommodation for homeless families in the past year.', 'This is more than 50% higher than the year before, driven by record numbers of families living in short-term housing, including over 150,000 children.', 'Councils spent £417m accommodating families in hostels and bed and breakfasts, a 63% increase on the year before.', 'The Labour government has said it inherited a housing crisis which has ""left families stuck living in temporary accommodation"".', 'In a statement, a housing ministry spokesperson said the government would deliver on its target of 1.5 million homes and ""prevent homelessness before it occurs"" by banning no-fault evictions.', 'Experts say soaring private rents, a lack of housebuilding and increased eviction rates have made homelessness a chronic problem.', 'Romel Peters, 37, has been stuck in temporary accommodation in London with her two young sons for over a year after being served a no-fault eviction by her private landlord.', 'The family all sleep in one room, while the “filthy” cooking and washing facilities are shared with other tenants. “', 'I can’t even describe how dirty the place is.', 'I don’t cook here, my family cook and bring us food or I will cook at my mum’s house. ""', 'I’ve gone into the kitchen to cook food and there have been cockroaches around the microwave,” she said.', 'She worries about the impact on her children, who have little space to play or do their homework, while most of their toys are in storage.', 'Romel had been on her local council’s housing list for almost a decade when she was evicted – only to be told she was no longer eligible because she had previously been renting privately. “', 'I’m devastated, I’ve been trying to contact the council for 18 months and no case worker has ever contacted me [back]. ""', 'I tried to find something myself and join housing associations, but they need a referral from the council and for weeks they got no reply.""', 'The council now want the family to move to temporary accommodation three hours away in West Bromwich.', 'As she doesn’t want to leave her family network or the children’s school behind, she refused – and the council says it no longer has a duty to help her.', 'The family now face being homeless again as she cannot afford the increased cost of renting privately.', 'Latest figures from the Office for National Statistics show average rent increases across the UK ranged from 8.6% in England through to 8.2% in Scotland and 7.9% in Wales.', ""Northern Ireland's data lags behind the rest of the UK, with figures currently available up to the end of last year."", 'The ONS reported a 10% increase in the country for the year to May 2024.', 'High inflation - in part caused by the Covid pandemic and high energy prices after Russia invaded Ukraine - has kept rent prices high.', 'Polly Neate, chief executive of Shelter, said: “It’s absurd that we keep throwing good money after bad into grim homeless accommodation instead of investing in solutions that would help families into a safe and secure home. “', 'Decades of failure to build enough social homes combined with runaway rents and rising evictions has caused homelessness to spiral. ""', 'Too many children are being forced to grow up homeless in grotty, cramped hostels and B&Bs, sharing beds with their siblings, with no place to play or do their homework. “', 'Rather than sinking billions into temporary solutions every year, the government must invest in genuinely affordable social homes and support councils so they can start building them.""', 'Shelter is calling on the government to build 90,000 social homes over the next decade.', 'They and other housing charities point out the real cost of homelessness to the public is even higher.', 'They say the figures, published by the Ministry of Housing, Communities and Local Government, show £2.3bn was spent paying for households in temporary accommodation once housing benefit, which is paid by the government, was included.', 'Housing is not just a problem in England - the devolved nations are equally under pressure.', 'In Scotland, the government has declared a national housing emergency.', 'It is offering targeted funding of £2 million in 2023 to 2024 to the local authorities facing the most significant temporary accommodation pressures.', 'The latest data on spending on temporary accommodation in Wales has risen from £5.6m in 2018, to £42.9m in 2022 - a seven-fold increase - based on data from 20 out of 22 councils.', ""There are also problems in Northern Ireland - the country's Housing Executive chief executive Grainia Long says there are 11,000 placements in temporary accommodation, compared to 3,000 before the Covid pandemic.""]",-0.0940055810183249,"Rather than sinking billions into temporary solutions every year, the government must invest in genuinely affordable social homes and support councils so they can start building them.""","Romel Peters, 37, has been stuck in temporary accommodation in London with her two young sons for over a year after being served a no-fault eviction by her private landlord.",-0.1623226158759173,The ONS reported a 10% increase in the country for the year to May 2024.,"Decades of failure to build enough social homes combined with runaway rents and rising evictions has caused homelessness to spiral. """,2024-08-29
South Korea battery maker boss arrested over deadly fire,https://www.bbc.co.uk/news/articles/c5y35nvvepwo,2024-08-29T03:47:03.969Z,"The chief executive of Aricell, a South Korean lithium battery company, has been arrested over a massive factory fire in June that killed 23 people and injured nine others.  A court approved the warrant for Park Soon-kwan's arrest on Wednesday. Investigators have said Aricell's management is suspected of workplace safety violations. The fire was one of South Korea's worst factory disasters in recent years. Aricells' parent company, S-Connect, did not immediately respond to a BBC request for comment. After the fire Mr Park issued an apology: ""We are deeply saddened by the loss of life and would like to express our deepest condolences and apologies to the bereaved families."" ""We take great responsibility and will sincerely provide support to the deceased and their families in every way possible,"" he added.  His arrest comes after a police investigation found that the factory had been rushing to meet production deadlines. Investigators said there were a number of safety issues at the plant, including a failure to address quality defects in batteries and hiring unskilled staff to handle dangerous materials. It was also alleged that Aricell had been cheating in quality inspections related to contracts with the military. The blaze broke out on 24 June after several battery cells exploded. At the time of the fire, the Aricell factory housed an estimated 35,000 battery cells on its second floor, where batteries were inspected and packaged. As a lithium fire can react intensely with water, firefighters had to use dry sand to extinguish the blaze, which took several hours to get under control. The victims were mostly foreign workers, from country's including China and Laos. South Korea is a leading producer of lithium batteries, which are used in many items from electric cars to laptops. ",BBC,29/08/2024,"['The chief executive of Aricell, a South Korean lithium battery company, has been arrested over a massive factory fire in June that killed 23 people and injured nine others.', ""A court approved the warrant for Park Soon-kwan's arrest on Wednesday."", ""Investigators have said Aricell's management is suspected of workplace safety violations."", ""The fire was one of South Korea's worst factory disasters in recent years."", ""Aricells' parent company, S-Connect, did not immediately respond to a BBC request for comment."", 'After the fire Mr Park issued an apology: ""We are deeply saddened by the loss of life and would like to express our deepest condolences and apologies to the bereaved families."" ""', 'We take great responsibility and will sincerely provide support to the deceased and their families in every way possible,"" he added.', 'His arrest comes after a police investigation found that the factory had been rushing to meet production deadlines.', 'Investigators said there were a number of safety issues at the plant, including a failure to address quality defects in batteries and hiring unskilled staff to handle dangerous materials.', 'It was also alleged that Aricell had been cheating in quality inspections related to contracts with the military.', 'The blaze broke out on 24 June after several battery cells exploded.', 'At the time of the fire, the Aricell factory housed an estimated 35,000 battery cells on its second floor, where batteries were inspected and packaged.', 'As a lithium fire can react intensely with water, firefighters had to use dry sand to extinguish the blaze, which took several hours to get under control.', ""The victims were mostly foreign workers, from country's including China and Laos."", 'South Korea is a leading producer of lithium batteries, which are used in many items from electric cars to laptops.']",-0.3362992556668456,"We take great responsibility and will sincerely provide support to the deceased and their families in every way possible,"" he added.","The chief executive of Aricell, a South Korean lithium battery company, has been arrested over a massive factory fire in June that killed 23 people and injured nine others.",-0.9734751582145692,,It was also alleged that Aricell had been cheating in quality inspections related to contracts with the military.,2024-08-29
"Bitcoin rally helps create more than 84,000 new crypto millionaires in a year",https://www.cnbc.com/2024/08/27/bitcoin-rally-new-crypto-billionaires.html,2024-08-27T12:40:08+0000,"The population of crypto millionaires in the world soared 95% over the past year, as bitcoin ETFs and other crypto assets climbed, according to a new report.There are now 172,300 individuals worldwide holding over $1 million in crypto assets, up from 88,200 last year, according to a report from New World Wealth and Henley & Partners. The number of pure bitcoin millionaires more than doubled, to 85,400.The ranks of the crypto rich have grown all the way up the wealth ladder. There are now 325 crypto centi-millionaires (those with $100 million or more in crypto holdings), and 28 crypto billionaires, according to the report.The surge reflects the rapid growth of bitcoin ETFs, which now have over $50 billion in assets since their launch in January and have touched off a wave of institutional participation.The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.Subscribe here to get access today. The price of bitcoin has jumped 45% this year to about 64,000. As other coins have increased in value, the market cap of crypto assets has increased to $2.3 trillion, according to Henley, up from $1.2 trillion last summer.Of the six new crypto billionaires created over the past year, five can attribute their newfound wealth to bitcoin, ""underscoring its dominant position when it comes to attracting long-term investors who buy large holdings,"" according to Andrew Amoils, head of research for New World Wealth.According to Forbes, the richest crypto billionaire (for the third year in a row) is Changpeng Zhao, the founder and former CEO of crypto exchange Binance, who's worth an estimated $33 billion. Zhao pled guilty to U.S. money laundering charges in November and agreed to pay a $50 million fine. His wealth has soared by more than $10.5 billion over the past year.Ranking second is Brian Armstrong, the co-founder of Coinbase, worth an estimated $11 billion, according to Forbes. He's followed by Giancarlo Devasini, the chief financial officer of Tether; and Michael Saylor, the cofounder of MicroStrategy, according to the list.Granted, many crypto assets are still below their 2021 highs, and bitcoin's recent rise essentially marks a three-year round-trip to those levels. Crypto assets reached a market cap of $3 trillion in November of 2021.Yet the growing acceptance of crypto assets among big asset managers like BlackRock and Fidelity, with help from Morgan Stanley's salesforce of 15,000 brokers, could fuel further wealth creation among large crypto holders.Crypto will not only create more millionaires and billionaires, but it will also change where the rich live and work. According to Henley, many of the newly crypto rich are looking to move to tax-friendly and crypto-friendly jurisdictions.""We've seen a significant uptick in crypto-wealthy clients seeking alternative residence and citizenship options,"" said Dominic Volek, head of private clients at Henley & Partners.To better advise the new crypto nomads, Henley created a ""Crypto Adoption Index,"" ranking countries according to their tax and regulatory approach to crypto. Singapore ranks first on the index, due to its ""supportive banking system, significant investment, comprehensive regulations such as the Payment Services Act, regulatory sandboxes, and alignment with global standards,"" according to Henley.Hong Kong ranked second, followed by the United Arab Emirates and the United States. In the U.S., according to the report, 15% of the population owns cryptocurrencies: ""This is supported by strong infrastructure, with a high density of crypto ATMs, crypto-friendly banks, and an increasing number of businesses accepting cryptocurrency,"" the report said.Correction: This story has been updated to correct a headline that misstated the number of crypto millionaires created by the bitcoin rally.",CNBC,27/08/2024,"['The population of crypto millionaires in the world soared 95% over the past year, as bitcoin ETFs and other crypto assets climbed, according to a new report.', 'There are now 172,300 individuals worldwide holding over $1 million in crypto assets, up from 88,200 last year, according to a report from New World Wealth and Henley & Partners.', 'The number of pure bitcoin millionaires more than doubled, to 85,400.The ranks of the crypto rich have grown all the way up the wealth ladder.', 'There are now 325 crypto centi-millionaires (those with $100 million or more in crypto holdings), and 28 crypto billionaires, according to the report.', 'The surge reflects the rapid growth of bitcoin ETFs, which now have over $50 billion in assets since their launch in January and have touched off a wave of institutional participation.', 'The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.', 'Subscribe here to get access today.', 'The price of bitcoin has jumped 45% this year to about 64,000.', 'As other coins have increased in value, the market cap of crypto assets has increased to $2.3 trillion, according to Henley, up from $1.2 trillion last summer.', 'Of the six new crypto billionaires created over the past year, five can attribute their newfound wealth to bitcoin, ""underscoring its dominant position when it comes to attracting long-term investors who buy large holdings,"" according to Andrew Amoils, head of research for New World Wealth.', ""According to Forbes, the richest crypto billionaire (for the third year in a row) is Changpeng Zhao, the founder and former CEO of crypto exchange Binance, who's worth an estimated $33 billion."", 'Zhao pled guilty to U.S. money laundering charges in November and agreed to pay a $50 million fine.', 'His wealth has soared by more than $10.5 billion over the past year.', 'Ranking second is Brian Armstrong, the co-founder of Coinbase, worth an estimated $11 billion, according to Forbes.', ""He's followed by Giancarlo Devasini, the chief financial officer of Tether; and Michael Saylor, the cofounder of MicroStrategy, according to the list."", ""Granted, many crypto assets are still below their 2021 highs, and bitcoin's recent rise essentially marks a three-year round-trip to those levels."", ""Crypto assets reached a market cap of $3 trillion in November of 2021.Yet the growing acceptance of crypto assets among big asset managers like BlackRock and Fidelity, with help from Morgan Stanley's salesforce of 15,000 brokers, could fuel further wealth creation among large crypto holders."", 'Crypto will not only create more millionaires and billionaires, but it will also change where the rich live and work.', 'According to Henley, many of the newly crypto rich are looking to move to tax-friendly and crypto-friendly jurisdictions.', '""We\'ve seen a significant uptick in crypto-wealthy clients seeking alternative residence and citizenship options,"" said Dominic Volek, head of private clients at Henley & Partners.', 'To better advise the new crypto nomads, Henley created a ""Crypto Adoption Index,"" ranking countries according to their tax and regulatory approach to crypto.', 'Singapore ranks first on the index, due to its ""supportive banking system, significant investment, comprehensive regulations such as the Payment Services Act, regulatory sandboxes, and alignment with global standards,"" according to Henley.', 'Hong Kong ranked second, followed by the United Arab Emirates and the United States.', 'In the U.S., according to the report, 15% of the population owns cryptocurrencies: ""This is supported by strong infrastructure, with a high density of crypto ATMs, crypto-friendly banks, and an increasing number of businesses accepting cryptocurrency,"" the report said.', 'Correction: This story has been updated to correct a headline that misstated the number of crypto millionaires created by the bitcoin rally.']",0.4754463428446764,"Crypto assets reached a market cap of $3 trillion in November of 2021.Yet the growing acceptance of crypto assets among big asset managers like BlackRock and Fidelity, with help from Morgan Stanley's salesforce of 15,000 brokers, could fuel further wealth creation among large crypto holders.",Zhao pled guilty to U.S. money laundering charges in November and agreed to pay a $50 million fine.,0.935733050107956,"The population of crypto millionaires in the world soared 95% over the past year, as bitcoin ETFs and other crypto assets climbed, according to a new report.",,2024-08-29
Energy bills: Help urged for struggling pensioners,https://www.bbc.co.uk/news/articles/clyg3nk8kjno,2024-08-28T03:28:48.925Z,"Pensioners with the highest needs and lowest incomes should receive better targeted support with energy bills, says Citizens' Advice. From next month, those not on pension credit or other means-tested benefits will no longer get the annual winter fuel payments, worth between £100 and £300. But Citizens' Advice boss Dame Clare Moriarty, who attended a government meeting with energy firms to discuss the issue on Wednesday, called for a ""social tariff"" - discounted bills for those least able to afford them. The prime minister has defended the decision to scrap universal winter fuel payments, saying it was needed to repair what he claims is a £22bn ""hole"" in the public finances. In a speech on Tuesday, Sir Keir Starmer said he had to be honest that ""things [would] get worse before they [got] better"" when it came to public spending. The meeting to discuss how to help those struggling with energy bills was called last week by Energy Consumers Minister Miatta Fahnbulleh after it was announced the energy price cap would rise from October. Regulator Ofgem has said gas and electricity prices will rise by 10% in England, Scotland and Wales under the new energy price cap, with the typical annual dual-fuel bill paid by direct debit to be £1,717 per year. Ofgem, trade association Energy UK and Citizens Advice all attended the meeting.  Following the meeting, Ms Fahnbulleh said the determination from all those present to protect vulnerable families was clear.  ""We are committed to putting in place winter support this October. We will be hashing out the details over the next month so that families that need it are protected in the colder months.” Energy UK chief executive Emma Pinchbeck told the BBC that the ""red lights [were] flashing on the dashboard"". ""It was crystal clear that we all agree there was a real problem for this winter. ""We definitely need intervention. We have to do our bit as industry but we know it’s got to be a partnership with government."" She added that the meeting had been ""really positive"" with some ""good ideas in the room"". Both Octopus Energy and Good Energy called for long-term investment in renewables to help bring bills down. Good Energy also repeated its call for the government to implement a social tariff.  Earlier, Dame Clare said: ""Winter fuel payment will still be paid to people receiving pension credit, and that’s actually one of the most underclaimed benefits there is, so 1.4 million people receive pension credit and there’s nearly another 900,000 people who could. ""It’s really important to see better support so that people do access it."" However, there are concerns the government's decision to stop the payments for everyone could create a public health emergency.  Speaking to the BBC, Dame Clare said pensioners who are least able to afford gas and electricity should be put on to a social tariff offering discounted bills. And she said energy suppliers ""need to step up to their responsibilities on energy efficiency and on payment plans for those who are struggling"". Roger Gardner, 73, is classed as extremely clinically vulnerable. He told the BBC that means he has to stay warm in the winter. He and his wife have lost their winter fuel payments, a change they didn't anticipate.  ""It's not as though we've got extra money coming in. Unfortunately when you're a pensioner, money is limited and what you've got coming in, that is it and you've got to plan how you spend it really wisely."" He said they don't eat much anyway so they can't cut down on food. ""Turning [down] the thermostat unfortunately doesn't work because I've got to keep warm all the time in the winter. We're hoping that we don't have a cold winter."" The charity Age UK says it believes ""as many as two million pensioners who find paying their energy bills a real stretch will be seriously hit by this cut"" and have launched a petition calling for a government U-turn.  The Conservatives have also urged Labour to back down on the decision and are seeking to challenge the policy change in the House of Commons.  The decision was announced in July by Chancellor Rachel Reeves and applies to pensioners in England and Wales. Subsequently the Scottish government has said it will follow suit and scrap universal fuel payments. Since the announcement both Ms Reeves and Sir Keir have defended the move.  On Tuesday, the prime minister said he ""didn't want to means-test the winter fuel payment but it was a choice we had to take"". Speaking on Wednesday, the chancellor said it was necessary ""given the inheritance that we faced from the Conservative government"". However, Paul Johnson of the Institute for Fiscal Studies has previously said ""half of [the] spending 'hole' is public pay over which government made a choice and where pressures were known"". For example, £9bn of that came from government agreeing higher pay awards to the public sector.  Wednesday's meeting followed the publication of a new report that has found that the reduction of people in fuel poverty has ""flatlined"" in the past few years. ""There has been a stalling of progress,"" said Caroline Flint, chair of the Committee on Fuel Poverty, which advises the government. Ms Flint said that while the war in Ukraine and the Covid pandemic had ""obscured the lack of material progress"" being made in fuel poverty reduction, the committee had hoped more progress would have been made on its 2023 recommendations. These included improving the affordability of bills through fairer pricing and creating a ""robust"" fuel poverty strategy.  She said eligibility for the Warm Home Discount - a one-off £150 discount applied to electricity bills by suppliers - needed to be widened.  She called for a ""winter plan"" to help struggling households, including the one in four households in private rented accommodation. Ms Flint added that without a change in government policy, a drop in fuel poverty levels was unlikely in the near future.  ",BBC,28/08/2024,"[""Pensioners with the highest needs and lowest incomes should receive better targeted support with energy bills, says Citizens' Advice."", 'From next month, those not on pension credit or other means-tested benefits will no longer get the annual winter fuel payments, worth between £100 and £300.', 'But Citizens\' Advice boss Dame Clare Moriarty, who attended a government meeting with energy firms to discuss the issue on Wednesday, called for a ""social tariff"" - discounted bills for those least able to afford them.', 'The prime minister has defended the decision to scrap universal winter fuel payments, saying it was needed to repair what he claims is a £22bn ""hole"" in the public finances.', 'In a speech on Tuesday, Sir Keir Starmer said he had to be honest that ""things [would] get worse before they [got] better"" when it came to public spending.', 'The meeting to discuss how to help those struggling with energy bills was called last week by Energy Consumers Minister Miatta Fahnbulleh after it was announced the energy price cap would rise from October.', 'Regulator Ofgem has said gas and electricity prices will rise by 10% in England, Scotland and Wales under the new energy price cap, with the typical annual dual-fuel bill paid by direct debit to be £1,717 per year.', 'Ofgem, trade association Energy UK and Citizens Advice all attended the meeting.', 'Following the meeting, Ms Fahnbulleh said the determination from all those present to protect vulnerable families was clear. ""', 'We are committed to putting in place winter support this October.', 'We will be hashing out the details over the next month so that families that need it are protected in the colder months.”', 'Energy UK chief executive Emma Pinchbeck told the BBC that the ""red lights [were] flashing on the dashboard"". ""', 'It was crystal clear that we all agree there was a real problem for this winter. ""', 'We definitely need intervention.', 'We have to do our bit as industry but we know it’s got to be a partnership with government.""', 'She added that the meeting had been ""really positive"" with some ""good ideas in the room"".', 'Both Octopus Energy and Good Energy called for long-term investment in renewables to help bring bills down.', 'Good Energy also repeated its call for the government to implement a social tariff.', 'Earlier, Dame Clare said: ""Winter fuel payment will still be paid to people receiving pension credit, and that’s actually one of the most underclaimed benefits there is, so 1.4 million people receive pension credit and there’s nearly another 900,000 people who could. ""', 'It’s really important to see better support so that people do access it.""', ""However, there are concerns the government's decision to stop the payments for everyone could create a public health emergency."", 'Speaking to the BBC, Dame Clare said pensioners who are least able to afford gas and electricity should be put on to a social tariff offering discounted bills.', 'And she said energy suppliers ""need to step up to their responsibilities on energy efficiency and on payment plans for those who are struggling"".', 'Roger Gardner, 73, is classed as extremely clinically vulnerable.', 'He told the BBC that means he has to stay warm in the winter.', 'He and his wife have lost their winter fuel payments, a change they didn\'t anticipate. ""', ""It's not as though we've got extra money coming in."", 'Unfortunately when you\'re a pensioner, money is limited and what you\'ve got coming in, that is it and you\'ve got to plan how you spend it really wisely.""', 'He said they don\'t eat much anyway so they can\'t cut down on food. ""', ""Turning [down] the thermostat unfortunately doesn't work because I've got to keep warm all the time in the winter."", 'We\'re hoping that we don\'t have a cold winter.""', 'The charity Age UK says it believes ""as many as two million pensioners who find paying their energy bills a real stretch will be seriously hit by this cut"" and have launched a petition calling for a government U-turn.', 'The Conservatives have also urged Labour to back down on the decision and are seeking to challenge the policy change in the House of Commons.', 'The decision was announced in July by Chancellor Rachel Reeves and applies to pensioners in England and Wales.', 'Subsequently the Scottish government has said it will follow suit and scrap universal fuel payments.', 'Since the announcement both Ms Reeves and Sir Keir have defended the move.', 'On Tuesday, the prime minister said he ""didn\'t want to means-test the winter fuel payment but it was a choice we had to take"".', 'Speaking on Wednesday, the chancellor said it was necessary ""given the inheritance that we faced from the Conservative government"".', 'However, Paul Johnson of the Institute for Fiscal Studies has previously said ""half of [the] spending \'hole\' is public pay over which government made a choice and where pressures were known"".', 'For example, £9bn of that came from government agreeing higher pay awards to the public sector.', 'Wednesday\'s meeting followed the publication of a new report that has found that the reduction of people in fuel poverty has ""flatlined"" in the past few years. ""', 'There has been a stalling of progress,"" said Caroline Flint, chair of the Committee on Fuel Poverty, which advises the government.', 'Ms Flint said that while the war in Ukraine and the Covid pandemic had ""obscured the lack of material progress"" being made in fuel poverty reduction, the committee had hoped more progress would have been made on its 2023 recommendations.', 'These included improving the affordability of bills through fairer pricing and creating a ""robust"" fuel poverty strategy.', 'She said eligibility for the Warm Home Discount - a one-off £150 discount applied to electricity bills by suppliers - needed to be widened.', 'She called for a ""winter plan"" to help struggling households, including the one in four households in private rented accommodation.', 'Ms Flint added that without a change in government policy, a drop in fuel poverty levels was unlikely in the near future.']",0.1836555759099886,Both Octopus Energy and Good Energy called for long-term investment in renewables to help bring bills down.,"Ms Flint added that without a change in government policy, a drop in fuel poverty levels was unlikely in the near future.",0.1298028439283371,"Wednesday's meeting followed the publication of a new report that has found that the reduction of people in fuel poverty has ""flatlined"" in the past few years. ""","There has been a stalling of progress,"" said Caroline Flint, chair of the Committee on Fuel Poverty, which advises the government.",2024-08-29
"Lululemon cuts guidance, misses sales estimates after botched product launch",https://www.cnbc.com/2024/08/29/lululemon-lulu-earnings-q2-2024.html,2024-08-29T21:43:28+0000,"In this articleLululemon lowered its guidance and posted its first revenue miss in more than two years on Thursday after it botched a highly anticipated product launch and growth slowed in the Americas. The company now expects full-year net revenue to be between $10.38 and $10.48 billion, down from a previous range of between $10.7 billion and $10.8 billion. Lululemon anticipates earnings per share will be in a range of $13.95 to $14.15, down from previous guidance of $14.27 to $14.47.Here's how company did in its fiscal second quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv:Shares rose more than 2% in extended trading after initially falling.The company's reported net income for the three-month period that ended July 28 was $393 million, or $3.15 per share, compared with $342 million, or $2.68 per share, a year earlier. Sales rose to $2.37 billion, up about 7% from $2.21 billion a year earlier. Beyond total sales, Lululemon also missed expectations on comparable sales, which grew 2%, well behind estimates of 5.9%, according to StreetAccount. Comparable sales in the Americas fell 3%.The trend doesn't appear poised to improve in the current quarter. Lululemon said it expects sales to grow 6% to 7%, worse than the 9.2% growth that analysts had expected, according to LSEG.However, Lululemon's profit guidance is roughly in line with what Wall Street anticipated. The company said it expects third-quarter earnings per share to be between $2.68 and $2.73, compared to estimates of $2.70, according to LSEG.During the quarter, Lululemon pulled its Breezethrough leggings, launched in early July, after it received a wave of complaints about the product's unflattering fit.On a call with analysts, CEO Calvin McDonald addressed the Breezethrough launch and said it was an opportunity for the company to ""test and learn."" He added the company bought a small amount of product for the launch.""While guests were excited by the fabric, the design didn't meet their expectations. Listening to our guests is central to who we are and how we grow our brand, and we took the right step of pausing on sales and look forward to reintroducing the fabric in the future,"" said McDonald. ""This decision had a negligible impact on our performance in this quarter.""The botched launch came after the company struggled with other self-inflicted issues with its assortment, including not having the colors and sizes that its core customers desired, which has had an impact on sales in the U.S. During the quarter, sales grew only 1% in the Americas, the company's largest region.On a call with analysts, McDonald acknowledged Lululemon's women's business has slowed down in the U.S. He said the company has determined the ""most significant factor"" affecting the segment is a lack of new styles, which has hurt sales of bottoms and the company's online business.""The newness that we had performed well. We simply did not have enough to inspire her to purchase,"" he said.McDonald insisted that the Lululemon brand ""remains strong in the U.S. market"" and said its men's business continues to grow.""Guests are looking for our product, coming into our stores and visiting our e-commerce sites,"" said McDonald.Lululemon's product challenges follow the departure of its longtime Chief Product Officer Sun Choe, who resigned in May to pursue another opportunity. At the time, the decision weighed on Lululemon's stock over concerns that Choe's department would hurt the company's ability to innovate and keep winning over customers with trendy new fits.McDonald said the company had a succession plan in place at the time of Choe's departure, and said the company's global creative director, Jonathan Cheung, would report directly to McDonald and oversee product design and innovation.The company also appointed Nikki Neuburger as its new chief brand and product activation officer, overseeing merchandising, footwear, and product operations. On Thursday, McDonald said he and Neuberger are ""pleased"" with the new structure, which puts design and merchandising on ""equal footing"" and ""reestablishes the healthy balance that must exist within a product organization.""""The teams are working well together and already in action,"" said McDonald.Like other retailers that are seeing demand slow, Lululemon appears focused on what's within its control: operations and efficiency. While the sales picture during the quarter was rougher than expected, Lululemon's profits came in higher than anticipated.Gross profit grew 9% to $1.4 billion, while its gross margin increase 0.8 percentage points to 59.6% — better than the 57.7% that analysts had expected, according to StreetAccount. Its operating margin and operating income also increased.Sales jumped 29% in Lululemon's international markets as the company looks to China for growth.",CNBC,29/08/2024,"['In this articleLululemon lowered its guidance and posted its first revenue miss in more than two years on Thursday after it botched a highly anticipated product launch and growth slowed in the Americas.', 'The company now expects full-year net revenue to be between $10.38 and $10.48 billion, down from a previous range of between $10.7 billion and $10.8 billion.', ""Lululemon anticipates earnings per share will be in a range of $13.95 to $14.15, down from previous guidance of $14.27 to $14.47.Here's how company did in its fiscal second quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv:Shares rose more than 2% in extended trading after initially falling."", ""The company's reported net income for the three-month period that ended July 28 was $393 million, or $3.15 per share, compared with $342 million, or $2.68 per share, a year earlier."", 'Sales rose to $2.37 billion, up about 7% from $2.21 billion a year earlier.', 'Beyond total sales, Lululemon also missed expectations on comparable sales, which grew 2%, well behind estimates of 5.9%, according to StreetAccount.', ""Comparable sales in the Americas fell 3%.The trend doesn't appear poised to improve in the current quarter."", ""Lululemon said it expects sales to grow 6% to 7%, worse than the 9.2% growth that analysts had expected, according to LSEG.However, Lululemon's profit guidance is roughly in line with what Wall Street anticipated."", ""The company said it expects third-quarter earnings per share to be between $2.68 and $2.73, compared to estimates of $2.70, according to LSEG.During the quarter, Lululemon pulled its Breezethrough leggings, launched in early July, after it received a wave of complaints about the product's unflattering fit."", 'On a call with analysts, CEO Calvin McDonald addressed the Breezethrough launch and said it was an opportunity for the company to ""test and learn.""', 'He added the company bought a small amount of product for the launch.', '""While guests were excited by the fabric, the design didn\'t meet their expectations.', 'Listening to our guests is central to who we are and how we grow our brand, and we took the right step of pausing on sales and look forward to reintroducing the fabric in the future,"" said McDonald. ""', 'This decision had a negligible impact on our performance in this quarter.', '""The botched launch came after the company struggled with other self-inflicted issues with its assortment, including not having the colors and sizes that its core customers desired, which has had an impact on sales in the U.S. During the quarter, sales grew only 1% in the Americas, the company\'s largest region.', 'On a call with analysts, McDonald acknowledged Lululemon\'s women\'s business has slowed down in the U.S. He said the company has determined the ""most significant factor"" affecting the segment is a lack of new styles, which has hurt sales of bottoms and the company\'s online business.', '""The newness that we had performed well.', 'We simply did not have enough to inspire her to purchase,"" he said.', 'McDonald insisted that the Lululemon brand ""remains strong in the U.S. market"" and said its men\'s business continues to grow.', '""Guests are looking for our product, coming into our stores and visiting our e-commerce sites,"" said McDonald.', ""Lululemon's product challenges follow the departure of its longtime Chief Product Officer Sun Choe, who resigned in May to pursue another opportunity."", ""At the time, the decision weighed on Lululemon's stock over concerns that Choe's department would hurt the company's ability to innovate and keep winning over customers with trendy new fits."", ""McDonald said the company had a succession plan in place at the time of Choe's departure, and said the company's global creative director, Jonathan Cheung, would report directly to McDonald and oversee product design and innovation."", 'The company also appointed Nikki Neuburger as its new chief brand and product activation officer, overseeing merchandising, footwear, and product operations.', 'On Thursday, McDonald said he and Neuberger are ""pleased"" with the new structure, which puts design and merchandising on ""equal footing"" and ""reestablishes the healthy balance that must exist within a product organization.', '""""The teams are working well together and already in action,"" said McDonald.', ""Like other retailers that are seeing demand slow, Lululemon appears focused on what's within its control: operations and efficiency."", ""While the sales picture during the quarter was rougher than expected, Lululemon's profits came in higher than anticipated."", 'Gross profit grew 9% to $1.4 billion, while its gross margin increase 0.8 percentage points to 59.6% — better than the 57.7% that analysts had expected, according to StreetAccount.', 'Its operating margin and operating income also increased.', ""Sales jumped 29% in Lululemon's international markets as the company looks to China for growth.""]",0.2833159185811433,"McDonald said the company had a succession plan in place at the time of Choe's departure, and said the company's global creative director, Jonathan Cheung, would report directly to McDonald and oversee product design and innovation.","On a call with analysts, McDonald acknowledged Lululemon's women's business has slowed down in the U.S. He said the company has determined the ""most significant factor"" affecting the segment is a lack of new styles, which has hurt sales of bottoms and the company's online business.",-0.0151737928390502,"Gross profit grew 9% to $1.4 billion, while its gross margin increase 0.8 percentage points to 59.6% — better than the 57.7% that analysts had expected, according to StreetAccount.",In this articleLululemon lowered its guidance and posted its first revenue miss in more than two years on Thursday after it botched a highly anticipated product launch and growth slowed in the Americas.,2024-08-29
Home sales rose in July for the first time in five months,https://www.cnbc.com/2024/08/22/july-home-sales-break-4-month-losing-streak-as-supply-rises-nearly-20percent.html,2024-08-22T16:18:44+0000,"Closed sales of previously owned homes rose 1.3% in July compared with June to a seasonally adjusted, annualized rate of 3.95 million units, according to the National Association of Realtors. That was the first gain in five months.Sales were 2.5% lower compared with the same time last year.Sales saw the biggest gains in the Northeast and were flat in the Midwest. Prices also rose the most in the Northeast.""Despite the modest gain, home sales are still sluggish,"" said Lawrence Yun, the NAR's chief economist, in a release. ""But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.""These sales are based on contracts that were likely signed in May and June, when mortgage rates were well over 7% on the popular 30-year fixed loan. Rates began dropping in July and are now hovering around 6.5%.All-cash offers made up 27% of July sales, up from 26% the year before and far higher than the historical norm.The supply of homes for sale continued to move higher in July. At the end of the month, there were 1.33 million houses on the market, an increase of 0.8% from June and 19.8% higher than in July 2023. At the current sales pace, that represents a four-month supply, slightly lower than it was in June.The increase in supply did not, however, help to cool home prices. The median price of an existing home sold in July was $442,600, an increase of 4.2% year over year.First-time buyers made up 29% of sales in July, unchanged from June but down from 30% in July 2023. Historically, these buyers make up closer to 40% of home sales, but affordability has been hit hard in the last two years due to fast-rising home prices and higher mortgage rates.With rates now slightly lower, demand is starting to pick up. A separate report from Redfin, a real estate brokerage, found requests for tours and other buying services from Redfin agents rose 4% over the last week to their highest level in two months.Correction: A previous version of this story misstated a time frame for the decline in home sales.",CNBC,22/08/2024,"['Closed sales of previously owned homes rose 1.3% in July compared with June to a seasonally adjusted, annualized rate of 3.95 million units, according to the National Association of Realtors.', 'That was the first gain in five months.', 'Sales were2.5% lower compared with the same time last year.', 'Sales saw the biggest gains in the Northeast and were flat in the Midwest.', 'Prices also rose the most in the Northeast.', '""Despite the modest gain, home sales are still sluggish,"" said Lawrence Yun, the NAR\'s chief economist, in a release. ""', 'But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.', '""These sales are based on contracts that were likely signed in May and June, when mortgage rates were well over 7% on the popular 30-year fixed loan.', 'Rates began dropping in July and are now hovering around 6.5%.All-cash offers made up 27% of July sales, up from 26% the year before and far higher than the historical norm.', 'The supply of homes for sale continued to move higher in July.', 'At the end of the month, there were1.33 million houses on the market, an increase of0.8% from June and 19.8% higher than in July 2023.', 'At the current sales pace, that represents afour-month supply, slightly lower than it was in June.', 'The increase in supply did not, however, help to cool home prices.', 'The median price of an existing home sold in July was $442,600, an increase of 4.2% year over year.', 'First-time buyers made up 29% of sales in July, unchanged from June but down from 30% in July 2023.', 'Historically, these buyers make up closer to 40% of home sales, but affordability has been hit hard in the last two years due to fast-rising home prices and higher mortgage rates.', 'With rates now slightly lower, demand is starting to pick up.', 'A separate report from Redfin, a real estate brokerage, found requests for tours and other buying services from Redfin agents rose 4% over the last week to their highest level in two months.', 'Correction: A previous version of this story misstated a time frame for the decline in home sales.']",0.1091956565592473,"But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.","""Despite the modest gain, home sales are still sluggish,"" said Lawrence Yun, the NAR's chief economist, in a release. """,0.3335675762759315,"Closed sales of previously owned homes rose 1.3% in July compared with June to a seasonally adjusted, annualized rate of 3.95 million units, according to the National Association of Realtors.",Sales were2.5% lower compared with the same time last year.,2024-08-29
Shares of Abercrombie & Fitch plunge 15% after CEO warns of 'increasingly uncertain environment',https://www.cnbc.com/2024/08/28/abercrombie-fitch-anf-earnings-q2-2024.html,2024-08-28T14:03:16+0000,"In this articleAbercrombie & Fitch's revenue grew 21% during its fiscal second quarter as the apparel company builds on its torrid growth. The sales gain, which follows 16% growth in the year-ago period, led the company to issue bullish guidance for the current quarter. Still, its full-year outlook was largely in line with estimates as it prepares for one fewer week this year than last. CEO Fran Horowitz – who often says good companies win in any economic environment – may be bracing for a turbulent second half of the year because for the first time in four quarters, she referenced the uncertain state of the economy in the company's earnings release.""We delivered a strong first half of the year, and we are increasing our full-year outlook. Although we continue to operate in an increasingly uncertain environment, we remain steadfast in executing our global playbook and maintaining discipline over inventory and expenses,"" said Horowitz. ""We are on track and confident in our goal to deliver sustainable, profitable growth this year, while making strategic long-term investments across marketing, digital and technology and stores to enable future growth.""The company's shares — which were up nearly 89% this year as of Tuesday's close — fell about 15% in early trading. Here's how Abercrombie did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv:The company's reported net income for the three-month period that ended Aug. 3 was $133 million, or $2.50 per share, compared with $57 million, or $1.10 per share, a year earlier.  Sales rose to $1.13 billion, up about 21% from $935 million a year earlier. During the quarter, same-store sales jumped 18%, driven by better-than-expected summer and back-to-school selling. For the current quarter, Abercrombie expects sales to rise by a low double-digit percentage, better than the 8.9% growth that LSEG analysts had expected. Abercrombie raised its full-year sales guidance from 10% growth to a 12% to 13% increase, which is roughly in line with the 12% rise that LSEG analysts had expected. The company's fiscal 2024 will have one fewer week than fiscal 2023, which is likely weighing on its full-year guidance. Abercrombie expects the loss of one selling week will have an $80 million impact on its holiday quarter, or 5.5 percentage points. For the full year, the company expects it to hit sales by $50 million, or 1.2 percentage points. Over the last year, Abercrombie has become known as retail's biggest comeback story, and investors have been watching to see if the company can keep up its growth. Horowitz has looked to international markets and the company's Hollister and Abercrombie Kids brands as growth vectors, which are already boosting sales. During the quarter, sales at Hollister jumped 17% while comparable sales rose 15%. In the company's Europe, Middle East and Africa division, sales climbed 16%. Costly international expansion was one of the missteps that weighed on Abercrombie's performance in the past, but the company is taking a different approach this time around.Earlier this month, it announced a partnership with Haddad Brands – a licensor of children's wear – to create new distribution channels for Abercrombie Kids and grow the product line to include infant and toddler categories. ""As we work to diversify A&F Co.'s channel mix and drive sustainable, profitable growth, we are thrilled to partner with Haddad Brands to build on our success and create an opportunity to grow the brand in the years ahead by engaging with new customers globally,"" Horowitz said in a statement at the time. Products from Abercrombie Kids are set to be available in Haddad Brands' showrooms globally next month.",CNBC,28/08/2024,"[""In this articleAbercrombie & Fitch's revenue grew 21% during its fiscal second quarter as the apparel company builds on its torrid growth."", 'The sales gain, which follows 16% growth in the year-ago period, led the company to issue bullish guidance for the current quarter.', 'Still, its full-year outlook was largely in line with estimates as it prepares for one fewer week this year than last.', ""CEO Fran Horowitz – who often says good companies win in any economic environment – may be bracing for a turbulent second half of the year because for the first time in four quarters, she referenced the uncertain state of the economy in the company's earnings release."", '""We delivered a strong first half of the year, and we are increasing our full-year outlook.', 'Although we continue to operate in an increasingly uncertain environment, we remain steadfast in executing our global playbook and maintaining discipline over inventory and expenses,"" said Horowitz. ""', 'We are on track and confident in our goal to deliver sustainable, profitable growth this year, while making strategic long-term investments across marketing, digital and technology and stores to enable future growth.', '""The company\'s shares — which were up nearly 89% this year as of Tuesday\'s close — fell about 15% in early trading.', ""Here's how Abercrombie did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv:The company's reported net income for the three-month period that ended Aug. 3 was $133 million, or $2.50 per share, compared with $57 million, or $1.10 per share, a year earlier."", 'Sales rose to $1.13 billion, up about 21% from $935 million a year earlier.', 'During the quarter, same-store sales jumped 18%, driven by better-than-expected summer and back-to-school selling.', 'For the current quarter, Abercrombie expects sales to rise by a low double-digit percentage, better than the 8.9% growth that LSEG analysts had expected.', 'Abercrombie raised its full-year sales guidance from 10% growth to a 12% to 13% increase, which is roughly in line with the 12% rise that LSEG analysts had expected.', ""The company's fiscal 2024 will have one fewer week than fiscal 2023, which is likely weighing on its full-year guidance."", 'Abercrombie expects the loss of one selling week will have an $80 million impact on its holiday quarter, or 5.5 percentage points.', 'For the full year, the company expects it to hit sales by $50 million, or 1.2 percentage points.', ""Over the last year, Abercrombie has become known as retail's biggest comeback story, and investors have been watching to see if the company can keep up its growth."", ""Horowitz has looked to international markets and the company's Hollister and Abercrombie Kids brands as growth vectors, which are already boosting sales."", 'During the quarter, sales at Hollister jumped 17% while comparable sales rose 15%.', ""In the company's Europe, Middle East and Africa division, sales climbed 16%.Costly international expansion was one of the missteps that weighed on Abercrombie's performance in the past, but the company is taking a different approach this time around."", ""Earlier this month, it announced a partnership with Haddad Brands – a licensor of children's wear – to create new distribution channels for Abercrombie Kids and grow the product line to include infant and toddler categories."", '""As we work to diversify A&F Co.\'s channel mix and drive sustainable, profitable growth, we are thrilled to partner with Haddad Brands to build on our success and create an opportunity to grow the brand in the years ahead by engaging with new customers globally,"" Horowitz said in a statement at the time.', ""Products from Abercrombie Kids are set to be available in Haddad Brands' showrooms globally next month.""]",0.3403059944775122,"""As we work to diversify A&F Co.'s channel mix and drive sustainable, profitable growth, we are thrilled to partner with Haddad Brands to build on our success and create an opportunity to grow the brand in the years ahead by engaging with new customers globally,"" Horowitz said in a statement at the time.",,0.6236073403131395,"During the quarter, same-store sales jumped 18%, driven by better-than-expected summer and back-to-school selling.","""The company's shares — which were up nearly 89% this year as of Tuesday's close — fell about 15% in early trading.",2024-08-29
"Eli Lilly releases new form of weight loss drug Zepbound for half the price to boost access, supply",https://www.cnbc.com/2024/08/27/zepbound-eli-lilly-releases-new-cheaper-form-of-weight-loss-drug.html,2024-08-27T21:57:40+0000,"In this articleEli Lilly on Tuesday released a new form of its weight loss drug Zepbound for roughly half its usual monthly list price to reach millions of patients without insurance coverage for the popular injection, such as those with Medicare. The move also aims to expand the supply of Zepbound in the U.S. as demand skyrockets, and to ensure eligible patients are safely accessing the real treatment as cheaper copycat versions gain traction. The company is now offering 2.5-milligram and 5-milligram single-dose vials of Zepbound for $399 per month and $549 per month, respectively, through its direct-to-consumer website. Patients typically start treatment with a 2.5-milligram dose, gradually increase the amount and later take so-called maintenance doses to keep the weight off.The list prices of Zepbound and other popular weight loss drugs, such as Novo Nordisk's Wegovy, are around $1,000 per month before insurance and other rebates. Those treatments are part of a blockbuster class of medications called GLP-1s, which mimic certain gut hormones to tamp down a person's appetite and regulate blood sugar. Patients need to use a syringe and needle to draw up the medicine from a single-dose vial — the version of Zepbound Eli Lilly is releasing Tuesday — and inject themselves. That differs from single-dose autoinjector pens, the currently available form of all Zepbound doses, which patients can directly inject under their skin with the click of a button.Eli Lilly has said the vials will create additional supply capacity because they are easier to manufacture than autoinjector pens.The lower price points will benefit patients who are willing to pay for Zepbound themselves and are enrolled in Medicare or employer-sponsored health plans that do not currently cover obesity treatments, said Patrik Jonsson, president of Eli Lilly diabetes and obesity, in an interview. He noted that Medicare beneficiaries are also not eligible for Eli Lilly's savings card programs for Zepbound. One program allows people with insurance coverage for Zepbound to pay as little as $25 out of pocket.The company offers another to patients whose commercial insurance does not cover the drug. Patients currently enrolled in that program can continue to pay as low as $550 per month for Zepbound through the end of the year.But as of Tuesday, the lowest cost of the drug for new patients who join that program will increase to $650 per month, according to an update on the company's website. That price hike will ""help maintain the sustainability of the program as coverage for Zepbound improves,"" a spokesperson for Eli Lilly said in a statement Tuesday.Having patients directly pay for single-dose vials of Zepbound also ""enables a transparent price by removing third-party supply chain entities,"" the company added in a release. There ""will be no markups, and we believe that's super important … that consumers have this predictability in terms of pricing,"" Jonsson said. Patients with a valid prescription can purchase the single-dose vials from a new ""self-pay pharmacy"" section on the company's direct-to-consumer site, LillyDirect. Eli Lilly is partnering with a third-party digital pharmacy, Gifthealth, which will process prescriptions electronically as well as package and send vials to eligible patients.People can also choose to purchase syringes and needles from Eli Lilly's website and will have access to materials on how to correctly administer Zepbound from a vial. LillyDirect, which launched in January, connects people with an independent telehealth company that can prescribe certain drugs if the patients are eligible. The site also offers a home-delivery option if the prescribed treatment is Eli Lilly's, tapping a third-party online pharmacy to fill prescriptions and send them directly to patients. Eli Lilly said in a release that distributing the vials through the site will ensure patients and health-care providers are receiving ""genuine"" Zepbound. It builds on the company's efforts to ""help protect the public from the dangers posed by the proliferation of counterfeit, fake, unsafe or untested knock-offs of Lilly's medications,"" according to the release.During shortages, the U.S. Food and Drug Administration allows compounding pharmacies to make versions of drugs that are essentially a copy of brand-name medicines. Compounded medications are custom-made alternatives to branded drugs designed to meet a specific patient's needs. But both Zepbound and Eli Lilly's diabetes drug, Mounjaro, are under patent protection in the U.S. The company also does not supply the active ingredient of those two drugs, tirzepatide, to outside groups. Eli Lilly has said that raises questions about what some compounding pharmacies and other clinics are selling and marketing to consumers. The company and its rival Novo Nordisk have both stepped in to address illicit versions of their weight loss and diabetes treatments, suing wellness clinics, medical spas and compounding pharmacies across the U.S. over the past year. All doses of Zepbound are now listed as available on the FDA's drug shortage database. Still, thousands of online platforms offering compounded versions of weight loss drugs from Novo Nordisk and Eli Lilly have cropped up over the past six months, according to Jonsson. ""We believe that the U.S. population is actually a target for … untested, unapproved, unregulated anti-obesity medications that we know is far from always containing the drug it's supposed to,"" he said. ""This is also an opportunity to make sure that there is access to FDA-approved, quality-approved tirzepatide for consumers in need.""",CNBC,27/08/2024,"['In this articleEli Lilly on Tuesday released a new form of its weight loss drug Zepbound for roughly half its usual monthly list price to reach millions of patients without insurance coverage for the popular injection, such as those with Medicare.', 'The move also aims to expand the supply of Zepbound in the U.S. as demand skyrockets, and to ensure eligible patients are safely accessing the real treatment as cheaper copycat versions gain traction.', 'The company is now offering 2.5-milligram and 5-milligram single-dose vials of Zepbound for $399 per month and $549 per month, respectively, through its direct-to-consumer website.', 'Patients typically start treatment with a 2.5-milligram dose, gradually increase the amount and later take so-called maintenance doses to keep the weight off.', ""The list prices of Zepbound and other popular weight loss drugs, such as Novo Nordisk's Wegovy, are around $1,000 per month before insurance and other rebates."", ""Those treatments are part of a blockbuster class of medications called GLP-1s, which mimic certain gut hormones to tamp down a person's appetite and regulate blood sugar."", 'Patients need to use a syringe and needle to draw up the medicine from a single-dose vial — the version of Zepbound Eli Lilly is releasing Tuesday — and inject themselves.', 'That differs from single-dose autoinjector pens, the currently available form of all Zepbound doses, which patients can directly inject under their skin with the click of a button.', 'Eli Lilly has said the vials willcreate additional supply capacitybecause they are easier to manufacture than autoinjector pens.', 'The lower price points will benefit patients who are willing to pay for Zepbound themselves and are enrolled in Medicare or employer-sponsored health plans that do not currently cover obesity treatments, said Patrik Jonsson, president of Eli Lilly diabetes and obesity, in an interview.', ""He noted that Medicare beneficiaries are also not eligible for Eli Lilly's savings card programs for Zepbound."", 'One program allows people with insurance coverage for Zepbound to pay as little as $25 out of pocket.', 'The company offers another to patients whose commercial insurance does not cover the drug.', 'Patients currently enrolled in that program can continue to pay as low as $550 per month for Zepbound through the end of the year.', ""But as of Tuesday, the lowest cost of the drug for new patients who join that program will increase to $650 per month, according to an update on the company's website."", 'That price hike will ""help maintain the sustainability of the program as coverage for Zepbound improves,"" a spokesperson for Eli Lilly said in a statement Tuesday.', 'Having patients directly pay for single-dose vials of Zepbound also ""enables a transparent price by removing third-party supply chain entities,"" the company added in a release.', 'There ""will be no markups, and we believe that\'s super important … that consumers have this predictability in terms of pricing,"" Jonsson said.', 'Patients with a valid prescription can purchase the single-dose vials from a new ""self-pay pharmacy"" section on the company\'s direct-to-consumer site, LillyDirect.', 'Eli Lilly is partnering with a third-party digital pharmacy, Gifthealth, which will process prescriptions electronically as well as package and send vials to eligible patients.', ""People can also choose to purchase syringes and needles from Eli Lilly's website and will have access to materials on how to correctly administer Zepbound from a vial."", 'LillyDirect, which launched in January, connects people with an independent telehealth company that can prescribe certain drugs if the patients are eligible.', ""The site also offers a home-delivery option if the prescribed treatment is Eli Lilly's, tapping a third-party online pharmacy to fill prescriptions and send them directly to patients."", 'Eli Lilly said in a release that distributing the vials through the site will ensure patients and health-care providers are receiving ""genuine"" Zepbound.', 'It builds on the company\'s efforts to ""help protect the public from the dangers posed by the proliferation of counterfeit, fake, unsafe or untested knock-offs of Lilly\'s medications,"" according to the release.', 'During shortages, the U.S. Food and Drug Administration allows compounding pharmacies to make versions of drugs that are essentially a copy of brand-name medicines.', ""Compounded medications are custom-made alternatives to branded drugs designed to meet a specific patient's needs."", ""But both Zepbound and Eli Lilly's diabetes drug, Mounjaro, are under patent protection in the U.S. The company also does not supply the active ingredient of those two drugs, tirzepatide, to outside groups."", 'Eli Lilly has said that raises questions about what some compounding pharmacies and other clinics are selling and marketing to consumers.', 'The company and its rival Novo Nordisk have both stepped in to address illicit versions of their weight loss and diabetes treatments, suing wellness clinics, medical spas and compounding pharmacies across the U.S. over the past year.', ""All doses of Zepbound are now listed as available on the FDA's drug shortage database."", 'Still, thousands of online platforms offering compounded versions of weight loss drugs from Novo Nordisk and Eli Lilly have cropped up over the past six months, according to Jonsson.', '""We believe that the U.S. population is actually a target for … untested, unapproved, unregulated anti-obesity medications that we know is far from always containing the drug it\'s supposed to,"" he said. ""', 'This is also an opportunity to make sure that there is access to FDA-approved, quality-approved tirzepatide for consumers in need.""']",0.1646593759491673,"The move also aims to expand the supply of Zepbound in the U.S. as demand skyrockets, and to ensure eligible patients are safely accessing the real treatment as cheaper copycat versions gain traction.","""We believe that the U.S. population is actually a target for … untested, unapproved, unregulated anti-obesity medications that we know is far from always containing the drug it's supposed to,"" he said. """,0.5932532012462616,"The move also aims to expand the supply of Zepbound in the U.S. as demand skyrockets, and to ensure eligible patients are safely accessing the real treatment as cheaper copycat versions gain traction.",Patients currently enrolled in that program can continue to pay as low as $550 per month for Zepbound through the end of the year.,2024-08-29
Telegram repeatedly refused to join child protection schemes,https://www.bbc.co.uk/news/articles/cy54905nv0go,2024-08-28T11:23:31.671Z,"The BBC has learned that Telegram - the messaging app service whose boss has been arrested in France - refuses to join international programmes aimed at detecting and removing child abuse material online. The app is not a member of either the National Centre for Missing and Exploited Children (NCMEC) or the Internet Watch Foundation (IWF) - both of which work with most online platforms to find, report and remove such material. It comes as the founder and chief executive of the app - which has more than 950 million registered users - remains under investigation in France. Billionaire Pavel Durov has been detained over alleged offences relating to a lack of moderation on the platform. According to officials the 39-year-old is accused of failure to co-operate with law enforcement over drug trafficking, child sexual content and fraud. Telegram says it proactively moderates harmful content on its platform including child abuse material. The company insists that its moderation is ""within industry standards and constantly improving"". However, unlike all other social networks, it is not signed up to programmes like NCMEC’s CyberTipline which has more than 1,600 internet companies registered.  US-based firms are legally required to sign up but 16% of the companies who participate are not based in the US. Telegram is based in Dubai, where Mr Durov lives. The vast majority of child sexual abuse material reports came from tech giants and social networks including Facebook, Google, Instagram, TikTok, Twitter (X), Snapchat and WhatsApp. The BBC understands that NCMEC has repeatedly asked Telegram to join to help tackle child sexual abuse material (CSAM) but it has ignored requests. Telegram also refuses to work with the Internet Watch Foundation, which is the UK’s equivalent of NCMEC. An IWF spokesperson said: “Despite attempts to proactively engage with Telegram over the last year, they are not members of the IWF and do not take any of our services to block, prevent, and disrupt the sharing of child sexual abuse imagery."" By not being an active part of IWF or NCMEC, Telegram is not able to proactively find, remove or block confirmed CSAM which is categorised and added to lists compiled by the charities. IWF said that the company did remove CSAM once material was confirmed but said it was slower and less responsive to day-to-day requests. The BBC contacted Telegram for comment about its refusal to join the child protection schemes and received a response after publication which has been included.  Telegram is also not a part of the TakeItDown programme that works to remove so-called revenge porn.  Snap, Facebook, Instagram, Threads, TikTok, Pornhub and OnlyFans are all members of the scheme that uses a so-called hash list to scan for images and videos on their public or unencrypted platforms. Another norm that Telegram does not conform to in the usual way is Transparency Reporting. Every six months social networks publish a list of all the content taken down because of police requests.  Most other social networks including Meta's apps, Snapchat and TikTok publish their reports online with previous years in a library to refer to.  Telegram has no such website and only a channel on the app with no library history of transparency reports. It also describes its approach to Transparency Reports as ""semiannual"".  The Telegram Transparency channel did not reply to a request to see previous reports and said that there was ""no report available for your region"".  Telegram also has an unusual system for media in general. The contact method is through an automated bot on the app. This reporter has not had a reply in the months of trying to get a response to various requests. A reply was sent to this article but the press team did not respond to follow up questions.  In June Pavel Durov told journalist Tucker Carlson that he only employs “about 30 engineers” to run his platform.  Mr Durov, who was born in Russia and now lives in Dubai, has citizenship in Russia, France, the United Arab Emirates and the Caribbean island nation of St Kitts and Nevis. Telegram is particularly popular in Russia, Ukraine and former Soviet Union states as well as Iran. ",BBC,28/08/2024,"['The BBC has learned that Telegram - the messaging app service whose boss has been arrested in France - refuses to join international programmes aimed at detecting and removing child abuse material online.', 'The app is not a member of either the National Centre for Missing and Exploited Children (NCMEC) or the Internet Watch Foundation (IWF) - both of which work with most online platforms to find, report and remove such material.', 'It comes as the founder and chief executive of the app - which has more than 950 million registered users - remains under investigation in France.', 'Billionaire Pavel Durov has been detained over alleged offences relating to a lack of moderation on the platform.', 'According to officials the 39-year-old is accused of failure to co-operate with law enforcement over drug trafficking, child sexual content and fraud.', 'Telegram says it proactively moderates harmful content on its platform including child abuse material.', 'The company insists that its moderation is ""within industry standards and constantly improving"".', 'However, unlike all other social networks, it is not signed up to programmes like NCMEC’s CyberTipline which has more than 1,600 internet companies registered.', 'US-based firms are legally required to sign up but 16% of the companies who participate are not based in the US.', 'Telegram is based in Dubai, where Mr Durov lives.', 'The vast majority of child sexual abuse material reports came from tech giants and social networks including Facebook, Google, Instagram, TikTok, Twitter (X), Snapchat and WhatsApp.', 'The BBC understands that NCMEC has repeatedly asked Telegram to join to help tackle child sexual abuse material (CSAM) but it has ignored requests.', 'Telegram also refuses to work with the Internet Watch Foundation, which is the UK’s equivalent of NCMEC.', 'An IWF spokesperson said: “Despite attempts to proactively engage with Telegram over the last year, they are not members of the IWF and do not take any of our services to block, prevent, and disrupt the sharing of child sexual abuse imagery.""', 'By not being an active part of IWF or NCMEC, Telegram is not able to proactively find, remove or block confirmed CSAM which is categorised and added to lists compiled by the charities.', 'IWF said that the company did remove CSAM once material was confirmed but said it was slower and less responsive to day-to-day requests.', 'The BBC contacted Telegram for comment about its refusal to join the child protection schemes and received a response after publication which has been included.', 'Telegram is also not a part of the TakeItDown programme that works to remove so-called revenge porn.', 'Snap, Facebook, Instagram, Threads, TikTok, Pornhub and OnlyFans are all members of the scheme that uses a so-called hash list to scan for images and videos on their public or unencrypted platforms.', 'Another norm that Telegram does not conform to in the usual way is Transparency Reporting.', 'Every six months social networks publish a list of all the content taken down because of police requests.', ""Most other social networks including Meta's apps, Snapchat and TikTok publish their reports online with previous years in a library to refer to."", 'Telegram has no such website and only a channel on the app with no library history of transparency reports.', 'It also describes its approach to Transparency Reports as ""semiannual"".', 'The Telegram Transparency channel did not reply to a request to see previous reports and said that there was ""no report available for your region"".', 'Telegram also has an unusual system for media in general.', 'The contact method is through an automated bot on the app.', 'This reporter has not had a reply in the months of trying to get a response to various requests.', 'A reply was sent to this article but the press team did not respond to follow up questions.', 'In June Pavel Durov told journalist Tucker Carlson that he only employs “about 30 engineers” to run his platform.', 'Mr Durov, who was born in Russia and now lives in Dubai, has citizenship in Russia, France, the United Arab Emirates and the Caribbean island nation of St Kitts and Nevis.', 'Telegram is particularly popular in Russia, Ukraine and former Soviet Union states as well as Iran.']",-0.1298975113487514,"Telegram is particularly popular in Russia, Ukraine and former Soviet Union states as well as Iran.","According to officials the 39-year-old is accused of failure to co-operate with law enforcement over drug trafficking, child sexual content and fraud.",-0.160037624835968,"The company insists that its moderation is ""within industry standards and constantly improving"".",The BBC has learned that Telegram - the messaging app service whose boss has been arrested in France - refuses to join international programmes aimed at detecting and removing child abuse material online.,2024-08-29
Boeing Starliner returning empty as NASA turns to SpaceX to bring astronauts back from ISS,https://www.cnbc.com/2024/08/24/nasa-boeing-starliner-decision-return-empty-spacex-astronauts-iss.html,2024-08-29T13:13:56+0000,"In this articleBoeing will return its Starliner capsule from the International Space Station without the NASA astronauts that it delivered to orbit in early June, the agency announced on Saturday.With Starliner coming back to Earth empty, NASA will now have astronauts Butch Wilmore and Suni Williams return via SpaceX's Dragon spacecraft, which is expected to launch its ninth regular mission to the ISS for the agency on Sept. 24.Ultimately, Wilmore and Williams will stay at the ISS for about six more months before flying home in February on SpaceX's Crew-9 vehicle. The test flight was originally intended to last about nine days.The decision to bring Starliner back from the ISS empty marks a dramatic about-face for NASA and Boeing, as the organizations were previously adamant that the capsule was the primary choice for returning the crew.But Starliner's crew flight test, which had been seen as the final major milestone in the spacecraft's development, faced problems — most notably with its propulsion system.""Boeing has worked very hard with NASA to get the necessary data to make this decision,"" NASA Administrator Bill Nelson said during a press conference with top NASA officials at Johnson Space Center in Houston on Saturday. ""We want to further understand the root causes and understand the design improvements so that the Boeing Starliner will serve as an important part of our assured crew access to the ISS.""He reiterated that test flights are ""neither safe, nor routine,"" and that the decision was the ""result of a commitment to safety.""NASA will now conduct another phase of its Flight Readiness Review to determine when to bring the empty Starliner home.Boeing officials had been adamant in press briefings that Starliner was safe for the astronauts to fly home in the event of an emergency, despite delaying the return multiple times. NASA said there was a ""technical disagreement"" between the agency and the aerospace company, and said it evaluated risk differently than Boeing for returning its crew.Nonetheless, NASA officials repeatedly expressed support for Boeing, and Nelson said he was ""100% certain"" that Starliner would be able to launch with a crew again someday.""We continue to focus, first and foremost, on the safety of the crew and spacecraft,"" Boeing said in a statement posted on X on Saturday. ""We are executing the mission as determined by NASA, and we are preparing the spacecraft for a safe and successful uncrewed return.""Ken Bowersox, NASA associate administrator, said NASA officials were unanimous in their decision to choose SpaceX to bring the crew home.Meanwhile, SpaceX will bring two astronauts along on its Crew-9 vehicle — instead of four who were originally planned to go — to make room for Wilmore and Williams.""SpaceX stands ready to support @NASA however we can,"" President and COO Gwynne Shotwell responded in a social media post on X.Boeing's Starliner capsule ""Calypso"" has been at the International Space Station since early June on a mission that NASA extended indefinitely as the agency and company tried to identify why multiple of the spacecraft's thrusters failed during docking.Those thrusters, part of the spacecraft's propulsion system, are key to Starliner's safe return from the ISS. NASA cited the thrusters on Saturday as an ongoing problem.The Starliner crew flight test was supposed to be a final box checked for Boeing and a key asset gained for NASA. The agency was hoping to fulfill its dream of having two competing companies — Boeing and Elon Musk's SpaceX — flying alternating missions to the ISS.Instead, the flight test is further setting back Boeing's progress in NASA's Commercial Crew program and, with over $1.5 billion in losses absorbed already, threatens the company's future involvement with it.",CNBC,29/08/2024,"['In this articleBoeing will return its Starliner capsule from the International Space Station without the NASA astronauts that it delivered to orbit in early June, the agency announced on Saturday.', ""With Starliner coming back to Earth empty, NASA will now have astronauts Butch Wilmore and Suni Williams return via SpaceX's Dragon spacecraft, which is expected to launch its ninth regular mission to the ISS for the agency on Sept. 24.Ultimately, Wilmore and Williams will stay at the ISS for about six more months before flying home in February on SpaceX's Crew-9 vehicle."", 'The test flight was originally intended to last about nine days.', 'The decision to bring Starliner back from the ISS empty marks a dramatic about-face for NASA and Boeing, as the organizations were previously adamant that the capsule was the primary choice for returning the crew.', ""But Starliner's crew flight test, which had been seen as the final major milestone in the spacecraft's development, faced problems — most notably with its propulsion system."", '""Boeing has worked very hard with NASA to get the necessary data to make this decision,"" NASA Administrator Bill Nelson said during a press conference with top NASA officials at Johnson Space Center in Houston on Saturday. ""', 'We want to further understand the root causes and understand the design improvements so that the Boeing Starliner will serve as an important part of our assured crew access to the ISS.""He reiterated that test flights are ""neither safe, nor routine,"" and that the decision was the ""result of a commitment to safety.', '""NASA will now conduct another phase of its Flight Readiness Review to determine when to bring the empty Starliner home.', 'Boeing officials had been adamant in press briefings that Starliner was safe for the astronauts to fly home in the event of an emergency, despite delaying the return multiple times.', 'NASA said there was a ""technical disagreement"" between the agency and the aerospace company, and said it evaluated risk differently than Boeing for returning its crew.', 'Nonetheless, NASA officials repeatedly expressed support for Boeing, and Nelson said he was ""100% certain"" that Starliner would be able to launch with a crew again someday.', '""We continue to focus, first and foremost, on the safety of the crew and spacecraft,"" Boeing said in a statement posted on X on Saturday. ""', 'We are executing the mission as determined by NASA, and we are preparing the spacecraft for a safe and successful uncrewed return.', '""Ken Bowersox, NASA associate administrator, said NASA officials were unanimous in their decision to choose SpaceX to bring the crew home.', 'Meanwhile, SpaceX will bring two astronauts along on its Crew-9 vehicle — instead of four who were originally planned to go — to make room for Wilmore and Williams.', '""SpaceX stands ready to support@NASAhowever we can,"" President and COO Gwynne Shotwell responded in a social media post on X.Boeing\'s Starliner capsule ""Calypso"" has been at the International Space Station since early June on a mission that NASA extended indefinitely as the agency and company tried to identify why multiple of the spacecraft\'sthrusters failed during docking.', ""Those thrusters, part of the spacecraft's propulsion system, are key to Starliner's safe return from the ISS."", 'NASA cited the thrusters on Saturday as an ongoing problem.', 'The Starliner crew flight test was supposed to be a final box checked for Boeing and a key asset gained for NASA.', ""The agency was hoping to fulfill its dream of having two competing companies — Boeing and Elon Musk's SpaceX — flying alternating missions to the ISS.Instead, the flight test is further setting back Boeing's progress in NASA's Commercial Crew program and, withover $1.5 billion in lossesabsorbed already, threatens the company's future involvement with it.""]",0.1288737369317408,"We are executing the mission as determined by NASA, and we are preparing the spacecraft for a safe and successful uncrewed return.","NASA said there was a ""technical disagreement"" between the agency and the aerospace company, and said it evaluated risk differently than Boeing for returning its crew.",0.1006312668323516,"Nonetheless, NASA officials repeatedly expressed support for Boeing, and Nelson said he was ""100% certain"" that Starliner would be able to launch with a crew again someday.","But Starliner's crew flight test, which had been seen as the final major milestone in the spacecraft's development, faced problems — most notably with its propulsion system.",2024-08-29
"Why Ford believes its $1.9 billion shift in EV strategy is the right choice for the company, investors",https://www.cnbc.com/2024/08/23/ford-ev-strategy-smaller-cars.html,2024-08-23T13:56:54+0000,"In this articleDETROIT – Ford Motor's profit engine for decades has been large trucks and SUVs in the U.S. So it might surprise investors that the automaker believes its new path to profitability for electric vehicles will first be led by smaller, more affordable vehicles.The new plan is an ""insurance policy"" for the automaker to be able to expand its growingly popular hybrid models and create more affordable EVs that it believes will deliver a more capital-efficient, profitable electric vehicle business for the company and investors, according to Marin Gjaja, Ford's chief operating officer for its Model e EV unit.""We're quite convinced that the highest adoption rates for electric vehicles will be in the affordable segment on the lower size-end of the range,"" he told CNBC on Thursday. ""We have to play there in order to compete with the entrants that are coming.""Those expected newcomers are largely Chinese automakers, such as Warren Buffett-backed BYD, that have been rapidly growing from their home market to Europe and other countries.Gjaja's comments came a day after the automaker announced updates to its EV strategy that will cost up to $1.9 billion. That includes about $400 million for the write-down of manufacturing assets, as well as additional expenses and cash expenditures of up to $1.5 billion.Ford's new plans for North America include canceling a large, electric three-row SUV that was already far in development, delaying production of its next-generation ""T3"" electric full-size pickup truck by about 18 months until late 2027, and refocusing battery production and sourcing to the U.S.Instead of the three-row SUV or large pickup, the company's first new EV is expected to be a commercial van in 2026, followed the next year by a midsized pickup and then the T3 full-size pickup.Gjaja said the decision wasn't taken lightly, especially the cancellation of the upcoming three-row vehicle, which Ford CEO Jim Farley and other executives had been touting as a game changer for several years.The commercial van comes as Ford's ""Pro"" commercial vehicle and fleet business, which includes vans and large Super Duty trucks, has been a standout for the company and offset billions of dollars in EV losses.And the midsize pickup is scheduled to be the first vehicle from a specialized ""skunkworks"" team in California, The company had tasked the team two years ago with developing a new small EV platform.""We believe smaller, more affordable vehicles are the way to go for EV in volume. Why? Because the math is completely different than [internal combustion engine (ICE) vehicles],"" Farley told investors last month. ""In ICE, a business we've been in for 120 years, the bigger the vehicle, the higher the margin. But it's exactly the opposite for EVs.""Farley has said the weight and cost of battery packs needed for large vehicles such as a three-row SUV, which many families buy for road trips, towing and hauling, are a limitation for EVs due to current ranges and charging networks.Ford's current EVs — the Mustang Mach-E crossover, F-150 Lightning and a commercial van in the U.S. – are not profitable overall. The Model e operations have lost nearly $2.5 billion during the first half of this year and lost $4.7 billion in 2023.The losses, as well as changing market conditions and business plans, caused Ford earlier this year to withdraw an ambitious 8% profit margin for its EV unit by 2026.Investors and Wall Street analysts have largely supported the EV changes, most recently sending the company's shares up about 2.3% since the announcement earlier this week, despite the expected costs.""Overall, these changes will position Ford to benefit from growing demand for EVs, while also focusing on areas in which it has a Core competitive advantage,"" BofA's John Murphy wrote Wednesday in an investor note. ""Given the size of the charge, this is clearly a tough decision in the short-term, but we think makes sense in the medium to long-term given what will likely be subpar economics in the three-row CUV/SUV segment.""The updates are the latest for Ford's electrification plans, which now include a heavy focus on hybrid and plug-in hybrid electric vehicles, or PHEVs, to assist in meeting tightening fuel economy regulations in addition to all-electric vehicles.Ford CFO John Lawler said Wednesday that the company's future capital expenditure plans will shift from spending about 40% on all-electric vehicles to spending 30%. He did not give a timeline for the change, but it's a massive swing from when the company announced plans in 2021 to spend more than $30 billion on EVs through 2025.The hybrid plans include offering such options across its entire North American lineup by 2030, including three-row SUVs, to assist in meeting tightening emissions and fuel economy requirements. Lawler said that to improve profitability, Ford is also accelerating the mix of battery production in the U.S. that will qualify for tax incentives and credits.The shift in Ford's plans is consistent with the overall auto industry, which is facing growing, but slower-than-expected adoption of EVs, as well as automakers not being able to achieve expected profitability on the vehicles.""What we saw in '21 and '22 was a temporary market spike where the demand for EVs really took off,"" Gjaja told CNBC during an interview earlier this year. ""It's still growing but not nearly at the rate we thought it might have in '21, '22.""There's also an industrywide fear that Chinese automakers could be able to flood markets with cheaper, more profitable EVs. Chinese automakers such as BYD are quickly growing exports of vehicles to Europe and other countries.Lawler pushed back Wednesday on the idea that the Chinese have outgunned American automakers. He said the Ford, in part, developed the skunkworks team to prove that Ford can compete against the Chinese automakers.""As we've watched in the last 18 to 24 months, the emergence of incredible products and formidable competitors in China has really been, I think, the story for us,"" Gjaja said. ""And so now, when we look at the competitive landscape, we have to chin ourselves against the most competitive companies in China.""Ford's new plans are polar opposite of its closest rival, General Motors.America's largest automaker has pulled back spending and delayed many of its EVs, but it has several large all-electric vehicles on sale coming soon.GM was among the first to go ""all in"" on EVs, including by creating a vertically integrated, dedicated electric vehicle platform and supporting technologies such as batteries and motors.Aside from Tesla, GM was the first automaker to begin U.S. battery cell manufacturing through a joint venture at scale, which the company has continued to tout as a cost advantageGM's current lineup includes three all-electric large pickup trucks, a Hummer SUV, two recently launched Chevrolet crossovers, a luxury Cadillac crossover and $300,000 Celestiq car. Several more crossover models and an all-electric Escalade SUV are expected to join the lineup this year as well.As recently as last month, GM reconfirmed expectations for its EVs to be profitable on a production, or contribution-margin basis, once it reaches output of 200,000 units by the fourth quarter.A GM spokesman Thursday said the automaker continues ""to work to reach variable profit positive during the fourth quarter.""Gjaja declined to comment on GM's target or operations but said Ford is doing what's best for the company.""We're focusing on what we think are the right technologies to serve our customers that can also be affordable for them and profitable for us,"" he said.",CNBC,23/08/2024,"[""In this articleDETROIT – Ford Motor's profit engine for decades has been large trucks and SUVs in the U.S. So it might surprise investors that the automaker believes its new path to profitability for electric vehicles will first be led by smaller, more affordable vehicles."", 'The new plan is an ""insurance policy"" for the automaker to be able to expand its growingly popular hybrid models and create more affordable EVs that it believes will deliver a more capital-efficient, profitable electric vehicle business for the company and investors, according to Marin Gjaja, Ford\'s chief operating officer for its Model e EV unit.', '""We\'re quite convinced that the highest adoption rates for electric vehicles will be in the affordable segment on the lower size-end of the range,"" he told CNBC on Thursday. ""', 'We have to play there in order to compete with the entrants that are coming.', '""Those expected newcomers are largely Chinese automakers, such as Warren Buffett-backed BYD, that have been rapidly growing from their home market to Europe and other countries.', ""Gjaja's comments came a day after the automaker announced updates to its EV strategy that will cost up to $1.9 billion."", 'That includes about $400 million for the write-down of manufacturing assets, as well as additional expenses and cash expenditures of up to $1.5 billion.', 'Ford\'s new plans for North America include canceling a large, electric three-row SUV that was already far in development, delaying production of its next-generation ""T3"" electric full-size pickup truck by about 18 months until late 2027, and refocusing battery production and sourcing to the U.S.Instead of the three-row SUV or large pickup, the company\'s first new EV is expected to be a commercial van in 2026, followed the next year by a midsized pickup and then the T3 full-size pickup.', ""Gjaja said the decision wasn't taken lightly, especially the cancellation of the upcoming three-row vehicle, which Ford CEO Jim Farley and other executives had been touting as a game changer for several years."", 'The commercial van comes as Ford\'s ""Pro"" commercial vehicle and fleet business, which includes vans and large Super Duty trucks, has been a standout for the company and offset billions of dollars in EV losses.', 'And the midsize pickup is scheduled to be the first vehicle from a specialized ""skunkworks"" team in California, The company had tasked the team two years ago with developing a new small EV platform.', '""We believe smaller, more affordable vehicles are the way to go for EV in volume.', 'Why?', 'Because the math is completely different than [internal combustion engine (ICE) vehicles],"" Farley told investors last month. ""', ""In ICE, a business we've been in for 120 years, the bigger the vehicle, the higher the margin."", ""But it's exactly the opposite for EVs."", '""Farley has said the weight and cost of battery packs needed for large vehicles such as a three-row SUV, which many families buy for road trips, towing and hauling, are a limitation for EVs due to current ranges and charging networks.', ""Ford's current EVs — the Mustang Mach-E crossover, F-150 Lightning and a commercial van in the U.S. – are not profitable overall."", ""The Model e operations have lost nearly $2.5 billion during the first half of this year and lost $4.7 billion in 2023.The losses, as well as changing market conditions and business plans, caused Ford earlier this year to withdraw an ambitious 8% profit margin for its EV unit by 2026.Investors and Wall Street analysts have largely supported the EV changes, most recently sending the company's shares up about 2.3% since the announcement earlier this week, despite the expected costs."", '""Overall, these changes will position Ford to benefit from growing demand for EVs, while also focusing on areas in which it has a Core competitive advantage,"" BofA\'s John Murphy wrote Wednesday in an investor note. ""', 'Given the size of the charge, this is clearly a tough decision in the short-term, but we think makes sense in the medium to long-term given what will likely be subpar economics in the three-row CUV/SUV segment.', '""The updates are the latest for Ford\'s electrification plans, which now include a heavy focus on hybrid and plug-in hybrid electric vehicles, or PHEVs, to assist in meeting tightening fuel economy regulations in addition to all-electric vehicles.', ""Ford CFO John Lawler said Wednesday that the company's future capital expenditure plans will shift from spending about 40% on all-electric vehicles to spending 30%."", ""He did not give a timeline for the change, but it's a massive swing from when the company announced plans in 2021 to spend more than $30 billion on EVs through 2025.The hybrid plans include offering such options across its entire North American lineup by 2030, including three-row SUVs, to assist in meeting tightening emissions and fuel economy requirements."", 'Lawler said that to improve profitability, Ford is also accelerating the mix of battery production in the U.S. that will qualify for tax incentives and credits.', ""The shift in Ford's plans is consistent with the overall auto industry, which is facing growing, but slower-than-expected adoption of EVs, as well as automakers not being able to achieve expected profitability on the vehicles."", '""What we saw in \'21 and \'22 was a temporary market spike where the demand for EVs really took off,"" Gjaja told CNBC during an interview earlier this year. ""', 'It\'s still growing but not nearly at the rate we thought it might have in \'21, \'22.""There\'s also an industrywide fear that Chinese automakers could be able to flood markets with cheaper, more profitable EVs.', 'Chinese automakers such as BYD are quickly growing exports of vehicles to Europe and other countries.', 'Lawler pushed back Wednesday on the idea that the Chinese have outgunned American automakers.', 'He said the Ford, in part, developed the skunkworks team to prove that Ford can compete against the Chinese automakers.', '""As we\'ve watched in the last 18 to 24 months, the emergence of incredible products and formidable competitors in China has really been, I think, the story for us,"" Gjaja said. ""', 'And so now, when we look at the competitive landscape, we have to chin ourselves against the most competitive companies in China.', '""Ford\'s new plans are polar opposite of its closest rival, General Motors.', ""America's largest automaker has pulled back spending and delayed many of its EVs, but it has several large all-electric vehicles on sale coming soon."", 'GM was among the first to go ""all in"" on EVs, including by creating a vertically integrated, dedicated electric vehicle platform and supporting technologies such as batteries and motors.', ""Aside from Tesla, GM was the first automaker to begin U.S. battery cell manufacturing through a joint venture at scale, which the company has continued to tout as a cost advantageGM's current lineup includes three all-electric large pickup trucks, a Hummer SUV, two recently launched Chevrolet crossovers, a luxury Cadillac crossover and $300,000 Celestiq car."", 'Several more crossover models and an all-electric Escalade SUV are expected to join the lineup this year as well.', 'As recently as last month, GM reconfirmed expectations for its EVs to be profitable on a production, or contribution-margin basis, once it reaches output of 200,000 units by the fourth quarter.', 'A GM spokesman Thursday said the automaker continues ""to work to reach variable profit positive during the fourth quarter.', '""Gjaja declined to comment on GM\'s target or operations but said Ford is doing what\'s best for the company.', '""We\'re focusing on what we think are the right technologies to serve our customers that can also be affordable for them and profitable for us,"" he said.']",0.2265440827974339,"The new plan is an ""insurance policy"" for the automaker to be able to expand its growingly popular hybrid models and create more affordable EVs that it believes will deliver a more capital-efficient, profitable electric vehicle business for the company and investors, according to Marin Gjaja, Ford's chief operating officer for its Model e EV unit.","Ford's current EVs — the Mustang Mach-E crossover, F-150 Lightning and a commercial van in the U.S. – are not profitable overall.",0.4859956295593925,"""Overall, these changes will position Ford to benefit from growing demand for EVs, while also focusing on areas in which it has a Core competitive advantage,"" BofA's John Murphy wrote Wednesday in an investor note. ""","The Model e operations have lost nearly $2.5 billion during the first half of this year and lost $4.7 billion in 2023.The losses, as well as changing market conditions and business plans, caused Ford earlier this year to withdraw an ambitious 8% profit margin for its EV unit by 2026.Investors and Wall Street analysts have largely supported the EV changes, most recently sending the company's shares up about 2.3% since the announcement earlier this week, despite the expected costs.",2024-08-29
"Ulta misses Wall Street expectations first time in 4 years, trims guidance after quarterly sales decline",https://www.cnbc.com/2024/08/29/ulta-earnings-q2-2024.html,2024-08-29T22:08:33+0000,"In this articleUlta Beauty shares sank 7% in extended trading Thursday as the company fell short of second-quarter expectations and trimmed its full-year guidance after a decline in same-store sales during the most recent period.It was the company's first earnings per share miss since May 2020 and first revenue miss since December 2020.Comparable sales for the second quarter fell 1.2%, compared with an 8% increase a year earlier and well below the 1.2% growth that Wall Street analysts had expected, according to StreetAccount.""While we are encouraged by many positive indicators across our business, our second quarter performance did not meet our expectations, driven primarily by a decline in comparable store sales. We are clear about the factors that adversely impacted our store performance, and we have actions underway to address the trends,"" CEO Dave Kimbell said a press release.During the company's earnings call, Kimbell attributed the declining sales performance to four key factors, including an ""unanticipated operational disruption"" due to a change in store systems as well as disappointing impact from promotions. The company also suffered from what Kimbell described as consumers who are increasingly cautious with their spending and from heightened competition in the beauty industry. Kimbell conceded that Ulta's market share is being challenged and said although the company maintained its share in mass beauty during the most quarter, it lost share in the prestige beauty sector driven by makeup and hair categories, according to Circana data, cited by Kimbell. It's not uncommon for stores to experience a short-term negative sales impact due to competitors' openings or cannibalization by new Ulta beauty stores, but Kimbell said the scale and pace of change now has been unusual, adding that 80% of stores have been impacted.""We know we're still in the midst of this...these competitive pressures will likely continue into the near term, but the positive signals...in our broader business, the guest engagement, the impact of newness, the impact of our new stores, the success of our salon business, the loyalty growth, all of those factors suggest to us and give us a lot of confidence that our business continues to have underlying strength and health,"" Kimbell said.The company now forecasts full-year same-store sales in a range of flat to 2% down, compared with prior guidance of 2% to 3% growth.""Our updated outlook for sales assumes it will take more time for our actions to change the top line trajectory and that stores impacted by multiple competitive openings will continue to be pressured,"" CFO Paula Oyibo said.Ulta also now expects full-year revenue of $11 billion to $11.2 billion, down from previous guidance of $11.5 billion to $11.6 billion, and full-year earnings per share of $22.60 to $23.50, down from a previous forecast of $25.20 to $26.Here's how the beauty retailer performed in the period ended August 3 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:The company reported net income of $252.6 million, or $5.30 per share, compared with $300.1 million, or $6.02 per share, during the same quarter a year earlier. Revenue rose to $2.55 billion, up from $2.53 billion a year earlier.Earlier this month, Warren Buffet's Berkshire Hathaway disclosed a $266 million stake in the beauty retailer, sending Ulta shares surging. For some analysts, it was validation that the stock was oversold after falling 32% in 2024 up to that point, tumbling 26% in the second quarter alone.Shares of Ulta have been suffering since CEO Dave Kimbell warned of cooling beauty demand at an investor conference back in April. Kimbell said although a pullback was expected, it had hit the company ""a bit earlier and bit bigger"" than anticipated.During the company's first-quarter earnings call in May, Kimbell outlined plans to boost sales that spanned five key areas: product assortment, brand social relevance, enhancing the consumer digital experience, boosting the loyalty program and evolving the company's promotional levers.In the same call, Kimbell also said the beauty retailer later this year would be expanding its partnership with delivery service DoorDash, would start testing new gamification platforms and would activate new marketing technology to personalize customer shopping experience.This time around, Kimbell said that executives has identified further opportunities within the attempted turnaround plan, such as relaunching Ulta's own beauty collection and introducing new personalized product recommendations for consumers online. The company is also focusing on increasing rewards program value through member-only events and exclusive member-tiered offers.Clarification: This story has been updated to clarify that Ulta Beauty forecast full-year earnings per share of $22.60 to $23.50, down from a previous forecast of $25.20 to $26.",CNBC,29/08/2024,"['In this articleUlta Beauty shares sank 7% in extended trading Thursday as the company fell short of second-quarter expectations and trimmed its full-year guidance after a decline in same-store sales during the most recent period.', ""It was the company's first earnings per share miss since May 2020 and first revenue miss since December 2020.Comparable sales for the second quarter fell 1.2%, compared with an 8% increase a year earlier and well below the 1.2% growth that Wall Street analysts had expected, according to StreetAccount."", '""While we are encouraged by many positive indicators across our business, our second quarter performance did not meet our expectations, driven primarily by a decline in comparable store sales.', 'We are clear about the factors that adversely impacted our store performance, and we have actions underway to address the trends,"" CEO Dave Kimbell said a press release.', 'During the company\'s earnings call, Kimbell attributed the declining sales performance to four key factors, including an ""unanticipated operational disruption"" due to a change in store systems as well as disappointing impact from promotions.', 'The company also suffered from what Kimbell described as consumers who are increasingly cautious with their spending and from heightened competition in the beauty industry.', ""Kimbell conceded that Ulta's market share is being challenged and said although the company maintained its share in mass beauty during the most quarter, it lost share in the prestige beauty sector driven by makeup and hair categories, according to Circana data, cited by Kimbell."", ""It's not uncommon for stores to experience a short-term negative sales impact due to competitors' openings or cannibalization by new Ulta beauty stores, but Kimbell said the scale and pace of change now has been unusual, adding that 80% of stores have been impacted."", '""We know we\'re still in the midst of this...these competitive pressures will likely continue into the near term, but the positive signals...in our broader business, the guest engagement, the impact of newness, the impact of our new stores, the success of our salon business, the loyalty growth, all of those factors suggest to us and give us a lot of confidence that our business continues to have underlying strength and health,"" Kimbell said.', 'The company now forecasts full-year same-store sales in a range of flat to 2% down, compared with prior guidance of 2% to 3% growth.', '""Our updated outlook for sales assumes it will take more time for our actions to change the top line trajectory and that stores impacted by multiple competitive openings will continue to be pressured,"" CFO Paula Oyibo said.', ""Ulta also now expects full-year revenue of $11 billion to $11.2 billion, down from previous guidance of $11.5 billion to $11.6 billion, and full-year earnings per share of $22.60 to $23.50, down from a previous forecast of $25.20 to $26.Here's how the beauty retailer performed in the period ended August 3 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:The company reported net income of $252.6 million, or $5.30 per share, compared with $300.1 million, or $6.02 per share, during the same quarter a year earlier."", 'Revenue rose to $2.55 billion, up from $2.53 billion a year earlier.', ""Earlier this month, Warren Buffet's Berkshire Hathaway disclosed a$266 million stake in the beauty retailer, sending Ulta shares surging."", 'For some analysts, it was validation that the stock was oversold after falling 32% in 2024 up to that point, tumbling 26% in the second quarter alone.', 'Shares of Ulta have been suffering since CEO Dave Kimbell warned of cooling beauty demand at an investor conference back in April.', 'Kimbell said although a pullback was expected, it had hit the company ""a bit earlier and bit bigger"" than anticipated.', ""During the company's first-quarter earnings call in May, Kimbell outlined plans to boost sales that spanned five key areas: product assortment, brand social relevance, enhancing the consumer digital experience, boosting the loyalty program and evolving the company's promotional levers."", 'In the same call, Kimbell also said the beauty retailer later this year would be expanding its partnership with delivery service DoorDash, would start testing new gamification platforms and would activate new marketing technology to personalize customer shopping experience.', ""This time around, Kimbell said that executives has identified further opportunities within the attempted turnaround plan, such as relaunching Ulta's own beauty collection and introducing new personalized product recommendations for consumers online."", 'The company is also focusing on increasing rewards program value through member-only events and exclusive member-tiered offers.', 'Clarification: This story has been updated to clarify that Ulta Beauty forecast full-year earnings per share of $22.60 to $23.50, down from a previous forecast of $25.20 to $26.']",0.4158434741378043,"""We know we're still in the midst of this...these competitive pressures will likely continue into the near term, but the positive signals...in our broader business, the guest engagement, the impact of newness, the impact of our new stores, the success of our salon business, the loyalty growth, all of those factors suggest to us and give us a lot of confidence that our business continues to have underlying strength and health,"" Kimbell said.","During the company's earnings call, Kimbell attributed the declining sales performance to four key factors, including an ""unanticipated operational disruption"" due to a change in store systems as well as disappointing impact from promotions.",-0.3607965436848727,"During the company's first-quarter earnings call in May, Kimbell outlined plans to boost sales that spanned five key areas: product assortment, brand social relevance, enhancing the consumer digital experience, boosting the loyalty program and evolving the company's promotional levers.",In this articleUlta Beauty shares sank 7% in extended trading Thursday as the company fell short of second-quarter expectations and trimmed its full-year guidance after a decline in same-store sales during the most recent period.,2024-08-29
American Eagle saw profits grow nearly 60% as costs come down,https://www.cnbc.com/2024/08/29/american-eagle-aeo-earnings-q2-2024.html,2024-08-29T16:30:21+0000,"In this articleAmerican Eagle missed Wall Street's sales targets for a second quarter in a row on Thursday, but profit grew by nearly 60% thanks in part to lower product costs. The company's shares fell roughly 3% in early trading Thursday.Here's how the apparel company did in its fiscal second quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 3 was $77.3 million, or 39 cents per share, compared with $48.6 million, or 25 cents per share, a year earlier. Sales rose to $1.29 billion, up about 8% from $1.2 billion a year earlier. That sales gain would have been slimmer had it not been for a calendar shift, which positively impacted second-quarter sales by $55 million.During the quarter, American Eagle's intimates line Aerie saw revenue grow 9% while its namesake brand grew by 8%. American Eagle's gross margin came in at 38.6% — 0.9 percentage point higher than the prior year and in line with what analysts had expected. The gross margin expansion was led by ""favorable product costs,"" indicating American Eagle spent less to make its assortment during the quarter. It's unclear if it lowered prices as a result.The longtime mall brand issued a better-than-expected outlook for the current quarter but its forecast was lower than anticipated for the full year, indicating the company is still bracing for a turbulent second half. For the current quarter, American Eagle expects comparable sales to grow between 3% and 4%, which is better than the 2.8% growth that analysts had expected the company to forecast, according to StreetAccount. The retailer is expecting total revenue to be flat to up slightly for the third quarter — in line with expectations, according to LSEG.For the year, the company expects comparable sales to increase approximately 4%, with total revenue up 2% to 3%, shy of what analysts had expected. Wall Street was expecting its full-year comparable sales forecast to be up 4.2% and overall sales to be up 3.5%, according to StreetAccount and LSEG.In May, Finance Chief Mike Mathias told CNBC that American Eagle is maintaining a ""cautious"" view for the back half of the year as it awaits interest rate decisions from the Federal Reserve and prepares for ""noise"" around the upcoming presidential election. Like other retailers contending with slowing demand for discretionary items, American Eagle has looked to cut costs and boost efficiencies so it can protect profits, even if sales are sluggish. Earlier this year, it unveiled a new strategy to grow profits and is working to boost sales by 3% to 5% each year over the next three years and get its operating margin to about 10%.""In all the years I've been in this business, I probably see the greatest opportunity in the history of the company,"" CEO Jay Schottenstein said on the company's earnings call on Thursday. ""From our standpoint, today, we're a $5 billion business. We think the next few years we could be a $10 billion business. And I would emphasize this: We are committed to making the investment to become that business.""During the quarter, American Eagle made some strides in achieving that goal. It posted operating income of $101 million, an increase of 55%, while its operating margin grew 2.4 percentage points to 7.8%. Operating income would have been lower had it not been for the calendar shift, which positively impacted the metric by $20 million. Although back-to-school season has already started with a ""strong performance"" for the company, executives expect it to last into September and get a second wind after Labor Day, a trend that Matthias said the company has observed in recent years, especially in the Northeast.President and Executive Creative Officer Jennifer Foyle added that while the American Eagle brand is leaning into women's and denim categories, the brand's mainstay segment, it is also looking to expand into new trends going forward.Foyle also said the menswear business is starting to turn around.""We are not just a one-fit brand anymore … We're making sure that we're leaning in as we go into the back half of Q3 and Q4 and we're ready to play,"" Foyle said.",CNBC,29/08/2024,"[""In this articleAmerican Eagle missed Wall Street's sales targets for a second quarter in a row on Thursday, but profit grew by nearly 60% thanks in part to lower product costs."", ""The company's shares fell roughly 3% in early trading Thursday."", ""Here's how the apparel company did in its fiscal second quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 3 was $77.3 million, or 39 cents per share, compared with $48.6 million, or 25 cents per share, a year earlier."", 'Sales rose to $1.29 billion, up about 8% from $1.2 billion a year earlier.', 'That sales gain would have been slimmer had it not been for a calendar shift, which positively impacted second-quarter sales by $55 million.', ""During the quarter, American Eagle's intimates line Aerie saw revenue grow 9% while its namesake brand grew by 8%.American Eagle's gross margin came in at 38.6% — 0.9 percentage point higher than the prior year and in line with what analysts had expected."", 'The gross margin expansion was led by ""favorable product costs,"" indicating American Eagle spent less to make its assortment during the quarter.', ""It's unclear if it lowered prices as a result."", 'The longtime mall brand issued a better-than-expected outlook for the current quarter but its forecast was lower than anticipated for the full year, indicating the company is still bracing for a turbulent second half.', 'For the current quarter, American Eagle expects comparable sales to grow between 3% and 4%, which is better than the 2.8% growth that analysts had expected the company to forecast, according to StreetAccount.', 'The retailer is expecting total revenue to be flat to up slightly for the third quarter — in line with expectations, according to LSEG.For the year, the company expects comparable sales to increase approximately 4%, with total revenue up 2% to 3%, shy of what analysts had expected.', 'Wall Street was expecting its full-year comparable sales forecast to be up 4.2% and overall sales to be up 3.5%, according to StreetAccount and LSEG.In May, Finance Chief Mike Mathias told CNBC that American Eagle is maintaining a ""cautious"" view for the back half of the year as it awaits interest rate decisions from the Federal Reserve and prepares for ""noise"" around the upcoming presidential election.', 'Like other retailers contending with slowing demand for discretionary items, American Eagle has looked to cut costs and boost efficiencies so it can protect profits, even if sales are sluggish.', 'Earlier this year, it unveiled a new strategy to grow profits and is working to boost sales by 3% to 5% each year over the next three years and get its operating margin to about 10%.""In all the years I\'ve been in this business, I probably see the greatest opportunity in the history of the company,"" CEO Jay Schottenstein said on the company\'s earnings call on Thursday. ""', ""From our standpoint, today, we're a $5 billion business."", 'We think the next few years we could be a $10 billion business.', 'And I would emphasize this: We are committed to making the investment to become that business.', '""During the quarter, American Eagle made some strides in achieving that goal.', 'It posted operating income of $101 million, an increase of 55%, while its operating margin grew 2.4 percentage points to 7.8%.', 'Operating income would have been lower had it not been for the calendar shift, which positively impacted the metric by $20 million.', 'Although back-to-school season has already started with a ""strong performance"" for the company, executives expect it to last into September and get a second wind after Labor Day, a trend that Matthias said the company has observed in recent years, especially in the Northeast.', ""President and Executive Creative Officer Jennifer Foyle added that while the American Eagle brand is leaning into women's and denim categories, the brand's mainstay segment, it is also looking to expand into new trends going forward."", 'Foyle also said the menswear business is starting to turn around.', '""We are not just a one-fit brand anymore … We\'re making sure that we\'re leaning in as we go into the back half of Q3 and Q4 and we\'re ready to play,"" Foyle said.']",0.2901999922407762,"Earlier this year, it unveiled a new strategy to grow profits and is working to boost sales by 3% to 5% each year over the next three years and get its operating margin to about 10%.""In all the years I've been in this business, I probably see the greatest opportunity in the history of the company,"" CEO Jay Schottenstein said on the company's earnings call on Thursday. ""","During the quarter, American Eagle's intimates line Aerie saw revenue grow 9% while its namesake brand grew by 8%.American Eagle's gross margin came in at 38.6% — 0.9 percentage point higher than the prior year and in line with what analysts had expected.",0.6825194045117027,"Wall Street was expecting its full-year comparable sales forecast to be up 4.2% and overall sales to be up 3.5%, according to StreetAccount and LSEG.In May, Finance Chief Mike Mathias told CNBC that American Eagle is maintaining a ""cautious"" view for the back half of the year as it awaits interest rate decisions from the Federal Reserve and prepares for ""noise"" around the upcoming presidential election.","Operating income would have been lower had it not been for the calendar shift, which positively impacted the metric by $20 million.",2024-08-29
Ford joins list of companies walking back DEI policies,https://www.cnbc.com/2024/08/28/ford-joins-list-of-companies-walking-back-dei-policies.html,2024-08-29T12:48:39+0000,"In this articleFord Motor is the latest company to walk back some of its commitments to diversity, equity and inclusion initiatives.The automaker has taken ""a fresh look"" at its DEI policies and practices over the past year to take in to account the evolving ""external and legal environment related to political and social issues,"" according to an internal communication that was shared with global Ford employees and posted Wednesday on X by an anti-DEI activist. Ford confirmed the letter was authentic and said it had no additional comment on the matter.Ford's move follows retailer Tractor Supply, which one of the first major companies to stop its DEI efforts, as it severed ties earlier this summer with the Human Rights Campaign, an LGBTQ+ advocacy group, and retired DEI targets like boosting the number of employees of color at the manager level. Harley-Davidson, whose board of directors includes Ford CEO Jim Farley, also decided last week to stop consulting the HRC's metric for treatment of LGBTQ+ employees and affirmed that it does not have a DEI function.Home improvement retailer Lowe's joined the efforts earlier this week, and noted that it might also make additional changes to the policies over time.The companies have cited conservative backlash or changing social and political environments in their announcements. Tractor Supply and Harley-Davidson also noted a desire to appeal to their more rural or conservative-leaning customers.""I think you will start to see this move towards more politically neutral companies, which is to say that most of these companies didn't really want to be doing this stuff in the first place,"" Liz Hoffman, Semafor's business and finance editor, said on CNBC's ""Squawk Box"" earlier Wednesday, before the Ford memo was posted. In the memo Wednesday, Farley said the company will not use quotas for minority dealerships or suppliers, adding that it does not have hiring quotas.The automaker will also stop participating in the Human Rights Campaign's Corporate Equality Index, as well as various other ""best places to work"" lists.The Human Rights Campaign scores over 1,300 companies annually based on their corporate equality measures for LGBTQ+ individuals, including practices like offering spousal medical benefits regardless of sex and having distinct LGBTQ+ community outreach efforts. Ford, in previous years, had received a perfect score on the index.""Ford Motor Company's shortsighted decisions will have long-term consequences,"" Human Rights Campaign President Kelley Robinson said in a statement. ""Hastily abandoning efforts that ensure fair, safe, and inclusive work environments is bad for business and leaves Ford's employees and millions of LGBTQ+-allied consumers behind.""The organization also added that it evaluates every Fortune 500 company on its equality index, regardless of whether or not the company submits additional information about its priorities, which means Ford will continue to be scored on the list.""As a global company, we will continue to put our effort and resources into taking care of our customers, our team, and our communities versus publicly commenting on the many polarizing issues of the day,"" Ford said in the statement sent to employees. ""There will of course be times when we will speak out on core issues if we believe our voice can make a positive difference.""Many companies, including automakers such as Ford, amped up their DEI commitments in the aftermath of the murder of George Floyd and Black Lives Matter protests of the summer of 2020 — and Ford spoke up about that at the time.""We are not interested in superficial actions. This is our moment to lead from the front and fully commit to creating the fair, just and inclusive culture that our employees deserve,"" the company said in 2020 in a letter reaffirming its DEI commitment. ""We cannot turn a blind eye to it or accept some sense of 'order' that's based on oppression.""But, in the wake of the Supreme Court decision to overturn affirmative action in colleges, a growing number of conservative activists on social media have called on companies to stop investing in DEI.""There is an old saying: If you give an inch, people take a mile, and that is essentially what we have seen when the Supreme Court made a ruling that was very specific to institutions of higher education,"" industrial and organizational psychologist Derek Avery told CNBC. ""Conservative state attorney generals sent letters to corporations warning them that they could expect to be sued if they continue to advocate and promote DEI practices within their organizations that could be construed as counter to the Supreme Court ruling, even though the Supreme Court ruling had no bearing on those corporate initiatives.""",CNBC,29/08/2024,"['In this articleFord Motor is the latest company to walk back some of its commitments to diversity, equity and inclusion initiatives.', 'The automaker has taken ""a fresh look"" at its DEI policies and practices over the past year to take in to account the evolving ""external and legal environment related to political and social issues,"" according to an internal communication that was shared with global Ford employees and posted Wednesday on X by an anti-DEI activist.', 'Ford confirmed the letter was authentic and said it had no additional comment on the matter.', ""Ford's move follows retailer Tractor Supply, which one of the first major companies to stop its DEI efforts, as it severed ties earlier this summer with the Human Rights Campaign, an LGBTQ+ advocacy group, and retired DEI targets like boosting the number of employees of color at the manager level."", ""Harley-Davidson, whose board of directors includes Ford CEO Jim Farley, also decided last week to stop consulting the HRC's metric for treatment of LGBTQ+ employees and affirmed that it does not have a DEI function."", ""Home improvement retailer Lowe's joined the efforts earlier this week, and noted that it might also make additional changes to the policies over time."", 'The companies have cited conservative backlash or changing social and political environments in their announcements.', 'Tractor Supply and Harley-Davidson also noted a desire to appeal to their more rural or conservative-leaning customers.', '""I think you will start to see this move towards more politically neutral companies, which is to say that most of these companies didn\'t really want to be doing this stuff in the first place,"" Liz Hoffman, Semafor\'s business and finance editor, said on CNBC\'s ""Squawk Box"" earlier Wednesday, before the Ford memo was posted.', 'In the memo Wednesday, Farley said the company will not use quotas for minority dealerships or suppliers, adding that it does not have hiring quotas.', 'The automaker will also stop participating in the Human Rights Campaign\'s Corporate Equality Index, as well as various other ""best places to work"" lists.', 'The Human Rights Campaign scores over 1,300 companies annually based on their corporate equality measures for LGBTQ+ individuals, including practices like offering spousal medical benefits regardless of sex and having distinct LGBTQ+ community outreach efforts.', 'Ford, in previous years, had received a perfect score on the index.', '""Ford Motor Company\'s shortsighted decisions will have long-term consequences,"" Human Rights Campaign President Kelley Robinson said in a statement. ""', ""Hastily abandoning efforts that ensure fair, safe, and inclusive work environments is bad for business and leaves Ford's employees and millions of LGBTQ+-allied consumers behind."", '""The organization also added that it evaluates every Fortune 500 company on its equality index, regardless of whether or not the company submits additional information about its priorities, which means Ford will continue to be scored on the list.', '""As a global company, we will continue to put our effort and resources into taking care of our customers, our team, and our communities versus publicly commenting on the many polarizing issues of the day,"" Ford said in the statement sent to employees. ""', 'There will of course be times when we will speak out on core issues if we believe our voice can make a positive difference.', '""Many companies, including automakers such as Ford, amped up their DEI commitments in the aftermath of the murder of George Floyd and Black Lives Matter protests of the summer of 2020 — and Ford spoke up about that at the time.', '""We are not interested in superficial actions.', 'This is our moment to lead from the front and fully commit to creating the fair, just and inclusive culture that our employees deserve,""the company said in 2020 in a letter reaffirming its DEI commitment. ""', ""We cannot turn a blind eye to it or accept some sense of 'order' that's based on oppression."", '""But, in the wake of the Supreme Court decision to overturn affirmative action in colleges, a growing number of conservative activists on social media have called on companies to stop investing in DEI.""There is an old saying: If you give an inch, people take a mile, and that is essentially what we have seen when the Supreme Court made a ruling that was very specific to institutions of higher education,"" industrial and organizational psychologist Derek Avery told CNBC.""Conservative state attorney generals sent letters to corporations warning them that they could expect to be sued if they continue to advocate and promote DEI practices within their organizations that could be construed as counter to the Supreme Court ruling, even though the Supreme Court ruling had no bearing on those corporate initiatives.""']",0.246965207230626,"""But, in the wake of the Supreme Court decision to overturn affirmative action in colleges, a growing number of conservative activists on social media have called on companies to stop investing in DEI.""There is an old saying: If you give an inch, people take a mile, and that is essentially what we have seen when the Supreme Court made a ruling that was very specific to institutions of higher education,"" industrial and organizational psychologist Derek Avery told CNBC.""Conservative state attorney generals sent letters to corporations warning them that they could expect to be sued if they continue to advocate and promote DEI practices within their organizations that could be construed as counter to the Supreme Court ruling, even though the Supreme Court ruling had no bearing on those corporate initiatives.""","""Many companies, including automakers such as Ford, amped up their DEI commitments in the aftermath of the murder of George Floyd and Black Lives Matter protests of the summer of 2020 — and Ford spoke up about that at the time.",0.001978059609731,"""Many companies, including automakers such as Ford, amped up their DEI commitments in the aftermath of the murder of George Floyd and Black Lives Matter protests of the summer of 2020 — and Ford spoke up about that at the time.","Hastily abandoning efforts that ensure fair, safe, and inclusive work environments is bad for business and leaves Ford's employees and millions of LGBTQ+-allied consumers behind.",2024-08-29
Best Buy shares surge on profit beat and guidance hike,https://www.cnbc.com/2024/08/29/best-buy-bby-earnings-q2-2025.html,2024-08-29T15:30:58+0000,"In this articleBest Buy raised its fiscal-year profit guidance Thursday after exceeding earnings and revenue expectations for the most recent quarter.Shares of Best Buy jumped more than 15% in morning trading Thursday.The retailer now expects to see full-year adjusted earnings per share in the range of $6.10 to $6.35, up from a prior range of $5.75 to $6.20. The company, however, lowered the top end of its guidance ranges for both full-year revenue and comparable sales.""As we look to the back half of the year, we expect our industry to continue to show increasing stabilization,"" Best Buy CFO Matt Bilunas said in the company's press release.Here's how the consumer electronics retailer did for the period ended Aug. 3 compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company reported net income for the quarter of $291 million, or $1.34 per share, compared with $274 million, or $1.25 per share, a year earlier. Net sales in the quarter dropped to $9.29 billion from $9.58 billion during the same period a year earlier.Comparable sales declined 2.3% during the quarter, compared with a 6.2% fall a year earlier.That drop in comparable sales was the company's best result for the metric since the fourth quarter of fiscal 2022, CEO Corie Barry said on the company's earnings call.Barry said the industry is returning to growth, adding that Best Buy's positioning within the sector is helping the retailer ""to capture that growth trajectory.""Best Buy has been in the midst of an attempted turnaround in response to a two-year sales slump. Discretionary merchandise retailers across the board have struggled with softer consumer demand in the wake of unusually high sales throughout the Covid pandemic and as consumers pull back due to elevated inflation.As the much-awaited replacement cycle of pandemic-era tech purchases starts trickling in, the retailer is hoping to cash in through marketing and operational initiatives. Best Buy said in July that it would add trained sales teams to three key parts of its stores — computing, appliance and home theater — and kick off a marketing campaign that includes YouTube videos to draw consumer interest.The company was also betting on a wave of new tech gadget debuts, such as a collection of new iPads launched by Apple in May and artificial intelligence-enabled laptops touted by Microsoft, to drive sales.The company on Thursday posted comparable sales growth of 6% in the domestic tablet and computing categories. However, that was ""more than offset"" by declines in appliances, home theater and gaming, executives said.Barry added that AI could continue to boost sales across categories over the next few years.""We believe we are just at the beginning of the impact of AI on tech innovation and customer demand,"" she said.Best Buy has seen a doubling in the number of consumers choosing to trade in old electronics for new ones, which Barry said is ""another indicator that people are wanting to renew and refresh"" their current tech gadgets.""We capitalized on demand driven by our customers' desire to replace or upgrade their products, combined with new innovation,"" Barry said during the company's earnings call. ""We see a consumer who is seeking value in sales events and one who is also willing to spend on high-price-point products when they need to or when there is new, compelling technology.""Still, the consumer environment continues to be ""unpredictable and uneven,"" Barry said, citing the upcoming election and the holiday season.""There's probably an even greater risk that the consumer is a little bit unsettled"" in the back half of the year, she said.",CNBC,29/08/2024,"['In this articleBest Buy raised its fiscal-year profit guidance Thursday after exceeding earnings and revenue expectations for the most recent quarter.', 'Shares of Best Buy jumped more than 15% in morning trading Thursday.', 'The retailer now expects to see full-year adjusted earnings per share in the range of $6.10 to $6.35, up from a prior range of $5.75 to $6.20.', 'The company, however, lowered the top end of its guidance ranges for both full-year revenue and comparable sales.', '""As we look to the back half of the year, we expect our industry to continue to show increasing stabilization,"" Best Buy CFO Matt Bilunas said in the company\'s press release.', ""Here's how the consumer electronics retailer did for the period ended Aug. 3 compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company reported net income for the quarter of $291 million, or $1.34 per share, compared with $274 million, or $1.25 per share, a year earlier."", 'Net sales in the quarter dropped to $9.29 billion from $9.58 billion during the same period a year earlier.', 'Comparable sales declined 2.3% during the quarter, compared with a 6.2% fall a year earlier.', ""That drop in comparable sales was the company's best result for the metric since the fourth quarter of fiscal 2022, CEO Corie Barry said on the company's earnings call."", 'Barry said the industry is returning to growth, adding that Best Buy\'s positioning within the sector is helping the retailer ""to capture that growth trajectory.', '""Best Buy has been in the midst of an attempted turnaround in response to a two-year sales slump.', 'Discretionary merchandise retailers across the board have struggled with softer consumer demand in the wake of unusually high sales throughout the Covid pandemic and as consumers pull back due to elevated inflation.', 'As the much-awaited replacement cycle of pandemic-era tech purchases starts trickling in, the retailer is hoping to cash in through marketing and operational initiatives.', 'Best Buy said in July that it would add trained sales teams to three key parts of its stores — computing, appliance and home theater — and kick off a marketing campaign that includes YouTube videos to draw consumer interest.', 'The company was also betting on a wave of new tech gadget debuts, such as a collection of new iPads launched by Apple in May and artificial intelligence-enabled laptops touted by Microsoft, to drive sales.', 'The company on Thursday posted comparable sales growth of 6% in the domestic tablet and computing categories.', 'However, that was ""more than offset"" by declines in appliances, home theater and gaming, executives said.', 'Barry added that AI could continue to boost sales across categories over the next few years.', '""We believe we are just at the beginning of the impact of AI on tech innovation and customer demand,"" she said.', 'Best Buy has seen a doubling in the number of consumers choosing to trade in old electronics for new ones, which Barry said is ""another indicator that people are wanting to renew and refresh"" their current tech gadgets.', '""We capitalized on demand driven by our customers\' desire to replace or upgrade their products, combined with new innovation,"" Barry said during the company\'s earnings call. ""', 'We see a consumer who is seeking value in sales events and one who is also willing to spend on high-price-point products when they need to or when there is new, compelling technology.', '""Still, the consumer environment continues to be ""unpredictable and uneven,"" Barry said, citing the upcoming election and the holiday season.', '""There\'s probably an even greater risk that the consumer is a little bit unsettled"" in the back half of the year, she said.']",0.3770564662732343,"Barry said the industry is returning to growth, adding that Best Buy's positioning within the sector is helping the retailer ""to capture that growth trajectory.",Discretionary merchandise retailers across the board have struggled with softer consumer demand in the wake of unusually high sales throughout the Covid pandemic and as consumers pull back due to elevated inflation.,0.2777897663738417,"The retailer now expects to see full-year adjusted earnings per share in the range of $6.10 to $6.35, up from a prior range of $5.75 to $6.20.",Net sales in the quarter dropped to $9.29 billion from $9.58 billion during the same period a year earlier.,2024-08-29
U.S. will again offer free at-home Covid tests starting in late September,https://www.cnbc.com/2024/08/23/covid-tests-us-will-offer-free-at-home-kits-starting-late-september.html,2024-08-23T16:52:24+0000,"The Biden administration on Friday said it will resume offering free at-home Covid-19 tests to American households in late September as the virus has gained a stronger foothold in the U.S. this summer.Americans will soon be able to use COVIDtests.gov to request four free tests, administration officials told reporters during a briefing. The tests will be able to detect the Covid variants that are currently circulating, most of which are descendants of the highly contagious omicron variant JN.1. ""These tests will help keep families and their loved ones safe this fall and winter season,"" Dawn O'Connell, an assistant secretary for preparedness and response at the Health and Human Services Department, said during the briefing. ""This is the seventh time over the last three years that the Biden-Harris administration has given families the opportunity to order the over-the-counter Covid-19 tests for free"" through the government's website.The government's program has provided more than 1.8 billion free over-the-counter Covid tests to Americans since it started in 2021, according to O'Connell.The government is relaunching the program amid a relatively large spike in Covid cases this summer, and ahead of the fall and winter, when the virus typically spreads at higher levels each year. There is a ""high"" or ""very high"" level of Covid being detected in wastewater in almost every U.S. state, according to data from the Centers for Disease Control and Prevention. But the government decided to reopen the program in late September because it's when more Americans begin to travel and gather indoors with loved ones. ""As people start to travel, as they start to get together with friends and family through the holidays, we want them to have those four tests available to them at that time,"" David Boucher, director of infectious disease preparedness and response at HHS, told reporters during the briefing.By then, the latest round of Covid shots from Pfizer and Moderna will be available to most Americans in pharmacies, health clinics and other locations nationwide. The Food and Drug Administration approved those shots, which target a JN.1 offshoot called KP.2, on Thursday.Testing is a critical tool for protection as Covid infections climb again. But lab PCR tests — the traditional method of detecting Covid — have become more expensive and less accessible for some Americans since the U.S. government ended the public health emergency in May last year. Still, certain local health clinics and community sites offer at-home tests to the public at no cost.",CNBC,23/08/2024,"['The Biden administration on Friday said it will resume offering free at-home Covid-19 tests to American households in late September as the virus has gained a stronger foothold in the U.S. this summer.', 'Americans will soon be able to use COVIDtests.gov to request four free tests, administration officials told reporters during a briefing.', 'The tests will be able to detect the Covid variants that are currently circulating, most of which are descendants of the highly contagious omicron variant JN.1.""These tests will help keep families and their loved ones safe this fall and winter season,"" Dawn O\'Connell, an assistant secretary for preparedness and response at the Health and Human Services Department, said during the briefing. ""', 'This is the seventh time over the last three years that the Biden-Harris administration has given families the opportunity to order the over-the-counter Covid-19 tests for free"" through the government\'s website.', ""The government's program has provided more than 1.8 billion free over-the-counter Covid tests to Americans since it started in 2021, according to O'Connell."", 'The government is relaunching the program amid a relatively large spike in Covid cases this summer, and ahead of the fall and winter, when the virus typically spreads at higher levels each year.', 'There is a ""high"" or ""very high"" level of Covid being detected in wastewater in almost every U.S. state, according to data from the Centers for Disease Control and Prevention.', ""But the government decided to reopen the program in late September because it's when more Americans begin to travel and gather indoors with loved ones."", '""As people start to travel, as they start to get together with friends and family through the holidays, we want them to have those four tests available to them at that time,"" David Boucher, director of infectious disease preparedness and response at HHS, told reporters during the briefing.', 'By then, the latest round of Covid shots from Pfizer and Moderna will be available to most Americans in pharmacies, health clinics and other locations nationwide.', 'The Food and Drug Administration approved those shots, which target a JN.1 offshoot called KP.2, on Thursday.', 'Testing is a critical tool for protection as Covid infections climb again.', 'But lab PCR tests — the traditional method of detecting Covid — have become more expensive and less accessible for some Americans since the U.S. government ended the public health emergency in May last year.', 'Still, certain local health clinics and community sites offer at-home tests to the public at no cost.']",0.3114625193288947,The Biden administration on Friday said it will resume offering free at-home Covid-19 tests to American households in late September as the virus has gained a stronger foothold in the U.S. this summer.,But lab PCR tests — the traditional method of detecting Covid — have become more expensive and less accessible for some Americans since the U.S. government ended the public health emergency in May last year.,0.2481389999389648,The Biden administration on Friday said it will resume offering free at-home Covid-19 tests to American households in late September as the virus has gained a stronger foothold in the U.S. this summer.,But lab PCR tests — the traditional method of detecting Covid — have become more expensive and less accessible for some Americans since the U.S. government ended the public health emergency in May last year.,2024-08-29
Cava earnings beat estimates as restaurant traffic climbs nearly 10%,https://www.cnbc.com/2024/08/22/cava-group-cava-earnings-q2-2024.html,2024-08-23T11:28:50+0000,"In this articleCava on Thursday raised its full-year outlook as its restaurants reported strong traffic, fueling better-than-expected quarterly earnings and revenue.Shares of the company rose 9% in extended trading. The stock has more than doubled its value this year, bringing Cava's market cap up to about $11.6 billion, as of Thursday's close.Here is what the company reported for the quarter that ended July 14 compared to what Wall Street was expecting, based on a survey of analysts by LSEG:The Mediterranean restaurant chain reported fiscal second-quarter net income of $19.7 million, or 17 cents per share, up from $6.5 million, or 21 cents per share, a year earlier.Net sales climbed 35% to $233 million. The company's same-store sales rose 14.4%, topping StreetAccount estimates of 7.9%.While many other restaurant companies have reported declines in visits as consumers pull back their spending, Cava said its traffic grew 9.5% in the quarter. Cava CEO and co-founder Brett Schulman credited the chain's new grilled steak option as one reason customers kept coming to its restaurants during the quarter.Cava opened 18 net new locations during the quarter, bringing its total footprint up to 341 restaurants.For fiscal 2024, Cava now expects same-store sales growth of 8.5% to 9.5%, up from its prior range of 4.5% to 6.5%. The company is also projecting that it will open 54 to 57 new locations this year, up from its previous forecast of 50 to 54 restaurants.Cava also expects to report adjusted earnings before interest, taxes, depreciation and amortization of $109 million to $114 million. Previously, it was projecting adjusted EBITDA of $100 million to $105 million for the fiscal year.",CNBC,23/08/2024,"['In this articleCava on Thursday raised its full-year outlook as its restaurants reported strong traffic, fueling better-than-expected quarterly earnings and revenue.', 'Shares of the company rose 9% in extended trading.', ""The stock has more than doubled its value this year, bringing Cava's market cap up to about $11.6 billion, as of Thursday's close."", 'Here is what the company reported for the quarter that ended July 14 compared to what Wall Street was expecting, based on a survey of analysts by LSEG:The Mediterranean restaurant chain reported fiscal second-quarter net income of $19.7 million, or 17 cents per share, up from $6.5 million, or 21 cents per share, a year earlier.', 'Net salesclimbed 35% to $233 million.', ""The company's same-store sales rose 14.4%, topping StreetAccount estimates of 7.9%.While many other restaurant companies have reported declines in visits as consumers pull back their spending, Cava said its traffic grew 9.5% in the quarter."", ""Cava CEO and co-founder Brett Schulman credited the chain's new grilled steak option as one reason customers kept coming to its restaurants during the quarter."", 'Cava opened 18 net new locations during the quarter, bringing its total footprint up to 341 restaurants.', 'For fiscal 2024, Cava now expects same-store sales growth of 8.5% to 9.5%, up from its prior range of 4.5% to 6.5%.', 'The company is also projecting that it will open 54 to 57 new locations this year, up from its previous forecast of 50 to 54 restaurants.', 'Cava also expects to report adjusted earnings before interest, taxes, depreciation and amortization of $109 million to $114 million.', 'Previously, it was projecting adjusted EBITDA of $100 million to $105 million for the fiscal year.']",0.2665119947167048,"In this articleCava on Thursday raised its full-year outlook as its restaurants reported strong traffic, fueling better-than-expected quarterly earnings and revenue.",,0.9992665383550856,Shares of the company rose 9% in extended trading.,,2024-08-29
AI chip giant Nvidia's shares sink despite record sales of $30bn,https://www.bbc.co.uk/news/articles/c984jrj24wyo,2024-08-29T00:13:57.887Z,"Shares in Nvidia fell on Wall Street despite the artificial intelligence (AI) chip giant comfortably beating expectations after more than doubling its sales. Nvidia announced record revenues of $30bn (£24.7bn) over a three-month period.  The company has been one of the biggest beneficiaries of the AI boom, with its stock market value soaring to more than $3 trillion. But while analysts have grown used to Nvidia producing ""spectacular"" sales growth, the latest results indicate ""that rate of growth was starting to slow,"" said Simon French, head of research at Panmure Liberum. Analysts had forecast sales growth of $28.7bn for the three months to 28 July. Nvidia surpassed this with revenues increasing by 122% compared to the same period last year.  But Nvidia's share price fell by 6% in after-hours trading in New York.  ""It’s less about just beating estimates now,"" said Matt Britzman, senior equity analyst at Hargreaves Lansdown. ""Markets expect them to be shattered and it’s the scale of the beat today that looks to have disappointed a touch.""  Announcing the latest results, Nvidia chief executive Jensen Huang said: ""Generative AI will revolutionise every industry."" But Mr French told the BBC: ""If you’re going to raise expectations that high then you’ve got to keep growing at spectacular rates."" He added that while its current AI chip - called Hopper - is selling well, the next generation Blackwell chip ""has faced some production delays and that perhaps is one of the reasons why Wall Street after hours sold off the stock"". Nvidia's results have become a quarterly event which sends Wall Street into a frenzy of buying and selling shares. A ""watch party"" had been planned in Manhattan, according to the Wall Street Journal, while Mr Huang, famed for his signature leather jacket, has been dubbed the ""Taylor Swift of tech"". Alvin Nguyen, senior analyst at Forrester, told the BBC both Nvidia and Mr Huang have become the ""face of AI"". This has helped the company so far, but it could also hurt its valuation if AI fails to deliver after firms have invested billions of dollars in the technology, Mr Nguyen said. ""A thousand use cases for AI is not enough. You need a million."" Mr Nguyen also said Nvidia's first-mover advantage means it has market-leading products, which its customers have spent decades using and has a ""software ecosystem"". He said that rivals, such as Intel, could ""chip away"" at Nvidia's market share if they developed a better product, though he said this would take time. ",BBC,29/08/2024,"['Shares in Nvidia fell on Wall Street despite the artificial intelligence (AI) chip giant comfortably beating expectations after more than doubling its sales.', 'Nvidia announced record revenues of $30bn (£24.7bn) over a three-month period.', 'The company has been one of the biggest beneficiaries of the AI boom, with its stock market value soaring to more than $3 trillion.', 'But while analysts have grown used to Nvidia producing ""spectacular"" sales growth, the latest results indicate ""that rate of growth was starting to slow,"" said Simon French, head of research at Panmure Liberum.', 'Analysts had forecast sales growth of $28.7bn for the three months to 28 July.', 'Nvidia surpassed this with revenues increasing by 122% compared to the same period last year.', 'But Nvidia\'s share price fell by 6% in after-hours trading in New York. ""', 'It’s less about just beating estimates now,"" said Matt Britzman, senior equity analyst at Hargreaves Lansdown. ""', 'Markets expect them to be shattered and it’s the scale of the beat today that looks to have disappointed a touch.""', 'Announcing the latest results, Nvidia chief executive Jensen Huang said: ""Generative AI will revolutionise every industry.""', 'But Mr French told the BBC: ""If you’re going to raise expectations that high then you’ve got to keep growing at spectacular rates.""', 'He added that while its current AI chip - called Hopper - is selling well, the next generation Blackwell chip ""has faced some production delays and that perhaps is one of the reasons why Wall Street after hours sold off the stock"".', ""Nvidia's results have become a quarterly event which sends Wall Street into a frenzy of buying and selling shares."", 'A ""watch party"" had been planned in Manhattan, according to the Wall Street Journal, while Mr Huang, famed for his signature leather jacket, has been dubbed the ""Taylor Swift of tech"".', 'Alvin Nguyen, senior analyst at Forrester, told the BBC both Nvidia and Mr Huang have become the ""face of AI"".', 'This has helped the company so far, but it could also hurt its valuation if AI fails to deliver after firms have invested billions of dollars in the technology, Mr Nguyen said. ""', 'A thousand use cases for AI is not enough.', 'You need a million.""', 'Mr Nguyen also said Nvidia\'s first-mover advantage means it has market-leading products, which its customers have spent decades using and has a ""software ecosystem"".', 'He said that rivals, such as Intel, could ""chip away"" at Nvidia\'s market share if they developed a better product, though he said this would take time.']",0.1003521994318546,"But while analysts have grown used to Nvidia producing ""spectacular"" sales growth, the latest results indicate ""that rate of growth was starting to slow,"" said Simon French, head of research at Panmure Liberum.","This has helped the company so far, but it could also hurt its valuation if AI fails to deliver after firms have invested billions of dollars in the technology, Mr Nguyen said. """,0.1728668085166386,Nvidia surpassed this with revenues increasing by 122% compared to the same period last year.,"But Nvidia's share price fell by 6% in after-hours trading in New York. """,2024-08-28
South Korea battery maker boss arrested over deadly fire,https://www.bbc.co.uk/news/articles/c5y35nvvepwo,2024-08-29T03:47:03.969Z,"The chief executive of Aricell, a South Korean lithium battery company, has been arrested over a massive factory fire in June that killed 23 people and injured nine others.  A court approved the warrant for Park Soon-kwan's arrest on Wednesday. Investigators have said Aricell's management is suspected of workplace safety violations. The fire was one of South Korea's worst factory disasters in recent years. Aricells' parent company, S-Connect, did not immediately respond to a BBC request for comment. After the fire Mr Park issued an apology: ""We are deeply saddened by the loss of life and would like to express our deepest condolences and apologies to the bereaved families."" ""We take great responsibility and will sincerely provide support to the deceased and their families in every way possible,"" he added.  His arrest comes after a police investigation found that the factory had been rushing to meet production deadlines. Investigators said there were a number of safety issues at the plant, including a failure to address quality defects in batteries and hiring unskilled staff to handle dangerous materials. It was also alleged that Aricell had been cheating in quality inspections related to contracts with the military. The blaze broke out on 24 June after several battery cells exploded. At the time of the fire, the Aricell factory housed an estimated 35,000 battery cells on its second floor, where batteries were inspected and packaged. As a lithium fire can react intensely with water, firefighters had to use dry sand to extinguish the blaze, which took several hours to get under control. The victims were mostly foreign workers, from country's including China and Laos. South Korea is a leading producer of lithium batteries, which are used in many items from electric cars to laptops. ",BBC,29/08/2024,"['The chief executive of Aricell, a South Korean lithium battery company, has been arrested over a massive factory fire in June that killed 23 people and injured nine others.', ""A court approved the warrant for Park Soon-kwan's arrest on Wednesday."", ""Investigators have said Aricell's management is suspected of workplace safety violations."", ""The fire was one of South Korea's worst factory disasters in recent years."", ""Aricells' parent company, S-Connect, did not immediately respond to a BBC request for comment."", 'After the fire Mr Park issued an apology: ""We are deeply saddened by the loss of life and would like to express our deepest condolences and apologies to the bereaved families."" ""', 'We take great responsibility and will sincerely provide support to the deceased and their families in every way possible,"" he added.', 'His arrest comes after a police investigation found that the factory had been rushing to meet production deadlines.', 'Investigators said there were a number of safety issues at the plant, including a failure to address quality defects in batteries and hiring unskilled staff to handle dangerous materials.', 'It was also alleged that Aricell had been cheating in quality inspections related to contracts with the military.', 'The blaze broke out on 24 June after several battery cells exploded.', 'At the time of the fire, the Aricell factory housed an estimated 35,000 battery cells on its second floor, where batteries were inspected and packaged.', 'As a lithium fire can react intensely with water, firefighters had to use dry sand to extinguish the blaze, which took several hours to get under control.', ""The victims were mostly foreign workers, from country's including China and Laos."", 'South Korea is a leading producer of lithium batteries, which are used in many items from electric cars to laptops.']",-0.3362992556668456,"We take great responsibility and will sincerely provide support to the deceased and their families in every way possible,"" he added.","The chief executive of Aricell, a South Korean lithium battery company, has been arrested over a massive factory fire in June that killed 23 people and injured nine others.",-0.9734751582145692,,It was also alleged that Aricell had been cheating in quality inspections related to contracts with the military.,2024-08-28
Manchester hotel chain denies reselling rooms booked by Oasis fans,https://www.bbc.co.uk/news/articles/c935v1kkzjvo,2024-08-28T10:33:02.258Z,"A hotel chain has been accused of trying to cash in on Oasis shows next year by cancelling bookings customers had made before the reunion tour was announced.  Lily Stroud from Newcastle said she ""took a risk "" by reserving rooms on two weekends at a Maldron Hotel in Manchester in July 2025 after speculation about the band's return. But the hotel chain cancelled her bookings after the tour announcement due to a ""technical error"", with the same rooms now listed as unavailable.  A spokesman for Maldron Hotels said there was ""an overbooking issue"" at two of its locations and it was not an attempt to ""resell rooms at inflated prices"". Greater Manchester's night-time economy adviser Sacha Lord confirmed a number of people had been in touch with him to complain about the chain. The chain, which has two hotels in Manchester - the Maldron Hotel Manchester City and Maldron Hotel Cathedral Quarter - said all reservations made before 26 August would be honoured. Oasis announced on Tuesday that they would be reuniting for a tour in 2025, with the Gallagher brothers confirming dates in London, Manchester, Cardiff, Edinburgh and Dublin. Rumours had been swirling the day before, after the band posted an image of a date that read ""27.08.24"" on their social media platforms. Oasis are set to play at Heaton Park in Manchester on 11, 12 ,19 and 20 July. The hotel said a technical error with bookings made on Monday and Tuesday led to ""substantially more rooms booked"" than were available on the dates of the concerts. The same problem allowed ""a small number of customers"" to book rooms at a higher price later on Tuesday, he said, adding these bookings would also be cancelled.  An apology has been issued by the hotel, which is not taking any new reservations while it investigates the problem.  It comes after Mr Lord called on the hotel to ""do the right thing"" after he received numerous complaints.  Mr Lord said he had been contacted by several disgruntled customers on X, some of whom said their bookings had been cancelled by the hotel and were ""now back up for three times the price"".  As of Wednesday, the prices for some Manchester hotels for the weekends of the Oasis gigs were about double those of the weeks before and afterwards. One hotel's website listed rooms for about £750 on the weekends of the Heaton Park shows, compared to about £350 on the nearest other weekends.  Another hotel listed rooms at about £600 for the gig weekends, compared to about £240 for the weekend after the 19 July 2025 gig.  Ms Stroud, who described herself as a ""massive"" Oasis fan, said she and her mum booked the room in Manchester on Sunday after spotting a list of speculative dates for the reunion tour circulating online.  ""We thought, if it's free cancellation, why not, because we know what the demand would be like,"" she said.  The hotel then emailed her and scores of other fans after the tour was announced to say the bookings had been unsuccessful. The 26-year-old said she rang the Maldron Hotel directly, and was told initially her booking was still on the system, before later being told it could not be found.  ""We were kind of expecting it,"" she said, adding she was ""frustrated"" as ""it's stressful enough as it is thinking, 'are you going to get tickets'"". Emma Cough, 37, from Ulverston in Cumbria, had also fallen foul of the booking problems at the Maldron after making two reservations ahead of the tour announcement. “Surely they knew how many rooms they had! It’s daft,"" she said. “People are disgruntled that they’ve done this early. It’s not fair.” David O'Gorman, 37, also booked a room at the Maldron for roughly £90 at 8.03am on Tuesday for July 20 2025, with the hope he would also be able to secure a ticket to see Oasis perform in Manchester that night. However at 8.15pm on Tuesday, he received an email from the hotel which said a technical error meant his booking had not been successful.  Mr O'Gorman, from County Meath, Ireland, said: ""The minute I saw that email from the hotel, I opened up Booking.com and the exact same room I booked is now around £350, so there's no technical error there."" He said he is ""limbo"", adding: ""Realistically, I'll probably be priced out of that date so I can't go for that ticket as I will also need to book a flight. ""I feel really frustrated and it feels so unfair as I tried to be ahead of the curve. I'm a massive fan but have never got to see them live, so thought it would be amazing to go to Manchester to see them."" George Snape said he was ""quite angry and really disappointed"" after the bookings he made at the hotel ahead of attending a wedding in Manchester next year were cancelled.  ""I think they were just putting up the prices for Oasis,"" he said.  Manchester City councillor Pat Karney told BBC Radio Manchester staff at the council would investigate what had happened.  ""If this is the case then they have let themselves down and they've let Manchester down,"" he said. ""We’re not daft, we know prices are going to be high, so long as people in hotels are fair about it. ""There’s no justification for ripping off people."" Dan, aged 37, from Hull, said he had booked at the Hazeldean Hotel in Salford, which had offered free cancellation ahead of the announcement, but he has now been told he must pay in full by Friday, the day before Oasis tickets go on sale. “How is this fair and how am I supposed to pay this when I don't know if I'll get tickets? “I'm sure they're doing this just so they can cancel and then put on for a higher price."" The Hazeldean Hotel has been contacted for comment. Additional reporting by PA Media. Listen to the best of BBC Radio Manchester on Sounds and follow BBC Manchester on Facebook, X, and Instagram. You can also send story ideas to northwest.newsonline@bbc.co.uk ",BBC,28/08/2024,"['A hotel chain has been accused of trying to cash in on Oasis shows next year by cancelling bookings customers had made before the reunion tour was announced.', 'Lily Stroud from Newcastle said she ""took a risk "" by reserving rooms on two weekends at a Maldron Hotel in Manchester in July 2025 after speculation about the band\'s return.', 'But the hotel chain cancelled her bookings after the tour announcement due to a ""technical error"", with the same rooms now listed as unavailable.', 'A spokesman for Maldron Hotels said there was ""an overbooking issue"" at two of its locations and it was not an attempt to ""resell rooms at inflated prices"".', ""Greater Manchester's night-time economy adviser Sacha Lord confirmed a number of people had been in touch with him to complain about the chain."", 'The chain, which has two hotels in Manchester - the Maldron Hotel Manchester City and Maldron Hotel Cathedral Quarter - said all reservations made before 26 August would be honoured.', 'Oasis announced on Tuesday that they would be reuniting for a tour in 2025, with the Gallagher brothers confirming dates in London, Manchester, Cardiff, Edinburgh and Dublin.', 'Rumours had been swirling the day before, after the band posted an image of a date that read ""27.08.24"" on their social media platforms.', 'Oasis are set to play at Heaton Park in Manchester on 11, 12 ,19 and 20 July.', 'The hotel said a technical error with bookings made on Monday and Tuesday led to ""substantially more rooms booked"" than were available on the dates of the concerts.', 'The same problem allowed ""a small number of customers"" to book rooms at a higher price later on Tuesday, he said, adding these bookings would also be cancelled.', 'An apology has been issued by the hotel, which is not taking any new reservations while it investigates the problem.', 'It comes after Mr Lord called on the hotel to ""do the right thing"" after he received numerous complaints.', 'Mr Lord said he had been contacted by several disgruntled customers on X, some of whom said their bookings had been cancelled by the hotel and were ""now back up for three times the price"".', 'As of Wednesday, the prices for some Manchester hotels for the weekends of the Oasis gigs were about double those of the weeks before and afterwards.', ""One hotel's website listed rooms for about £750 on the weekends of the Heaton Park shows, compared to about £350 on the nearest other weekends."", 'Another hotel listed rooms at about £600 for the gig weekends, compared to about £240 for the weekend after the 19 July 2025 gig.', 'Ms Stroud, who described herself as a ""massive"" Oasis fan, said she and her mum booked the room in Manchester on Sunday after spotting a list of speculative dates for the reunion tour circulating online. ""', 'We thought, if it\'s free cancellation, why not, because we know what the demand would be like,"" she said.', 'The hotel then emailed her and scores of other fans after the tour was announced to say the bookings had been unsuccessful.', 'The 26-year-old said she rang the Maldron Hotel directly, and was told initially her booking was still on the system, before later being told it could not be found. ""', 'We were kind of expecting it,"" she said, adding she was ""frustrated"" as ""it\'s stressful enough as it is thinking, \'are you going to get tickets\'"".', 'Emma Cough, 37, from Ulverston in Cumbria, had also fallen foul of the booking problems at the Maldron after making two reservations ahead of the tour announcement. “', 'Surely they knew how many rooms they had!', 'It’s daft,"" she said. “', 'People are disgruntled that they’ve done this early.', 'It’s not fair.”', ""David O'Gorman, 37, also booked a room at the Maldron for roughly £90 at 8.03am on Tuesday for July 20 2025, with the hope he would also be able to secure a ticket to see Oasis perform in Manchester that night."", 'However at 8.15pm on Tuesday, he received an email from the hotel which said a technical error meant his booking had not been successful.', 'Mr O\'Gorman, from County Meath, Ireland, said: ""The minute I saw that email from the hotel, I opened up Booking.com and the exact same room I booked is now around £350, so there\'s no technical error there.""', 'He said he is ""limbo"", adding: ""Realistically, I\'ll probably be priced out of that date so I can\'t go for that ticket as I will also need to book a flight. ""', 'I feel really frustrated and it feels so unfair as I tried to be ahead of the curve.', 'I\'m a massive fan but have never got to see them live, so thought it would be amazing to go to Manchester to see them.""', 'George Snape said he was ""quite angry and really disappointed"" after the bookings he made at the hotel ahead of attending a wedding in Manchester next year were cancelled. ""', 'I think they were just putting up the prices for Oasis,"" he said.', 'Manchester City councillor Pat Karney told BBC Radio Manchester staff at the council would investigate what had happened. ""', 'If this is the case then they have let themselves down and they\'ve let Manchester down,"" he said. ""', 'We’re not daft, we know prices are going to be high, so long as people in hotels are fair about it. ""', 'There’s no justification for ripping off people.""', 'Dan, aged 37, from Hull, said he had booked at the Hazeldean Hotel in Salford, which had offered free cancellation ahead of the announcement, but he has now been told he must pay in full by Friday, the day before Oasis tickets go on sale. “', ""How is this fair and how am I supposed to pay this when I don't know if I'll get tickets? “"", 'I\'m sure they\'re doing this just so they can cancel and then put on for a higher price.""', 'The Hazeldean Hotel has been contacted for comment.', 'Additional reporting by PA Media.', 'Listen to the best of BBC Radio Manchester on Sounds and follow BBC Manchester on Facebook, X, and Instagram.', 'You can also send story ideas to northwest.newsonline@bbc.co.uk']",-0.0693951153025533,"I'm a massive fan but have never got to see them live, so thought it would be amazing to go to Manchester to see them.""","George Snape said he was ""quite angry and really disappointed"" after the bookings he made at the hotel ahead of attending a wedding in Manchester next year were cancelled. """,-0.4836164853152107,"As of Wednesday, the prices for some Manchester hotels for the weekends of the Oasis gigs were about double those of the weeks before and afterwards.","The hotel said a technical error with bookings made on Monday and Tuesday led to ""substantially more rooms booked"" than were available on the dates of the concerts.",2024-08-28
Shop prices fall for first time in nearly three years,https://www.bbc.co.uk/news/articles/cz07n5v99xmo,2024-08-27T06:34:41.374Z,"Summer sales by fashion retailers trying to shift stock helped shop prices to record their first annual fall for nearly three years, research suggests. Prices in August were down 0.3% from a year ago, the lowest rate since October 2021, according to the British Retail Consortium (BRC). The drop in prices was driven by non-food goods, such as clothing and furniture, with retailers offering discounts after wet weather and continued cost-of-living pressures hit sales. Food prices continued to rise, but at a slower pace, the BRC industry body said. Fresh food inflation, such as fruit, meat and fish, had seen the biggest monthly decrease since December 2020, it said, thanks to falling costs from suppliers. But the BRC said non-food retailers had been ""discounting heavily to shift their summer stock, particularly for fashion and household goods"". ""This discounting followed a difficult summer of trading caused by poor weather and the continued cost of living crunch impacting many families."" The BRC said prices of non-food goods were 1.5% lower in August than they had been a year ago. Food prices were up 2%, but this was down from July's figure of 2.3%. BRC chief executive Helen Dickinson said that while households will be ""happy"" to see the prices of some goods falling, there was no guarantee this trend would continue. ""The outlook for commodity prices remains uncertain due to the impact of climate change on harvests domestically and globally, as well as rising geopolitical tensions,"" she said. ""As a result, we could see renewed inflationary pressures over the next year.”  Lindsay James, investment strategist at Quilter Investors, said the wet summer weather had really hit clothing sales. She told the BBC's Today programme that while there were ""encouraging signs that inflation is coming under control"", the figures were also a ""reminder that this economic recovery is fragile"". The most recent official inflation figures - which indicate how fast prices are rising overall - showed the rate rose to 2.2% in July, the first increase this year. The rise in July had been widely predicted and was due to prices of gas and electricity falling by less than they did a year before. The Bank of England has predicted the inflation rate will rise to about 2.75% in the coming months before falling below 2% next year. Inflation soared in 2022 mainly due to a sharp jump in energy prices. Oil and gas were in greater demand after the Covid pandemic, and prices surged again when Russia invaded Ukraine. The recent slowdown in inflation meant the Bank of England felt able to cut interest rates to 5% from 5.25% earlier this month - the first cut since the start of the pandemic in March 2020. However, the Bank's governor, Andrew Bailey, said at the time that it needed ""to make sure inflation stays low and be careful not to cut interest rates too quickly or by too much"". Andrew Murphy, chief executive of toy retailer The Entertainer, which has 165 UK stores, told BBC that some of the cost pressures it has been facing over the past 18 months ""have started to ease just a little"". However, he added that the biggest cost not related to the products it buys was  wages, which have risen by about 10% this year due to increases in the national living wage and ""that one will continue to grow"".  ",BBC,27/08/2024,"['Summer sales by fashion retailers trying to shift stock helped shop prices to record their first annual fall for nearly three years, research suggests.', 'Prices in August were down 0.3% from a year ago, the lowest rate since October 2021, according to the British Retail Consortium (BRC).', 'The drop in prices was driven by non-food goods, such as clothing and furniture, with retailers offering discounts after wet weather and continued cost-of-living pressures hit sales.', 'Food prices continued to rise, but at a slower pace, the BRC industry body said.', 'Fresh food inflation, such as fruit, meat and fish, had seen the biggest monthly decrease since December 2020, it said, thanks to falling costs from suppliers.', 'But the BRC said non-food retailers had been ""discounting heavily to shift their summer stock, particularly for fashion and household goods"". ""', 'This discounting followed a difficult summer of trading caused by poor weather and the continued cost of living crunch impacting many families.""', 'The BRC said prices of non-food goods were 1.5% lower in August than they had been a year ago.', ""Food prices were up 2%, but this was down from July's figure of 2.3%."", 'BRC chief executive Helen Dickinson said that while households will be ""happy"" to see the prices of some goods falling, there was no guarantee this trend would continue. ""', 'The outlook for commodity prices remains uncertain due to the impact of climate change on harvests domestically and globally, as well as rising geopolitical tensions,"" she said. ""', 'As a result, we could see renewed inflationary pressures over the next year.”', 'Lindsay James, investment strategist at Quilter Investors, said the wet summer weather had really hit clothing sales.', 'She told the BBC\'s Today programme that while there were ""encouraging signs that inflation is coming under control"", the figures were also a ""reminder that this economic recovery is fragile"".', 'The most recent official inflation figures - which indicate how fast prices are rising overall - showed the rate rose to 2.2% in July, the first increase this year.', 'The rise in July had been widely predicted and was due to prices of gas and electricity falling by less than they did a year before.', 'The Bank of England has predicted the inflation rate will rise to about 2.75% in the coming months before falling below 2% next year.', 'Inflation soared in 2022 mainly due to a sharp jump in energy prices.', 'Oil and gas were in greater demand after the Covid pandemic, and prices surged again when Russia invaded Ukraine.', 'The recent slowdown in inflation meant the Bank of England felt able to cut interest rates to 5% from 5.25% earlier this month - the first cut since the start of the pandemic in March 2020.', 'However, the Bank\'s governor, Andrew Bailey, said at the time that it needed ""to make sure inflation stays low and be careful not to cut interest rates too quickly or by too much"".', 'Andrew Murphy, chief executive of toy retailer The Entertainer, which has 165 UK stores, told BBC that some of the cost pressures it has been facing over the past 18 months ""have started to ease just a little"".', 'However, he added that the biggest cost not related to the products it buys was wages, which have risen by about 10% this year due to increases in the national living wage and ""that one will continue to grow"".']",-0.0069896665298841,"Fresh food inflation, such as fruit, meat and fish, had seen the biggest monthly decrease since December 2020, it said, thanks to falling costs from suppliers.","This discounting followed a difficult summer of trading caused by poor weather and the continued cost of living crunch impacting many families.""",0.2591204318133267,"However, he added that the biggest cost not related to the products it buys was wages, which have risen by about 10% this year due to increases in the national living wage and ""that one will continue to grow"".","Prices in August were down 0.3% from a year ago, the lowest rate since October 2021, according to the British Retail Consortium (BRC).",2024-08-28
Why is Thames Water in so much trouble?,https://www.bbc.co.uk/news/business-66051555,2023-06-29T12:22:03.000Z,"Thames Water has said its bills need to rise by 59% between 2025 and 2030 or else the business will not be able to recover from its financial crisis. The UK's largest water company demanded the bill hike as the wider water industry raised concerns over a proposed cap from the regulator for water bill rises for all suppliers. So why is Thames Water facing a crisis - and are other firms facing similar problems? When the company was privatised in 1989, it had no debt. But over the years it borrowed heavily and is currently £15.2bn in debt, by one measure. A large proportion of that was added when Macquarie, an Australian infrastructure bank, owned Thames Water, reaching over £10bn when the company was sold in 2017. Analysts say Thames Water's current debt amounts to about 80% of the value of the business, making it the most heavily indebted of England and Wales' water companies.  Also, interest payments on more than half of Thames' debt rise with inflation, which has been high in recent years, adding to the firm's woes. Macquarie said that it invested billions of pounds in upgrading Thames's water and sewage infrastructure while it owned the company.   But critics argue that it took billions of pounds out of the company in loans and dividends - which is a share of a business's profits that is paid to shareholders. Thames Water said that it has not paid dividends to external shareholders since 2017.   However, dividends can also be used to move money around companies that are ultimately owned by one parent company. Thames Water has paid over £200m in dividends to other companies within the group in the past five years.  Most of this money has then been paid as interest to outside investors who have loaned the group money.   Critics argue that the dividends were paid with money that could have been spent on improving Thames Water's infrastructure and services. However, Thames Water is legally obliged to make those debt interest payments. The company says it has enough cash until the end of May next year. Thames Water's travails have certainly put a spotlight on what is a debt-laden industry. According to the regulator Ofwat, the sector's total debt reached £60.6bn by March last year.  Of the 11 companies that provide water and sewage services in England and Wales, six are owned by or controlled by overseas investors from countries including Hong Kong, Canada and Malaysia. Like Thames Water, critics claim that overseas owners have loaded water companies up with debt and paid themselves handsome dividends at the expense of investment.   While the sector has - like other industries - been hit by higher costs for things like chemicals and energy, one problem for water companies is that the interest that they pay on their debt is linked to the retail prices index (RPI) measure of inflation.  This is usually higher than the consumer prices index (CPI) measure of inflation. For example, in July RPI inflation was 3.6% compared with CPI inflation of 2.2%. Ofwat estimates that half of water companies' debt is linked to inflation and the vast majority of that is tied to the RPI measure.  Meanwhile, in December 2022 Ofwat raised concerns about the financial resilience of five companies: Thames Water, Southern Water, Yorkshire Water, SES and Portsmouth. Yorkshire, Southern, Portsmouth and SES all say they have taken steps to address Ofwat's concerns. Thames Water is owned by a group of investors spanning four continents. The largest is the Canadian pension fund, OMERS, with 31.8%.  The second-largest is the Universities Superannuation Scheme, with 19.7%, a pension fund for UK academics. Other investors include sovereign wealth funds from China and Abu Dhabi, which invest those nations' assets on behalf of their governments.   Three other pension funds and two investment firms make up the rest.   The entire water and waste sector was privatised 34 years ago under the late Margaret Thatcher's Conservative government for £7.6bn. At the time, Mrs Thatcher wrote off the industry's £5bn debt, leaving companies with a clean slate and gave them £1.5bn in public money.  The government had wanted to privatise the industry in 1984 but a public backlash against the plan saw it shelved until after the general election three years later. At the time, the UK was under pressure from Europe to improve the purity of its water. However, meeting European standards would cost billions of pounds worth of investment which, it was hoped, would come from the private sector and, by extension, companies' customers.  ""If we want environmental improvement, it will cost money,"" said Mrs Thatcher in 1988. ""It will be the people who want those improvements in water who will have to pay."" Former Labour MP Ann Taylor later said of privatising the water industry: ""The message is always the same - maximise the cost to the consumer to ensure maximum return to the investor. We should not be surprised at that. After all, that is what private investors expect of their companies.""  ",BBC,29/06/2023,"['Thames Water has said its bills need to rise by 59% between 2025 and 2030 or else the business will not be able to recover from its financial crisis.', ""The UK's largest water company demanded the bill hike as the wider water industry raised concerns over a proposed cap from the regulator for water bill rises for all suppliers."", 'So why is Thames Water facing a crisis - and are other firms facing similar problems?', 'When the company was privatised in 1989, it had no debt.', 'But over the years it borrowed heavily and is currently £15.2bn in debt, by one measure.', 'A large proportion of that was added when Macquarie, an Australian infrastructure bank, owned Thames Water, reaching over £10bn when the company was sold in 2017.', ""Analysts say Thames Water's current debt amounts to about 80% of the value of the business, making it the most heavily indebted of England and Wales' water companies."", ""Also, interest payments on more than half of Thames' debt rise with inflation, which has been high in recent years, adding to the firm's woes."", ""Macquarie said that it invested billions of pounds in upgrading Thames's water and sewage infrastructure while it owned the company."", ""But critics argue that it took billions of pounds out of the company in loans and dividends - which is a share of a business's profits that is paid to shareholders."", 'Thames Water said that it has not paid dividends to external shareholders since 2017.', 'However, dividends can also be used to move money around companies that are ultimately owned by one parent company.', 'Thames Water has paid over £200m in dividends to other companies within the group in the past five years.', 'Most of this money has then been paid as interest to outside investors who have loaned the group money.', ""Critics argue that the dividends were paid with money that could have been spent on improving Thames Water's infrastructure and services."", 'However, Thames Water is legally obliged to make those debt interest payments.', 'The company says it has enough cash until the end of May next year.', ""Thames Water's travails have certainly put a spotlight on what is a debt-laden industry."", ""According to the regulator Ofwat, the sector's total debt reached £60.6bn by March last year."", 'Of the 11 companies that provide water and sewage services in England and Wales, six are owned by or controlled by overseas investors from countries including Hong Kong, Canada and Malaysia.', 'Like Thames Water, critics claim that overseas owners have loaded water companies up with debt and paid themselves handsome dividends at the expense of investment.', 'While the sector has - like other industries - been hit by higher costs for things like chemicals and energy, one problem for water companies is that the interest that they pay on their debt is linked to the retail prices index (RPI) measure of inflation.', 'This is usually higher than the consumer prices index (CPI) measure of inflation.', 'For example, in July RPI inflation was 3.6% compared with CPI inflation of 2.2%.', ""Ofwat estimates that half of water companies' debt is linked to inflation and the vast majority of that is tied to the RPI measure."", 'Meanwhile, in December 2022 Ofwat raised concerns about the financial resilience of five companies: Thames Water, Southern Water, Yorkshire Water, SES and Portsmouth.', ""Yorkshire, Southern, Portsmouth and SES all say they have taken steps to address Ofwat's concerns."", 'Thames Water is owned by a group of investors spanning four continents.', 'The largest is the Canadian pension fund, OMERS, with 31.8%.', 'The second-largest is the Universities Superannuation Scheme, with 19.7%, a pension fund for UK academics.', ""Other investors include sovereign wealth funds from China and Abu Dhabi, which invest those nations' assets on behalf of their governments."", 'Three other pension funds and two investment firms make up the rest.', ""The entire water and waste sector was privatised 34 years ago under the late Margaret Thatcher's Conservative government for £7.6bn."", ""At the time, Mrs Thatcher wrote off the industry's £5bn debt, leaving companies with a clean slate and gave them £1.5bn in public money."", 'The government had wanted to privatise the industry in 1984 but a public backlash against the plan saw it shelved until after the general election three years later.', 'At the time, the UK was under pressure from Europe to improve the purity of its water.', 'However, meeting European standards would cost billions of pounds worth of investment which, it was hoped, would come from the private sector and, by extension, companies\' customers. ""', 'If we want environmental improvement, it will cost money,"" said Mrs Thatcher in 1988. ""', 'It will be the people who want those improvements in water who will have to pay.""', 'Former Labour MP Ann Taylor later said of privatising the water industry: ""The message is always the same - maximise the cost to the consumer to ensure maximum return to the investor.', 'We should not be surprised at that.', 'After all, that is what private investors expect of their companies.""']",-0.0023051724465894,"Other investors include sovereign wealth funds from China and Abu Dhabi, which invest those nations' assets on behalf of their governments.",So why is Thames Water facing a crisis - and are other firms facing similar problems?,-0.4340577233921397,"At the time, the UK was under pressure from Europe to improve the purity of its water.","Meanwhile, in December 2022 Ofwat raised concerns about the financial resilience of five companies: Thames Water, Southern Water, Yorkshire Water, SES and Portsmouth.",2024-08-28
"'People are right to be angry', says water boss",https://www.bbc.co.uk/news/articles/cx2lgl9kypno,2024-08-28T01:49:33.135Z,"Thames Water has warned it will not survive unless it is allowed to increase water bills by almost 60% over a five-year period. The UK’s largest water company demanded the bill hike after the wider water industry issued a scathing response to a proposed cap from the regulator for water bill rises. In July, regulator Ofwat proposed an average £19 a year ceiling on water bill rises, with a final decision due in December. But the water industry has argued the increase is not enough and said there was a risk that companies would not be able to raise enough investment to stop things like sewage spills. Water firms have faced a fierce backlash over sewage discharges and leaks in recent years. Critics have also said companies have historically neglected investment in favour of paying executive bonuses and shareholder dividends. It has led to a stand-off between regulator Ofwat and water companies over how much customers should pay. Thames Water has been in the spotlight and faced questions over whether it can survive as it struggles under a £15.2bn debt pile and only has enough cash to fund its operations until the end of May next year. When all water firms put forward requests to Ofwat for bills from 2025 to 2030, Thames originally asked the regulator to increase bills by 44%, but the regulator proposed a 23% rise. On Wednesday, the company announced it wanted to go further, hiking bills by as much as 59%. The proposed changes in bills do not take account of inflation. Such a move would take the average annual water bill to £638 per customer by 2030. Average bills are currently around £443. Chris Weston, chief executive of Thames Water, said the money from higher bills would be invested in new infrastructure and improving services.  ""They [customers] are not being asked to pay twice, but to make up for years of focus on keeping bills low,"" he said in a response to the regulator. Mr Weston claimed Ofwat's current proposal - a 23% rise in bills - would be ""neither financeable nor investible"". ""It would also prevent the turnaround and recovery of the company,"" he added. The warning came after Water UK, the industry body for all water firms, said bills needed to be increased by more in order to stop leaks. David Henderson, chief executive of Water UK, told the BBC people were ""right to be angry"" at water companies over sewage spills, but said the country had a ""system that's tired and it's old"". ""If Ofwat doesn't change its proposal then investors may not stump up the money that we need,"" Mr Henderson said. ""No rational investor is going to put their money into water right now."" Ofwat has proposed a water bill increase limit as part of its draft decision on the business plans of water companies from 2025 to 2030. The proposed increase is a third less than the amount requested by water firms, who argue companies must be able to charge more in order to spend money on fixing leaks. Mr Henderson rejected the idea that the amount paid out in dividends to investors in recent years was part of the reason there was not enough money for companies to invest, rather than just bills being lower. He said returns were set by the regulator Ofwat, adding: ""If you want investors to put their money into the UK they need to receive a return."" He said without more investment, building projects such as hospitals and housing developments would potentially not be built. The GMB union called the claims from water companies ""absolute balderdash"". ""Water companies have had the money, failed to invest in plugging leaks and preventing sewage spills and now want more money to do what they failed to do,"" said Gary Carter, GMB's national officer. An Ofwat spokesperson told the BBC it would carefully consider all responses to its proposals, which were required by midday on Wednesday. ""We expect to receive responses from many organisations, including water companies, customers, environmental and consumer organisations and investors,"" they said.  ""These are likely to reflect a diverse range of views on the proposals we have made."" Raw sewage spills into England's rivers and the sea by water companies more than doubled last year. A BBC investigation earlier this year revealed sewage had potentially been released illegally 6,000 times in 2022 by England's water companies in breach of their permits. Thames Water, along with Yorkshire Water and Northumbrian Water face a total of £168m in fines from the regulator for a ""failure"" to stop years of leaks. Ofwat has suggested a ban on director bonuses until leaks and sewage spills are dealt with. ",BBC,28/08/2024,"['Thames Water has warned it will not survive unless it is allowed to increase water bills by almost 60% over a five-year period.', 'The UK’s largest water company demanded the bill hike after the wider water industry issued a scathing response to a proposed cap from the regulator for water bill rises.', 'In July, regulator Ofwat proposed an average £19 a year ceiling on water bill rises, with a final decision due in December.', 'But the water industry has argued the increase is not enough and said there was a risk that companies would not be able to raise enough investment to stop things like sewage spills.', 'Water firms have faced a fierce backlash over sewage discharges and leaks in recent years.', 'Critics have also said companies have historically neglected investment in favour of paying executive bonuses and shareholder dividends.', 'It has led to a stand-off between regulator Ofwat and water companies over how much customers should pay.', 'Thames Water has been in the spotlight and faced questions over whether it can survive as it struggles under a £15.2bn debt pile and only has enough cash to fund its operations until the end of May next year.', 'When all water firms put forward requests to Ofwat for bills from 2025 to 2030, Thames originally asked the regulator to increase bills by 44%, but the regulator proposed a 23% rise.', 'On Wednesday, the company announced it wanted to go further, hiking bills by as much as 59%.', 'The proposed changes in bills do not take account of inflation.', 'Such a move would take the average annual water bill to £638 per customer by 2030.', 'Average bills are currently around £443.', 'Chris Weston, chief executive of Thames Water, said the money from higher bills would be invested in new infrastructure and improving services. ""', 'They [customers] are not being asked to pay twice, but to make up for years of focus on keeping bills low,"" he said in a response to the regulator.', 'Mr Weston claimed Ofwat\'s current proposal - a 23% rise in bills - would be ""neither financeable nor investible"". ""', 'It would also prevent the turnaround and recovery of the company,"" he added.', 'The warning came after Water UK, the industry body for all water firms, said bills needed to be increased by more in order to stop leaks.', 'David Henderson, chief executive of Water UK, told the BBC people were ""right to be angry"" at water companies over sewage spills, but said the country had a ""system that\'s tired and it\'s old"". ""', 'If Ofwat doesn\'t change its proposal then investors may not stump up the money that we need,"" Mr Henderson said. ""', 'No rational investor is going to put their money into water right now.""', 'Ofwat has proposed a water bill increase limit as part of its draft decision on the business plans of water companies from 2025 to 2030.', 'The proposed increase is a third less than the amount requested by water firms, who argue companies must be able to charge more in order to spend money on fixing leaks.', 'Mr Henderson rejected the idea that the amount paid out in dividends to investors in recent years was part of the reason there was not enough money for companies to invest, rather than just bills being lower.', 'He said returns were set by the regulator Ofwat, adding: ""If you want investors to put their money into the UK they need to receive a return.""', 'He said without more investment, building projects such as hospitals and housing developments would potentially not be built.', 'The GMB union called the claims from water companies ""absolute balderdash"". ""', 'Water companies have had the money, failed to invest in plugging leaks and preventing sewage spills and now want more money to do what they failed to do,"" said Gary Carter, GMB\'s national officer.', 'An Ofwat spokesperson told the BBC it would carefully consider all responses to its proposals, which were required by midday on Wednesday. ""', 'We expect to receive responses from many organisations, including water companies, customers, environmental and consumer organisations and investors,"" they said. ""', 'These are likely to reflect a diverse range of views on the proposals we have made.""', ""Raw sewage spills into England's rivers and the sea by water companies more than doubled last year."", ""A BBC investigation earlier this year revealed sewage had potentially been released illegally 6,000 times in 2022 by England's water companies in breach of their permits."", 'Thames Water, along with Yorkshire Water and Northumbrian Water face a total of £168m in fines from the regulator for a ""failure"" to stop years of leaks.', 'Ofwat has suggested a ban on director bonuses until leaks and sewage spills are dealt with.']",-0.1089251948326627,"Chris Weston, chief executive of Thames Water, said the money from higher bills would be invested in new infrastructure and improving services. ""","Water companies have had the money, failed to invest in plugging leaks and preventing sewage spills and now want more money to do what they failed to do,"" said Gary Carter, GMB's national officer.",-0.5123525047302246,Raw sewage spills into England's rivers and the sea by water companies more than doubled last year.,But the water industry has argued the increase is not enough and said there was a risk that companies would not be able to raise enough investment to stop things like sewage spills.,2024-08-28
Telegram boss Pavel Durov banned from leaving France in criminal probe,https://www.bbc.co.uk/news/articles/c985ppy0znyo,2024-08-28T20:09:37.589Z,"Telegram boss and founder Pavel Durov has been placed under formal investigation in France as part of a probe into organised crime on the messaging app, Paris prosecutors say. Mr Durov, 39, has not been remanded in custody, but placed under judicial supervision, and has to pay a €5m (£4.2m; $5.6m) deposit. The Russian-born billionaire, who is also a French national, also has to show up at a French police station twice a week and is not allowed to leave French territory. Mr Durov was first detained upon arrival at Le Bourget airport north of Paris last Saturday under a warrant for offences related to the app.  In Wednesday's statement, the Paris prosecutors said Mr Durov was put under formal investigation over alleged offences that included:  In France, being put under formal investigation does not imply guilt or necessarily result in a trial - but it indicates that judges consider there is enough of a case to proceed with an investigation. Mr Durov has so far made no public comments on the latest developments. His lawyer, David-Olivier Kaminski, said Telegram complied in every respect with European digital regulations and was moderated to the same standards as other social networks. It was ""absurd"" to suggest his client could be involved ""in criminal acts that don't concern him either directly or indirectly"", he added. It is unprecedented for the owner of a social media platform to be arrested because of the way in which that platform is being used, and it has fuelled a fierce debate online about freedom of speech and accountability.  We have previously seen tech bosses hauled in front of lawmakers for confrontational grillings about their practices and failings, but not met by law enforcement at airports. Elon Musk, the owner of X, has defended Mr Durov, arguing that moderation is a “propaganda word” for censorship. He has called for Mr Durov's release.  Chris Pavlovski, the founder of a controversial video-sharing app called Rumble, said he had fled Europe following Mr Durov’s detention. While most of the world’s largest social networks do engage with national and international bodies when it comes to serious criminal offences such as the sharing of child sexual abuse images, Telegram is accused of ignoring them.  The firm, which is now headquartered in Dubai, insists that its moderation tools meet industry standards. French President Emmanuel Macron said earlier this week that France was deeply committed to freedom of expression, and that the decision to hold Mr Durov was ""in no way... political"". Huge groups of up to 200,000 people can share and comment on information and content on Telegram - WhatsApp on the other hand limits its maximum group size to just over 1,000. While Telegram messages can be encrypted, meaning that only the sender and recipient can view them, this is not activated by default and has to be manually switched on to private chats. On Monday evening, Paris prosecutors said Mr Durov was being held in custody as part of a cyber-criminality investigation. In response, Telegram said Mr Durov had ""nothing to hide"". Russia said that without a ""serious basis of evidence"", the charges could be seen as an act of ""intimidation"" against a major technology company for political purposes. ""Given {Mr Durov's] Russian citizenship, we are ready to provide all necessary help and assistance,"" Kremlin spokesman Dmitry Peskov said on Tuesday. ""But here the situation is complicated by the fact that he is also a French citizen."" Telegram is ranked as one of the major social media platforms.  It was founded in 2013 and is particularly popular in Russia, Ukraine and other former Soviet Union states, as well as Iran. The BBC revealed on Wednesday that Telegram - which has more than 950 million registered users - has repeatedly refused to join international programmes aimed at detecting and removing child abuse material online. The BBC has contacted Telegram for comment about its refusal to join the child protection schemes. Mr Durov, who also founded the popular Russian social media company VKontakte, left Russia in 2014 after refusing to comply with government demands to shut down opposition communities on the platform. He also holds passports of St Kitts and Nevis and the United Arab Emirates. ",BBC,28/08/2024,"['Telegram boss and founder Pavel Durov has been placed under formal investigation in France as part of a probe into organised crime on the messaging app, Paris prosecutors say.', 'Mr Durov, 39, has not been remanded in custody, but placed under judicial supervision, and has to pay a €5m (£4.2m; $5.6m) deposit.', 'The Russian-born billionaire, who is also a French national, also has to show up at a French police station twice a week and is not allowed to leave French territory.', 'Mr Durov was first detained upon arrival at Le Bourget airport north of Paris last Saturday under a warrant for offences related to the app.', ""In Wednesday's statement, the Paris prosecutors said Mr Durov was put under formal investigation over alleged offences that included: In France, being put under formal investigation does not imply guilt or necessarily result in a trial - but it indicates that judges consider there is enough of a case to proceed with an investigation."", 'Mr Durov has so far made no public comments on the latest developments.', 'His lawyer, David-Olivier Kaminski, said Telegram complied in every respect with European digital regulations and was moderated to the same standards as other social networks.', 'It was ""absurd"" to suggest his client could be involved ""in criminal acts that don\'t concern him either directly or indirectly"", he added.', 'It is unprecedented for the owner of a social media platform to be arrested because of the way in which that platform is being used, and it has fuelled a fierce debate online about freedom of speech and accountability.', 'We have previously seen tech bosses hauled in front of lawmakers for confrontational grillings about their practices and failings, but not met by law enforcement at airports.', 'Elon Musk, the owner of X, has defended Mr Durov, arguing that moderation is a “propaganda word” for censorship.', ""He has called for Mr Durov's release."", 'Chris Pavlovski, the founder of a controversial video-sharing app called Rumble, said he had fled Europe following Mr Durov’s detention.', 'While most of the world’s largest social networks do engage with national and international bodies when it comes to serious criminal offences such as the sharing of child sexual abuse images, Telegram is accused of ignoring them.', 'The firm, which is now headquartered in Dubai, insists that its moderation tools meet industry standards.', 'French President Emmanuel Macron said earlier this week that France was deeply committed to freedom of expression, and that the decision to hold Mr Durov was ""in no way... political"".', 'Huge groups of up to 200,000 people can share and comment on information and content on Telegram - WhatsApp on the other hand limits its maximum group size to just over 1,000.', 'While Telegram messages can be encrypted, meaning that only the sender and recipient can view them, this is not activated by default and has to be manually switched on to private chats.', 'On Monday evening, Paris prosecutors said Mr Durov was being held in custody as part of a cyber-criminality investigation.', 'In response, Telegram said Mr Durov had ""nothing to hide"".', 'Russia said that without a ""serious basis of evidence"", the charges could be seen as an act of ""intimidation"" against a major technology company for political purposes. ""', 'Given {Mr Durov\'s] Russian citizenship, we are ready to provide all necessary help and assistance,"" Kremlin spokesman Dmitry Peskov said on Tuesday. ""', 'But here the situation is complicated by the fact that he is also a French citizen.""', 'Telegram is ranked as one of the major social media platforms.', 'It was founded in 2013 and is particularly popular in Russia, Ukraine and other former Soviet Union states, as well as Iran.', 'The BBC revealed on Wednesday that Telegram - which has more than 950 million registered users - has repeatedly refused to join international programmes aimed at detecting and removing child abuse material online.', 'The BBC has contacted Telegram for comment about its refusal to join the child protection schemes.', 'Mr Durov, who also founded the popular Russian social media company VKontakte, left Russia in 2014 after refusing to comply with government demands to shut down opposition communities on the platform.', 'He also holds passports of St Kitts and Nevis and the United Arab Emirates.']",-0.0393919209105616,"Huge groups of up to 200,000 people can share and comment on information and content on Telegram - WhatsApp on the other hand limits its maximum group size to just over 1,000.","While most of the world’s largest social networks do engage with national and international bodies when it comes to serious criminal offences such as the sharing of child sexual abuse images, Telegram is accused of ignoring them.",-0.8171372711658478,,The BBC revealed on Wednesday that Telegram - which has more than 950 million registered users - has repeatedly refused to join international programmes aimed at detecting and removing child abuse material online.,2024-08-28
Are AI-created recipes hard to swallow?,https://www.bbc.co.uk/news/articles/cl7y71krnjvo,2024-08-28T23:11:55.251Z,"Can AI help restaurant owners come up with tasty new menus to tempt customers, or is this just a recipe for disaster? ""We asked [popular AI chatbot] ChatGPT to create a recipe - the best pizza for Dubai,"" says Spartak Arutyunyan, who heads menu development for the city’s branch of restaurant and delivery chain Dodo Pizza. ""And it did create a recipe. We launched it, it was actually a huge hit, and it's still on the menu.” With 90% of Dubai's three million people being immigrants, ""there's so many cultures here"", says Mr Arutyunyan. ""Indians, Pakistanis, Filipinos, Arab people, European guys."" He asked ChatGPT to come up with a pizza that represented that cultural mix. Its response was a topping comprising Arab shawarma chicken, Indian grilled paneer cheese, Middle Eastern Za'atar herbs, and tahini sauce. And Dodo Pizza’s customers apparently cannot get enough of it. “As a chef, I wouldn't mix these ingredients ever on a pizza, but still, the mix of flavours was surprisingly good,” says Mr Arutyunyan. Yet other pizzas dreamed up by the AI did not make it to the menu, for example strawberries and pasta, and blueberries and breakfast cereal. A world away in the US, Venecia Willis conducted a similar AI experiment at Dallas' Velvet Taco, where she is culinary director. She became ""really curious"" about AI, so she let ChatGPT loose on devising one of their tacos of the week. For prompts, Ms Willis says she told it to ""use, like, eight ingredients, and it could only select one tortilla and one protein"". Some recipe results were rather less than moreish. ""There were some funky combinations, and I was like, I'm not really sure if red curry, coconut tofu and pineapple are going to be delicious together,"" says Ms Willis. But she made three of the recipes that looked more promising, and ultimately chose a prawns and steak taco to go on public sale. They sold 22,000 in a week. “I think AI is a great tool to use when you're in a bit of a creative slump, to get the brain going again – ‘that combination might actually work, let's try it’. The AI can suggest something maybe I wouldn't have thought of."" But Ms Willis adds that she “wouldn’t go completely rogue with AI. There has to be a human element to validate recipes.” Not everyone in the food trade loves the idea of AI though. London-based cocktail creator Julian de Feral says he avoids AI because it “seems very counter-intuitive”, with its choices lacking common sense. AI chatbots are “not magic”, warns Emily Bender, a linguistics professor at the University of Washington in Seattle. She says that they have instead learned from what they have read online. “If you can get ChatGPT to spit out something that looks like a recipe, then it's because there are recipes on the internet.” She adds that the AI could have grabbed the recipe from someone’s cookery blog, thereby decreasing their reader numbers, and their ability to make a living from subscriptions or advertising revenue. However, Prof Bender does concede that in the future more sophisticated AI may be helpful in recipe creation. She says that the AI could be asked to ""categorise ingredients as sweet, or acidic, and so on"", find those that the internet says should taste good together, and then come up with endless detailed recipes. ""However, you have to have a well-defined research question [to give the AI] to get that kind of benefit,"" she adds. Still, UK supermarket chain Waitrose is using AI to spot rising food trends on social media. Currently these include “smash burgers” – crispy burgers made by squashing ground beef onto a super-hot pan – and “crookies” – a croissant filled with cookie dough and chocolate chips. ""We saw smash burgers trending all over social media,"" says Lizzie Haywood, Waitrose's innovations manager. “Now three or four dedicated smash burger restaurants opening up in the UK has coincided with us launching our smash burgers.” As for crookies, she says the AI saw that the mention of them had “jumped 80 to 90% from last year on social media, and we managed to launch them into trial stores in three months"". In Singapore, Italian expat Stefano Cantù has created an AI-powered app that can suggest recipes in response to you telling it what ingredients you have in your fridge and cupboards. In a nod to the app being powered by ChatGPT he has called it “ChefGPT”. ""I'm Italian, so of course I cook stuff,"" says Mr Cantù, whose day job is at a software company. He says he came up with the idea “over a weekend” after asking ChatGPT for recipe inspirations. The app also has drop-down menus and toggles, to let a user specify tools they have in their kitchen, or if they're in a hurry or not a very good cook. The AI then comes up with a recipe and a picture of the dish. Mr Cantù says he got 30,000 users within a week and a half of launching last year. But then he got “quite a big bill from OpenAI”, the company behind ChatGPT. He now continues to pay OpenAI a regular fee for using its AI. Mr Cantù explains that this is a standard arrangement when a start-up like his builds its app on top of another company's technology. He adds that he is continuing to try to find “the right balance between advertising and subscriptions, and the right level of usage to give free users"". And how he can “monetise free users without selling their data"". Back in Dubai, Spartak Arutyunyan at Dodo Pizza says AI should be seen as more of a fun thing to use rather than something you’d base your entire menu around. Yet Dodo Pizza is now enabling customers in Dubai, who order via its app, to try using AI themselves to dream up unusual pizza toppings. And the firm says it aims to extend the AI function to its other branches around the world. ",BBC,28/08/2024,"['Can AI help restaurant owners come up with tasty new menus to tempt customers, or is this just a recipe for disaster? ""', 'We asked [popular AI chatbot] ChatGPT to create a recipe - the best pizza for Dubai,"" says Spartak Arutyunyan, who heads menu development for the city’s branch of restaurant and delivery chain Dodo Pizza. ""', 'And it did create a recipe.', ""We launched it, it was actually a huge hit, and it's still on the menu.”"", 'With 90% of Dubai\'s three million people being immigrants, ""there\'s so many cultures here"", says Mr Arutyunyan. ""', 'Indians, Pakistanis, Filipinos, Arab people, European guys.""', 'He asked ChatGPT to come up with a pizza that represented that cultural mix.', ""Its response was a topping comprising Arab shawarma chicken, Indian grilled paneer cheese, Middle Eastern Za'atar herbs, and tahini sauce."", 'And Dodo Pizza’s customers apparently cannot get enough of it. “', ""As a chef, I wouldn't mix these ingredients ever on a pizza, but still, the mix of flavours was surprisingly good,” says Mr Arutyunyan."", 'Yet other pizzas dreamed up by the AI did not make it to the menu, for example strawberries and pasta, and blueberries and breakfast cereal.', ""A world away in the US, Venecia Willis conducted a similar AI experiment at Dallas' Velvet Taco, where she is culinary director."", 'She became ""really curious"" about AI, so she let ChatGPT loose on devising one of their tacos of the week.', 'For prompts, Ms Willis says she told it to ""use, like, eight ingredients, and it could only select one tortilla and one protein"".', 'Some recipe results were rather less than moreish. ""', 'There were some funky combinations, and I was like, I\'m not really sure if red curry, coconut tofu and pineapple are going to be delicious together,"" says Ms Willis.', 'But she made three of the recipes that looked more promising, and ultimately chose a prawns and steak taco to go on public sale.', 'They sold 22,000 in a week. “', ""I think AI is a great tool to use when you're in a bit of a creative slump, to get the brain going again – ‘that combination might actually work, let's try it’."", 'The AI can suggest something maybe I wouldn\'t have thought of.""', 'But Ms Willis adds that she “wouldn’t go completely rogue with AI.', 'There has to be a human element to validate recipes.”', 'Not everyone in the food trade loves the idea of AI though.', 'London-based cocktail creator Julian de Feral says he avoids AI because it “seems very counter-intuitive”, with its choices lacking common sense.', 'AI chatbots are “not magic”, warns Emily Bender, a linguistics professor at the University of Washington in Seattle.', 'She says that they have instead learned from what they have read online. “', ""If you can get ChatGPT to spit out something that looks like a recipe, then it's because there are recipes on the internet.”"", 'She adds that the AI could have grabbed the recipe from someone’s cookery blog, thereby decreasing their reader numbers, and their ability to make a living from subscriptions or advertising revenue.', 'However, Prof Bender does concede that in the future more sophisticated AI may be helpful in recipe creation.', 'She says that the AI could be asked to ""categorise ingredients as sweet, or acidic, and so on"", find those that the internet says should taste good together, and then come up with endless detailed recipes. ""', 'However, you have to have a well-defined research question [to give the AI] to get that kind of benefit,"" she adds.', 'Still, UK supermarket chain Waitrose is using AI to spot rising food trends on social media.', 'Currently these include “smash burgers” – crispy burgers made by squashing ground beef onto a super-hot pan – and “crookies” – a croissant filled with cookie dough and chocolate chips. ""', 'We saw smash burgers trending all over social media,"" says Lizzie Haywood, Waitrose\'s innovations manager. “', 'Now three or four dedicated smash burger restaurants opening up in the UK has coincided with us launching our smash burgers.”', 'As for crookies, she says the AI saw that the mention of them had “jumped 80 to 90% from last year on social media, and we managed to launch them into trial stores in three months"".', 'In Singapore, Italian expat Stefano Cantù has created an AI-powered app that can suggest recipes in response to you telling it what ingredients you have in your fridge and cupboards.', 'In a nod to the app being powered by ChatGPT he has called it “ChefGPT”. ""', 'I\'m Italian, so of course I cook stuff,"" says Mr Cantù, whose day job is at a software company.', 'He says he came up with the idea “over a weekend” after asking ChatGPT for recipe inspirations.', ""The app also has drop-down menus and toggles, to let a user specify tools they have in their kitchen, or if they're in a hurry or not a very good cook."", 'The AI then comes up with a recipe and a picture of the dish.', 'Mr Cantù says he got 30,000 users within a week and a half of launching last year.', 'But then he got “quite a big bill from OpenAI”, the company behind ChatGPT.', 'He now continues to pay OpenAI a regular fee for using its AI.', ""Mr Cantù explains that this is a standard arrangement when a start-up like his builds its app on top of another company's technology."", 'He adds that he is continuing to try to find “the right balance between advertising and subscriptions, and the right level of usage to give free users"".', 'And how he can “monetise free users without selling their data"".', 'Back in Dubai, Spartak Arutyunyan at Dodo Pizza says AI should be seen as more of a fun thing to use rather than something you’d base your entire menu around.', 'Yet Dodo Pizza is now enabling customers in Dubai, who order via its app, to try using AI themselves to dream up unusual pizza toppings.', 'And the firm says it aims to extend the AI function to its other branches around the world.']",0.2289213709271987,"We asked [popular AI chatbot] ChatGPT to create a recipe - the best pizza for Dubai,"" says Spartak Arutyunyan, who heads menu development for the city’s branch of restaurant and delivery chain Dodo Pizza. ""","The app also has drop-down menus and toggles, to let a user specify tools they have in their kitchen, or if they're in a hurry or not a very good cook.",0.407850456237793,"As for crookies, she says the AI saw that the mention of them had “jumped 80 to 90% from last year on social media, and we managed to launch them into trial stores in three months"".","She adds that the AI could have grabbed the recipe from someone’s cookery blog, thereby decreasing their reader numbers, and their ability to make a living from subscriptions or advertising revenue.",2024-08-28
"Two Delta workers killed, one injured in accident at Atlanta airport",https://www.bbc.co.uk/news/articles/cpqjyz7jywxo,2024-08-27T17:05:01.815Z,"Two Delta Air Lines workers have been killed and one has been seriously injured after an accident at an airline maintenance facility in Atlanta. The workers were servicing a Delta plane at the airline's wheel and brake shop at Hartsfield-Jackson Atlanta International Airport shortly after 05:00 local time Tuesday. It's not clear how the incident occurred. Local medical authorities identified the dead men as Mirko Marweg, 58, and Luis Aldarondo, 37. The name of the injured person was not released.  In a statement, the airline said: “The Delta family is heartbroken at the loss of two team members and the injury of another following an incident this morning at the Atlanta Technical Operations Maintenance facility. “We are now working with local authorities and conducting a full investigation to determine what happened."" Delta said the injured worker was receiving medical care. The incident involved wheel components that were being disassembled and were not attached to the aircraft, the airline said in a statement. No cause was identified, and Delta said an investigation was ongoing. The Federal Aviation Administration said it was ""aware of the event and is in communication with the airline"". The International Association of Machinists and Aerospace Workers, a union that represents many airline industry workers, called for an investigation into the deaths. Delta's workforce is largely not part of the union, CBS reports. ""We stand in unity with Delta workers during this difficult time and we call on Delta and the relevant authorities to quickly launch a thorough investigation into how this happened,"" the union said in a statement. With few details, local authorities expressed support for the victims and their families.  Airport officials called it a ""tragic incident"". “I offer my deepest condolences to the family and loved ones of the deceased Delta employees,” Atlanta Mayor Andre Dickens said in a statement posted online. “My thoughts are also with those who were injured, and I hope for their swift and full recovery.” The aircraft arrived in Atlanta from Las Vegas on Sunday, according to online flight records. The incident does not appear to have affected air traffic at the airport on Tuesday. Delta is headquartered in Atlanta. Hartsfield-Jackson airport is the world’s busiest in terms of passenger numbers. ",BBC,27/08/2024,"['Two Delta Air Lines workers have been killed and one has been seriously injured after an accident at an airline maintenance facility in Atlanta.', ""The workers were servicing a Delta plane at the airline's wheel and brake shop at Hartsfield-Jackson Atlanta International Airport shortly after 05:00 local time Tuesday."", ""It's not clear how the incident occurred."", 'Local medical authorities identified the dead men as Mirko Marweg, 58, and Luis Aldarondo, 37.', 'The name of the injured person was not released.', 'In a statement, the airline said: “The Delta family is heartbroken at the loss of two team members and the injury of another following an incident this morning at the Atlanta Technical Operations Maintenance facility. “', 'We are now working with local authorities and conducting a full investigation to determine what happened.""', 'Delta said the injured worker was receiving medical care.', 'The incident involved wheel components that were being disassembled and were not attached to the aircraft, the airline said in a statement.', 'No cause was identified, and Delta said an investigation was ongoing.', 'The Federal Aviation Administration said it was ""aware of the event and is in communication with the airline"".', 'The International Association of Machinists and Aerospace Workers, a union that represents many airline industry workers, called for an investigation into the deaths.', 'Delta\'s workforce is largely not part of the union, CBS reports. ""', 'We stand in unity with Delta workers during this difficult time and we call on Delta and the relevant authorities to quickly launch a thorough investigation into how this happened,"" the union said in a statement.', 'With few details, local authorities expressed support for the victims and their families.', 'Airport officials called it a ""tragic incident"". “', 'I offer my deepest condolences to the family and loved ones of the deceased Delta employees,” Atlanta Mayor Andre Dickens said in a statement posted online. “', 'My thoughts are also with those who were injured, and I hope for their swift and full recovery.”', 'The aircraft arrived in Atlanta from Las Vegas on Sunday, according to online flight records.', 'The incident does not appear to have affected air traffic at the airport on Tuesday.', 'Delta is headquartered in Atlanta.', 'Hartsfield-Jackson airport is the world’s busiest in terms of passenger numbers.']",-0.1494245891615367,"I offer my deepest condolences to the family and loved ones of the deceased Delta employees,” Atlanta Mayor Andre Dickens said in a statement posted online. “",Two Delta Air Lines workers have been killed and one has been seriously injured after an accident at an airline maintenance facility in Atlanta.,-0.7065025866031647,,"Airport officials called it a ""tragic incident"". “",2024-08-28
Energy bills: Help urged for struggling pensioners,https://www.bbc.co.uk/news/articles/clyg3nk8kjno,2024-08-28T03:28:48.925Z,"Pensioners with the highest needs and lowest incomes should receive better targeted support with energy bills, says Citizens' Advice. From next month, those not on pension credit or other means-tested benefits will no longer get the annual winter fuel payments, worth between £100 and £300. But Citizens' Advice boss Dame Clare Moriarty, who attended a government meeting with energy firms to discuss the issue on Wednesday, called for a ""social tariff"" - discounted bills for those least able to afford them. The prime minister has defended the decision to scrap universal winter fuel payments, saying it was needed to repair what he claims is a £22bn ""hole"" in the public finances. In a speech on Tuesday, Sir Keir Starmer said he had to be honest that ""things [would] get worse before they [got] better"" when it came to public spending. The meeting to discuss how to help those struggling with energy bills was called last week by Energy Consumers Minister Miatta Fahnbulleh after it was announced the energy price cap would rise from October. Regulator Ofgem has said gas and electricity prices will rise by 10% in England, Scotland and Wales under the new energy price cap, with the typical annual dual-fuel bill paid by direct debit to be £1,717 per year. Ofgem, trade association Energy UK and Citizens Advice all attended the meeting.  Following the meeting, Ms Fahnbulleh said the determination from all those present to protect vulnerable families was clear.  ""We are committed to putting in place winter support this October. We will be hashing out the details over the next month so that families that need it are protected in the colder months.” Energy UK chief executive Emma Pinchbeck told the BBC that the ""red lights [were] flashing on the dashboard"". ""It was crystal clear that we all agree there was a real problem for this winter. ""We definitely need intervention. We have to do our bit as industry but we know it’s got to be a partnership with government."" She added that the meeting had been ""really positive"" with some ""good ideas in the room"". Both Octopus Energy and Good Energy called for long-term investment in renewables to help bring bills down. Good Energy also repeated its call for the government to implement a social tariff.  Earlier, Dame Clare said: ""Winter fuel payment will still be paid to people receiving pension credit, and that’s actually one of the most underclaimed benefits there is, so 1.4 million people receive pension credit and there’s nearly another 900,000 people who could. ""It’s really important to see better support so that people do access it."" However, there are concerns the government's decision to stop the payments for everyone could create a public health emergency.  Speaking to the BBC, Dame Clare said pensioners who are least able to afford gas and electricity should be put on to a social tariff offering discounted bills. And she said energy suppliers ""need to step up to their responsibilities on energy efficiency and on payment plans for those who are struggling"". Roger Gardner, 73, is classed as extremely clinically vulnerable. He told the BBC that means he has to stay warm in the winter. He and his wife have lost their winter fuel payments, a change they didn't anticipate.  ""It's not as though we've got extra money coming in. Unfortunately when you're a pensioner, money is limited and what you've got coming in, that is it and you've got to plan how you spend it really wisely."" He said they don't eat much anyway so they can't cut down on food. ""Turning [down] the thermostat unfortunately doesn't work because I've got to keep warm all the time in the winter. We're hoping that we don't have a cold winter."" The charity Age UK says it believes ""as many as two million pensioners who find paying their energy bills a real stretch will be seriously hit by this cut"" and have launched a petition calling for a government U-turn.  The Conservatives have also urged Labour to back down on the decision and are seeking to challenge the policy change in the House of Commons.  The decision was announced in July by Chancellor Rachel Reeves and applies to pensioners in England and Wales. Subsequently the Scottish government has said it will follow suit and scrap universal fuel payments. Since the announcement both Ms Reeves and Sir Keir have defended the move.  On Tuesday, the prime minister said he ""didn't want to means-test the winter fuel payment but it was a choice we had to take"". Speaking on Wednesday, the chancellor said it was necessary ""given the inheritance that we faced from the Conservative government"". However, Paul Johnson of the Institute for Fiscal Studies has previously said ""half of [the] spending 'hole' is public pay over which government made a choice and where pressures were known"". For example, £9bn of that came from government agreeing higher pay awards to the public sector.  Wednesday's meeting followed the publication of a new report that has found that the reduction of people in fuel poverty has ""flatlined"" in the past few years. ""There has been a stalling of progress,"" said Caroline Flint, chair of the Committee on Fuel Poverty, which advises the government. Ms Flint said that while the war in Ukraine and the Covid pandemic had ""obscured the lack of material progress"" being made in fuel poverty reduction, the committee had hoped more progress would have been made on its 2023 recommendations. These included improving the affordability of bills through fairer pricing and creating a ""robust"" fuel poverty strategy.  She said eligibility for the Warm Home Discount - a one-off £150 discount applied to electricity bills by suppliers - needed to be widened.  She called for a ""winter plan"" to help struggling households, including the one in four households in private rented accommodation. Ms Flint added that without a change in government policy, a drop in fuel poverty levels was unlikely in the near future.  ",BBC,28/08/2024,"[""Pensioners with the highest needs and lowest incomes should receive better targeted support with energy bills, says Citizens' Advice."", 'From next month, those not on pension credit or other means-tested benefits will no longer get the annual winter fuel payments, worth between £100 and £300.', 'But Citizens\' Advice boss Dame Clare Moriarty, who attended a government meeting with energy firms to discuss the issue on Wednesday, called for a ""social tariff"" - discounted bills for those least able to afford them.', 'The prime minister has defended the decision to scrap universal winter fuel payments, saying it was needed to repair what he claims is a £22bn ""hole"" in the public finances.', 'In a speech on Tuesday, Sir Keir Starmer said he had to be honest that ""things [would] get worse before they [got] better"" when it came to public spending.', 'The meeting to discuss how to help those struggling with energy bills was called last week by Energy Consumers Minister Miatta Fahnbulleh after it was announced the energy price cap would rise from October.', 'Regulator Ofgem has said gas and electricity prices will rise by 10% in England, Scotland and Wales under the new energy price cap, with the typical annual dual-fuel bill paid by direct debit to be £1,717 per year.', 'Ofgem, trade association Energy UK and Citizens Advice all attended the meeting.', 'Following the meeting, Ms Fahnbulleh said the determination from all those present to protect vulnerable families was clear. ""', 'We are committed to putting in place winter support this October.', 'We will be hashing out the details over the next month so that families that need it are protected in the colder months.”', 'Energy UK chief executive Emma Pinchbeck told the BBC that the ""red lights [were] flashing on the dashboard"". ""', 'It was crystal clear that we all agree there was a real problem for this winter. ""', 'We definitely need intervention.', 'We have to do our bit as industry but we know it’s got to be a partnership with government.""', 'She added that the meeting had been ""really positive"" with some ""good ideas in the room"".', 'Both Octopus Energy and Good Energy called for long-term investment in renewables to help bring bills down.', 'Good Energy also repeated its call for the government to implement a social tariff.', 'Earlier, Dame Clare said: ""Winter fuel payment will still be paid to people receiving pension credit, and that’s actually one of the most underclaimed benefits there is, so 1.4 million people receive pension credit and there’s nearly another 900,000 people who could. ""', 'It’s really important to see better support so that people do access it.""', ""However, there are concerns the government's decision to stop the payments for everyone could create a public health emergency."", 'Speaking to the BBC, Dame Clare said pensioners who are least able to afford gas and electricity should be put on to a social tariff offering discounted bills.', 'And she said energy suppliers ""need to step up to their responsibilities on energy efficiency and on payment plans for those who are struggling"".', 'Roger Gardner, 73, is classed as extremely clinically vulnerable.', 'He told the BBC that means he has to stay warm in the winter.', 'He and his wife have lost their winter fuel payments, a change they didn\'t anticipate. ""', ""It's not as though we've got extra money coming in."", 'Unfortunately when you\'re a pensioner, money is limited and what you\'ve got coming in, that is it and you\'ve got to plan how you spend it really wisely.""', 'He said they don\'t eat much anyway so they can\'t cut down on food. ""', ""Turning [down] the thermostat unfortunately doesn't work because I've got to keep warm all the time in the winter."", 'We\'re hoping that we don\'t have a cold winter.""', 'The charity Age UK says it believes ""as many as two million pensioners who find paying their energy bills a real stretch will be seriously hit by this cut"" and have launched a petition calling for a government U-turn.', 'The Conservatives have also urged Labour to back down on the decision and are seeking to challenge the policy change in the House of Commons.', 'The decision was announced in July by Chancellor Rachel Reeves and applies to pensioners in England and Wales.', 'Subsequently the Scottish government has said it will follow suit and scrap universal fuel payments.', 'Since the announcement both Ms Reeves and Sir Keir have defended the move.', 'On Tuesday, the prime minister said he ""didn\'t want to means-test the winter fuel payment but it was a choice we had to take"".', 'Speaking on Wednesday, the chancellor said it was necessary ""given the inheritance that we faced from the Conservative government"".', 'However, Paul Johnson of the Institute for Fiscal Studies has previously said ""half of [the] spending \'hole\' is public pay over which government made a choice and where pressures were known"".', 'For example, £9bn of that came from government agreeing higher pay awards to the public sector.', 'Wednesday\'s meeting followed the publication of a new report that has found that the reduction of people in fuel poverty has ""flatlined"" in the past few years. ""', 'There has been a stalling of progress,"" said Caroline Flint, chair of the Committee on Fuel Poverty, which advises the government.', 'Ms Flint said that while the war in Ukraine and the Covid pandemic had ""obscured the lack of material progress"" being made in fuel poverty reduction, the committee had hoped more progress would have been made on its 2023 recommendations.', 'These included improving the affordability of bills through fairer pricing and creating a ""robust"" fuel poverty strategy.', 'She said eligibility for the Warm Home Discount - a one-off £150 discount applied to electricity bills by suppliers - needed to be widened.', 'She called for a ""winter plan"" to help struggling households, including the one in four households in private rented accommodation.', 'Ms Flint added that without a change in government policy, a drop in fuel poverty levels was unlikely in the near future.']",0.1836555759099886,Both Octopus Energy and Good Energy called for long-term investment in renewables to help bring bills down.,"Ms Flint added that without a change in government policy, a drop in fuel poverty levels was unlikely in the near future.",0.1298028439283371,"Wednesday's meeting followed the publication of a new report that has found that the reduction of people in fuel poverty has ""flatlined"" in the past few years. ""","There has been a stalling of progress,"" said Caroline Flint, chair of the Committee on Fuel Poverty, which advises the government.",2024-08-28
Walmart adds a Burger King benefit to its membership program,https://www.cnbc.com/2024/08/22/walmart-plus-burger-king-benefit.html,2024-08-22T20:57:32+0000,"In this articleWalmart members are in for a whopper of a deal.The retailer on Thursday announced a new partnership with fast-food chain Burger King that will offer members of its Walmart+ subscription program 25% off any Burger King order made through the BK app. Members will also be eligible for a free flame-grilled Whopper every three months starting in September with a purchase, according to a news release.Walmart positioned the added benefits as cost savings for its members. It comes at a time when cost-conscious diners increasingly hunt for value.""We're confident our members will welcome the additional savings, and we're thrilled to collaborate with a trusted brand like Burger King to offer this benefit,"" Venessa Yates, senior vice president and general manager, said in a statement.Walmart+ costs $12.95 per month, or $98 annually, and includes free shipping and delivery on Walmart orders. In 2022, Walmart struck a streaming deal with Paramount Global to offer Walmart+ members free access to an ad-supported plan on Paramount+.""We're thrilled to join the Walmart+ program as its first ever dining partner and look forward to providing members of Walmart+ even more savings on their flame-grilled favorites at Burger King,"" said Pat O'Toole, chief marketing officer for Burger King North America, in a statement.",CNBC,22/08/2024,"['In this articleWalmart members are in for a whopper of a deal.', 'The retailer on Thursday announced a new partnership with fast-food chain Burger King that will offer members of its Walmart+ subscription program 25% off any Burger King order made through the BK app.', 'Members will also be eligible for a free flame-grilled Whopper every three months starting in September with a purchase, according to a news release.', 'Walmart positioned the added benefits as cost savings for its members.', 'It comes at a time when cost-conscious diners increasingly hunt for value.', '""We\'re confident our members will welcome the additional savings, and we\'re thrilled to collaborate with a trusted brand like Burger King to offer this benefit,"" Venessa Yates, senior vice president and general manager, said in a statement.', 'Walmart+ costs $12.95 per month, or $98 annually, and includes free shipping and delivery on Walmart orders.', 'In 2022, Walmart struck a streaming deal with Paramount Global to offer Walmart+ members free access to an ad-supported plan on Paramount+.""We\'re thrilled to join the Walmart+ program as its first ever dining partner and look forward to providing members of Walmart+ even more savings on their flame-grilled favorites at Burger King,"" said Pat O\'Toole, chief marketing officer for Burger King North America, in a statement.']",0.4476056920287553,"""We're confident our members will welcome the additional savings, and we're thrilled to collaborate with a trusted brand like Burger King to offer this benefit,"" Venessa Yates, senior vice president and general manager, said in a statement.",,0.9945579767227172,"In 2022, Walmart struck a streaming deal with Paramount Global to offer Walmart+ members free access to an ad-supported plan on Paramount+.""We're thrilled to join the Walmart+ program as its first ever dining partner and look forward to providing members of Walmart+ even more savings on their flame-grilled favorites at Burger King,"" said Pat O'Toole, chief marketing officer for Burger King North America, in a statement.",,2024-08-28
Nigeria’s Black Axe mafia dealt 'big blow' by Interpol,https://www.bbc.co.uk/news/articles/c984w8jr1glo,2024-08-27T23:09:45.123Z,"Police units around the world have joined forces in a series of covert operations targeting one of West Africa’s most feared criminal networks - Black Axe. Operation Jackal III saw officers in body armour carry out raids in 21 countries between April and July 2024. The mission, co-ordinated by global policing agency Interpol, led to the arrest of 300 people with links to Black Axe and other affiliated groups. Interpol called the operation a “major blow” to the Nigerian crime network, but warned that its international reach and technological sophistication mean it remains a global threat. In one notorious example, Canadian authorities said they had busted a money-laundering scheme linked to Black Axe worth more than $5bn (£3.8bn) in 2017. “They are very organised and very structured,” Tomonobu Kaya, a senior official at Interpol’s Financial Crime and Anti-Corruption Centre, told the BBC. According to a 2022 report by Interpol, “Black Axe and similar groups are responsible for the majority of the world’s cyber-enabled financial fraud as well as many other serious crimes”. Mr Kaya said innovations in money-transfer software and cryptocurrency have played into the hands of group, which are renowned for multi-million dollar online scams. “These criminal syndicates are early adopters of new technologies… A lot of fintech developments make it really easy to illegally move money around the world,” he said. Operation Jackal III was years in the making and led to the seizure of $3m of illegal assets and more than 700 bank accounts being frozen. Many Black Axe members are university educated and are recruited during their schooling.  The organisation is a secretive criminal network with trafficking, prostitution and killing operations around the world. Cyber-crime, targeting individuals and businesses, is the organisation's largest source of revenue. Multiple so-called “Jackal” police operations have taken place since 2022.  Dozens of Black Axe and other gang members have been arrested and their electronic devices seized during these transnational raids. This work has enabled Interpol to create a vast intelligence database, which is now shared with officers throughout its 196 member countries. “We need to have data and to collate our findings from these countries to help build a picture of their modus operandi,” said Mr Kaya. Despite multiple international arrests, some experts feel not enough is being done to address the root of these crime syndicates in West Africa. “The emphasis must actually be on prevention not on outright operations against these criminal groups,” said Dr Oluwole Ojewale, West Africa Regional Co-ordinator from the Institute for Security Studies. Nigeria, which has witnessed widespread anti-corruption protests in recent weeks, is one of Africa’s largest economies, but has as many as 87 million people living below the poverty line, according to the World Bank. It is also the main recruitment ground for Black Axe. Interpol said it was carrying out training exercises with key Nigerian stakeholders and police officials. But corruption, and allegations of collusion between Black Axe and local authorities, remain major obstacles. “It is the politicians who are actually arming these boys,” said Dr Ojewale. “The general failure of governance in the country has made pressures for people to be initiated [into Black Axe].” Despite its current global reach, Interpol’s Jackal Operations have their origins in Ireland.  Following a series of police raids by the Garda National Economic Crime Bureau (GNECB) in 2020, a handful of Black Axe members were arrested, paving the way for the exposure of a far wider network. “They were very under the radar, very low-key,” said Michael Cryan, detective superintendent at the GNECB, which led the operation. “The amount of money being laundered through Ireland was astronomical,” he added. The police subsequently identified 1,000 people with links to Black Axe in Ireland and have made hundreds of arrests for fraud and cyber-crime. “Bank robberies are now done with laptops - they’re far more sophisticated,” said Det Supt Cryan. He estimates €200m ($220m; £170m) have been stolen online in Ireland in the past five years, and that only accounts for the 20% of cyber-crimes that are believed to be reported. “This is not typical or ordinary crime… People who make decisions need to know how serious this is,” he said. Irish police operations in November 2023 revealed that cryptocurrency - which can be sent rapidly between digital wallets around the world - is becoming an integral element in Black Axe’s money-laundering operations.  More than €1m in crypto-assets were seized during one operation. Interpol has deployed its own new technology in an attempt to tackle these innovations, launching the Global Rapid Intervention of Payments system (I-GRIP).  The mechanism, which enables the authorities in member countries to freeze bank accounts around the world with unprecedented speed, was used to halt a $40m scam targeting a Singaporean business last month. Interpol's Mr Kaya said technology like this would make it harder for criminals to move money across borders with impunity. A major effort is under way to gather and share intelligence on Black Axe and other West African syndicates by police around the world. “If we can gather this data we can take action,” he said. Go to BBCAfrica.com for more news from the African continent.  Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica ",BBC,27/08/2024,"['Police units around the world have joined forces in a series of covert operations targeting one of West Africa’s most feared criminal networks - Black Axe.', 'Operation Jackal III saw officers in body armour carry out raids in 21 countries between April and July 2024.', 'The mission, co-ordinated by global policing agency Interpol, led to the arrest of 300 people with links to Black Axe and other affiliated groups.', 'Interpol called the operation a “major blow” to the Nigerian crime network, but warned that its international reach and technological sophistication mean it remains a global threat.', 'In one notorious example, Canadian authorities said they had busted a money-laundering scheme linked to Black Axe worth more than $5bn (£3.8bn) in 2017. “', 'They are very organised and very structured,” Tomonobu Kaya, a senior official at Interpol’s Financial Crime and Anti-Corruption Centre, told the BBC.', 'According to a 2022 report by Interpol, “Black Axe and similar groups are responsible for the majority of the world’s cyber-enabled financial fraud as well as many other serious crimes”.', 'Mr Kaya said innovations in money-transfer software and cryptocurrency have played into the hands of group, which are renowned for multi-million dollar online scams. “', 'These criminal syndicates are early adopters of new technologies… A lot of fintech developments make it really easy to illegally move money around the world,” he said.', 'Operation Jackal III was years in the making and led to the seizure of $3m of illegal assets and more than 700 bank accounts being frozen.', 'Many Black Axe members are university educated and are recruited during their schooling.', 'The organisation is a secretive criminal network with trafficking, prostitution and killing operations around the world.', ""Cyber-crime, targeting individuals and businesses, is the organisation's largest source of revenue."", 'Multiple so-called “Jackal” police operations have taken place since 2022.', 'Dozens of Black Axe and other gang members have been arrested and their electronic devices seized during these transnational raids.', 'This work has enabled Interpol to create a vast intelligence database, which is now shared with officers throughout its 196 member countries. “', 'We need to have data and to collate our findings from these countries to help build a picture of their modus operandi,” said Mr Kaya.', 'Despite multiple international arrests, some experts feel not enough is being done to address the root of these crime syndicates in West Africa. “', 'The emphasis must actually be on prevention not on outright operations against these criminal groups,” said Dr Oluwole Ojewale, West Africa Regional Co-ordinator from the Institute for Security Studies.', 'Nigeria, which has witnessed widespread anti-corruption protests in recent weeks, is one of Africa’s largest economies, but has as many as 87 million people living below the poverty line, according to the World Bank.', 'It is also the main recruitment ground for Black Axe.', 'Interpol said it was carrying out training exercises with key Nigerian stakeholders and police officials.', 'But corruption, and allegations of collusion between Black Axe and local authorities, remain major obstacles. “', 'It is the politicians who are actually arming these boys,” said Dr Ojewale. “', 'The general failure of governance in the country has made pressures for people to be initiated [into Black Axe].”', 'Despite its current global reach, Interpol’s Jackal Operations have their origins in Ireland.', 'Following a series of police raids by the Garda National Economic Crime Bureau (GNECB) in 2020, a handful of Black Axe members were arrested, paving the way for the exposure of a far wider network. “', 'They were very under the radar, very low-key,” said Michael Cryan, detective superintendent at the GNECB, which led the operation. “', 'The amount of money being laundered through Ireland was astronomical,” he added.', 'The police subsequently identified 1,000 people with links to Black Axe in Ireland and have made hundreds of arrests for fraud and cyber-crime. “', 'Bank robberies are now done with laptops - they’re far more sophisticated,” said Det Supt Cryan.', 'He estimates €200m ($220m; £170m) have been stolen online in Ireland in the past five years, and that only accounts for the 20% of cyber-crimes that are believed to be reported. “', 'This is not typical or ordinary crime… People who make decisions need to know how serious this is,” he said.', 'Irish police operations in November 2023 revealed that cryptocurrency - which can be sent rapidly between digital wallets around the world - is becoming an integral element in Black Axe’s money-laundering operations.', 'More than €1m in crypto-assets were seized during one operation.', 'Interpol has deployed its own new technology in an attempt to tackle these innovations, launching the Global Rapid Intervention of Payments system (I-GRIP).', 'The mechanism, which enables the authorities in member countries to freeze bank accounts around the world with unprecedented speed, was used to halt a $40m scam targeting a Singaporean business last month.', ""Interpol's Mr Kaya said technology like this would make it harder for criminals to move money across borders with impunity."", 'A major effort is under way to gather and share intelligence on Black Axe and other West African syndicates by police around the world. “', 'If we can gather this data we can take action,” he said.', 'Go to BBCAfrica.com for more news from the African continent.', 'Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica']",-0.2500833801489452,"This work has enabled Interpol to create a vast intelligence database, which is now shared with officers throughout its 196 member countries. “","The police subsequently identified 1,000 people with links to Black Axe in Ireland and have made hundreds of arrests for fraud and cyber-crime. “",-0.2692912146449089,"This work has enabled Interpol to create a vast intelligence database, which is now shared with officers throughout its 196 member countries. “",The general failure of governance in the country has made pressures for people to be initiated [into Black Axe].”,2024-08-28
SpaceX delays launch of billionaire's private spacewalk mission,https://www.bbc.co.uk/news/articles/cn47019e7l7o,2024-08-28T07:22:45.338Z,"SpaceX has postponed its attempt to launch an expedition featuring an all-civilian crew that is aiming to carry out the first-ever spacewalk by private citizens. The mission, known as Polaris Dawn, had been scheduled to take off from Nasa’s space centre in Florida early on Wednesday morning. Hours before the launch, Elon Musk's company said it would be delayed “due to unfavourable weather forecasted” in the capsule’s splashdown areas. It is unclear when the next attempt will be. An earlier one on Tuesday was also cancelled due to a helium leak on the line connecting the tower to the rocket. Fin-tech billionaire Jared Isaacman, who founded payment firm Shift 4, has been the driving force behind the private spaceflight. He is aiming to become the first non-professional astronaut to complete a private spacewalk and has organised and funded much of the project with SpaceX. He has declined to disclose how much he has invested. The Polaris project uses a SpaceX Dragon capsule attached to the company's Falcon 9 rocket to transport the crew. They plan on reaching altitudes as high as 1,400km (870 miles), which if achieved would be the highest point reached by any crewed mission since Nasa’s Apollo programme more than 50 years ago. The businessman is also captaining the crew, which consists of his close friend and retired US Air Force pilot Scott Poteet, and two SpaceX engineers Anna Menon and Sarah Gillis. All four have spent two years training for the mission, dedicating thousands of hours to simulated drills. Mr Isaacman has also gone to space before, reportedly paying $200m (£151m) to be on the first all-civilian orbital mission run by SpaceX in 2021, known as the Inspiration4 mission. With the Polaris Dawn mission, they plan to spend six days in space. The spacewalk is planned to take place on day three.  Wearing Space X’s upgraded spacesuits - equipped with displays and helmet cameras - Mr Isaacman and Ms Gillis will then exit the spacecraft. The whole event, taking place 700km in orbit, is planned to last about two hours. They are also prepared to conduct several tests from the high altitude, including communication with Starlink internet satellites, and observations of the effects of passing through the Van Allen radiation belt, a highly charged area in space. ",BBC,28/08/2024,"['SpaceX has postponed its attempt to launch an expedition featuring an all-civilian crew that is aiming to carry out the first-ever spacewalk by private citizens.', 'The mission, known as Polaris Dawn, had been scheduled to take off from Nasa’s space centre in Florida early on Wednesday morning.', ""Hours before the launch, Elon Musk's company said it would be delayed “due to unfavourable weather forecasted” in the capsule’s splashdown areas."", 'It is unclear when the next attempt will be.', 'An earlier one on Tuesday was also cancelled due to a helium leak on the line connecting the tower to the rocket.', 'Fin-tech billionaire Jared Isaacman, who founded payment firm Shift 4, has been the driving force behind the private spaceflight.', 'He is aiming to become the first non-professional astronaut to complete a private spacewalk and has organised and funded much of the project with SpaceX. He has declined to disclose how much he has invested.', ""The Polaris project uses a SpaceX Dragon capsule attached to the company's Falcon 9 rocket to transport the crew."", 'They plan on reaching altitudes as high as 1,400km (870 miles), which if achieved would be the highest point reached by any crewed mission since Nasa’s Apollo programme more than 50 years ago.', 'The businessman is also captaining the crew, which consists of his close friend and retired US Air Force pilot Scott Poteet, and two SpaceX engineers Anna Menon and Sarah Gillis.', 'All four have spent two years training for the mission, dedicating thousands of hours to simulated drills.', 'Mr Isaacman has also gone to space before, reportedly paying $200m (£151m) to be on the first all-civilian orbital mission run by SpaceX in 2021, known as the Inspiration4 mission.', 'With the Polaris Dawn mission, they plan to spend six days in space.', 'The spacewalk is planned to take place on day three.', 'Wearing Space X’s upgraded spacesuits - equipped with displays and helmet cameras - Mr Isaacman and Ms Gillis will then exit the spacecraft.', 'The whole event, taking place 700km in orbit, is planned to last about two hours.', 'They are also prepared to conduct several tests from the high altitude, including communication with Starlink internet satellites, and observations of the effects of passing through the Van Allen radiation belt, a highly charged area in space.']",-0.0273691799767183,"The businessman is also captaining the crew, which consists of his close friend and retired US Air Force pilot Scott Poteet, and two SpaceX engineers Anna Menon and Sarah Gillis.",An earlier one on Tuesday was also cancelled due to a helium leak on the line connecting the tower to the rocket.,-0.9363025824228922,,An earlier one on Tuesday was also cancelled due to a helium leak on the line connecting the tower to the rocket.,2024-08-28
Klarna: AI lets us cut thousands of jobs - but pay more,https://www.bbc.co.uk/news/articles/c80e1gp9m9zo,2024-08-28T10:08:22.532Z,"The buy now, pay later firm Klarna is seeking to get rid of almost half its employees in the coming years through efficiencies it says arise out of its investment in artificial intelligence (AI). The firm has already cut its workforce from 5,000 to 3,800 in the past year, and wants to reduce that to 2,000 employees by using AI in marketing and customer service. Boss Sebastian Siemiatkowski told the BBC the job cuts would mean Klarna could pay its remaining workers more. But he said the government needed to think about what to do about AI, which he predicted would have ""a dramatic impact"" on jobs and society. ""I think politicians already today should consider whether there are other alternatives of how they could support people that may be effective,"" he told the Today programme, on BBC Radio 4. He said it was ""too simplistic"" to simply say new jobs would be created in the future. ""I mean, maybe you can become an influencer, but it's hard to do so if you are 55-years-old,"" he said. The recent proliferation of AI has put its benefits and risks under the spotlight. Earlier this year, the International Monetary Fund (IMF) said it believed AI would impact nearly 40% of all jobs, and it would ""likely worsen overall inequality"". In other sectors, such as the games industry, developers have warned they are already losing work to AI. Klarna - which is based in Sweden, and has two UK offices - disclosed its job-cutting plans as it announced interim results which showed it increased its revenue by 27% to 13.3 billion Swedish krona (£990 million). ""Our proven scale efficiencies have been enhanced by our investment in AI, which has driven down operating expenses and improved gross profits,"" it said. It comes as unions have warned of mass job losses amid the growth of AI and are calling for legislation to protect workers. Mr Siemiatkowski  said Klarna would reduce its headcount through what he called ""natural attrition"" - effectively a hiring freeze, where staff aren't replaced after they leave. Typically this means the people that remain are left with an increased workload. But Mr Siemiatkowski contended that AI would be replacing this work, and even claimed it was a potential ""positive development"" for some individuals who may be paid more. While he said it was ""critical"" for government to consider what to do about those who lost their jobs, he suggested there was no ""stopping progress"" for firms like his. ""It's important that Europe and democracies are ahead in the evolution of AI,"" he said. Klarna is understood to be shrinking its workforce ahead of a listing on the stock exchange, which has recently been dominated by firms heavily investing in AI, such as Nvidia and Microsoft. This means Klarna being seen as a big proponent of the tech may make its stock more appealing to investors when it does eventually go public. ",BBC,28/08/2024,"['The buy now, pay later firm Klarna is seeking to get rid of almost half its employees in the coming years through efficiencies it says arise out of its investment in artificial intelligence (AI).', 'The firm has already cut its workforce from 5,000 to 3,800 in the past year, and wants to reduce that to 2,000 employees by using AI in marketing and customer service.', 'Boss Sebastian Siemiatkowski told the BBC the job cuts would mean Klarna could pay its remaining workers more.', 'But he said the government needed to think about what to do about AI, which he predicted would have ""a dramatic impact"" on jobs and society. ""', 'I think politicians already today should consider whether there are other alternatives of how they could support people that may be effective,"" he told the Today programme, on BBC Radio 4.', 'He said it was ""too simplistic"" to simply say new jobs would be created in the future. ""', 'I mean, maybe you can become an influencer, but it\'s hard to do so if you are 55-years-old,"" he said.', 'The recent proliferation of AI has put its benefits and risks under the spotlight.', 'Earlier this year, the International Monetary Fund (IMF) said it believed AI would impact nearly 40% of all jobs, and it would ""likely worsen overall inequality"".', 'In other sectors, such as the games industry, developers have warned they are already losing work to AI.', 'Klarna - which is based in Sweden, and has two UK offices - disclosed its job-cutting plans as it announced interim results which showed it increased its revenue by 27% to 13.3 billion Swedish krona (£990 million). ""', 'Our proven scale efficiencies have been enhanced by our investment in AI, which has driven down operating expenses and improved gross profits,"" it said.', 'It comes as unions have warned of mass job losses amid the growth of AI and are calling for legislation to protect workers.', 'Mr Siemiatkowski said Klarna would reduce its headcount through what he called ""natural attrition"" - effectively a hiring freeze, where staff aren\'t replaced after they leave.', 'Typically this means the people that remain are left with an increased workload.', 'But Mr Siemiatkowski contended that AI would be replacing this work, and even claimed it was a potential ""positive development"" for some individuals who may be paid more.', 'While he said it was ""critical"" for government to consider what to do about those who lost their jobs, he suggested there was no ""stopping progress"" for firms like his. ""', 'It\'s important that Europe and democracies are ahead in the evolution of AI,"" he said.', 'Klarna is understood to be shrinking its workforce ahead of a listing on the stock exchange, which has recently been dominated by firms heavily investing in AI, such as Nvidia and Microsoft.', 'This means Klarna being seen as a big proponent of the tech may make its stock more appealing to investors when it does eventually go public.']",0.1167103506237664,"But Mr Siemiatkowski contended that AI would be replacing this work, and even claimed it was a potential ""positive development"" for some individuals who may be paid more.","In other sectors, such as the games industry, developers have warned they are already losing work to AI.",-0.1624264965454737,"Klarna - which is based in Sweden, and has two UK offices - disclosed its job-cutting plans as it announced interim results which showed it increased its revenue by 27% to 13.3 billion Swedish krona (£990 million). ""","In other sectors, such as the games industry, developers have warned they are already losing work to AI.",2024-08-28
Man posing as YouTube star jailed for global sextortion plot,https://www.bbc.co.uk/news/articles/cp35z4z08qvo,2024-08-28T02:11:20.174Z,"Warning: This story contains details readers might find distressing A predator posing as a famous teenage YouTuber who blackmailed hundreds of girls around the globe into performing sex acts on camera has been jailed for 17 years in Australia. Muhammad Zain Ul Abideen Rasheed pleaded guilty to 119 charges, relating to 286 people from 20 countries, including the UK, the US, Japan and France. Two-thirds of his victims were aged under 16. A Perth court heard the 29-year-old coerced them into a cycle of increasingly extreme abuse by threatening to send explicit messages and images of them to their loved ones.  Australian authorities say it is ""one of the worst sextortion cases"" in history. ""The callous disregard this man had for his victims around the world and their distress, humiliation and fear make it one of the most horrific sextortion cases prosecuted in Australia,"" said Australian Federal Police Assistant Commissioner David McLean. ""This type of online exploitation and abuse is devastating and causes lifelong trauma."" When handing down her sentence on Tuesday, Judge Amanda Burrows said Rasheed's offence was of such magnitude there was ""no comparable case"" in the country, according to the Australian Broadcasting Corporation (ABC). Pretending to be a 15-year-old American internet star, Rasheed would strike up a conversation with his targets, before involving them in discussions about sexual fantasies. He threatened to send their responses to friends and family unless they performed a series of escalating, ""degrading"" sex acts  – which at times included family pets and other children in their home. The court heard Rasheed had been involved in misogynistic ""incel"" communities online, and on several occasions had invited other people - in one case as many as 98 - to watch the distressing acts on a livestream. Many of the children being extorted told him they were suicidal - one even sent images of self-harm. But Rasheed continued his blackmail despite their ""obvious distress"" and ""extreme fear"", the judge said, according to the ABC. He was caught after Australian authorities were contacted by Interpol and US investigators, and charged in 2020 after a police raid on his home. Rasheed is already serving a five-year prison term for sexually abusing a 14-year-old twice in his car at a Perth park. The court heard he was engaged in a sex offenders treatment programme but Rasheed still represented a high risk of reoffending. He will be eligible to apply for parole in August 2033. ",BBC,28/08/2024,"['Warning: This story contains details readers might find distressing A predator posing as a famous teenage YouTuber who blackmailed hundreds of girls around the globe into performing sex acts on camera has been jailed for 17 years in Australia.', 'Muhammad Zain Ul Abideen Rasheed pleaded guilty to 119 charges, relating to 286 people from 20 countries, including the UK, the US, Japan and France.', 'Two-thirds of his victims were aged under 16.', 'A Perth court heard the 29-year-old coerced them into a cycle of increasingly extreme abuse by threatening to send explicit messages and images of them to their loved ones.', 'Australian authorities say it is ""one of the worst sextortion cases"" in history. ""', 'The callous disregard this man had for his victims around the world and their distress, humiliation and fear make it one of the most horrific sextortion cases prosecuted in Australia,"" said Australian Federal Police Assistant Commissioner David McLean. ""', 'This type of online exploitation and abuse is devastating and causes lifelong trauma.""', 'When handing down her sentence on Tuesday, Judge Amanda Burrows said Rasheed\'s offence was of such magnitude there was ""no comparable case"" in the country, according to the Australian Broadcasting Corporation (ABC).', 'Pretending to be a 15-year-old American internet star, Rasheed would strike up a conversation with his targets, before involving them in discussions about sexual fantasies.', 'He threatened to send their responses to friends and family unless they performed a series of escalating, ""degrading"" sex acts – which at times included family pets and other children in their home.', 'The court heard Rasheed had been involved in misogynistic ""incel"" communities online, and on several occasions had invited other people - in one case as many as 98 - to watch the distressing acts on a livestream.', 'Many of the children being extorted told him they were suicidal - one even sent images of self-harm.', 'But Rasheed continued his blackmail despite their ""obvious distress"" and ""extreme fear"", the judge said, according to the ABC.', 'He was caught after Australian authorities were contacted by Interpol and US investigators, and charged in 2020 after a police raid on his home.', 'Rasheed is already serving a five-year prison term for sexually abusing a 14-year-old twice in his car at a Perth park.', 'The court heard he was engaged in a sex offenders treatment programme but Rasheed still represented a high risk of reoffending.', 'He will be eligible to apply for parole in August 2033.']",-0.5598528943509211,,"The callous disregard this man had for his victims around the world and their distress, humiliation and fear make it one of the most horrific sextortion cases prosecuted in Australia,"" said Australian Federal Police Assistant Commissioner David McLean. """,-0.8998018900553385,,"This type of online exploitation and abuse is devastating and causes lifelong trauma.""",2024-08-28
UK government to spend £10.5m on new EU border checks,https://www.bbc.co.uk/news/articles/c4gz9n06rxdo,2024-08-27T11:51:36.625Z,"The government is to provide £10.5m worth of funding to prepare for new EU border checks this autumn. The Port of Dover, Eurotunnel at Folkestone and Eurostar at St Pancras will receive financial aid to help reduce queues for travellers. From the autumn, travellers from the UK and other non-EU countries will have to go through a new digital border system called the Entry/Exit System (EES), which is being brought in by the EU. This will involve having your photograph and fingerprints taken. The government money will be spent on providing ports with the necessary technology to complete these checks. The scheme applies to British people and other non-EU nationals entering a European country using the EES for a short stay. They will need to register fingerprints and a photo with their passport details to proceed with travel. Every time those travellers enter or exit a participating European country, this will be recorded. Once they have given their fingerprints and details, that registration will be valid for three years. During that time it must be validated every time someone crosses the border. This will replace passport-stamping. In most cases the EES checks will happen when you arrive at an international airport but if you're travelling via the Port of Dover or an international train then the checks will take place in the UK. The technology that ports will use to take biometric data of travellers has not yet been confirmed. It was previously suggested that a gadget similar to an iPad could be used to take fingerprints.  The EES was originally meant to begin in 2022 but it has faced many setbacks. It had previously been rescheduled for May 2023, then the end of 2023, and now is expected to come into force in November 2024. Lilian Greenwood, Future of Roads Minister, said the government had been reviewing the EES plans to ensure ""registration can be smooth and queue times kept to a minimum"". ""Nobody wants to see excessive queues at our ports, which is why we’re providing this funding to ensure our borders are as prepared as possible for the upcoming change – despite EES being an EU initiative,"" she added. Eurostar chief safety and stations officer Simon Lejeune said the government had supported an upgrade of its technology and facilities to meet the requirements.  “Eurostar will be fully prepared and compliant by November, ensuring a smooth transition for all our passengers,"" he added. Emma Ward, chief operations officer for the Port of Dover, said the port was doing all it could to be ""ready with the facilities that will be used by French border officials operating the new system"". Each port is set to receive £3.5m of the funding, which is the first of its kind aimed at preventing EES-related delays. The government money will be used by Dover to help pay for a marina to be filled in, in order to provide extra space for coach passengers to be processed.  Eurostar and Eurotunnel will use their share to pay for technology and staff training. Eurotunnel will add more kiosks if needed. All three have already invested tens of millions of pounds of their own money on preparing for the new system. Getlink, which manages Eurotunnel, started work two years ago to adapt to EES changes. ""The focus has always been on customer satisfaction, delivering the most competitive crossing time and experience at the border for non-EU travellers,"" Yann Leriche, chief executive of Getlink, said. ",BBC,27/08/2024,"['The government is to provide £10.5m worth of funding to prepare for new EU border checks this autumn.', 'The Port of Dover, Eurotunnel at Folkestone and Eurostar at St Pancras will receive financial aid to help reduce queues for travellers.', 'From the autumn, travellers from the UK and other non-EU countries will have to go through a new digital border system called the Entry/Exit System (EES), which is being brought in by the EU.', 'This will involve having your photograph and fingerprints taken.', 'The government money will be spent on providing ports with the necessary technology to complete these checks.', 'The scheme applies to British people and other non-EU nationals entering a European country using the EES for a short stay.', 'They will need to register fingerprints and a photo with their passport details to proceed with travel.', 'Every time those travellers enter or exit a participating European country, this will be recorded.', 'Once they have given their fingerprints and details, that registration will be valid for three years.', 'During that time it must be validated every time someone crosses the border.', 'This will replace passport-stamping.', ""In most cases the EES checks will happen when you arrive at an international airport but if you're travelling via the Port of Dover or an international train then the checks will take place in the UK."", 'The technology that ports will use to take biometric data of travellers has not yet been confirmed.', 'It was previously suggested that a gadget similar to an iPad could be used to take fingerprints.', 'The EES was originally meant to begin in 2022 but it has faced many setbacks.', 'It had previously been rescheduled for May 2023, then the end of 2023, and now is expected to come into force in November 2024.', 'Lilian Greenwood, Future of Roads Minister, said the government had been reviewing the EES plans to ensure ""registration can be smooth and queue times kept to a minimum"". ""', 'Nobody wants to see excessive queues at our ports, which is why we’re providing this funding to ensure our borders are as prepared as possible for the upcoming change – despite EES being an EU initiative,"" she added.', 'Eurostar chief safety and stations officer Simon Lejeune said the government had supported an upgrade of its technology and facilities to meet the requirements. “', 'Eurostar will be fully prepared and compliant by November, ensuring a smooth transition for all our passengers,"" he added.', 'Emma Ward, chief operations officer for the Port of Dover, said the port was doing all it could to be ""ready with the facilities that will be used by French border officials operating the new system"".', 'Each port is set to receive £3.5m of the funding, which is the first of its kind aimed at preventing EES-related delays.', 'The government money will be used by Dover to help pay for a marina to be filled in, in order to provide extra space for coach passengers to be processed.', 'Eurostar and Eurotunnel will use their share to pay for technology and staff training.', 'Eurotunnel will add more kiosks if needed.', 'All three have already invested tens of millions of pounds of their own money on preparing for the new system.', 'Getlink, which manages Eurotunnel, started work two years ago to adapt to EES changes. ""', 'The focus has always been on customer satisfaction, delivering the most competitive crossing time and experience at the border for non-EU travellers,"" Yann Leriche, chief executive of Getlink, said.']",0.1751365875002042,Eurostar chief safety and stations officer Simon Lejeune said the government had supported an upgrade of its technology and facilities to meet the requirements. “,,0.6673502425352732,Eurostar chief safety and stations officer Simon Lejeune said the government had supported an upgrade of its technology and facilities to meet the requirements. “,The EES was originally meant to begin in 2022 but it has faced many setbacks.,2024-08-28
Macy’s cuts sales forecast as department stores struggle to draw shoppers,https://www.cnbc.com/2024/08/21/macys-m-q2-2024-earnings.html,2024-08-21T20:04:45+0000,"In this articleMacy's cut its full-year sales forecast Wednesday, as the department store operator said it is contending with selective shoppers and more promotions.The retailer posted a mixed quarter, as it topped Wall Street's earnings expectations but missed on revenue.Macy's said it now anticipates net sales of between $22.1 billion and $22.4 billion, which is lower than the $22.3 billion to $22.9 billion range it had previously anticipated. That also would be a year-over-year decline from the $23.09 billion it reported for fiscal 2023.Macy's expects comparable sales, which take out the impact of store openings and closures, to range from a decrease of about 2% to a decline of about 0.5%. It had previously expected comparable sales to range from a decline of about 1% to a gain of 1.5%. That metric includes owned and licensed sales, which encompass merchandise that Macy's owns and items from brands that pay for space within its stores, along with Macy's third-party online marketplace.The department store operator said in a news release that the new outlook range ""gives the flexibility to address the ongoing uncertainty in the discretionary consumer market.""In an interview with CNBC, CEO Tony Spring said customers aren't spending as freely across all of Macy's brands — even higher-end department store Bloomingdale's.""We see that there is definitely a softness, a carefulness, a delay in the conversion of purchasing,"" he said. ""And people on the things that they want, the things that are priced sharply, on the newness, they're responding, but even the affluent consumer is not spending like they were a year ago.""He said ""there's a lot of noise out there,"" which is distracting customers or causing them to hold off on spending, including higher interest rates, inconsistent weather patterns and a busy news cycle.Here's what Macy's reported for the fiscal second quarter compared with what Wall Street expected, based on a survey of analysts by LSEG:Shares of the company closed nearly 13% lower Wednesday.The iconic department store is pushing to get back to steadier footing and sustained growth. Spring announced in February that the retailer would shutter about 150 – or nearly a third – of its namesake stores and invest in the roughly 350 locations that remain. It plans to close the locations by early 2027. It is also opening new, smaller Macy's stores in suburban strip malls and adding locations of its better-performing brands, Bloomingdale's and Bluemercury.Yet Macy's results in the recent quarter revealed its struggles to pull off that comeback at a time when consumers have been pickier about purchases – especially items that are wants rather than needs. Net sales fell from $5.13 billion in the year-ago period.The namesake Macy's brand continued to be the company's weakest performer. Comparable sales fell 3.6% on an owned-plus-licensed basis, including the third-party marketplace. At Bloomingdale's, comparable sales declined 1.4% on an owned-plus-licensed basis, including the third-party marketplace. And Bluemercury comparable sales rose 2%, marking the 14th consecutive quarter of comparable sales growth for the beauty brand.In the three-month period that ended Aug. 3, Macy's net income was $150 million, or 53 cents per share, compared with a loss of $22 million, or 8 cents per share, in the year-ago period.Yet even when excluding the weaker stores that Macy's is shutting, sales were lackluster. Comparable sales for its go-forward namesake brand – which includes the Macy's stores that will remain open and online sales – declined 3.3% on an owned-plus-licensed basis, including the third-party marketplace. Macy's stressed it has made progress in its turnaround plan, which it unveiled in February soon after Spring stepped into the company's top role. At the first 50 of its stores to get additional investment, comparable sales were up 1% on an owned-plus-licensed basis. It marked the second consecutive quarter of positive comparable sales at those stores since the plan started.Spring said those 50 stores have outperformed Macy's other locations, even in hard-hit categories like handbags. He said the company will share its plans for expanding the strategy beyond those stores in the fourth quarter, but it's already decided it will bulk up staffing in the women's shoes and handbags departments at more of its locations because of the customer response.Along with a choppy sales environment, Macy's leaders had also faced a bid by an activist group to take the company private. Macy's said last month that its board had unanimously decided to end negotiations with Arkhouse Management and Brigade Capital.Shares of Macy's closed at $15.45 on Wednesday, bringing the company's market cap to $4.3 billion. As of Wednesday's close, the company's stock is down about 23% so far this year. That trails behind the greater than 17% gains of the S&P 500 during the same period.",CNBC,21/08/2024,"[""In this articleMacy's cut its full-year sales forecast Wednesday, as the department store operator said it is contending with selective shoppers and more promotions."", ""The retailer posted a mixed quarter, as it topped Wall Street's earnings expectations but missed on revenue."", ""Macy's said it now anticipates net sales of between $22.1 billion and $22.4 billion, which is lower than the $22.3 billion to $22.9 billion range it had previously anticipated."", ""That also would be a year-over-year decline from the $23.09 billion it reported for fiscal 2023.Macy's expects comparable sales, which take out the impact of store openings and closures, to range from a decrease of about 2% to a decline of about 0.5%."", 'It had previously expected comparable sales to range from a decline of about 1% to a gain of 1.5%.', ""That metric includes owned and licensed sales, which encompass merchandise that Macy's owns and items from brands that pay for space within its stores, along with Macy's third-party online marketplace."", 'The department store operator said in a news release that the new outlook range ""gives the flexibility to address the ongoing uncertainty in the discretionary consumer market.', '""In an interview with CNBC, CEO Tony Spring said customers aren\'t spending as freely across all of Macy\'s brands — even higher-end department store Bloomingdale\'s.', '""We see that there is definitely a softness, a carefulness, a delay in the conversion of purchasing,"" he said. ""', ""And people on the things that they want, the things that are priced sharply, on the newness, they're responding, but even the affluent consumer is not spending like they were a year ago."", '""He said ""there\'s a lot of noise out there,"" which is distracting customers or causing them to hold off on spending, including higher interest rates, inconsistent weather patterns and a busy news cycle.', ""Here's what Macy's reported for the fiscal second quarter compared with what Wall Street expected, based on a survey of analysts by LSEG:Shares of the company closed nearly 13% lower Wednesday."", 'The iconic department store is pushing to get back to steadier footing and sustained growth.', 'Spring announced in February that the retailer would shutter about 150 – or nearly a third – of its namesake stores and invest in the roughly 350 locations that remain.', ""It plans to close the locations by early 2027.It is also opening new, smaller Macy's stores in suburban strip malls and adding locations of its better-performing brands, Bloomingdale's and Bluemercury."", ""Yet Macy's results in the recent quarter revealed its struggles to pull off that comeback at a time when consumers have been pickier about purchases – especially items that are wants rather than needs."", 'Net sales fell from $5.13 billion in the year-ago period.', ""The namesake Macy's brand continued to be the company's weakest performer."", 'Comparable sales fell 3.6% on an owned-plus-licensed basis, including the third-party marketplace.', ""At Bloomingdale's, comparable sales declined 1.4% on an owned-plus-licensed basis, including the third-party marketplace."", 'And Bluemercury comparable sales rose 2%, marking the 14th consecutive quarter of comparable sales growth for the beauty brand.', ""In the three-month period that ended Aug. 3, Macy's net income was $150 million, or 53 cents per share, compared with a loss of $22 million, or 8 cents per share, in the year-ago period."", ""Yet even when excluding the weaker stores that Macy's is shutting, sales were lackluster."", ""Comparable sales for its go-forward namesake brand – which includes the Macy's stores that will remain open and online sales – declined 3.3% on an owned-plus-licensed basis, including the third-party marketplace."", ""Macy's stressed it has made progress in its turnaround plan, which it unveiled in February soon after Spring stepped into the company's top role."", 'At the first 50 of its stores to get additional investment, comparable sales were up 1% on an owned-plus-licensed basis.', 'It marked the second consecutive quarter of positive comparable sales at those stores since the plan started.', ""Spring said those 50 stores have outperformed Macy's other locations, even in hard-hit categories like handbags."", ""He said the company will share its plans for expanding the strategy beyond those stores in the fourth quarter, but it's already decided it will bulk up staffing in the women's shoes and handbags departments at more of its locations because of the customer response."", ""Along with a choppy sales environment, Macy's leaders had also faced a bid by an activist group to take the company private."", ""Macy's said last month that its board had unanimously decided to end negotiations with Arkhouse Management and Brigade Capital."", ""Shares of Macy's closed at $15.45 on Wednesday, bringing the company's market cap to $4.3 billion."", ""As of Wednesday's close, the company's stock is down about 23% so far this year."", 'That trails behind the greater than 17% gains of the S&P 500 during the same period.']",0.1345330848568225,"And Bluemercury comparable sales rose 2%, marking the 14th consecutive quarter of comparable sales growth for the beauty brand.",The namesake Macy's brand continued to be the company's weakest performer.,-0.2928903443472726,"At the first 50 of its stores to get additional investment, comparable sales were up 1% on an owned-plus-licensed basis.",It had previously expected comparable sales to range from a decline of about 1% to a gain of 1.5%.,2024-08-28
Peloton to start charging subscribers with used equipment $95 activation fee,https://www.cnbc.com/2024/08/22/peloton-to-charge-95-activation-fee-for-used-bikes-.html,2024-08-23T11:51:25+0000,"In this articlePeloton on Thursday said it will start charging new subscribers a one-time $95 activation fee if they bought their hardware on the secondary market as more consumers snag lightly used equipment for a fraction of the typical retail price.The used equipment activation fee for subscribers in the U.S. and Canada comes as Peloton starts to see a meaningful increase in new members who bought used Bikes or Treads from peer-to-peer markets such as Facebook Marketplace. During its fiscal fourth quarter, which ended June 30, Peloton said it saw a ""steady stream of paid connected fitness subscribers"" who bought hardware on the secondary market. The company said the segment grew 16% year over year.""We believe a meaningful share of these subscribers are incremental, and they exhibit lower net churn rates than rental subscribers,"" the company said in a letter to shareholders. ""It's also worth highlighting that this activation fee will be a source of incremental revenue and gross profit for us, helping to support our investments in improving the fitness experience for our members,"" interim co-CEO Christopher Bruzzo later added on a call with analysts. While plenty of Peloton subscribers are avid users of the home workout machines, some have likened them to glorified clothes racks because so many people stop using the equipment. Those people paid Peloton for that hardware originally, but importantly, many of them have canceled their monthly subscription, which is how Peloton makes the bulk of its money. The ability to attract new, budget-conscious members from the secondary market who are willing to pay for a monthly subscription is a unique opportunity for Peloton to grow revenue without any upfront cost, on top of the revenue from the original sale. Ari Kimmelfeld — whose startup Trade My Stuff, formerly known as Trade My Spin, sells used Peloton equipment — estimates there are around a million Bikes collecting dust in homes around the world that could be a source of new revenue for the company. He told CNBC he previously met with Peloton executives to discuss ways to collaborate, because every time he sells a used piece of equipment, it could lead to more than $500 in new revenue per year for Peloton. With the new used equipment activation fee, that number could grow to more than $600 for the first year. ""We save the customer a lot more than $95,"" Kimmelfeld told CNBC on Thursday after the new activation fee was announced. ""I don't think it'll stop or slow down people from buying secondary equipment … because you can get a bike delivered faster and cheaper on the secondary market, even with the $95, let's call it a tax, from Peloton."" Trade My Stuff sells first-generation Bikes for $499, compared with $1,445 new. It offers the Bike+ for $1,199, compared with $2,495 new. It also sells used Treads for $1,999, compared with $2,995 new. Since launching his business, Kimmelfeld has worked with people looking to sell their used Peloton equipment and has since sold a ""few thousand"" Bikes. In 14 cities around the country, including Los Angeles, Denver and New York City, the company offers same- or next-day delivery. Outside of those locales, it provides delivery within three to five days. That compares with a new Peloton purchase, which can take significantly longer to deliver. The used equipment activation fee is designed to ensure that new members ""receive the same high-quality onboarding experience Peloton is known for,"" the company said. Bruzzo said that those who buy a used Bike or Bike+ have access to a virtual custom fitting ahead of their first ride, as well as a history summary that shows how many rides those bikes had before they were resold. ""We're also offering these new members discounts on accessories such as bike shoes, bike mats and spare parts,"" said Bruzzo. ""We'll continue to lean into this important channel and find additional ways to improve the new member experience, for example, providing early education about the broad range of fitness modalities that we offer and the many series and programs our instructors provide to new members.""",CNBC,23/08/2024,"['In this articlePeloton on Thursday said it will start charging new subscribers a one-time $95 activation fee if they bought their hardware on the secondary market as more consumers snag lightly used equipment for a fraction of the typical retail price.', 'The used equipment activation fee for subscribers in the U.S. and Canada comes as Peloton starts to see a meaningful increase in new members who bought used Bikes or Treads from peer-to-peer markets such as Facebook Marketplace.', 'During its fiscal fourth quarter, which ended June 30, Peloton said it saw a ""steady stream of paid connected fitness subscribers"" who bought hardware on the secondary market.', 'The company said the segment grew 16% year over year.', '""We believe a meaningful share of these subscribers are incremental, and they exhibit lower net churn rates than rental subscribers,"" the company said in a letter to shareholders.', '""It\'s also worth highlighting that this activation fee will be a source of incremental revenue and gross profit for us, helping to support our investments in improving the fitness experience for our members,"" interim co-CEO Christopher Bruzzo later added on a call with analysts.', 'While plenty of Peloton subscribers are avid users of the home workout machines, some have likened them to glorified clothes racks because so many people stop using the equipment.', 'Those people paid Peloton for that hardware originally, but importantly, many of them have canceled their monthly subscription, which is how Peloton makes the bulk of its money.', 'The ability to attract new, budget-conscious members from the secondary market who are willing to pay for a monthly subscription is a unique opportunity for Peloton to grow revenue without any upfront cost, on top of the revenue from the original sale.', 'Ari Kimmelfeld — whose startup Trade My Stuff, formerly known as Trade My Spin, sells used Peloton equipment — estimates there are around a million Bikes collecting dust in homes around the world that could be a source of new revenue for the company.', 'He told CNBC he previously met with Peloton executives to discuss ways to collaborate, because every time he sells a used piece of equipment, it could lead to more than $500 in new revenue per year for Peloton.', 'With the new used equipment activation fee, that number could grow to more than $600 for the first year.', '""We save the customer a lot more than $95,"" Kimmelfeld told CNBC on Thursday after the new activation fee was announced. ""', ""I don't think it'll stop or slow down people from buying secondary equipment … because you can get a bike delivered faster and cheaper on the secondary market, even with the $95, let's call it a tax, from Peloton."", '""Trade My Stuff sells first-generation Bikes for $499, compared with $1,445 new.', 'It offers the Bike+ for $1,199, compared with $2,495 new.', 'It also sells used Treads for $1,999, compared with $2,995 new.', 'Since launching his business, Kimmelfeld has worked with people looking to sell their used Peloton equipment and has since sold a ""few thousand"" Bikes.', 'In 14 cities around the country, including Los Angeles, Denver and New York City, the company offers same- or next-day delivery.', 'Outside of those locales, it provides delivery within three to five days.', 'That compares with a new Peloton purchase, which can take significantly longer to deliver.', 'The used equipment activation fee is designed to ensure that new members ""receive the same high-quality onboarding experience Peloton is known for,"" the company said.', 'Bruzzo said that those who buy a used Bike or Bike+ have access to a virtual custom fitting ahead of their first ride, as well as a history summary that shows how many rides those bikes had before they were resold.', '""We\'re also offering these new members discounts on accessories such as bike shoes, bike mats and spare parts,"" said Bruzzo. ""', 'We\'ll continue to lean into this important channel and find additional ways to improve the new member experience, for example, providing early education about the broad range of fitness modalities that we offer and the many series and programs our instructors provide to new members.""']",0.2162157198496136,"""It's also worth highlighting that this activation fee will be a source of incremental revenue and gross profit for us, helping to support our investments in improving the fitness experience for our members,"" interim co-CEO Christopher Bruzzo later added on a call with analysts.","I don't think it'll stop or slow down people from buying secondary equipment … because you can get a bike delivered faster and cheaper on the secondary market, even with the $95, let's call it a tax, from Peloton.",0.828438401222229,The used equipment activation fee for subscribers in the U.S. and Canada comes as Peloton starts to see a meaningful increase in new members who bought used Bikes or Treads from peer-to-peer markets such as Facebook Marketplace.,"That compares with a new Peloton purchase, which can take significantly longer to deliver.",2024-08-28
"Mavericks, Pelicans games are leaving their local sports networks ahead of NBA season",https://www.cnbc.com/2024/08/26/mavericks-pelicans-games-leave-local-networks-amid-diamond-bankruptcy.html,2024-08-26T20:44:33+0000,"Dallas Mavericks and New Orleans Pelicans fans are waiting for a new way to watch local games in the upcoming National Basketball Association season.Both teams are exiting their regional sports networks owned by Diamond Sports, according to a Friday bankruptcy court filing.The NBA season is set to begin Oct. 22. While neither franchise has publicly announced where its local games will be aired, both teams have a history of televising their games with local broadcasters.The Pelicans have reached an agreement in principle with Gray Television to air games this season, a person close to the team told CNBC, confirming earlier media reports. Representatives for Gray and the Pelicans declined to comment on the matter.Last season, the Pelicans aired 10 of their matchups on Gray's local stations, and the Mavericks, who appeared in last season's NBA Finals, entered a 13-game agreement with Tegna's Dallas-Fort Worth stations.Representatives for the Mavericks and Tegna did not immediately respond to CNBC's requests asking who would broadcast their local games.The Mavericks and Pelicans are the latest teams to move the bulk of their regular-season games from their Diamond-owned regional sports networks, which are under the Bally Sports brand.Diamond Sports has spent the past 18 months trying to navigate its way out of bankruptcy, and along the way, several NBA, WNBA and National Hockey League teams have ditched regional sports networks in favor of local broadcasters. Some Major League Baseball teams that have left these networks will now have their games produced by the league.Diamond Sports will receive $1.3 million and more than $297,000 in repayments from the Mavericks and Pelicans, respectively, as part of the terminations, according to the court filing.The split with the Mavericks and Pelicans comes as Diamond enters into broadcast and streaming rights agreements with the NBA and NHL for the upcoming season as part of its bankruptcy process. The deals are subject to court approval.""We are appreciative of the ongoing collaboration and long-term partnerships with the NBA and NHL,"" Diamond Sports CEO David Preschlack said in a statement, adding the deals with the leagues ""are another major milestone"" toward exiting bankruptcy protection.Diamond Sports has been one of many companies crushed by the decline of cable. Though it launched a sports-only streaming service for some of its teams in 2022, the company's $8 billion debt load was too staggering to stop it from filing for bankruptcy protection.As the NBA and NHL seasons near, Diamond has also faced more pressure in recent months to form a viable business plan and prove it can make the necessary rights payments.Diamond marked another milestone this summer when it reached a deal to return its networks to Comcast's cable TV customers. The Bally Sports networks went dark on Comcast — Diamond's third largest distributor — in early May.Disclosure: Comcast is the parent company of NBCUniversal and CNBC.",CNBC,26/08/2024,"['Dallas Mavericks and New Orleans Pelicans fans are waiting for a new way to watch local games in the upcoming National Basketball Association season.', 'Both teams are exiting their regional sports networks owned by Diamond Sports, according to a Friday bankruptcy court filing.', 'The NBA season is set to begin Oct. 22.', 'While neither franchise has publicly announced where its local games will be aired, both teams have a history of televising their games with local broadcasters.', 'The Pelicans have reached an agreement in principle with Gray Television to air games this season,a personclose to the team told CNBC, confirming earlier media reports.', 'Representatives for Gray and the Pelicans declined to comment on the matter.', ""Last season, the Pelicans aired 10 of their matchups on Gray's local stations, and the Mavericks, who appeared in last season's NBA Finals, entered a 13-game agreement with Tegna's Dallas-Fort Worth stations."", ""Representatives for the Mavericks and Tegna did not immediately respond to CNBC's requests asking who would broadcast their local games."", 'The Mavericks and Pelicans are the latest teams to move the bulk of their regular-season games from their Diamond-owned regional sports networks, which are under the Bally Sports brand.', 'Diamond Sports has spent the past 18 months trying to navigate its way out of bankruptcy, and along the way, several NBA, WNBA and National Hockey League teams have ditched regional sports networks in favor of local broadcasters.', 'Some Major League Baseball teams that have left these networks will now have their games produced by the league.', 'Diamond Sports will receive $1.3 million and more than $297,000 in repayments from the Mavericks and Pelicans, respectively, as part of the terminations, according to the court filing.', 'The split with the Mavericks and Pelicans comes as Diamond enters into broadcast and streaming rights agreements with the NBA and NHL for the upcoming season as part of its bankruptcy process.', 'The deals are subject to court approval.', '""We are appreciative of the ongoing collaboration and long-term partnerships with the NBA and NHL,"" Diamond Sports CEO David Preschlack said in a statement, adding the deals with the leagues ""are another major milestone"" toward exiting bankruptcy protection.', 'Diamond Sports has been one of many companies crushed by the decline of cable.', ""Though it launched a sports-only streaming service for some of its teams in 2022, the company's $8 billion debt load was too staggering to stop it from filing for bankruptcy protection."", 'As the NBA and NHL seasons near, Diamond has also faced more pressure in recent months to form a viable business plan and prove it can make the necessary rights payments.', ""Diamond marked another milestone this summer when it reached a deal to return its networks to Comcast's cable TV customers."", ""The Bally Sports networks went dark on Comcast — Diamond's third largest distributor — in early May."", 'Disclosure: Comcast is the parent company of NBCUniversal and CNBC.']",0.2369959799857742,"""We are appreciative of the ongoing collaboration and long-term partnerships with the NBA and NHL,"" Diamond Sports CEO David Preschlack said in a statement, adding the deals with the leagues ""are another major milestone"" toward exiting bankruptcy protection.","Though it launched a sports-only streaming service for some of its teams in 2022, the company's $8 billion debt load was too staggering to stop it from filing for bankruptcy protection.",-0.2300930470228195,Diamond marked another milestone this summer when it reached a deal to return its networks to Comcast's cable TV customers.,Diamond Sports has been one of many companies crushed by the decline of cable.,2024-08-28
Peace Ark: South Africans flock to Chinese hospital ship in Cape Town,https://www.bbc.co.uk/news/articles/cdx6462wl07o,2024-08-28T11:50:41.316Z,"Miserable winter weather, snow on Table Mountain and gale force winds have not dampened Cape Town residents’ enthusiasm for free medical care being offered on a Chinese ship, currently docked in the South African city’s harbour. A financial crisis in one of Africa’s biggest and most developed economies has left public services underfunded, and many people say they cannot afford private healthcare because of soaring prices. It comes months after the government signed into law a controversial new health scheme, which aims to provide universal healthcare for all, but is facing threats of legal challenges. Since China's so-called Peace Ark arrived last week, more than 2,000 South Africans have been treated on board - ranging from maternity check-ups and cataract surgeries to cupping therapy. China enjoys a strong political partnership with South Africa, and this is Beijing's latest show of soft power. Lucy Mnyani told local media she was happy to see images of her unborn child for the first time: “I had been going to the day hospitals in Gugulethu and Langa [townships] and they never sent me for a CT scan.” Another person who queued up, Joseph Williams, told national broadcaster SABC: “When you go the local clinic you sit for hours and hours before they help you, depending on your condition. “Here the service was very quick so I’m grateful that I came. I actually got the results for what I came for.” Officials say the ship has a capacity of 700 patients each day and the service forms part of a joint exercise between the South African and Chinese armies. The ship has 100 people on board with 300 beds, 20 intensive care beds, operating theatres, clinical departments and even a rescue helicopter. The Peace Ark's first two days saw pre-selected people being offered treatment before it was extended to the general public on Monday. “We arranged with the night shelters to provide a service for people who live on the streets of Cape Town because they don’t have access to any healthcare,” Saadiq Kariem, head of Western Cape’s Health Department, told the BBC. He added that elderly people living in care homes had also been brought in for medical care, and Western Cape health staff were offered wellness visits. “From registering to completing my care took me an hour,” said Dr Kariem, who himself went for a medical check-up and joined the queue as an ordinary citizen. “It’s something that would take much longer at our public healthcare facilities because you have many more people requiring services.” A total of 57 surgeries have been carried out so far, a tiny dent in the province's waiting list of 80,000 patients.  And this is in Western Cape province, which arguably has one of the best health systems in the country. “These have been mostly orthopaedic, cataract and a few tubal ligation surgeries for women who no longer wish to fall pregnant,” Dr Kariem said. The popularity of the Peace Ark is telling, said Dr Shuaib Manjra, chairperson of the Health Justice Initiative: ""It shows the public health system in the province and in the country is not serving the people as it should.  ""Often you find people spending an entire day at a clinic waiting to be seen. There are major backlogs at hospitals, budgets and posts are being cut, and often this results in people missing out on up to two days of work after waiting to be seen for a simple procedure,"" he told the BBC. The African National Congress (ANC) says its National Health Insurance (NHI) scheme will be a huge improvement as all services at both public and private facilities will be free at the point of care – paid out of a central fund. Health Minister Aaron Motsoaledi has insisted it will still be implemented despite the party losing its parliamentary majority in May, and going into coalition with parties like the Democratic Alliance (DA) that oppose some aspects of the scheme. It will cause a massive shake-up of the health sector, but critics fear it could prompt an exodus of health professionals to find employment abroad. The scheme is being vociferously opposed by private health companies as it bars people from taking out private health insurance for treatment. At the moment about 14% of the population have private medical care, with the remaining 86% relying on overburdened state clinics and hospitals. Last week, Business Unity South Africa and the South African Medical Association refused to sign what is known as the “health compact” - an annual agreement with the president that sets out how various sectors are to address health challenges in the coming year. The two organisations - which between them represent private businesses and 12,000 doctors - are angry about the NHI in its current form, feeling it has been forced upon them. Dr Manjra said the NHI was a ""noble idea"" but he understood the reservations. ""Our history of corruption and incompetence will potentially destroy the entire health sector. There's an estimate that in some cases up to a third of the health budget is lost through corruption."" Dealing with these issues within the public health sector should be the priority, he said. Siphiwe Dlamini, spokesman for the South African army, told the BBC the response to the Peace Ark had been overwhelming with good feedback about “the attention and care received”. The floating hospital leaves Cape Town on Thursday for Angola before moving on to several other countries. It has already visited the Seychelles, Tanzania, Madagascar and Mozambique - on this its 10th excursion since being commissioned in 2008. The initiative is seen as a further step in China’s efforts to increase its influence on the African continent. Over the past two decades its trade with Africa has grown steadily, while Beijing has also been increasingly involved in the construction sector - including building large sports stadiums in several parts of the continent. Go to BBCAfrica.com for more news from the African continent.  Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica ",BBC,28/08/2024,"['Miserable winter weather, snow on Table Mountain and gale force winds have not dampened Cape Town residents’ enthusiasm for free medical care being offered on a Chinese ship, currently docked in the South African city’s harbour.', 'A financial crisis in one of Africa’s biggest and most developed economies has left public services underfunded, and many people say they cannot afford private healthcare because of soaring prices.', 'It comes months after the government signed into law a controversial new health scheme, which aims to provide universal healthcare for all, but is facing threats of legal challenges.', ""Since China's so-called Peace Ark arrived last week, more than 2,000 South Africans have been treated on board - ranging from maternity check-ups and cataract surgeries to cupping therapy."", ""China enjoys a strong political partnership with South Africa, and this is Beijing's latest show of soft power."", 'Lucy Mnyani told local media she was happy to see images of her unborn child for the first time: “I had been going to the day hospitals in Gugulethu and Langa [townships] and they never sent me for a CT scan.”', 'Another person who queued up, Joseph Williams, told national broadcaster SABC: “When you go the local clinic you sit for hours and hours before they help you, depending on your condition. “', 'Here the service was very quick so I’m grateful that I came.', 'I actually got the results for what I came for.”', 'Officials say the ship has a capacity of 700 patients each day and the service forms part of a joint exercise between the South African and Chinese armies.', 'The ship has 100 people on board with 300 beds, 20 intensive care beds, operating theatres, clinical departments and even a rescue helicopter.', ""The Peace Ark's first two days saw pre-selected people being offered treatment before it was extended to the general public on Monday. “"", 'We arranged with the night shelters to provide a service for people who live on the streets of Cape Town because they don’t have access to any healthcare,” Saadiq Kariem, head of Western Cape’s Health Department, told the BBC.', 'He added that elderly people living in care homes had also been brought in for medical care, and Western Cape health staff were offered wellness visits. “', 'From registering to completing my care took me an hour,” said Dr Kariem, who himself went for a medical check-up and joined the queue as an ordinary citizen. “', 'It’s something that would take much longer at our public healthcare facilities because you have many more people requiring services.”', ""A total of 57 surgeries have been carried out so far, a tiny dent in the province's waiting list of 80,000 patients."", 'And this is in Western Cape province, which arguably has one of the best health systems in the country. “', 'These have been mostly orthopaedic, cataract and a few tubal ligation surgeries for women who no longer wish to fall pregnant,” Dr Kariem said.', 'The popularity of the Peace Ark is telling, said Dr Shuaib Manjra, chairperson of the Health Justice Initiative: ""It shows the public health system in the province and in the country is not serving the people as it should. ""', 'Often you find people spending an entire day at a clinic waiting to be seen.', 'There are major backlogs at hospitals, budgets and posts are being cut, and often this results in people missing out on up to two days of work after waiting to be seen for a simple procedure,"" he told the BBC.', 'The African National Congress (ANC) says its National Health Insurance (NHI) scheme will be a huge improvement as all services at both public and private facilities will be free at the point of care – paid out of a central fund.', 'Health Minister Aaron Motsoaledi has insisted it will still be implemented despite the party losing its parliamentary majority in May, and going into coalition with parties like the Democratic Alliance (DA) that oppose some aspects of the scheme.', 'It will cause a massive shake-up of the health sector, but critics fear it could prompt an exodus of health professionals to find employment abroad.', 'The scheme is being vociferously opposed by private health companies as it bars people from taking out private health insurance for treatment.', 'At the moment about 14% of the population have private medical care, with the remaining 86% relying on overburdened state clinics and hospitals.', 'Last week, Business Unity South Africa and the South African Medical Association refused to sign what is known as the “health compact” - an annual agreement with the president that sets out how various sectors are to address health challenges in the coming year.', 'The two organisations - which between them represent private businesses and 12,000 doctors - are angry about the NHI in its current form, feeling it has been forced upon them.', 'Dr Manjra said the NHI was a ""noble idea"" but he understood the reservations. ""', 'Our history of corruption and incompetence will potentially destroy the entire health sector.', 'There\'s an estimate that in some cases up to a third of the health budget is lost through corruption.""', 'Dealing with these issues within the public health sector should be the priority, he said.', 'Siphiwe Dlamini, spokesman for the South African army, told the BBC the response to the Peace Ark had been overwhelming with good feedback about “the attention and care received”.', 'The floating hospital leaves Cape Town on Thursday for Angola before moving on to several other countries.', 'It has already visited the Seychelles, Tanzania, Madagascar and Mozambique - on this its 10th excursion since being commissioned in 2008.', 'The initiative is seen as a further step in China’s efforts to increase its influence on the African continent.', 'Over the past two decades its trade with Africa has grown steadily, while Beijing has also been increasingly involved in the construction sector - including building large sports stadiums in several parts of the continent.', 'Go to BBCAfrica.com for more news from the African continent.', 'Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica']",0.1735064563940278,The African National Congress (ANC) says its National Health Insurance (NHI) scheme will be a huge improvement as all services at both public and private facilities will be free at the point of care – paid out of a central fund.,"It will cause a massive shake-up of the health sector, but critics fear it could prompt an exodus of health professionals to find employment abroad.",-0.1095271781086921,"China enjoys a strong political partnership with South Africa, and this is Beijing's latest show of soft power.","A financial crisis in one of Africa’s biggest and most developed economies has left public services underfunded, and many people say they cannot afford private healthcare because of soaring prices.",2024-08-28
Foot Locker shares drop 10% despite first comparable sales growth in six quarters,https://www.cnbc.com/2024/08/28/foot-locker-fl-earnings-q2-2024.html,2024-08-28T20:14:18+0000,"In this articleFoot Locker on Wednesday said comparable sales grew for the first time in six quarters as its efforts to refresh its stores and improve the customer experience continue to bear fruit. The beleaguered sneaker company's same-store sales grew 2.6% during its fiscal second quarter, far better than the 0.7% uptick that analysts had expected, according to StreetAccount. Its gross margin also expanded for the first time in more than two years. Despite the positive trends, the company's shares closed more than 10% lower. ""The Lace Up Plan is working,"" CEO Mary Dillon said in a press release, referencing the company's turnaround strategy. ""Our top line trends strengthened as we moved through the quarter, including a solid start to Back-to-School. We were also particularly pleased to deliver stabilization in our Champs Sports banner."" Here's how Foot Locker did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:In the three-month period that ended Aug. 3, Foot Locker had a loss of $12 million, or 13 cents per share, compared with a loss of $5 million, or 5 cents per share, a year earlier. Excluding one-time items, Foot Locker posted a loss of 5 cents per share. Sales rose to $1.90 billion, up about 2% from $1.86 billion a year earlier. For the current fiscal year, Foot Locker largely maintained its guidance and continues to expect sales to be in a range of a 1% decline to 1% growth from the prior year – better than the 0.4% decline that analysts had expected, according to LSEG. Foot Locker also stood by its adjusted earnings per share guidance. It expects earnings to be between $1.50 and $1.70 – much of that range ahead of the $1.54 that analysts had expected, according to LSEG. Since former Ulta Beauty boss Mary Dillon took the helm of Foot Locker about two years ago, she has worked to transform the company and ensure that it stays relevant in a world where brands aren't as reliant on multibrand retailers as they were in the past. Dillon has worked to repair the company's relationship with its biggest brand partner, Nike, and has also taken a hard look at its sprawling, but aging, store fleet, where the company does about 80% of its sales. The company plans to spend $275 million upgrading its stores this year, and it expects to have two-thirds of its fleet remodeled by the end of fiscal 2025.In an interview with CNBC, Dillon said the store investments are leading to increased conversion, basket size and profitability, and better performance for Foot Locker's women's business.""The reason that we're doing it is that it is working for us, both in terms of enhancing a customer experience and a striper [store employee] experience, but also the financial returns,"" said Dillon. ""The performance is ahead of what we thought.""In a series of new megastores Foot Locker is building in hotspots like New York City and Paris, the retailer is working hand in hand with Nike to develop some portions of the shops.""With Nike, this has been since Day One, a high priority for me, and really building a partnership that isn't just about like, what number of shoes are we going to sell, but how do we think about using consumer insights to mutually grow our businesses together,"" said Dillon. ""For us and Nike, it's about the places that we really connect.""Dillon has also worked to streamline costs at Foot Locker. On Wednesday, the company said it was closing its stores and e-commerce operations in South Korea, Denmark, Norway and Sweden, and will rely on a third party for operations in Greece and Romania, where it plans to expand its reach, according to Dillon. In all, 30 of Foot Locker's 140 stores in the Asia-Pacific region and 629 in Europe will be closed or go under a new operator as part of the changes. Foot Locker's Champs banner, which has been dragging down the company's overall performance, is also showing some signs of improvement. During the quarter, comparable sales were down 3.9%, which is an improvement from the 25.3% decline it saw in the year-ago period.Foot Locker is also planning to move its global headquarters from New York City to St. Petersburg, Florida, in late 2025 and plans to maintain only a limited presence in the Big Apple moving forward. ""The intent of the relocation is to further build on the Company's meaningful presence in St. Petersburg and to enable increased collaboration among teams across banners and functions, while also reducing costs,"" Foot Locker said in a news release. Dillon told CNBC the move will increase margins by 0.2 percentage point by 2027, but the decision wasn't just based on saving money.""We've got a big center of gravity already in St. Pete ... many of our executives are there. A lot of our commercial teams,"" said Dillon. ""We think actually bringing more people together for collaboration is going to matter and that's also part of this. It's not just about saving money. It's about, how do we really continue to build on this momentum?""The company isn't planning to make employees relocate and Dillon, who is based in Chicago, won't be forced to become a super commuter, either.""I am traveling, I would say, 90% of the time, to our teams around the world, and to our brand partners, and to investor meetings and to events,"" said Dillon. ""I spend a good chunk of time in New York, I spend a lot of time in St. Pete, I spend a lot of time in Amsterdam where we have our headquarters, and visiting our brand partners. So I'm planning to keep my primary residence in Chicago, but the way that this has been working is really, I think, working pretty well so we're going to continue to do that.""As it improves stores, products, and the customer experience online and in stores, Foot Locker is managing to drive sales even as its core consumer continues to feel the pressure of consistent inflation and high interest rates – indicating that Dillon's efforts are working. ""We're not expecting our customer to get, like, less pressured or more pressured. We're just trying to say this is a category they care about,"" said Dillon. ""How can Foot Locker be the best to serve their needs? And I think our results are showing that that's working.""As of Tuesday's close, shares of the company are up more than 5% this year, compared with Nike's stock, which has fallen more than 21% in the same time period.Demand has undoubtedly slowed across the retail industry, but consumers are still spending. They're just being far choosier on who they're spending with — which has made execution that much more important. ""Our strategies are building momentum as we look to the remainder of the year,"" said Dillon in a statement. ""I remain confident that we are taking the right actions to position the Company for its next 50 years of profitable growth and create long-term shareholder value.""",CNBC,28/08/2024,"['In this articleFoot Locker on Wednesday said comparable sales grew for the first time in six quarters as its efforts to refresh its stores and improve the customer experience continue to bear fruit.', ""The beleaguered sneaker company's same-store sales grew 2.6% during its fiscal second quarter, far better than the 0.7% uptick that analysts had expected, according to StreetAccount."", 'Its gross margin also expanded for the first time in more than two years.', 'Despite the positive trends, the company\'s shares closed more than 10% lower. ""', 'The Lace Up Plan is working,"" CEO Mary Dillon said in a press release, referencing the company\'s turnaround strategy. ""', 'Our top line trends strengthened as we moved through the quarter, including a solid start to Back-to-School.', 'We were also particularly pleased to deliver stabilization in our Champs Sports banner.', '""Here\'s how Foot Locker did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:In the three-month period that ended Aug. 3, Foot Locker had a loss of $12 million, or 13 cents per share, compared with a loss of $5 million, or 5 cents per share, a year earlier.', 'Excluding one-time items, Foot Locker posted a loss of 5 cents per share.', 'Sales rose to $1.90 billion, up about 2% from $1.86 billion a year earlier.', 'For the current fiscal year, Foot Locker largely maintained its guidance and continues to expect sales to be in a range of a 1% decline to 1% growth from the prior year – better than the 0.4% decline that analysts had expected, according to LSEG.Foot Locker also stood by its adjusted earnings per share guidance.', ""It expects earnings to be between $1.50 and $1.70 – much of that range ahead of the $1.54 that analysts had expected, according to LSEG.Since former Ulta Beauty boss Mary Dillon took the helm of Foot Locker about two years ago, she has worked to transform the company and ensure that it stays relevant in a world where brands aren't as reliant on multibrand retailers as they were in the past."", ""Dillon has worked to repair the company's relationship with its biggest brand partner, Nike, and has also taken a hard look at its sprawling, but aging, store fleet, where the company does about 80% of its sales."", ""The company plans to spend $275 million upgrading its stores this year, and it expects to have two-thirds of its fleet remodeled by the end of fiscal 2025.In an interview with CNBC, Dillon said the store investments are leading to increased conversion, basket size and profitability, and better performance for Foot Locker's women's business."", '""The reason that we\'re doing it is that it is working for us, both in terms of enhancing a customer experience and a striper [store employee] experience, but also the financial returns,"" said Dillon. ""', 'The performance is ahead of what we thought.', '""In a series of new megastores Foot Locker is building in hotspots like New York City and Paris, the retailer is working hand in hand with Nike to develop some portions of the shops.', '""With Nike, this has been since Day One, a high priority for me, and really building a partnership that isn\'t just about like, what number of shoes are we going to sell, but how do we think about using consumer insights to mutually grow our businesses together,"" said Dillon. ""', ""For us and Nike, it's about the places that we really connect."", '""Dillon has also worked to streamline costs at Foot Locker.', 'On Wednesday, the company said it was closing its stores and e-commerce operations in South Korea, Denmark, Norway and Sweden, and will rely on a third party for operations in Greece and Romania, where it plans to expand its reach, according to Dillon.', ""In all, 30 of Foot Locker's 140 stores in the Asia-Pacific region and 629 in Europe will be closed or go under a new operator as part of the changes."", ""Foot Locker's Champs banner, which has been dragging down the company's overall performance, is also showing some signs of improvement."", 'During the quarter, comparable sales were down 3.9%, which is an improvement from the 25.3% decline it saw in the year-ago period.', 'Foot Locker is also planning to move its global headquarters from New York City to St. Petersburg, Florida, in late 2025 and plans to maintain only a limited presence in the Big Apple moving forward.', '""The intent of the relocation is to further build on the Company\'s meaningful presence in St. Petersburg and to enable increased collaboration among teams across banners and functions, while also reducing costs,"" Foot Locker said in a news release.', ""Dillon told CNBC the move will increase margins by 0.2 percentage point by 2027, but the decision wasn't just based on saving money."", '""We\'ve got a big center of gravity already in St. Pete ... many of our executives are there.', 'A lot of our commercial teams,"" said Dillon. ""', ""We think actually bringing more people together for collaboration is going to matter and that's also part of this."", ""It's not just about saving money."", 'It\'s about, how do we really continue to build on this momentum?""The company isn\'t planning to make employees relocate and Dillon, who is based in Chicago, won\'t be forced to become a super commuter, either.', '""I am traveling, I would say, 90% of the time, to our teams around the world, and to our brand partners, and to investor meetings and to events,"" said Dillon. ""', 'I spend a good chunk of time in New York, I spend a lot of time in St. Pete, I spend a lot of time in Amsterdam where we have our headquarters, and visiting our brand partners.', ""So I'm planning to keep my primary residence in Chicago, but the way that this has been working is really, I think, working pretty well so we're going to continue to do that."", '""As it improves stores, products, and the customer experience online and in stores, Foot Locker is managing to drive sales even as its core consumer continues to feel the pressure of consistent inflation and high interest rates – indicating that Dillon\'s efforts are working.', '""We\'re not expecting our customer to get, like, less pressured or more pressured.', 'We\'re just trying to say this is a category they care about,"" said Dillon. ""', 'How can Foot Locker be the best to serve their needs?', ""And I think our results are showing that that's working."", '""As of Tuesday\'s close, shares of the company are up more than 5% this year, compared with Nike\'s stock, which has fallen more than 21% in the same time period.', 'Demand has undoubtedly slowed across the retail industry, but consumers are still spending.', ""They're just being far choosier on who they're spending with — which has made execution that much more important."", '""Our strategies are building momentum as we look to the remainder of the year,"" said Dillon in a statement. ""', 'I remain confident that we are taking the right actions to position the Company for its next 50 years of profitable growth and create long-term shareholder value.""']",0.242355211483859,"I remain confident that we are taking the right actions to position the Company for its next 50 years of profitable growth and create long-term shareholder value.""",Its gross margin also expanded for the first time in more than two years.,0.5484147248444734,Its gross margin also expanded for the first time in more than two years.,"Despite the positive trends, the company's shares closed more than 10% lower. """,2024-08-28
Telegram repeatedly refused to join child protection schemes,https://www.bbc.co.uk/news/articles/cy54905nv0go,2024-08-28T11:23:31.671Z,"The BBC has learned that Telegram - the messaging app service whose boss has been arrested in France - refuses to join international programmes aimed at detecting and removing child abuse material online. The app is not a member of either the National Centre for Missing and Exploited Children (NCMEC) or the Internet Watch Foundation (IWF) - both of which work with most online platforms to find, report and remove such material. It comes as the founder and chief executive of the app - which has more than 950 million registered users - remains under investigation in France. Billionaire Pavel Durov has been detained over alleged offences relating to a lack of moderation on the platform. According to officials the 39-year-old is accused of failure to co-operate with law enforcement over drug trafficking, child sexual content and fraud. Telegram says it proactively moderates harmful content on its platform including child abuse material. The company insists that its moderation is ""within industry standards and constantly improving"". However, unlike all other social networks, it is not signed up to programmes like NCMEC’s CyberTipline which has more than 1,600 internet companies registered.  US-based firms are legally required to sign up but 16% of the companies who participate are not based in the US. Telegram is based in Dubai, where Mr Durov lives. The vast majority of child sexual abuse material reports came from tech giants and social networks including Facebook, Google, Instagram, TikTok, Twitter (X), Snapchat and WhatsApp. The BBC understands that NCMEC has repeatedly asked Telegram to join to help tackle child sexual abuse material (CSAM) but it has ignored requests. Telegram also refuses to work with the Internet Watch Foundation, which is the UK’s equivalent of NCMEC. An IWF spokesperson said: “Despite attempts to proactively engage with Telegram over the last year, they are not members of the IWF and do not take any of our services to block, prevent, and disrupt the sharing of child sexual abuse imagery."" By not being an active part of IWF or NCMEC, Telegram is not able to proactively find, remove or block confirmed CSAM which is categorised and added to lists compiled by the charities. IWF said that the company did remove CSAM once material was confirmed but said it was slower and less responsive to day-to-day requests. The BBC contacted Telegram for comment about its refusal to join the child protection schemes and received a response after publication which has been included.  Telegram is also not a part of the TakeItDown programme that works to remove so-called revenge porn.  Snap, Facebook, Instagram, Threads, TikTok, Pornhub and OnlyFans are all members of the scheme that uses a so-called hash list to scan for images and videos on their public or unencrypted platforms. Another norm that Telegram does not conform to in the usual way is Transparency Reporting. Every six months social networks publish a list of all the content taken down because of police requests.  Most other social networks including Meta's apps, Snapchat and TikTok publish their reports online with previous years in a library to refer to.  Telegram has no such website and only a channel on the app with no library history of transparency reports. It also describes its approach to Transparency Reports as ""semiannual"".  The Telegram Transparency channel did not reply to a request to see previous reports and said that there was ""no report available for your region"".  Telegram also has an unusual system for media in general. The contact method is through an automated bot on the app. This reporter has not had a reply in the months of trying to get a response to various requests. A reply was sent to this article but the press team did not respond to follow up questions.  In June Pavel Durov told journalist Tucker Carlson that he only employs “about 30 engineers” to run his platform.  Mr Durov, who was born in Russia and now lives in Dubai, has citizenship in Russia, France, the United Arab Emirates and the Caribbean island nation of St Kitts and Nevis. Telegram is particularly popular in Russia, Ukraine and former Soviet Union states as well as Iran. ",BBC,28/08/2024,"['The BBC has learned that Telegram - the messaging app service whose boss has been arrested in France - refuses to join international programmes aimed at detecting and removing child abuse material online.', 'The app is not a member of either the National Centre for Missing and Exploited Children (NCMEC) or the Internet Watch Foundation (IWF) - both of which work with most online platforms to find, report and remove such material.', 'It comes as the founder and chief executive of the app - which has more than 950 million registered users - remains under investigation in France.', 'Billionaire Pavel Durov has been detained over alleged offences relating to a lack of moderation on the platform.', 'According to officials the 39-year-old is accused of failure to co-operate with law enforcement over drug trafficking, child sexual content and fraud.', 'Telegram says it proactively moderates harmful content on its platform including child abuse material.', 'The company insists that its moderation is ""within industry standards and constantly improving"".', 'However, unlike all other social networks, it is not signed up to programmes like NCMEC’s CyberTipline which has more than 1,600 internet companies registered.', 'US-based firms are legally required to sign up but 16% of the companies who participate are not based in the US.', 'Telegram is based in Dubai, where Mr Durov lives.', 'The vast majority of child sexual abuse material reports came from tech giants and social networks including Facebook, Google, Instagram, TikTok, Twitter (X), Snapchat and WhatsApp.', 'The BBC understands that NCMEC has repeatedly asked Telegram to join to help tackle child sexual abuse material (CSAM) but it has ignored requests.', 'Telegram also refuses to work with the Internet Watch Foundation, which is the UK’s equivalent of NCMEC.', 'An IWF spokesperson said: “Despite attempts to proactively engage with Telegram over the last year, they are not members of the IWF and do not take any of our services to block, prevent, and disrupt the sharing of child sexual abuse imagery.""', 'By not being an active part of IWF or NCMEC, Telegram is not able to proactively find, remove or block confirmed CSAM which is categorised and added to lists compiled by the charities.', 'IWF said that the company did remove CSAM once material was confirmed but said it was slower and less responsive to day-to-day requests.', 'The BBC contacted Telegram for comment about its refusal to join the child protection schemes and received a response after publication which has been included.', 'Telegram is also not a part of the TakeItDown programme that works to remove so-called revenge porn.', 'Snap, Facebook, Instagram, Threads, TikTok, Pornhub and OnlyFans are all members of the scheme that uses a so-called hash list to scan for images and videos on their public or unencrypted platforms.', 'Another norm that Telegram does not conform to in the usual way is Transparency Reporting.', 'Every six months social networks publish a list of all the content taken down because of police requests.', ""Most other social networks including Meta's apps, Snapchat and TikTok publish their reports online with previous years in a library to refer to."", 'Telegram has no such website and only a channel on the app with no library history of transparency reports.', 'It also describes its approach to Transparency Reports as ""semiannual"".', 'The Telegram Transparency channel did not reply to a request to see previous reports and said that there was ""no report available for your region"".', 'Telegram also has an unusual system for media in general.', 'The contact method is through an automated bot on the app.', 'This reporter has not had a reply in the months of trying to get a response to various requests.', 'A reply was sent to this article but the press team did not respond to follow up questions.', 'In June Pavel Durov told journalist Tucker Carlson that he only employs “about 30 engineers” to run his platform.', 'Mr Durov, who was born in Russia and now lives in Dubai, has citizenship in Russia, France, the United Arab Emirates and the Caribbean island nation of St Kitts and Nevis.', 'Telegram is particularly popular in Russia, Ukraine and former Soviet Union states as well as Iran.']",-0.1298975113487514,"Telegram is particularly popular in Russia, Ukraine and former Soviet Union states as well as Iran.","According to officials the 39-year-old is accused of failure to co-operate with law enforcement over drug trafficking, child sexual content and fraud.",-0.160037624835968,"The company insists that its moderation is ""within industry standards and constantly improving"".",The BBC has learned that Telegram - the messaging app service whose boss has been arrested in France - refuses to join international programmes aimed at detecting and removing child abuse material online.,2024-08-28
"Eli Lilly releases new form of weight loss drug Zepbound for half the price to boost access, supply",https://www.cnbc.com/2024/08/27/zepbound-eli-lilly-releases-new-cheaper-form-of-weight-loss-drug.html,2024-08-27T21:57:40+0000,"In this articleEli Lilly on Tuesday released a new form of its weight loss drug Zepbound for roughly half its usual monthly list price to reach millions of patients without insurance coverage for the popular injection, such as those with Medicare. The move also aims to expand the supply of Zepbound in the U.S. as demand skyrockets, and to ensure eligible patients are safely accessing the real treatment as cheaper copycat versions gain traction. The company is now offering 2.5-milligram and 5-milligram single-dose vials of Zepbound for $399 per month and $549 per month, respectively, through its direct-to-consumer website. Patients typically start treatment with a 2.5-milligram dose, gradually increase the amount and later take so-called maintenance doses to keep the weight off.The list prices of Zepbound and other popular weight loss drugs, such as Novo Nordisk's Wegovy, are around $1,000 per month before insurance and other rebates. Those treatments are part of a blockbuster class of medications called GLP-1s, which mimic certain gut hormones to tamp down a person's appetite and regulate blood sugar. Patients need to use a syringe and needle to draw up the medicine from a single-dose vial — the version of Zepbound Eli Lilly is releasing Tuesday — and inject themselves. That differs from single-dose autoinjector pens, the currently available form of all Zepbound doses, which patients can directly inject under their skin with the click of a button.Eli Lilly has said the vials will create additional supply capacity because they are easier to manufacture than autoinjector pens.The lower price points will benefit patients who are willing to pay for Zepbound themselves and are enrolled in Medicare or employer-sponsored health plans that do not currently cover obesity treatments, said Patrik Jonsson, president of Eli Lilly diabetes and obesity, in an interview. He noted that Medicare beneficiaries are also not eligible for Eli Lilly's savings card programs for Zepbound. One program allows people with insurance coverage for Zepbound to pay as little as $25 out of pocket.The company offers another to patients whose commercial insurance does not cover the drug. Patients currently enrolled in that program can continue to pay as low as $550 per month for Zepbound through the end of the year.But as of Tuesday, the lowest cost of the drug for new patients who join that program will increase to $650 per month, according to an update on the company's website. That price hike will ""help maintain the sustainability of the program as coverage for Zepbound improves,"" a spokesperson for Eli Lilly said in a statement Tuesday.Having patients directly pay for single-dose vials of Zepbound also ""enables a transparent price by removing third-party supply chain entities,"" the company added in a release. There ""will be no markups, and we believe that's super important … that consumers have this predictability in terms of pricing,"" Jonsson said. Patients with a valid prescription can purchase the single-dose vials from a new ""self-pay pharmacy"" section on the company's direct-to-consumer site, LillyDirect. Eli Lilly is partnering with a third-party digital pharmacy, Gifthealth, which will process prescriptions electronically as well as package and send vials to eligible patients.People can also choose to purchase syringes and needles from Eli Lilly's website and will have access to materials on how to correctly administer Zepbound from a vial. LillyDirect, which launched in January, connects people with an independent telehealth company that can prescribe certain drugs if the patients are eligible. The site also offers a home-delivery option if the prescribed treatment is Eli Lilly's, tapping a third-party online pharmacy to fill prescriptions and send them directly to patients. Eli Lilly said in a release that distributing the vials through the site will ensure patients and health-care providers are receiving ""genuine"" Zepbound. It builds on the company's efforts to ""help protect the public from the dangers posed by the proliferation of counterfeit, fake, unsafe or untested knock-offs of Lilly's medications,"" according to the release.During shortages, the U.S. Food and Drug Administration allows compounding pharmacies to make versions of drugs that are essentially a copy of brand-name medicines. Compounded medications are custom-made alternatives to branded drugs designed to meet a specific patient's needs. But both Zepbound and Eli Lilly's diabetes drug, Mounjaro, are under patent protection in the U.S. The company also does not supply the active ingredient of those two drugs, tirzepatide, to outside groups. Eli Lilly has said that raises questions about what some compounding pharmacies and other clinics are selling and marketing to consumers. The company and its rival Novo Nordisk have both stepped in to address illicit versions of their weight loss and diabetes treatments, suing wellness clinics, medical spas and compounding pharmacies across the U.S. over the past year. All doses of Zepbound are now listed as available on the FDA's drug shortage database. Still, thousands of online platforms offering compounded versions of weight loss drugs from Novo Nordisk and Eli Lilly have cropped up over the past six months, according to Jonsson. ""We believe that the U.S. population is actually a target for … untested, unapproved, unregulated anti-obesity medications that we know is far from always containing the drug it's supposed to,"" he said. ""This is also an opportunity to make sure that there is access to FDA-approved, quality-approved tirzepatide for consumers in need.""",CNBC,27/08/2024,"['In this articleEli Lilly on Tuesday released a new form of its weight loss drug Zepbound for roughly half its usual monthly list price to reach millions of patients without insurance coverage for the popular injection, such as those with Medicare.', 'The move also aims to expand the supply of Zepbound in the U.S. as demand skyrockets, and to ensure eligible patients are safely accessing the real treatment as cheaper copycat versions gain traction.', 'The company is now offering 2.5-milligram and 5-milligram single-dose vials of Zepbound for $399 per month and $549 per month, respectively, through its direct-to-consumer website.', 'Patients typically start treatment with a 2.5-milligram dose, gradually increase the amount and later take so-called maintenance doses to keep the weight off.', ""The list prices of Zepbound and other popular weight loss drugs, such as Novo Nordisk's Wegovy, are around $1,000 per month before insurance and other rebates."", ""Those treatments are part of a blockbuster class of medications called GLP-1s, which mimic certain gut hormones to tamp down a person's appetite and regulate blood sugar."", 'Patients need to use a syringe and needle to draw up the medicine from a single-dose vial — the version of Zepbound Eli Lilly is releasing Tuesday — and inject themselves.', 'That differs from single-dose autoinjector pens, the currently available form of all Zepbound doses, which patients can directly inject under their skin with the click of a button.', 'Eli Lilly has said the vials willcreate additional supply capacitybecause they are easier to manufacture than autoinjector pens.', 'The lower price points will benefit patients who are willing to pay for Zepbound themselves and are enrolled in Medicare or employer-sponsored health plans that do not currently cover obesity treatments, said Patrik Jonsson, president of Eli Lilly diabetes and obesity, in an interview.', ""He noted that Medicare beneficiaries are also not eligible for Eli Lilly's savings card programs for Zepbound."", 'One program allows people with insurance coverage for Zepbound to pay as little as $25 out of pocket.', 'The company offers another to patients whose commercial insurance does not cover the drug.', 'Patients currently enrolled in that program can continue to pay as low as $550 per month for Zepbound through the end of the year.', ""But as of Tuesday, the lowest cost of the drug for new patients who join that program will increase to $650 per month, according to an update on the company's website."", 'That price hike will ""help maintain the sustainability of the program as coverage for Zepbound improves,"" a spokesperson for Eli Lilly said in a statement Tuesday.', 'Having patients directly pay for single-dose vials of Zepbound also ""enables a transparent price by removing third-party supply chain entities,"" the company added in a release.', 'There ""will be no markups, and we believe that\'s super important … that consumers have this predictability in terms of pricing,"" Jonsson said.', 'Patients with a valid prescription can purchase the single-dose vials from a new ""self-pay pharmacy"" section on the company\'s direct-to-consumer site, LillyDirect.', 'Eli Lilly is partnering with a third-party digital pharmacy, Gifthealth, which will process prescriptions electronically as well as package and send vials to eligible patients.', ""People can also choose to purchase syringes and needles from Eli Lilly's website and will have access to materials on how to correctly administer Zepbound from a vial."", 'LillyDirect, which launched in January, connects people with an independent telehealth company that can prescribe certain drugs if the patients are eligible.', ""The site also offers a home-delivery option if the prescribed treatment is Eli Lilly's, tapping a third-party online pharmacy to fill prescriptions and send them directly to patients."", 'Eli Lilly said in a release that distributing the vials through the site will ensure patients and health-care providers are receiving ""genuine"" Zepbound.', 'It builds on the company\'s efforts to ""help protect the public from the dangers posed by the proliferation of counterfeit, fake, unsafe or untested knock-offs of Lilly\'s medications,"" according to the release.', 'During shortages, the U.S. Food and Drug Administration allows compounding pharmacies to make versions of drugs that are essentially a copy of brand-name medicines.', ""Compounded medications are custom-made alternatives to branded drugs designed to meet a specific patient's needs."", ""But both Zepbound and Eli Lilly's diabetes drug, Mounjaro, are under patent protection in the U.S. The company also does not supply the active ingredient of those two drugs, tirzepatide, to outside groups."", 'Eli Lilly has said that raises questions about what some compounding pharmacies and other clinics are selling and marketing to consumers.', 'The company and its rival Novo Nordisk have both stepped in to address illicit versions of their weight loss and diabetes treatments, suing wellness clinics, medical spas and compounding pharmacies across the U.S. over the past year.', ""All doses of Zepbound are now listed as available on the FDA's drug shortage database."", 'Still, thousands of online platforms offering compounded versions of weight loss drugs from Novo Nordisk and Eli Lilly have cropped up over the past six months, according to Jonsson.', '""We believe that the U.S. population is actually a target for … untested, unapproved, unregulated anti-obesity medications that we know is far from always containing the drug it\'s supposed to,"" he said. ""', 'This is also an opportunity to make sure that there is access to FDA-approved, quality-approved tirzepatide for consumers in need.""']",0.1646593759491673,"The move also aims to expand the supply of Zepbound in the U.S. as demand skyrockets, and to ensure eligible patients are safely accessing the real treatment as cheaper copycat versions gain traction.","""We believe that the U.S. population is actually a target for … untested, unapproved, unregulated anti-obesity medications that we know is far from always containing the drug it's supposed to,"" he said. """,0.5932532012462616,"The move also aims to expand the supply of Zepbound in the U.S. as demand skyrockets, and to ensure eligible patients are safely accessing the real treatment as cheaper copycat versions gain traction.",Patients currently enrolled in that program can continue to pay as low as $550 per month for Zepbound through the end of the year.,2024-08-28
New Heights: Travis and Jason Kelce sign $100m podcast deal with Amazon,https://www.bbc.co.uk/news/articles/czxl1wnpjgyo,2024-08-28T10:27:45.694Z,"NFL stars Travis and Jason Kelce have signed a lucrative podcast deal with Amazon, reportedly worth $100m (£75m). The three-year deal, announced on Tuesday, gives the company's Wondery audio network exclusive multimedia rights to the brothers' popular New Heights podcast. The pair said they ""couldn't be more excited"" at the deal ahead of the show's third series. The siblings launched the podcast in 2022 - interviewing celebrity guests and discussing their own lives - all with brotherly humour.  Travis, 34, a three-time Super Bowl champion for the Kansas City Chiefs, has since found wider fame as the boyfriend of pop megastar Taylor Swift.  Elder brother Jason, 36, recently retired after 13 seasons with the Philadelphia Eagles and has taken up an analyst role with ESPN. The deal marks a high watermark in the booming popularity of both sport podcasts and the medium in general, with New Heights winning podcast of the year at the 2024 iHeartPodcast Awards. Wondery boss Jen Sargent said: ""New Heights on the surface is a sports podcast, and sports is such a well-listened-to category. But it's become a cultural phenomenon, they're all in that zeitgeist."" According to Nielsen's recent podcast analysis, the number of Americans listening to podcasts has increased by 45% in the last five years alone - more than doubling in the past decade to reach 183m people.  A similar shift has happened in the UK, with ad revenue spiking worldwide to be worth billions, according to PwC.  The rise reflects a change in consumption habits, with younger audiences increasingly choosing podcasts over linear TV. The Kelces' signing to Wondery follows the company's similar deal with comedian and podcaster Dax Shephard last month. Other big-name, big-money podcast deals include Joe Rogan's $100m partnership with Spotify and Alex Cooper's move to Sirius XM. Earlier this year, it was announced that Kelce would host US gameshow Are You Smarter Than a Celebrity?, also for Amazon. ",BBC,28/08/2024,"['NFL stars Travis and Jason Kelce have signed a lucrative podcast deal with Amazon, reportedly worth $100m (£75m).', ""The three-year deal, announced on Tuesday, gives the company's Wondery audio network exclusive multimedia rights to the brothers' popular New Heights podcast."", 'The pair said they ""couldn\'t be more excited"" at the deal ahead of the show\'s third series.', 'The siblings launched the podcast in 2022 - interviewing celebrity guests and discussing their own lives - all with brotherly humour.', 'Travis, 34, a three-time Super Bowl champion for the Kansas City Chiefs, has since found wider fame as the boyfriend of pop megastar Taylor Swift.', 'Elder brother Jason, 36, recently retired after 13 seasons with the Philadelphia Eagles and has taken up an analyst role with ESPN.', 'The deal marks a high watermark in the booming popularity of both sport podcasts and the medium in general, with New Heights winning podcast of the year at the 2024 iHeartPodcast Awards.', 'Wondery boss Jen Sargent said: ""New Heights on the surface is a sports podcast, and sports is such a well-listened-to category.', 'But it\'s become a cultural phenomenon, they\'re all in that zeitgeist.""', ""According to Nielsen's recent podcast analysis, the number of Americans listening to podcasts has increased by 45% in the last five years alone - more than doubling in the past decade to reach 183m people."", 'A similar shift has happened in the UK, with ad revenue spiking worldwide to be worth billions, according to PwC. The rise reflects a change in consumption habits, with younger audiences increasingly choosing podcasts over linear TV.', ""The Kelces' signing to Wondery follows the company's similar deal with comedian and podcaster Dax Shephard last month."", ""Other big-name, big-money podcast deals include Joe Rogan's $100m partnership with Spotify and Alex Cooper's move to Sirius XM."", 'Earlier this year, it was announced that Kelce would host US gameshow Are You Smarter Than a Celebrity?,', 'also for Amazon.']",0.3510327113687824,"Travis, 34, a three-time Super Bowl champion for the Kansas City Chiefs, has since found wider fame as the boyfriend of pop megastar Taylor Swift.",,0.9992065310478212,"According to Nielsen's recent podcast analysis, the number of Americans listening to podcasts has increased by 45% in the last five years alone - more than doubling in the past decade to reach 183m people.",,2024-08-28
What taxes might be raised in the Budget?,https://www.bbc.co.uk/news/articles/cv2gxkln5elo,2024-07-31T23:01:05.897Z,"The government has said it will have to increase taxes to plug what it claims is a £22bn ""hole"" in the public finances.  Prime Minister Sir Keir Starmer has warned the first Budget under his new administration on 30 October is ""going to be painful"". But Labour has ruled out raising taxes on ""working people"", including VAT (value added tax), income tax and National Insurance.   So which taxes might go up? One option would be to introduce a so-called stealth tax - a means of raising revenue which is not explicitly labelled or intended as a tax. Paul Johnson, director of the Institute for Fiscal Studies (IFS), believes the most obvious solution would be to focus on tax thresholds - the amount of money you can earn before any tax starts to be paid. Currently the thresholds on income tax and National Insurance are frozen until 2028, a policy brought in by the previous government. But Labour could extend them beyond this date.  The policy amounts to a tax rise because of a process called ""fiscal drag"", which sees more people ""dragged"" into paying higher rates of tax as their wages rise. The Resolution Foundation, a think tank that aims to improve living standards for low-to-middle income families, calculates the current freeze will generate about £40bn of revenue by 2028.  Its director James Smith told the BBC that may be enough to address the ""shortfall"" in the public finances, meaning Ms Reeves would not have to raise any other taxes.  Another route Ms Reeves could take is to put up capital gains tax (CGT). This is charged on the profit made from the sale of an asset that has increased in value, with some examples including stocks that are not held in ISAs or second homes.   CGT is payable by individuals, but also self-employed sole traders, partners in business partnerships and company owners, among others. It starts at a rate of 10% (or 18% on residential property) on profits above £3,000. It then rises to 20% on any amount above the basic tax rate, or 24% on residential property. Critics point out that CGT rates are substantially lower than income tax. They say this can benefit wealthier people and Ms Reeves could opt to level the playing field or cut some CGT tax breaks for businesses. However, industry groups have warned that increasing CGT could hit those at the centre of Labour's plans to grow the economy. ""No government at all serious about growth would hike CGT on entrepreneurs selling a small business,"" Tina McKenzie from the Federation of Small Businesses (FSB) told the BBC. “Investing in a small business is already one of the least tax-efficient things anyone can do with their money,"" she said, adding that she hoped the party would continue to work ""in partnership"" with business. When people or their employers pay into private pension pots, they receive tax relief on these contributions, up to set limits. The relief allows some of a person's earnings that may have been taken by government in tax to go into their savings for retirement instead. Under the current system, savers receive tax relief at the same rate as their income tax - meaning basic rate taxpayers receive relief at 20% and higher rate taxpayers at 40% or 45%. In the run-up to big political events like the Budget, Tom Selby, director of public policy at AJ Bell, says that there is often speculation that a flat rate of pension tax relief could be introduced.  This would mean the system is less generous for higher earners, but the IFS has suggested this could raise ""billions"" for the government. Some opponents have said, however, this could dissuade people from saving for the future and might be difficult to implement. Inheritance tax, currently paid at a rate of 40%, is charged on the part of a deceased person's estate above a threshold of £325,000. But it only applies to fewer than one in 20 estates.  No tax is paid if the estate is valued at less than £325,000, or if anything above this threshold is left to a husband or wife, civil partner, charity, or a community amateur sports club. And if a home is part of the estate and a person's children and grandchildren stand to inherit it, the threshold can go up to £500,000. Ms Reeves could raise the rate of inheritance tax, or curb the relief available on certain inherited assets.  These include agricultural land and pension savings, which can both be inherited tax-free.  There are also allowances for unquoted shares, which are shares in a business not listed on the stock exchange. James Smith of the Resolution Foundation believes inheritance tax should be reformed because there are ""all sorts of reliefs within the system that allow you to move your assets in a way that allows you to avoid paying inheritance tax"". However, Paul Johnson from the IFS says Ms Reeves will have to go further than simply curbing allowances, saying: ""You won't raise a lot by doing that - maybe a billion or two."" Calls to cut or abolish inheritance tax come often as the tax is so unpopular, the Resolution Foundation says. ",BBC,31/07/2024,"['The government has said it will have to increase taxes to plug what it claims is a £22bn ""hole"" in the public finances.', 'Prime Minister Sir Keir Starmer has warned the first Budget under his new administration on 30 October is ""going to be painful"".', 'But Labour has ruled out raising taxes on ""working people"", including VAT (value added tax), income tax and National Insurance.', 'So which taxes might go up?', 'One option would be to introduce a so-called stealth tax - a means of raising revenue which is not explicitly labelled or intended as a tax.', 'Paul Johnson, director of the Institute for Fiscal Studies (IFS), believes the most obvious solution would be to focus on tax thresholds - the amount of money you can earn before any tax starts to be paid.', 'Currently the thresholds on income tax and National Insurance are frozen until 2028, a policy brought in by the previous government.', 'But Labour could extend them beyond this date.', 'The policy amounts to a tax rise because of a process called ""fiscal drag"", which sees more people ""dragged"" into paying higher rates of tax as their wages rise.', 'The Resolution Foundation, a think tank that aims to improve living standards for low-to-middle income families, calculates the current freeze will generate about £40bn of revenue by 2028.', 'Its director James Smith told the BBC that may be enough to address the ""shortfall"" in the public finances, meaning Ms Reeves would not have to raise any other taxes.', 'Another route Ms Reeves could take is to put up capital gains tax (CGT).', 'This is charged on the profit made from the sale of an asset that has increased in value, with some examples including stocks that are not held in ISAs or second homes.', 'CGT is payable by individuals, but also self-employed sole traders, partners in business partnerships and company owners, among others.', 'It starts at a rate of 10% (or 18% on residential property) on profits above £3,000.', 'It then rises to 20% on any amount above the basic tax rate, or 24% on residential property.', 'Critics point out that CGT rates are substantially lower than income tax.', 'They say this can benefit wealthier people and Ms Reeves could opt to level the playing field or cut some CGT tax breaks for businesses.', 'However, industry groups have warned that increasing CGT could hit those at the centre of Labour\'s plans to grow the economy. ""', 'No government at all serious about growth would hike CGT on entrepreneurs selling a small business,"" Tina McKenzie from the Federation of Small Businesses (FSB) told the BBC. “', 'Investing in a small business is already one of the least tax-efficient things anyone can do with their money,"" she said, adding that she hoped the party would continue to work ""in partnership"" with business.', 'When people or their employers pay into private pension pots, they receive tax relief on these contributions, up to set limits.', ""The relief allows some of a person's earnings that may have been taken by government in tax to go into their savings for retirement instead."", 'Under the current system, savers receive tax relief at the same rate as their income tax - meaning basic rate taxpayers receive relief at 20% and higher rate taxpayers at 40% or 45%.', 'In the run-up to big political events like the Budget, Tom Selby, director of public policy at AJ Bell, says that there is often speculation that a flat rate of pension tax relief could be introduced.', 'This would mean the system is less generous for higher earners, but the IFS has suggested this could raise ""billions"" for the government.', 'Some opponents have said, however, this could dissuade people from saving for the future and might be difficult to implement.', ""Inheritance tax, currently paid at a rate of 40%, is charged on the part of a deceased person's estate above a threshold of £325,000."", 'But it only applies to fewer than one in 20 estates.', 'No tax is paid if the estate is valued at less than £325,000, or if anything above this threshold is left to a husband or wife, civil partner, charity, or a community amateur sports club.', ""And if a home is part of the estate and a person's children and grandchildren stand to inherit it, the threshold can go up to £500,000."", 'Ms Reeves could raise the rate of inheritance tax, or curb the relief available on certain inherited assets.', 'These include agricultural land and pension savings, which can both be inherited tax-free.', 'There are also allowances for unquoted shares, which are shares in a business not listed on the stock exchange.', 'James Smith of the Resolution Foundation believes inheritance tax should be reformed because there are ""all sorts of reliefs within the system that allow you to move your assets in a way that allows you to avoid paying inheritance tax"".', 'However, Paul Johnson from the IFS says Ms Reeves will have to go further than simply curbing allowances, saying: ""You won\'t raise a lot by doing that - maybe a billion or two.""', 'Calls to cut or abolish inheritance tax come often as the tax is so unpopular, the Resolution Foundation says.']",0.1962083428506466,"This is charged on the profit made from the sale of an asset that has increased in value, with some examples including stocks that are not held in ISAs or second homes.","Prime Minister Sir Keir Starmer has warned the first Budget under his new administration on 30 October is ""going to be painful"".",-0.3912778922489711,They say this can benefit wealthier people and Ms Reeves could opt to level the playing field or cut some CGT tax breaks for businesses.,"The government has said it will have to increase taxes to plug what it claims is a £22bn ""hole"" in the public finances.",2024-08-28
Next shop workers win equal pay claim,https://www.bbc.co.uk/news/articles/cj0817jd9dqo,2024-08-27T06:08:54.380Z,"More than 3,500 current and former workers at Next have won the final stage of a six-year legal battle for equal pay. An employment tribunal said store staff, who are predominantly women, should not have been paid at lower rates than employees in warehouses, where just over half the staff are male. Lawyers for the shop staff described the judgement as ""hugely significant"" and the amount of back-pay owed could amount to more than £30m. However, Next said it would appeal against the ruling. Next argued that pay rates for warehouse workers were higher than for retail workers in the wider labour market, justifying the different rates at the company. But the employment tribunal rejected that argument as a justification for the pay difference. According to the tribunal's ruling, between 2012 and 2023, 77.5% of Next's retail consultants were female, while 52.75% of warehouse operators were male. The tribunal accepted that the difference in pay rates between the jobs was not down to ""direct discrimination"", including the ""conscious or subconscious influence of gender"" on pay decisions, but was caused by efforts to ""reduce cost and enhance profit"". It ruled that the ""business need was not sufficiently great as to overcome the discriminatory effect of lower basic pay"". The ruling means women such as Helen Scarsbrook, who has worked for Next for more than 20 years, are in line to receive thousands of pounds of compensation for the pay they missed out on. ""We did it!"" the 68-year-old from Eastleigh, near Southampton, one of the lead claimants in the case, said. “It has been a long six years battling for the equal pay we all felt we rightly deserved but today we can say we won. ""Anyone who works in retail knows that it is a physically and emotionally tough job,"" she said. ""We do lots of heavy lifting, the same as the men do in the warehouse. We lift the same boxes they lift."" Add to that the unpredictability of customers who are sometimes wonderful but sometimes challenging, she said. ""It’s an enjoyable job, but it’s not easy and it’s really undervalued financially and I just thought 'it has to stop',"" she told the BBC. Ms Scarsbrook put in her claim in 2018 and should receive compensation for being paid less than her male counterparts in the warehouse going back six years, to 2012. It is likely to amount to several thousand pounds, which would let her pay off her car loan, take a ""very nice"" holiday or perhaps retire, she told the BBC. Elizabeth George, barrister and partner at the law firm Leigh Day representing the workers, said the ruling would come as a ""huge encouragement"" to workers in other sectors.  ""Retail isn't the only sector where you have jobs that are divided along clear gender lines and you see the male-dominated market is attracting a higher rate than the female-dominated roles,"" she said. Workers at five of the UK's largest supermarkets, Asda, Tesco, Morrisons, Sainsbury's and the Co-op, are also pursuing equal pay cases, with the firms using the same arguments as Next around market pay rates to counter them. Ms George said she believed the judgement could prompt further cases, for example in the care sector, hospitality or construction. There have already been cases in the public sector over lower pay for workers, including teaching assistants and dinner ladies paid less than men employed in refuse collection and similar roles. In a statement, Next said: ""This is the first equal pay group action in the private sector to reach a decision at tribunal level and raises a number of important points of legal principle."" The firm emphasised that no cases alleging direct discrimination against female staff were upheld and that the tribunal found ""there was no conscious or sub-conscious gender influence in the way Next set pay rates"". More than 80% of Next's store staff are women. Barrister Ms George said: ""[The tribunal] rightly found that Next could have afforded to pay a higher rate but chose not to and that the reason for that was purely financial."" The argument around market rates was essentially ""circular"" Ms George said, suggesting women should be paid less because they were already currently being paid less elsewhere. Leigh Day said that the claimants' contracts would now be changed to reflect fairer rates of pay. In other areas where there was a mismatch, for example over different ways of calculating night payments, paid rest breaks for warehouse staff and Sunday pay, better terms would also be extended to shop staff. However, it was not yet clear whether other staff, not directly involved in the case, would see their employment terms upgraded automatically, she said. The process of calculating what claimants were owed as back-pay should begin as soon as possible, said Ms George. ",BBC,27/08/2024,"['More than 3,500 current and former workers at Next have won the final stage of a six-year legal battle for equal pay.', 'An employment tribunal said store staff, who are predominantly women, should not have been paid at lower rates than employees in warehouses, where just over half the staff are male.', 'Lawyers for the shop staff described the judgement as ""hugely significant"" and the amount of back-pay owed could amount to more than £30m. However, Next said it would appeal against the ruling.', 'Next argued that pay rates for warehouse workers were higher than for retail workers in the wider labour market, justifying the different rates at the company.', 'But the employment tribunal rejected that argument as a justification for the pay difference.', ""According to the tribunal's ruling, between 2012 and 2023, 77.5% of Next's retail consultants were female, while 52.75% of warehouse operators were male."", 'The tribunal accepted that the difference in pay rates between the jobs was not down to ""direct discrimination"", including the ""conscious or subconscious influence of gender"" on pay decisions, but was caused by efforts to ""reduce cost and enhance profit"".', 'It ruled that the ""business need was not sufficiently great as to overcome the discriminatory effect of lower basic pay"".', 'The ruling means women such as Helen Scarsbrook, who has worked for Next for more than 20 years, are in line to receive thousands of pounds of compensation for the pay they missed out on. ""', 'We did it!""', 'the 68-year-old from Eastleigh, near Southampton, one of the lead claimants in the case, said. “', 'It has been a long six years battling for the equal pay we all felt we rightly deserved but today we can say we won. ""', 'Anyone who works in retail knows that it is a physically and emotionally tough job,"" she said. ""', 'We do lots of heavy lifting, the same as the men do in the warehouse.', 'We lift the same boxes they lift.""', 'Add to that the unpredictability of customers who are sometimes wonderful but sometimes challenging, she said. ""', 'It’s an enjoyable job, but it’s not easy and it’s really undervalued financially and I just thought \'it has to stop\',"" she told the BBC.', 'Ms Scarsbrook put in her claim in 2018 and should receive compensation for being paid less than her male counterparts in the warehouse going back six years, to 2012.', 'It is likely to amount to several thousand pounds, which would let her pay off her car loan, take a ""very nice"" holiday or perhaps retire, she told the BBC.', 'Elizabeth George, barrister and partner at the law firm Leigh Day representing the workers, said the ruling would come as a ""huge encouragement"" to workers in other sectors. ""', 'Retail isn\'t the only sector where you have jobs that are divided along clear gender lines and you see the male-dominated market is attracting a higher rate than the female-dominated roles,"" she said.', ""Workers at five of the UK's largest supermarkets, Asda, Tesco, Morrisons, Sainsbury's and the Co-op, are also pursuing equal pay cases, with the firms using the same arguments as Next around market pay rates to counter them."", 'Ms George said she believed the judgement could prompt further cases, for example in the care sector, hospitality or construction.', 'There have already been cases in the public sector over lower pay for workers, including teaching assistants and dinner ladies paid less than men employed in refuse collection and similar roles.', 'In a statement, Next said: ""This is the first equal pay group action in the private sector to reach a decision at tribunal level and raises a number of important points of legal principle.""', 'The firm emphasised that no cases alleging direct discrimination against female staff were upheld and that the tribunal found ""there was no conscious or sub-conscious gender influence in the way Next set pay rates"".', ""More than 80% of Next's store staff are women."", 'Barrister Ms George said: ""[The tribunal] rightly found that Next could have afforded to pay a higher rate but chose not to and that the reason for that was purely financial.""', 'The argument around market rates was essentially ""circular"" Ms George said, suggesting women should be paid less because they were already currently being paid less elsewhere.', ""Leigh Day said that the claimants' contracts would now be changed to reflect fairer rates of pay."", 'In other areas where there was a mismatch, for example over different ways of calculating night payments, paid rest breaks for warehouse staff and Sunday pay, better terms would also be extended to shop staff.', 'However, it was not yet clear whether other staff, not directly involved in the case, would see their employment terms upgraded automatically, she said.', 'The process of calculating what claimants were owed as back-pay should begin as soon as possible, said Ms George.']",-0.0190327913871446,"Retail isn't the only sector where you have jobs that are divided along clear gender lines and you see the male-dominated market is attracting a higher rate than the female-dominated roles,"" she said.",But the employment tribunal rejected that argument as a justification for the pay difference.,0.2461396509950811,"Elizabeth George, barrister and partner at the law firm Leigh Day representing the workers, said the ruling would come as a ""huge encouragement"" to workers in other sectors. ""","It’s an enjoyable job, but it’s not easy and it’s really undervalued financially and I just thought 'it has to stop',"" she told the BBC.",2024-08-28
Ryanair boss calls for two-drink limit at airports to tackle disorder,https://www.bbc.co.uk/news/articles/cgl28npy7e2o,2024-08-28T07:42:53.275Z,"Aeroplane passengers should be restricted to two drinks at airports, Ryanair chief executive Michael O'Leary has said. Mr O'Leary said introducing alcohol limits at airports would help tackle a rise in disorder on flights. Violent outbursts are occurring weekly due to alcohol, he said, especially when it is mixed with other substances. ""We don't want to begrudge people having a drink,"" he told the Daily Telegraph.  ""But we don't allow people to drink-drive, yet we keep putting them up in aircraft at 33,000ft."" Crew members and other passengers have become targets, according to Mr O'Leary. Delays add to the problem, with longer drinking times at airports. ""In the old days, people who drank too much would eventually fall over or fall asleep. But now those passengers are also on tablets and powder,"" he added. ""It's the mix. You get much more aggressive behaviour that becomes very difficult to manage."" Mr O'Leary said it was difficult for airlines to identify inebriated people at the gate, especially when they boarded in a group. ""As long as they can stand up and shuffle they will get through. Then when the plane takes off, we see the misbehaviour,"" he said. Ryanair staff search bags for alcohol before passengers board flights to Ibiza, one of the worst-affected ""party destinations"".  Other challenging destinations include some of the Greek islands. An AirportsUK spokesperson said that disruptive behaviour, whether due to alcohol or other causes, ""is unacceptable and could lead to substantial penalties"".  These penalties include fines, boarding being refused, or up to two years in jail. The spokesperson added that airports have ""a wide range of measures in place to monitor and tackle disruptive behaviour and ensure everyone's safety"". ""Airports are committed to providing a safe and enjoyable travel experience for all passengers and we're pleased that the vast majority of travellers continue to enjoy their journeys responsibly,"" they said. In response to Mr O'Leary's comments, Wetherspoon chairman Tim Martin said they have reviewed their sales in the last four weeks at their busiest airport pub. “We have had no complaints about our pubs from the airport authorities or airlines, that I'm aware of, in recent years,"" Mr Martin said. “If our pub teams do see a possibly disruptive passenger, they alert airport police and security,"" he continued. While there is ""no perfect solution"", he added, ""working with airports and airlines and the licensing authorities"" strikes a ""reasonable balance for outbound flights.” ",BBC,28/08/2024,"[""Aeroplane passengers should be restricted to two drinks at airports, Ryanair chief executive Michael O'Leary has said."", ""Mr O'Leary said introducing alcohol limits at airports would help tackle a rise in disorder on flights."", 'Violent outbursts are occurring weekly due to alcohol, he said, especially when it is mixed with other substances. ""', 'We don\'t want to begrudge people having a drink,"" he told the Daily Telegraph. ""', 'But we don\'t allow people to drink-drive, yet we keep putting them up in aircraft at 33,000ft.""', ""Crew members and other passengers have become targets, according to Mr O'Leary."", 'Delays add to the problem, with longer drinking times at airports. ""', 'In the old days, people who drank too much would eventually fall over or fall asleep.', 'But now those passengers are also on tablets and powder,"" he added. ""', ""It's the mix."", 'You get much more aggressive behaviour that becomes very difficult to manage.""', 'Mr O\'Leary said it was difficult for airlines to identify inebriated people at the gate, especially when they boarded in a group. ""', 'As long as they can stand up and shuffle they will get through.', 'Then when the plane takes off, we see the misbehaviour,"" he said.', 'Ryanair staff search bags for alcohol before passengers board flights to Ibiza, one of the worst-affected ""party destinations"".', 'Other challenging destinations include some of the Greek islands.', 'An AirportsUK spokesperson said that disruptive behaviour, whether due to alcohol or other causes, ""is unacceptable and could lead to substantial penalties"".', 'These penalties include fines, boarding being refused, or up to two years in jail.', 'The spokesperson added that airports have ""a wide range of measures in place to monitor and tackle disruptive behaviour and ensure everyone\'s safety"". ""', 'Airports are committed to providing a safe and enjoyable travel experience for all passengers and we\'re pleased that the vast majority of travellers continue to enjoy their journeys responsibly,"" they said.', ""In response to Mr O'Leary's comments, Wetherspoon chairman Tim Martin said they have reviewed their sales in the last four weeks at their busiest airport pub. “"", 'We have had no complaints about our pubs from the airport authorities or airlines, that I\'m aware of, in recent years,"" Mr Martin said. “', 'If our pub teams do see a possibly disruptive passenger, they alert airport police and security,"" he continued.', 'While there is ""no perfect solution"", he added, ""working with airports and airlines and the licensing authorities"" strikes a ""reasonable balance for outbound flights.”']",-0.0674808945529526,"Airports are committed to providing a safe and enjoyable travel experience for all passengers and we're pleased that the vast majority of travellers continue to enjoy their journeys responsibly,"" they said.","Violent outbursts are occurring weekly due to alcohol, he said, especially when it is mixed with other substances. """,0.0078751345475514,"Airports are committed to providing a safe and enjoyable travel experience for all passengers and we're pleased that the vast majority of travellers continue to enjoy their journeys responsibly,"" they said.","Delays add to the problem, with longer drinking times at airports. """,2024-08-28
The Gruffalo's Child to go on commemorative Royal Mint 50p coin,https://www.bbc.co.uk/news/articles/cewl8101d0no,2024-08-28T07:16:21.405Z,"The Gruffalo's Child will appear on a new commemorative 50p coin to mark 20 years since the story was first published. The character will follow in the footsteps of her father, the Gruffalo, who appeared on 50p coins in 2019. The new coins will not enter general circulation but will be available to buy from The Royal Mint in precious metal finishes, starting at £12. The book's illustrator Axel Scheffler said he was ""honoured"" that the Gruffalo's offspring was being celebrated, while author Julia Donaldson said it was ""wonderful"". The new coins will pair the Gruffalo's Child with the ""mouse in the woods"" from the story, and some will have colour in the design. The cheapest one costs £12 while a gold one will set you back £99, although past Gruffalo coins have sold for much higher prices on resale sites due to their rarity. The Gruffalo book series has sold more than 18 million copies worldwide, and has been translated into more than 100 languages. The books have earned several awards since their release, with an animated version of The Gruffalo's Child first airing on BBC One in 2011 on Christmas Day. “The heart-warming tale of The Gruffalo’s Child has captivated readers since its release 20 years ago, and this year, the curious little monster finds a permanent home on a 50 pence piece,"" said Rebecca Morgan, The Royal Mint's director of commemorative coin. The Royal Mint, which is one of Britain’s oldest companies and the original maker of UK coins, has previously featured hugely popular children's characters on its coins, including Paddington, The Snowman, and Beatrix Potter favourites. ",BBC,28/08/2024,"[""The Gruffalo's Child will appear on a new commemorative 50p coin to mark 20 years since the story was first published."", 'The character will follow in the footsteps of her father, the Gruffalo, who appeared on 50p coins in 2019.', 'The new coins will not enter general circulation but will be available to buy from The Royal Mint in precious metal finishes, starting at £12.', 'The book\'s illustrator Axel Scheffler said he was ""honoured"" that the Gruffalo\'s offspring was being celebrated, while author Julia Donaldson said it was ""wonderful"".', 'The new coins will pair the Gruffalo\'s Child with the ""mouse in the woods"" from the story, and some will have colour in the design.', 'The cheapest one costs £12 while a gold one will set you back £99, although past Gruffalo coins have sold for much higher prices on resale sites due to their rarity.', 'The Gruffalo book series has sold more than 18 million copies worldwide, and has been translated into more than 100 languages.', ""The books have earned several awards since their release, with an animated version of The Gruffalo's Child first airing on BBC One in 2011 on Christmas Day. “"", 'The heart-warming tale of The Gruffalo’s Child has captivated readers since its release 20 years ago, and this year, the curious little monster finds a permanent home on a 50 pence piece,"" said Rebecca Morgan, The Royal Mint\'s director of commemorative coin.', ""The Royal Mint, which is one of Britain’s oldest companies and the original maker of UK coins, has previously featured hugely popular children's characters on its coins, including Paddington, The Snowman, and Beatrix Potter favourites.""]",0.3401972960107644,"The book's illustrator Axel Scheffler said he was ""honoured"" that the Gruffalo's offspring was being celebrated, while author Julia Donaldson said it was ""wonderful"".",,0.980387270450592,"The book's illustrator Axel Scheffler said he was ""honoured"" that the Gruffalo's offspring was being celebrated, while author Julia Donaldson said it was ""wonderful"".",,2024-08-28
Johann Rupert overtakes Aliko Dangote as Africa's richest man,https://www.bbc.co.uk/news/articles/c9qgpx2ngvro,2024-08-28T08:15:33.930Z,"South African billionaire Johann Rupert has overtaken Nigerian industrialist Aliko Dangote as Africa’s richest person, according to the latest data from the Bloomberg Billionaires Index.  Mr Rupert controls Richemont, one of the world's largest luxury goods firms, which owns brands like Cartier and Montblanc. His net worth has surged by $1.9bn to $14.3bn, placing him at 147th position globally, 12 places ahead of Mr Dangote. The Nigerian's fortune has fallen by $1.7bn (£1.3bn) this year, giving him a net worth of $13.4bn, Bloomberg reports. The downturn in Mr Dangote’s wealth underscores Nigeria’s challenging economic environment, where his conglomerate primarily operates. Since President Bola Tinubu assumed office last year, he has introduced several economic reforms in Africa’s most populous nation, including the removal of fuel subsidies, which have contributed to high inflation, currently over 30%.  Mr Tinubu said the reforms were necessary to cut government spending and stimulate long-term growth.  The sharp fall in the value of the naira has significantly affected Mr Dangote, whose wealth is largely tied to assets denominated in the local currency. The 66-year-old businessman made his wealth in the cement and sugar industries - and last year opened an oil refinery in Nigeria's economic hub, Lagos. His business empire, the Dangote Group, has also faced numerous setbacks in recent months due to production delays at its refinery and supply chain disruptions.  He was listed by Forbes magazine in January as Africa's richest man for the 13th year in a row despite the country's economic difficulties. But the latest Bloomberg index places him second in Africa and 159th globally.  The rise in Mr Rupert's net worth was buoyed by strong performances in the luxury goods sector. As well as the Switzerland-based Richemont, his other holdings include Remgro, a South African investment vehicle with stakes in more than 30 companies, Bloomberg reports.  He inherited the family business from his father, Anton Rupert, and has expanded it from mostly tobacco to become a multi-billion-dollar luxury goods venture. The businessman attended the University of Stellenbosch to study economics but dropped his studies to join his father’s business in 1984. Mr Rupert has been vocal about political and environmental issues in South Africa and campaigned against white-minority rule. He has received several awards for his business activities. The billionaire lives in Cape Town, where he owns a lavish mansion, but he also has properties in Geneva and London. Nicky Oppenheimer, another South African billionaire, was ranked the third richest person in Africa with a net worth of $11.3bn, followed by Nassef Sawiris, an Egyptian businessman, with a fortune of $9.48bn. South African investor Natie Kirsh completed the top five African billionaires list with $9.22 bn. Like Forbes, the Bloomberg ranking monitors daily changes in the net worth of the world's wealthiest individuals. The title of Africa's richest person may continue to change hands as market conditions fluctuate and businesses navigate complex challenges.  Go to BBCAfrica.com for more news from the African continent.  Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica ",BBC,28/08/2024,"['South African billionaire Johann Rupert has overtaken Nigerian industrialist Aliko Dangote as Africa’s richest person, according to the latest data from the Bloomberg Billionaires Index.', ""Mr Rupert controls Richemont, one of the world's largest luxury goods firms, which owns brands like Cartier and Montblanc."", 'His net worth has surged by $1.9bn to $14.3bn, placing him at 147th position globally, 12 places ahead of Mr Dangote.', ""The Nigerian's fortune has fallen by $1.7bn (£1.3bn) this year, giving him a net worth of $13.4bn, Bloomberg reports."", 'The downturn in Mr Dangote’s wealth underscores Nigeria’s challenging economic environment, where his conglomerate primarily operates.', 'Since President Bola Tinubu assumed office last year, he has introduced several economic reforms in Africa’s most populous nation, including the removal of fuel subsidies, which have contributed to high inflation, currently over 30%.', 'Mr Tinubu said the reforms were necessary to cut government spending and stimulate long-term growth.', 'The sharp fall in the value of the naira has significantly affected Mr Dangote, whose wealth is largely tied to assets denominated in the local currency.', ""The 66-year-old businessman made his wealth in the cement and sugar industries - and last year opened an oil refinery in Nigeria's economic hub, Lagos."", 'His business empire, the Dangote Group, has also faced numerous setbacks in recent months due to production delays at its refinery and supply chain disruptions.', ""He was listed by Forbes magazine in January as Africa's richest man for the 13th year in a row despite the country's economic difficulties."", 'But the latest Bloomberg index places him second in Africa and 159th globally.', ""The rise in Mr Rupert's net worth was buoyed by strong performances in the luxury goods sector."", 'As well as the Switzerland-based Richemont, his other holdings include Remgro, a South African investment vehicle with stakes in more than 30 companies, Bloomberg reports.', 'He inherited the family business from his father, Anton Rupert, and has expanded it from mostly tobacco to become a multi-billion-dollar luxury goods venture.', 'The businessman attended the University of Stellenbosch to study economics but dropped his studies to join his father’s business in 1984.', 'Mr Rupert has been vocal about political and environmental issues in South Africa and campaigned against white-minority rule.', 'He has received several awards for his business activities.', 'The billionaire lives in Cape Town, where he owns a lavish mansion, but he also has properties in Geneva and London.', 'Nicky Oppenheimer, another South African billionaire, was ranked the third richest person in Africa with a net worth of $11.3bn, followed by Nassef Sawiris, an Egyptian businessman, with a fortune of $9.48bn.', 'South African investor Natie Kirsh completed the top five African billionaires list with $9.22 bn.', ""Like Forbes, the Bloomberg ranking monitors daily changes in the net worth of the world's wealthiest individuals."", ""The title of Africa's richest person may continue to change hands as market conditions fluctuate and businesses navigate complex challenges."", 'Go to BBCAfrica.com for more news from the African continent.', 'Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica']",0.2944488766320134,"Like Forbes, the Bloomberg ranking monitors daily changes in the net worth of the world's wealthiest individuals.","His business empire, the Dangote Group, has also faced numerous setbacks in recent months due to production delays at its refinery and supply chain disruptions.",0.0066037476062774,"His net worth has surged by $1.9bn to $14.3bn, placing him at 147th position globally, 12 places ahead of Mr Dangote.","The Nigerian's fortune has fallen by $1.7bn (£1.3bn) this year, giving him a net worth of $13.4bn, Bloomberg reports.",2024-08-28
U.S. will again offer free at-home Covid tests starting in late September,https://www.cnbc.com/2024/08/23/covid-tests-us-will-offer-free-at-home-kits-starting-late-september.html,2024-08-23T16:52:24+0000,"The Biden administration on Friday said it will resume offering free at-home Covid-19 tests to American households in late September as the virus has gained a stronger foothold in the U.S. this summer.Americans will soon be able to use COVIDtests.gov to request four free tests, administration officials told reporters during a briefing. The tests will be able to detect the Covid variants that are currently circulating, most of which are descendants of the highly contagious omicron variant JN.1. ""These tests will help keep families and their loved ones safe this fall and winter season,"" Dawn O'Connell, an assistant secretary for preparedness and response at the Health and Human Services Department, said during the briefing. ""This is the seventh time over the last three years that the Biden-Harris administration has given families the opportunity to order the over-the-counter Covid-19 tests for free"" through the government's website.The government's program has provided more than 1.8 billion free over-the-counter Covid tests to Americans since it started in 2021, according to O'Connell.The government is relaunching the program amid a relatively large spike in Covid cases this summer, and ahead of the fall and winter, when the virus typically spreads at higher levels each year. There is a ""high"" or ""very high"" level of Covid being detected in wastewater in almost every U.S. state, according to data from the Centers for Disease Control and Prevention. But the government decided to reopen the program in late September because it's when more Americans begin to travel and gather indoors with loved ones. ""As people start to travel, as they start to get together with friends and family through the holidays, we want them to have those four tests available to them at that time,"" David Boucher, director of infectious disease preparedness and response at HHS, told reporters during the briefing.By then, the latest round of Covid shots from Pfizer and Moderna will be available to most Americans in pharmacies, health clinics and other locations nationwide. The Food and Drug Administration approved those shots, which target a JN.1 offshoot called KP.2, on Thursday.Testing is a critical tool for protection as Covid infections climb again. But lab PCR tests — the traditional method of detecting Covid — have become more expensive and less accessible for some Americans since the U.S. government ended the public health emergency in May last year. Still, certain local health clinics and community sites offer at-home tests to the public at no cost.",CNBC,23/08/2024,"['The Biden administration on Friday said it will resume offering free at-home Covid-19 tests to American households in late September as the virus has gained a stronger foothold in the U.S. this summer.', 'Americans will soon be able to use COVIDtests.gov to request four free tests, administration officials told reporters during a briefing.', 'The tests will be able to detect the Covid variants that are currently circulating, most of which are descendants of the highly contagious omicron variant JN.1.""These tests will help keep families and their loved ones safe this fall and winter season,"" Dawn O\'Connell, an assistant secretary for preparedness and response at the Health and Human Services Department, said during the briefing. ""', 'This is the seventh time over the last three years that the Biden-Harris administration has given families the opportunity to order the over-the-counter Covid-19 tests for free"" through the government\'s website.', ""The government's program has provided more than 1.8 billion free over-the-counter Covid tests to Americans since it started in 2021, according to O'Connell."", 'The government is relaunching the program amid a relatively large spike in Covid cases this summer, and ahead of the fall and winter, when the virus typically spreads at higher levels each year.', 'There is a ""high"" or ""very high"" level of Covid being detected in wastewater in almost every U.S. state, according to data from the Centers for Disease Control and Prevention.', ""But the government decided to reopen the program in late September because it's when more Americans begin to travel and gather indoors with loved ones."", '""As people start to travel, as they start to get together with friends and family through the holidays, we want them to have those four tests available to them at that time,"" David Boucher, director of infectious disease preparedness and response at HHS, told reporters during the briefing.', 'By then, the latest round of Covid shots from Pfizer and Moderna will be available to most Americans in pharmacies, health clinics and other locations nationwide.', 'The Food and Drug Administration approved those shots, which target a JN.1 offshoot called KP.2, on Thursday.', 'Testing is a critical tool for protection as Covid infections climb again.', 'But lab PCR tests — the traditional method of detecting Covid — have become more expensive and less accessible for some Americans since the U.S. government ended the public health emergency in May last year.', 'Still, certain local health clinics and community sites offer at-home tests to the public at no cost.']",0.3114625193288947,The Biden administration on Friday said it will resume offering free at-home Covid-19 tests to American households in late September as the virus has gained a stronger foothold in the U.S. this summer.,But lab PCR tests — the traditional method of detecting Covid — have become more expensive and less accessible for some Americans since the U.S. government ended the public health emergency in May last year.,0.2481389999389648,The Biden administration on Friday said it will resume offering free at-home Covid-19 tests to American households in late September as the virus has gained a stronger foothold in the U.S. this summer.,But lab PCR tests — the traditional method of detecting Covid — have become more expensive and less accessible for some Americans since the U.S. government ended the public health emergency in May last year.,2024-08-28
Target CEO addresses 'price gouging' accusations in retail,https://www.cnbc.com/2024/08/21/target-ceo-brian-cornell-weighs-in-on-price-gouging.html,2024-08-21T14:32:59+0000,"In this articleThere's no room for price gouging in an ultracompetitive business like retail, Target CEO Brian Cornell said Wednesday.In an interview on CNBC's ""Squawk Box,"" the retail chief disputed campaign talking points accusing grocers of inflating prices. He said retailers have to be responsive to customers or risk losing business.He was asked by CNBC's Joe Kernen, who referred to comments by Democratic presidential nominee Vice President Kamala Harris and asked if Target or its competitors ever benefit from price gouging. Harris last week proposed the first-ever federal ban on ""corporate price-gouging in the food and grocery industries,"" saying some companies are charging excessively and fueling household inflation.""We're in a penny business,"" Cornell responded, noting the small profit margins in the retail industry. He described the many places that customers can turn to check for lower prices or to find merchandise elsewhere, from going to stores to browsing on their phones to compare the prices of a gallon of milk at different retailers.Target's retail chief made the comments after the discounter beat Wall Street's expectations for earnings and revenue on Wednesday, but struck a cautious note with its full-year guidance. It said it expects comparable sales, which take out the impact of store openings and closures, to be on the lower side of its range of flat to up 2%. Yet it raised its profit guidance, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous outlook of $8.60 and $9.60.Inflation and consumers' outrage about high prices have continued to loom large for companies like Target. A wide range of retailers, including Home Depot, Walmart and Macy's, have reported over the past two weeks that cautious consumers are being picky about where they're spending.Cornell said on ""Squawk Box"" that the retailer is trying to appeal to ""a consumer who is managing their budget carefully"" and said ""value is in our DNA.""Target is one of the consumer brands that has responded to shoppers' concerns by lowering prices. It cut prices on about 5,000 everyday items, such as diapers and peanut butter, to try to drive higher traffic and sales. Others, such as McDonald's, have debuted value meals.So far, those discounts have shown signs of resonating at Target: In the quarter, customer traffic across Target's stores and website rose 3% — even as shoppers put a little less in their shopping carts than they did a year ago.Walmart CEO Doug McMillon said last week that prices have come down in many merchandise categories, but said that inflation ""has been more stubborn"" in the aisles that carry dry groceries and processed foods.On an earnings call with investors, he said some brands ""are still talking about cost increases, and we're fighting back on that aggressively because we think prices need to come down.""",CNBC,21/08/2024,"[""In this articleThere's no room for price gouging in an ultracompetitive business like retail, Target CEO Brian Cornell said Wednesday."", 'In an interview on CNBC\'s ""Squawk Box,"" the retail chief disputed campaign talking points accusing grocers of inflating prices.', 'He said retailers have to be responsive to customers or risk losing business.', ""He was asked by CNBC's Joe Kernen, who referred to comments by Democratic presidential nominee Vice President Kamala Harris and asked if Target or its competitors ever benefit from price gouging."", 'Harris last week proposed the first-ever federal ban on ""corporate price-gouging in the food and grocery industries,"" saying some companies are charging excessively and fueling household inflation.', '""We\'re in a penny business,"" Cornell responded, noting the small profit margins in the retail industry.', 'He described the many places that customers can turn to check for lower prices or to find merchandise elsewhere, from going to stores to browsing on their phones to compare the prices of a gallon of milk at different retailers.', ""Target's retail chief made the comments after the discounter beat Wall Street's expectations for earnings and revenue on Wednesday, but struck a cautious note with its full-year guidance."", 'It said it expects comparable sales, which take out the impact of store openings and closures, to be on the lower side of its range of flat to up 2%.', ""Yet it raised its profit guidance, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous outlook of $8.60 and $9.60.Inflation and consumers' outrage about high prices have continued to loom large for companies like Target."", ""A wide range of retailers, including Home Depot, Walmart and Macy's, have reported over the past two weeks that cautious consumers are being picky about where they're spending."", 'Cornell said on ""Squawk Box"" that the retailer is trying to appeal to ""a consumer who is managing their budget carefully"" and said ""value is in our DNA.""Target is one of the consumer brands that has responded to shoppers\' concerns by lowering prices.', 'It cut prices on about 5,000 everyday items, such as diapers and peanut butter, to try to drive higher traffic and sales.', ""Others, such as McDonald's, have debuted value meals."", ""So far, those discounts have shown signs of resonating at Target: In the quarter, customer traffic across Target's stores and website rose 3% — even as shoppers put a little less in their shopping carts than they did a year ago."", 'Walmart CEO Doug McMillon said last week that prices have come down in many merchandise categories, but said that inflation ""has been more stubborn"" in the aisles that carry dry groceries and processed foods.', 'On an earnings call with investors, he said some brands ""are still talking about cost increases, and we\'re fighting back on that aggressively because we think prices need to come down.""']",-0.1228633347866972,"He was asked by CNBC's Joe Kernen, who referred to comments by Democratic presidential nominee Vice President Kamala Harris and asked if Target or its competitors ever benefit from price gouging.","Walmart CEO Doug McMillon said last week that prices have come down in many merchandise categories, but said that inflation ""has been more stubborn"" in the aisles that carry dry groceries and processed foods.",0.0781544230201027,"So far, those discounts have shown signs of resonating at Target: In the quarter, customer traffic across Target's stores and website rose 3% — even as shoppers put a little less in their shopping carts than they did a year ago.","A wide range of retailers, including Home Depot, Walmart and Macy's, have reported over the past two weeks that cautious consumers are being picky about where they're spending.",2024-08-28
"Why Ford believes its $1.9 billion shift in EV strategy is the right choice for the company, investors",https://www.cnbc.com/2024/08/23/ford-ev-strategy-smaller-cars.html,2024-08-23T13:56:54+0000,"In this articleDETROIT – Ford Motor's profit engine for decades has been large trucks and SUVs in the U.S. So it might surprise investors that the automaker believes its new path to profitability for electric vehicles will first be led by smaller, more affordable vehicles.The new plan is an ""insurance policy"" for the automaker to be able to expand its growingly popular hybrid models and create more affordable EVs that it believes will deliver a more capital-efficient, profitable electric vehicle business for the company and investors, according to Marin Gjaja, Ford's chief operating officer for its Model e EV unit.""We're quite convinced that the highest adoption rates for electric vehicles will be in the affordable segment on the lower size-end of the range,"" he told CNBC on Thursday. ""We have to play there in order to compete with the entrants that are coming.""Those expected newcomers are largely Chinese automakers, such as Warren Buffett-backed BYD, that have been rapidly growing from their home market to Europe and other countries.Gjaja's comments came a day after the automaker announced updates to its EV strategy that will cost up to $1.9 billion. That includes about $400 million for the write-down of manufacturing assets, as well as additional expenses and cash expenditures of up to $1.5 billion.Ford's new plans for North America include canceling a large, electric three-row SUV that was already far in development, delaying production of its next-generation ""T3"" electric full-size pickup truck by about 18 months until late 2027, and refocusing battery production and sourcing to the U.S.Instead of the three-row SUV or large pickup, the company's first new EV is expected to be a commercial van in 2026, followed the next year by a midsized pickup and then the T3 full-size pickup.Gjaja said the decision wasn't taken lightly, especially the cancellation of the upcoming three-row vehicle, which Ford CEO Jim Farley and other executives had been touting as a game changer for several years.The commercial van comes as Ford's ""Pro"" commercial vehicle and fleet business, which includes vans and large Super Duty trucks, has been a standout for the company and offset billions of dollars in EV losses.And the midsize pickup is scheduled to be the first vehicle from a specialized ""skunkworks"" team in California, The company had tasked the team two years ago with developing a new small EV platform.""We believe smaller, more affordable vehicles are the way to go for EV in volume. Why? Because the math is completely different than [internal combustion engine (ICE) vehicles],"" Farley told investors last month. ""In ICE, a business we've been in for 120 years, the bigger the vehicle, the higher the margin. But it's exactly the opposite for EVs.""Farley has said the weight and cost of battery packs needed for large vehicles such as a three-row SUV, which many families buy for road trips, towing and hauling, are a limitation for EVs due to current ranges and charging networks.Ford's current EVs — the Mustang Mach-E crossover, F-150 Lightning and a commercial van in the U.S. – are not profitable overall. The Model e operations have lost nearly $2.5 billion during the first half of this year and lost $4.7 billion in 2023.The losses, as well as changing market conditions and business plans, caused Ford earlier this year to withdraw an ambitious 8% profit margin for its EV unit by 2026.Investors and Wall Street analysts have largely supported the EV changes, most recently sending the company's shares up about 2.3% since the announcement earlier this week, despite the expected costs.""Overall, these changes will position Ford to benefit from growing demand for EVs, while also focusing on areas in which it has a Core competitive advantage,"" BofA's John Murphy wrote Wednesday in an investor note. ""Given the size of the charge, this is clearly a tough decision in the short-term, but we think makes sense in the medium to long-term given what will likely be subpar economics in the three-row CUV/SUV segment.""The updates are the latest for Ford's electrification plans, which now include a heavy focus on hybrid and plug-in hybrid electric vehicles, or PHEVs, to assist in meeting tightening fuel economy regulations in addition to all-electric vehicles.Ford CFO John Lawler said Wednesday that the company's future capital expenditure plans will shift from spending about 40% on all-electric vehicles to spending 30%. He did not give a timeline for the change, but it's a massive swing from when the company announced plans in 2021 to spend more than $30 billion on EVs through 2025.The hybrid plans include offering such options across its entire North American lineup by 2030, including three-row SUVs, to assist in meeting tightening emissions and fuel economy requirements. Lawler said that to improve profitability, Ford is also accelerating the mix of battery production in the U.S. that will qualify for tax incentives and credits.The shift in Ford's plans is consistent with the overall auto industry, which is facing growing, but slower-than-expected adoption of EVs, as well as automakers not being able to achieve expected profitability on the vehicles.""What we saw in '21 and '22 was a temporary market spike where the demand for EVs really took off,"" Gjaja told CNBC during an interview earlier this year. ""It's still growing but not nearly at the rate we thought it might have in '21, '22.""There's also an industrywide fear that Chinese automakers could be able to flood markets with cheaper, more profitable EVs. Chinese automakers such as BYD are quickly growing exports of vehicles to Europe and other countries.Lawler pushed back Wednesday on the idea that the Chinese have outgunned American automakers. He said the Ford, in part, developed the skunkworks team to prove that Ford can compete against the Chinese automakers.""As we've watched in the last 18 to 24 months, the emergence of incredible products and formidable competitors in China has really been, I think, the story for us,"" Gjaja said. ""And so now, when we look at the competitive landscape, we have to chin ourselves against the most competitive companies in China.""Ford's new plans are polar opposite of its closest rival, General Motors.America's largest automaker has pulled back spending and delayed many of its EVs, but it has several large all-electric vehicles on sale coming soon.GM was among the first to go ""all in"" on EVs, including by creating a vertically integrated, dedicated electric vehicle platform and supporting technologies such as batteries and motors.Aside from Tesla, GM was the first automaker to begin U.S. battery cell manufacturing through a joint venture at scale, which the company has continued to tout as a cost advantageGM's current lineup includes three all-electric large pickup trucks, a Hummer SUV, two recently launched Chevrolet crossovers, a luxury Cadillac crossover and $300,000 Celestiq car. Several more crossover models and an all-electric Escalade SUV are expected to join the lineup this year as well.As recently as last month, GM reconfirmed expectations for its EVs to be profitable on a production, or contribution-margin basis, once it reaches output of 200,000 units by the fourth quarter.A GM spokesman Thursday said the automaker continues ""to work to reach variable profit positive during the fourth quarter.""Gjaja declined to comment on GM's target or operations but said Ford is doing what's best for the company.""We're focusing on what we think are the right technologies to serve our customers that can also be affordable for them and profitable for us,"" he said.",CNBC,23/08/2024,"[""In this articleDETROIT – Ford Motor's profit engine for decades has been large trucks and SUVs in the U.S. So it might surprise investors that the automaker believes its new path to profitability for electric vehicles will first be led by smaller, more affordable vehicles."", 'The new plan is an ""insurance policy"" for the automaker to be able to expand its growingly popular hybrid models and create more affordable EVs that it believes will deliver a more capital-efficient, profitable electric vehicle business for the company and investors, according to Marin Gjaja, Ford\'s chief operating officer for its Model e EV unit.', '""We\'re quite convinced that the highest adoption rates for electric vehicles will be in the affordable segment on the lower size-end of the range,"" he told CNBC on Thursday. ""', 'We have to play there in order to compete with the entrants that are coming.', '""Those expected newcomers are largely Chinese automakers, such as Warren Buffett-backed BYD, that have been rapidly growing from their home market to Europe and other countries.', ""Gjaja's comments came a day after the automaker announced updates to its EV strategy that will cost up to $1.9 billion."", 'That includes about $400 million for the write-down of manufacturing assets, as well as additional expenses and cash expenditures of up to $1.5 billion.', 'Ford\'s new plans for North America include canceling a large, electric three-row SUV that was already far in development, delaying production of its next-generation ""T3"" electric full-size pickup truck by about 18 months until late 2027, and refocusing battery production and sourcing to the U.S.Instead of the three-row SUV or large pickup, the company\'s first new EV is expected to be a commercial van in 2026, followed the next year by a midsized pickup and then the T3 full-size pickup.', ""Gjaja said the decision wasn't taken lightly, especially the cancellation of the upcoming three-row vehicle, which Ford CEO Jim Farley and other executives had been touting as a game changer for several years."", 'The commercial van comes as Ford\'s ""Pro"" commercial vehicle and fleet business, which includes vans and large Super Duty trucks, has been a standout for the company and offset billions of dollars in EV losses.', 'And the midsize pickup is scheduled to be the first vehicle from a specialized ""skunkworks"" team in California, The company had tasked the team two years ago with developing a new small EV platform.', '""We believe smaller, more affordable vehicles are the way to go for EV in volume.', 'Why?', 'Because the math is completely different than [internal combustion engine (ICE) vehicles],"" Farley told investors last month. ""', ""In ICE, a business we've been in for 120 years, the bigger the vehicle, the higher the margin."", ""But it's exactly the opposite for EVs."", '""Farley has said the weight and cost of battery packs needed for large vehicles such as a three-row SUV, which many families buy for road trips, towing and hauling, are a limitation for EVs due to current ranges and charging networks.', ""Ford's current EVs — the Mustang Mach-E crossover, F-150 Lightning and a commercial van in the U.S. – are not profitable overall."", ""The Model e operations have lost nearly $2.5 billion during the first half of this year and lost $4.7 billion in 2023.The losses, as well as changing market conditions and business plans, caused Ford earlier this year to withdraw an ambitious 8% profit margin for its EV unit by 2026.Investors and Wall Street analysts have largely supported the EV changes, most recently sending the company's shares up about 2.3% since the announcement earlier this week, despite the expected costs."", '""Overall, these changes will position Ford to benefit from growing demand for EVs, while also focusing on areas in which it has a Core competitive advantage,"" BofA\'s John Murphy wrote Wednesday in an investor note. ""', 'Given the size of the charge, this is clearly a tough decision in the short-term, but we think makes sense in the medium to long-term given what will likely be subpar economics in the three-row CUV/SUV segment.', '""The updates are the latest for Ford\'s electrification plans, which now include a heavy focus on hybrid and plug-in hybrid electric vehicles, or PHEVs, to assist in meeting tightening fuel economy regulations in addition to all-electric vehicles.', ""Ford CFO John Lawler said Wednesday that the company's future capital expenditure plans will shift from spending about 40% on all-electric vehicles to spending 30%."", ""He did not give a timeline for the change, but it's a massive swing from when the company announced plans in 2021 to spend more than $30 billion on EVs through 2025.The hybrid plans include offering such options across its entire North American lineup by 2030, including three-row SUVs, to assist in meeting tightening emissions and fuel economy requirements."", 'Lawler said that to improve profitability, Ford is also accelerating the mix of battery production in the U.S. that will qualify for tax incentives and credits.', ""The shift in Ford's plans is consistent with the overall auto industry, which is facing growing, but slower-than-expected adoption of EVs, as well as automakers not being able to achieve expected profitability on the vehicles."", '""What we saw in \'21 and \'22 was a temporary market spike where the demand for EVs really took off,"" Gjaja told CNBC during an interview earlier this year. ""', 'It\'s still growing but not nearly at the rate we thought it might have in \'21, \'22.""There\'s also an industrywide fear that Chinese automakers could be able to flood markets with cheaper, more profitable EVs.', 'Chinese automakers such as BYD are quickly growing exports of vehicles to Europe and other countries.', 'Lawler pushed back Wednesday on the idea that the Chinese have outgunned American automakers.', 'He said the Ford, in part, developed the skunkworks team to prove that Ford can compete against the Chinese automakers.', '""As we\'ve watched in the last 18 to 24 months, the emergence of incredible products and formidable competitors in China has really been, I think, the story for us,"" Gjaja said. ""', 'And so now, when we look at the competitive landscape, we have to chin ourselves against the most competitive companies in China.', '""Ford\'s new plans are polar opposite of its closest rival, General Motors.', ""America's largest automaker has pulled back spending and delayed many of its EVs, but it has several large all-electric vehicles on sale coming soon."", 'GM was among the first to go ""all in"" on EVs, including by creating a vertically integrated, dedicated electric vehicle platform and supporting technologies such as batteries and motors.', ""Aside from Tesla, GM was the first automaker to begin U.S. battery cell manufacturing through a joint venture at scale, which the company has continued to tout as a cost advantageGM's current lineup includes three all-electric large pickup trucks, a Hummer SUV, two recently launched Chevrolet crossovers, a luxury Cadillac crossover and $300,000 Celestiq car."", 'Several more crossover models and an all-electric Escalade SUV are expected to join the lineup this year as well.', 'As recently as last month, GM reconfirmed expectations for its EVs to be profitable on a production, or contribution-margin basis, once it reaches output of 200,000 units by the fourth quarter.', 'A GM spokesman Thursday said the automaker continues ""to work to reach variable profit positive during the fourth quarter.', '""Gjaja declined to comment on GM\'s target or operations but said Ford is doing what\'s best for the company.', '""We\'re focusing on what we think are the right technologies to serve our customers that can also be affordable for them and profitable for us,"" he said.']",0.2265440827974339,"The new plan is an ""insurance policy"" for the automaker to be able to expand its growingly popular hybrid models and create more affordable EVs that it believes will deliver a more capital-efficient, profitable electric vehicle business for the company and investors, according to Marin Gjaja, Ford's chief operating officer for its Model e EV unit.","Ford's current EVs — the Mustang Mach-E crossover, F-150 Lightning and a commercial van in the U.S. – are not profitable overall.",0.4859956295593925,"""Overall, these changes will position Ford to benefit from growing demand for EVs, while also focusing on areas in which it has a Core competitive advantage,"" BofA's John Murphy wrote Wednesday in an investor note. ""","The Model e operations have lost nearly $2.5 billion during the first half of this year and lost $4.7 billion in 2023.The losses, as well as changing market conditions and business plans, caused Ford earlier this year to withdraw an ambitious 8% profit margin for its EV unit by 2026.Investors and Wall Street analysts have largely supported the EV changes, most recently sending the company's shares up about 2.3% since the announcement earlier this week, despite the expected costs.",2024-08-28
Bronfman's Paramount bid could keep Shari Redstone involved at the company,https://www.cnbc.com/2024/08/23/bronfman-paramount-bid-shari-redstone.html,2024-08-23T20:42:26+0000,"In this articleEdgar Bronfman Jr.'s offer for a controlling stake in Paramount Global could keep Shari Redstone close to the company, if his bid is successful.Bronfman is open to having Redstone, currently non-executive chairman at Paramount, remain involved with the company if the Paramount special committee accepts his consortium's bid for National Amusements, the controlling shareholder, according to a person familiar with the matter.Bronfman has raised $6 billion to challenge Skydance Media for ownership of National Amusements, the holding company founded by Sumner Redstone, according to people familiar with the matter. Both Bronfman's bid and Skydance's bid would also include money to buy out a percentage of Paramount Global common shareholders.At $6 billion, Bronfman's bid would give cash to about 20% of Class B holders at $16 per share. Skydance would pay out about 50% of current Paramount common investors at $15 per share as part of its bid, according to the people familiar.It's not clear if Redstone prefers one offer over the other. The Paramount Global special committee will determine if Bronfman's offer is a superior proposal for shareholders by Aug. 28. If the committee decides Bronfman's offer is better, Skydance will then have four business days to match. The deadline for the entire process to be concluded is Sept. 5.Bronfman still has a few more days to raise more money for a competing bid to counter Skydance, which agreed to an $8 billion deal to merge with Paramount Global last month. The special committee earlier this week extended the so-called ""go-shop"" period — during which it could entertain competing offers — by 15 days to review Bronfman's initial bid.One of the individuals who is part of Bronfman's bid is former AOL CEO Jon Miller, suggesting Redstone could potentially have more control over a future Paramount Global than she'd get with Skydance. Miller, a close ally of Redstone, has been connecting Bronfman with potential capital and would likely take a role with the company if it came under Bronfman's stewardship — perhaps a board seat and an operational job — according to people familiar with the matter. Bronfman would be CEO of the company if his deal were to be accepted and go through, said the people.Miller, Redstone and Redstone's son-in-law, Jason Ostheimer, together run Advancit Capital, a small venture capital firm that invests in media and technology. The trio are the only three people that appear on the firm's website. Miller has also operated as a de facto strategic advisor to Redstone for many years, according to people familiar with the matter.Redstone has not spoken with Miller about the bid, according to people familiar with the matter.While the Redstone family and Bronfman family have run in similar circles, including donating heavily to Jewish foundations, Edgar Bronfman Jr. and Shari Redstone haven't met many times and don't have a close preexisting relationship, two of the people said.Skydance CEO David Ellison and Redstone have had several discussions about the potential for Redstone to stay in as a shareholder of a combined Skydance-Paramount Global, according to people familiar with the matter.Redstone is taking a wait-and-see approach to any future involvement she may want to have in Paramount Global moving forward regardless of its ownership, according to a person familiar with her thinking.Spokespeople for Redstone, Bronfman, the Paramount Global special committee and Skydance all declined to comment.Bronfman has spent the last few weeks aggregating individuals with interest in owning a piece of Paramount Global, including film producer Steven Paul and Patron cofounder John Paul DeJoria, who had previously considered a bid of their own, according to a person familiar with the process, as well as Fortress Investment Group, the credit arm of private equity firm BC Partners, and former Turner Broadcasting CEO John Martin.Bronfman's financing comes from many different sources, which may potentially trigger regulatory concerns if too much of the money is from foreign entities. Having so many different financers may also make Bronfman's offer riskier than Skydance's bid, which is backed by private equity firm RedBird Capital and multibillionaire Larry Ellison, the father of David Ellison.Bronfman is the chairman of Fubo, a sports streaming service, and the former head of Universal and Warner Music.Skydance's lawyers sent a letter to the Paramount Global special committee demanding the company stop negotiating with Bronfman, the Wall Street Journal reported Thursday. Skydance said Paramount Global breached the terms of the go-shop agreement by not alerting Skydance that it planned to extend the window, the report said.Skydance also argued the special committee didn't have the right to extend the go-shop because a bid had to ""reasonably be expected to lead to a superior proposal."" Skydance argued the Bronfman bid didn't meet the criteria.WATCH: Media power struggle: Paramount deal in jeopardy?",CNBC,23/08/2024,"[""In this articleEdgar Bronfman Jr.'s offer for a controlling stake in Paramount Global could keep Shari Redstone close to the company, if his bid is successful."", ""Bronfman is open to having Redstone, currently non-executive chairman at Paramount, remain involved with the company if the Paramount special committee accepts his consortium's bid for National Amusements, the controlling shareholder, according to a person familiar with the matter."", 'Bronfman has raised $6 billion to challenge Skydance Media for ownership of National Amusements, the holding company founded by Sumner Redstone, according to people familiar with the matter.', ""Both Bronfman's bid and Skydance's bid would also include money to buy out a percentage of Paramount Global common shareholders."", ""At $6 billion, Bronfman's bid would give cash to about 20% of Class B holders at $16 per share."", 'Skydance would pay out about 50% of current Paramount common investors at $15 per share as part of its bid, according to the people familiar.', ""It's not clear if Redstone prefers one offer over the other."", ""The Paramount Global special committee will determine if Bronfman's offer is a superior proposal for shareholders by Aug. 28."", ""If the committee decides Bronfman's offer is better, Skydance will then have four business days to match."", 'The deadline for the entire process to be concluded is Sept. 5.Bronfman still has a few more days to raise more money for a competing bid to counter Skydance, which agreed to an $8 billion deal to merge with Paramount Global last month.', 'The special committee earlier this week extended the so-called ""go-shop"" period — during which it could entertain competing offers — by 15 days to review Bronfman\'s initial bid.', ""One of the individuals who is part of Bronfman's bid is former AOL CEO Jon Miller, suggesting Redstone could potentially have more control over a future Paramount Global than she'd get with Skydance."", ""Miller, a close ally of Redstone, has been connecting Bronfman with potential capital and would likely take a role with the company if it came under Bronfman's stewardship — perhaps a board seat and an operational job — according to people familiar with the matter."", 'Bronfman would be CEO of the company if his deal were to be accepted and go through, said the people.', ""Miller, Redstone and Redstone's son-in-law, Jason Ostheimer, together run Advancit Capital, a small venture capital firm that invests in media and technology."", ""The trio are the only three people that appear on the firm's website."", 'Miller has also operated as a de facto strategic advisor to Redstone for many years, according to people familiar with the matter.', 'Redstone has not spoken with Miller about the bid, according to people familiar with the matter.', ""While the Redstone family and Bronfman family have run in similar circles, including donating heavily to Jewish foundations, Edgar Bronfman Jr. and Shari Redstone haven't met many times and don't have a close preexisting relationship, two of the people said."", 'Skydance CEO David Ellison and Redstone have had several discussions about the potential for Redstone to stay in as a shareholder of a combined Skydance-Paramount Global, according to people familiar with the matter.', 'Redstone is taking a wait-and-see approach to any future involvement she may want to have in Paramount Global moving forward regardless of its ownership, according to a person familiar with her thinking.', 'Spokespeople for Redstone, Bronfman, the Paramount Global special committee and Skydance all declined to comment.', 'Bronfman has spent the last few weeks aggregating individuals with interest in owning a piece of Paramount Global, including film producer Steven Paul and Patron cofounder John Paul DeJoria, who had previously considered a bid of their own, according to a person familiar with the process, as well as Fortress Investment Group, the credit arm of private equity firm BC Partners, and former Turner Broadcasting CEO John Martin.', ""Bronfman's financing comes from many different sources, which may potentially trigger regulatory concerns if too much of the money is from foreign entities."", ""Having so many different financers may also make Bronfman's offer riskier than Skydance's bid, which is backed by private equity firm RedBird Capital and multibillionaire Larry Ellison, the father of David Ellison."", 'Bronfman is the chairman of Fubo, a sports streaming service, and the former head of Universal and Warner Music.', ""Skydance's lawyers sent a letter to the Paramount Global special committee demanding the company stop negotiating with Bronfman, the Wall Street Journal reported Thursday."", 'Skydance said Paramount Global breached the terms of the go-shop agreement by not alerting Skydance that it planned to extend the window, the report said.', 'Skydance also argued the special committee didn\'t have the right to extend the go-shop because a bid had to ""reasonably be expected to lead to a superior proposal.""', ""Skydance argued the Bronfman bid didn't meet the criteria."", 'WATCH: Media power struggle: Paramount deal in jeopardy?']",0.1775149756430325,"Bronfman has spent the last few weeks aggregating individuals with interest in owning a piece of Paramount Global, including film producer Steven Paul and Patron cofounder John Paul DeJoria, who had previously considered a bid of their own, according to a person familiar with the process, as well as Fortress Investment Group, the credit arm of private equity firm BC Partners, and former Turner Broadcasting CEO John Martin.",WATCH: Media power struggle: Paramount deal in jeopardy?,-0.8429049104452133,,"Skydance said Paramount Global breached the terms of the go-shop agreement by not alerting Skydance that it planned to extend the window, the report said.",2024-08-28
Shares of Abercrombie & Fitch plunge 15% after CEO warns of 'increasingly uncertain environment',https://www.cnbc.com/2024/08/28/abercrombie-fitch-anf-earnings-q2-2024.html,2024-08-28T14:03:16+0000,"In this articleAbercrombie & Fitch's revenue grew 21% during its fiscal second quarter as the apparel company builds on its torrid growth. The sales gain, which follows 16% growth in the year-ago period, led the company to issue bullish guidance for the current quarter. Still, its full-year outlook was largely in line with estimates as it prepares for one fewer week this year than last. CEO Fran Horowitz – who often says good companies win in any economic environment – may be bracing for a turbulent second half of the year because for the first time in four quarters, she referenced the uncertain state of the economy in the company's earnings release.""We delivered a strong first half of the year, and we are increasing our full-year outlook. Although we continue to operate in an increasingly uncertain environment, we remain steadfast in executing our global playbook and maintaining discipline over inventory and expenses,"" said Horowitz. ""We are on track and confident in our goal to deliver sustainable, profitable growth this year, while making strategic long-term investments across marketing, digital and technology and stores to enable future growth.""The company's shares — which were up nearly 89% this year as of Tuesday's close — fell about 15% in early trading. Here's how Abercrombie did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv:The company's reported net income for the three-month period that ended Aug. 3 was $133 million, or $2.50 per share, compared with $57 million, or $1.10 per share, a year earlier.  Sales rose to $1.13 billion, up about 21% from $935 million a year earlier. During the quarter, same-store sales jumped 18%, driven by better-than-expected summer and back-to-school selling. For the current quarter, Abercrombie expects sales to rise by a low double-digit percentage, better than the 8.9% growth that LSEG analysts had expected. Abercrombie raised its full-year sales guidance from 10% growth to a 12% to 13% increase, which is roughly in line with the 12% rise that LSEG analysts had expected. The company's fiscal 2024 will have one fewer week than fiscal 2023, which is likely weighing on its full-year guidance. Abercrombie expects the loss of one selling week will have an $80 million impact on its holiday quarter, or 5.5 percentage points. For the full year, the company expects it to hit sales by $50 million, or 1.2 percentage points. Over the last year, Abercrombie has become known as retail's biggest comeback story, and investors have been watching to see if the company can keep up its growth. Horowitz has looked to international markets and the company's Hollister and Abercrombie Kids brands as growth vectors, which are already boosting sales. During the quarter, sales at Hollister jumped 17% while comparable sales rose 15%. In the company's Europe, Middle East and Africa division, sales climbed 16%. Costly international expansion was one of the missteps that weighed on Abercrombie's performance in the past, but the company is taking a different approach this time around.Earlier this month, it announced a partnership with Haddad Brands – a licensor of children's wear – to create new distribution channels for Abercrombie Kids and grow the product line to include infant and toddler categories. ""As we work to diversify A&F Co.'s channel mix and drive sustainable, profitable growth, we are thrilled to partner with Haddad Brands to build on our success and create an opportunity to grow the brand in the years ahead by engaging with new customers globally,"" Horowitz said in a statement at the time. Products from Abercrombie Kids are set to be available in Haddad Brands' showrooms globally next month.",CNBC,28/08/2024,"[""In this articleAbercrombie & Fitch's revenue grew 21% during its fiscal second quarter as the apparel company builds on its torrid growth."", 'The sales gain, which follows 16% growth in the year-ago period, led the company to issue bullish guidance for the current quarter.', 'Still, its full-year outlook was largely in line with estimates as it prepares for one fewer week this year than last.', ""CEO Fran Horowitz – who often says good companies win in any economic environment – may be bracing for a turbulent second half of the year because for the first time in four quarters, she referenced the uncertain state of the economy in the company's earnings release."", '""We delivered a strong first half of the year, and we are increasing our full-year outlook.', 'Although we continue to operate in an increasingly uncertain environment, we remain steadfast in executing our global playbook and maintaining discipline over inventory and expenses,"" said Horowitz. ""', 'We are on track and confident in our goal to deliver sustainable, profitable growth this year, while making strategic long-term investments across marketing, digital and technology and stores to enable future growth.', '""The company\'s shares — which were up nearly 89% this year as of Tuesday\'s close — fell about 15% in early trading.', ""Here's how Abercrombie did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv:The company's reported net income for the three-month period that ended Aug. 3 was $133 million, or $2.50 per share, compared with $57 million, or $1.10 per share, a year earlier."", 'Sales rose to $1.13 billion, up about 21% from $935 million a year earlier.', 'During the quarter, same-store sales jumped 18%, driven by better-than-expected summer and back-to-school selling.', 'For the current quarter, Abercrombie expects sales to rise by a low double-digit percentage, better than the 8.9% growth that LSEG analysts had expected.', 'Abercrombie raised its full-year sales guidance from 10% growth to a 12% to 13% increase, which is roughly in line with the 12% rise that LSEG analysts had expected.', ""The company's fiscal 2024 will have one fewer week than fiscal 2023, which is likely weighing on its full-year guidance."", 'Abercrombie expects the loss of one selling week will have an $80 million impact on its holiday quarter, or 5.5 percentage points.', 'For the full year, the company expects it to hit sales by $50 million, or 1.2 percentage points.', ""Over the last year, Abercrombie has become known as retail's biggest comeback story, and investors have been watching to see if the company can keep up its growth."", ""Horowitz has looked to international markets and the company's Hollister and Abercrombie Kids brands as growth vectors, which are already boosting sales."", 'During the quarter, sales at Hollister jumped 17% while comparable sales rose 15%.', ""In the company's Europe, Middle East and Africa division, sales climbed 16%.Costly international expansion was one of the missteps that weighed on Abercrombie's performance in the past, but the company is taking a different approach this time around."", ""Earlier this month, it announced a partnership with Haddad Brands – a licensor of children's wear – to create new distribution channels for Abercrombie Kids and grow the product line to include infant and toddler categories."", '""As we work to diversify A&F Co.\'s channel mix and drive sustainable, profitable growth, we are thrilled to partner with Haddad Brands to build on our success and create an opportunity to grow the brand in the years ahead by engaging with new customers globally,"" Horowitz said in a statement at the time.', ""Products from Abercrombie Kids are set to be available in Haddad Brands' showrooms globally next month.""]",0.3403059944775122,"""As we work to diversify A&F Co.'s channel mix and drive sustainable, profitable growth, we are thrilled to partner with Haddad Brands to build on our success and create an opportunity to grow the brand in the years ahead by engaging with new customers globally,"" Horowitz said in a statement at the time.",,0.6236073403131395,"During the quarter, same-store sales jumped 18%, driven by better-than-expected summer and back-to-school selling.","""The company's shares — which were up nearly 89% this year as of Tuesday's close — fell about 15% in early trading.",2024-08-28
"Nordstrom shares climb 5% as earnings top estimates, but retailer issues cautious guidance",https://www.cnbc.com/2024/08/27/nordstrom-jwn-earnings-q2-2024.html,2024-08-27T23:18:11+0000,"In this articleNordstrom on Tuesday posted earnings that blew past Wall Street's expectations, indicating the department store is making strides in its efforts to cut costs and boost efficiencies. Though the Seattle-based retailer posted earnings per share that were 25 cents higher than expected, it issued tepid guidance for the full year. Nordstrom now expects adjusted earnings per share to be between $1.75 and $2.05, compared to a previous range of $1.65 to $2.05. It anticipates sales will be in a range of a 1% decline to 1% growth from the prior year, compared to previous guidance of down 2% to up 1%. In a news release, Nordstrom CEO Erik Nordstrom said the company is optimistic about the second half of the year despite the cautious guidance.""Our second quarter results were solid, and we're encouraged by the continued topline strength in both banners and the progress we're making to expand gross margin and increase profitability,"" said Nordstrom. ""We're confident in our outlook for the remainder of the year and look forward to sustaining the momentum we've built.""Shares rose about 5% in extended trading.Here is how the department store did in its second fiscal quarter compared to what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 3 was $122 million, or 72 cents per share, compared to $137 million, or 84 cents per share, a year earlier. Excluding one-time items related to supply chain impairments, the retailer posted adjusted earnings of 96 cents per share. Sales rose to $3.89 billion, up about 3.4% from $3.77 billion a year earlier. Revenue came in just shy of analysts' expectations.  Across the company, comparable sales increased 1.9%, while gross merchandise value jumped 3.5%. It is unclear how much of that GMV uptick was related to price increases versus volume.As consumers continue to pull back on discretionary spending in the face of persistent inflation and high interest rates, retailers have been working to improve operations and cut costs to protect profits against softening demand. During the quarter, Nordstrom's profits fell compared to the same period a year ago, but earnings grew over the past six months. Last year, Nordstrom reported a net loss of $67 million in the six months that ended July 29, 2023, but during the same period this year, it posted a profit of $83 million. Nordstrom has said it is working to improve its supply chain. Last quarter, it said the time it takes for online orders to arrive was more than 5% faster. It has also improved the way merchandise is making its way to customers and stores, which it said has helped drive higher conversion and lower return rates. Another key focus area for the company has been growing its off-price banner, Nordstrom Rack. Over the past couple of quarters, momentum has been growing at Nordstrom Rack and has helped prop up the company's overall results. During the quarter, sales at Nordstrom Rack were up 8.8%, while comparable sales increased 4.1% compared to the same period a year ago.That compares to Nordstrom's mainline banner, which saw net sales and comparable sales each increase just 0.9%. Nordstrom has been working to build more Rack locations and has opened 11 new locations so far this fiscal year, with a goal of opening at least 22 by the end of the year. The focus on Rack has been critical for Nordstrom's ability to compete with off-price giant TJX Cos., the owner of TJ Maxx and Marshall's, and capture consumers who are still spending but eager for cheaper options and deals.The off-price sector has seen explosive growth for more than a year, but Rack missed out on the beginning of that trend. To reverse the slump, the company has focused on opening more locations, hiring off-price veterans and sharpening its focus on well-known brands.",CNBC,27/08/2024,"[""In this articleNordstrom on Tuesday posted earnings that blew past Wall Street's expectations, indicating the department store is making strides in its efforts to cut costs and boost efficiencies."", 'Though the Seattle-based retailer posted earnings per share that were 25 cents higher than expected, it issued tepid guidance for the full year.', 'Nordstrom now expects adjusted earnings per share to be between $1.75 and $2.05, compared to a previous range of $1.65 to $2.05.', 'It anticipates sales will be in a range of a 1% decline to 1% growth from the prior year, compared to previous guidance of down 2% to up 1%.In a news release, Nordstrom CEO Erik Nordstrom said the company is optimistic about the second half of the year despite the cautious guidance.', '""Our second quarter results were solid, and we\'re encouraged by the continued topline strength in both banners and the progress we\'re making to expand gross margin and increase profitability,"" said Nordstrom. ""', ""We're confident in our outlook for the remainder of the year and look forward to sustaining the momentum we've built."", '""Shares rose about 5% in extended trading.', ""Here is how the department store did in its second fiscal quarter compared to what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 3 was $122 million, or 72 cents per share, compared to $137 million, or 84 cents per share, a year earlier."", 'Excluding one-time items related to supply chain impairments, the retailer posted adjusted earnings of 96 cents per share.', 'Sales rose to $3.89 billion, up about 3.4% from $3.77 billion a year earlier.', ""Revenue came in just shy of analysts' expectations."", 'Across the company, comparable sales increased 1.9%, while gross merchandise value jumped 3.5%.', 'It is unclear how much of that GMV uptick was related to price increases versus volume.', 'As consumers continue to pull back on discretionary spending in the face of persistent inflation and high interest rates, retailers have been working to improve operations and cut costs to protect profits against softening demand.', ""During the quarter, Nordstrom's profits fell compared to the same period a year ago, but earnings grew over the past six months."", 'Last year, Nordstrom reported a net loss of $67 million in the six months that ended July 29, 2023, but during the same period this year, it posted a profit of $83 million.', 'Nordstrom has said it is working to improve its supply chain.', 'Last quarter, it said the time it takes for online orders to arrive was more than 5% faster.', 'It has also improved the way merchandise is making its way to customers and stores, which it said has helped drive higher conversion and lower return rates.', 'Another key focus area for the company has been growing its off-price banner, Nordstrom Rack.', ""Over the past couple of quarters, momentum has been growing at Nordstrom Rack and has helped prop up the company's overall results."", 'During the quarter, sales at Nordstrom Rack were up 8.8%, while comparable sales increased 4.1% compared to the same period a year ago.', ""That compares to Nordstrom's mainline banner, which saw net sales and comparable sales each increase just 0.9%.Nordstrom has been working to build more Rack locations and has opened 11 new locations so far this fiscal year, with a goal of opening at least 22 by the end of the year."", ""The focus on Rack has been critical for Nordstrom's ability to compete with off-price giant TJX Cos.,"", ""the owner of TJ Maxx and Marshall's, and capture consumers who are still spending but eager for cheaper options and deals."", 'The off-price sector has seen explosive growth for more than a year, but Rack missed out on the beginning of that trend.', 'To reverse the slump, the company has focused on opening more locations, hiring off-price veterans and sharpening its focus on well-known brands.']",0.2901067069296191,"""Our second quarter results were solid, and we're encouraged by the continued topline strength in both banners and the progress we're making to expand gross margin and increase profitability,"" said Nordstrom. """,Revenue came in just shy of analysts' expectations.,0.6823056225593274,"""Shares rose about 5% in extended trading.","It anticipates sales will be in a range of a 1% decline to 1% growth from the prior year, compared to previous guidance of down 2% to up 1%.In a news release, Nordstrom CEO Erik Nordstrom said the company is optimistic about the second half of the year despite the cautious guidance.",2024-08-28
"Bitcoin rally helps create more than 84,000 new crypto millionaires in a year",https://www.cnbc.com/2024/08/27/bitcoin-rally-new-crypto-billionaires.html,2024-08-27T12:40:08+0000,"The population of crypto millionaires in the world soared 95% over the past year, as bitcoin ETFs and other crypto assets climbed, according to a new report.There are now 172,300 individuals worldwide holding over $1 million in crypto assets, up from 88,200 last year, according to a report from New World Wealth and Henley & Partners. The number of pure bitcoin millionaires more than doubled, to 85,400.The ranks of the crypto rich have grown all the way up the wealth ladder. There are now 325 crypto centi-millionaires (those with $100 million or more in crypto holdings), and 28 crypto billionaires, according to the report.The surge reflects the rapid growth of bitcoin ETFs, which now have over $50 billion in assets since their launch in January and have touched off a wave of institutional participation.The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.Subscribe here to get access today. The price of bitcoin has jumped 45% this year to about 64,000. As other coins have increased in value, the market cap of crypto assets has increased to $2.3 trillion, according to Henley, up from $1.2 trillion last summer.Of the six new crypto billionaires created over the past year, five can attribute their newfound wealth to bitcoin, ""underscoring its dominant position when it comes to attracting long-term investors who buy large holdings,"" according to Andrew Amoils, head of research for New World Wealth.According to Forbes, the richest crypto billionaire (for the third year in a row) is Changpeng Zhao, the founder and former CEO of crypto exchange Binance, who's worth an estimated $33 billion. Zhao pled guilty to U.S. money laundering charges in November and agreed to pay a $50 million fine. His wealth has soared by more than $10.5 billion over the past year.Ranking second is Brian Armstrong, the co-founder of Coinbase, worth an estimated $11 billion, according to Forbes. He's followed by Giancarlo Devasini, the chief financial officer of Tether; and Michael Saylor, the cofounder of MicroStrategy, according to the list.Granted, many crypto assets are still below their 2021 highs, and bitcoin's recent rise essentially marks a three-year round-trip to those levels. Crypto assets reached a market cap of $3 trillion in November of 2021.Yet the growing acceptance of crypto assets among big asset managers like BlackRock and Fidelity, with help from Morgan Stanley's salesforce of 15,000 brokers, could fuel further wealth creation among large crypto holders.Crypto will not only create more millionaires and billionaires, but it will also change where the rich live and work. According to Henley, many of the newly crypto rich are looking to move to tax-friendly and crypto-friendly jurisdictions.""We've seen a significant uptick in crypto-wealthy clients seeking alternative residence and citizenship options,"" said Dominic Volek, head of private clients at Henley & Partners.To better advise the new crypto nomads, Henley created a ""Crypto Adoption Index,"" ranking countries according to their tax and regulatory approach to crypto. Singapore ranks first on the index, due to its ""supportive banking system, significant investment, comprehensive regulations such as the Payment Services Act, regulatory sandboxes, and alignment with global standards,"" according to Henley.Hong Kong ranked second, followed by the United Arab Emirates and the United States. In the U.S., according to the report, 15% of the population owns cryptocurrencies: ""This is supported by strong infrastructure, with a high density of crypto ATMs, crypto-friendly banks, and an increasing number of businesses accepting cryptocurrency,"" the report said.Correction: This story has been updated to correct a headline that misstated the number of crypto millionaires created by the bitcoin rally.",CNBC,27/08/2024,"['The population of crypto millionaires in the world soared 95% over the past year, as bitcoin ETFs and other crypto assets climbed, according to a new report.', 'There are now 172,300 individuals worldwide holding over $1 million in crypto assets, up from 88,200 last year, according to a report from New World Wealth and Henley & Partners.', 'The number of pure bitcoin millionaires more than doubled, to 85,400.The ranks of the crypto rich have grown all the way up the wealth ladder.', 'There are now 325 crypto centi-millionaires (those with $100 million or more in crypto holdings), and 28 crypto billionaires, according to the report.', 'The surge reflects the rapid growth of bitcoin ETFs, which now have over $50 billion in assets since their launch in January and have touched off a wave of institutional participation.', 'The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.', 'Subscribe here to get access today.', 'The price of bitcoin has jumped 45% this year to about 64,000.', 'As other coins have increased in value, the market cap of crypto assets has increased to $2.3 trillion, according to Henley, up from $1.2 trillion last summer.', 'Of the six new crypto billionaires created over the past year, five can attribute their newfound wealth to bitcoin, ""underscoring its dominant position when it comes to attracting long-term investors who buy large holdings,"" according to Andrew Amoils, head of research for New World Wealth.', ""According to Forbes, the richest crypto billionaire (for the third year in a row) is Changpeng Zhao, the founder and former CEO of crypto exchange Binance, who's worth an estimated $33 billion."", 'Zhao pled guilty to U.S. money laundering charges in November and agreed to pay a $50 million fine.', 'His wealth has soared by more than $10.5 billion over the past year.', 'Ranking second is Brian Armstrong, the co-founder of Coinbase, worth an estimated $11 billion, according to Forbes.', ""He's followed by Giancarlo Devasini, the chief financial officer of Tether; and Michael Saylor, the cofounder of MicroStrategy, according to the list."", ""Granted, many crypto assets are still below their 2021 highs, and bitcoin's recent rise essentially marks a three-year round-trip to those levels."", ""Crypto assets reached a market cap of $3 trillion in November of 2021.Yet the growing acceptance of crypto assets among big asset managers like BlackRock and Fidelity, with help from Morgan Stanley's salesforce of 15,000 brokers, could fuel further wealth creation among large crypto holders."", 'Crypto will not only create more millionaires and billionaires, but it will also change where the rich live and work.', 'According to Henley, many of the newly crypto rich are looking to move to tax-friendly and crypto-friendly jurisdictions.', '""We\'ve seen a significant uptick in crypto-wealthy clients seeking alternative residence and citizenship options,"" said Dominic Volek, head of private clients at Henley & Partners.', 'To better advise the new crypto nomads, Henley created a ""Crypto Adoption Index,"" ranking countries according to their tax and regulatory approach to crypto.', 'Singapore ranks first on the index, due to its ""supportive banking system, significant investment, comprehensive regulations such as the Payment Services Act, regulatory sandboxes, and alignment with global standards,"" according to Henley.', 'Hong Kong ranked second, followed by the United Arab Emirates and the United States.', 'In the U.S., according to the report, 15% of the population owns cryptocurrencies: ""This is supported by strong infrastructure, with a high density of crypto ATMs, crypto-friendly banks, and an increasing number of businesses accepting cryptocurrency,"" the report said.', 'Correction: This story has been updated to correct a headline that misstated the number of crypto millionaires created by the bitcoin rally.']",0.4754463428446764,"Crypto assets reached a market cap of $3 trillion in November of 2021.Yet the growing acceptance of crypto assets among big asset managers like BlackRock and Fidelity, with help from Morgan Stanley's salesforce of 15,000 brokers, could fuel further wealth creation among large crypto holders.",Zhao pled guilty to U.S. money laundering charges in November and agreed to pay a $50 million fine.,0.935733050107956,"The population of crypto millionaires in the world soared 95% over the past year, as bitcoin ETFs and other crypto assets climbed, according to a new report.",,2024-08-28
"Lego revenue jumps 13% in first half of 2024, boosted by Lego Fortnite and diverse brick sets",https://www.cnbc.com/2024/08/28/lego-revenue-first-half-2024.html,2024-08-28T15:07:41+0000,"An inflation-fueled sales slump hit the toy industry in the first half of 2024, but one company is gaining market share brick by brick.On Wednesday, Lego said revenue during the first six months of the year jumped 13%, reaching 31 billion Danish kroner, or about $4.65 billion.Niels Christiansen, CEO of the privately held Danish toymaker, told CNBC that the company is seeing strength across its portfolio, especially with Lego Icons and Lego Creator, and through its partnership with Epic Games' Fortnite.Last year, Lego saw a trend of consumers ""trading down"" or opting for lower-priced sets, while still buying the same volume as the year before. This year, volume is up, Christiansen said.""To the extent they traded down last year, they're not trading further down,"" he said. ""So that has stabilized. And we see almost all of the growth is actually growth in volume.""Meanwhile, publicly traded rival Mattel saw net sales fall 1% in the first six months of 2024 and Hasbro reported that its net revenue fell 21% between January and the end of June. Mattel is facing tough comparisons from toy sales fueled by ""Barbie"" in 2023, and Hasbro is still reeling from its divestment of eOne.Lego has continued to build on pandemic-era growth with a diverse slate of products that cater to kids and adults alike. In addition to sets tied to popular franchises such as Harry Potter and Star Wars, Lego also has innovative design options for consumers to build flowers and succulents, famous works of art and animals.Sales in the U.S. and Europe remain strong, Christiansen noted, while China sales are flat. He said consumers in the region are spending less on bigger-ticket items, and their frequency of purchasing is down.However, Lego is not giving up on expansion in China. Christiansen said there is still ""long-term potential"" in the area.Of the 40 Lego stores that opened in the first quarter, 20 were in China. Similarly, of the 60 planned openings in the second half of the year, 20 are set for China.Christiansen also touted Lego's sustainability efforts. So far this year, the company has nearly doubled the amount of renewable and recyclable materials it uses in its bricks compared to full-year 2023.""That's a good milestone,"" he said. ""That's a good step forward. [We are] spending quite significantly on that in a couple of ways, primarily in buying material that is more expensive, because mass balance material is more expensive than just standard.""Christiansen noted that Lego is not passing that cost on to consumers.""By actually being willing to pay a premium to get to this product, we also created an incentive for [suppliers] to actually develop the kind of products and to establish more production capacity for these type of products. We are working really as an industry need to try to put more speed on that entire process.""Over the next few years, Lego hopes to source half its raw materials from sustainable sources.",CNBC,28/08/2024,"['An inflation-fueled sales slump hit the toy industry in the first half of 2024, but one company is gaining market share brick by brick.', 'On Wednesday, Lego said revenue during the first six months of the year jumped 13%, reaching 31 billion Danish kroner, or about $4.65 billion.', ""Niels Christiansen, CEO of the privately held Danish toymaker, told CNBC that the company is seeing strength across its portfolio, especially with Lego Icons and Lego Creator, and through its partnership with Epic Games' Fortnite."", 'Last year, Lego saw a trend of consumers ""trading down"" or opting for lower-priced sets, while still buying the same volume as the year before.', 'This year, volume is up, Christiansen said.', '""To the extent they traded down last year, they\'re not trading further down,"" he said. ""', 'So that has stabilized.', 'And we see almost all of the growth is actually growth in volume.', '""Meanwhile, publicly traded rivalMattel saw net sales fall 1% in the first six months of 2024 and Hasbroreported that its net revenue fell 21% between January and the end of June.', 'Mattel is facing tough comparisons from toy sales fueled by ""Barbie"" in 2023, and Hasbro is still reeling from its divestment of eOne.', 'Lego has continued to build on pandemic-era growth with a diverse slate of products that cater to kids and adults alike.', 'In addition to sets tied to popular franchises such as Harry Potter and Star Wars, Lego also has innovative design options for consumers to build flowers and succulents, famous works of art and animals.', 'Sales in the U.S. and Europe remain strong, Christiansen noted, while China sales are flat.', 'He said consumers in the region are spending less on bigger-ticket items, and their frequency of purchasing is down.', 'However, Lego is not giving up on expansion in China.', 'Christiansen said there is still ""long-term potential"" in the area.', 'Of the 40 Lego stores that opened in the first quarter, 20 were in China.', 'Similarly, of the 60 planned openings in the second half of the year, 20 are set for China.', ""Christiansen also touted Lego's sustainability efforts."", 'So far this year, the company has nearly doubled the amount of renewable and recyclable materials it uses in its bricks compared to full-year 2023.""That\'s a good milestone,"" he said. ""', ""That's a good step forward. ["", 'We are] spending quite significantly on that in a couple of ways, primarily in buying material that is more expensive, because mass balance material is more expensive than just standard.', '""Christiansen noted that Lego is not passing that cost on to consumers.', '""By actually being willing to pay a premium to get to this product, we also created an incentive for [suppliers] to actually develop the kind of products and to establish more production capacity for these type of products.', 'We are working really as an industry need to try to put more speed on that entire process.', '""Over the next few years, Lego hopes to source half its raw materials from sustainable sources.']",0.176270062906085,"An inflation-fueled sales slump hit the toy industry in the first half of 2024, but one company is gaining market share brick by brick.","Last year, Lego saw a trend of consumers ""trading down"" or opting for lower-priced sets, while still buying the same volume as the year before.",0.4372433854473961,"On Wednesday, Lego said revenue during the first six months of the year jumped 13%, reaching 31 billion Danish kroner, or about $4.65 billion.","""Meanwhile, publicly traded rivalMattel saw net sales fall 1% in the first six months of 2024 and Hasbroreported that its net revenue fell 21% between January and the end of June.",2024-08-28
NFL owners vote in favor of private equity investment; select firms commit $12 billion,https://www.cnbc.com/2024/08/27/nfl-private-equity-ownership-vote.html,2024-08-28T13:55:22+0000,"The NFL's most exclusive club just let in new members.At a special league meeting in Eagan, Minnesota, on Tuesday, National Football League owners voted in favor of allowing select private equity firms to buy up to a 10% stake of a team. Each fund or consortium will be able to do deals with up to six teams.The vote passed with support from 31 of the 32 franchise owners. Cincinnati Bengals owner Mike Brown voted against the measure, according to a person familiar with the vote.Kansas City Chiefs owner Clark Hunt led the special committee on ownership policy. He told CNBC's Jim Cramer after the vote that the NFL has been considering such a move for upwards of 5 years and felt it was the right time for the league — though he acknowledged the 10% cap amounted to ""baby steps.""""The capital will be very helpful to teams as they look to grow their business and improve the fan experience,"" Hunt said.The initial approved firms include Ares Management, Sixth Street Partners and Arctos Partners, in addition to a consortium nicknamed ""The Avengers"" that includes Dynasty Equity, Blackstone, Carlyle Group, CVC Capital Partners and Ludis, a platform founded by investor and former NFL running back Curtis Martin.The firms collectively have $2 trillion in assets and intend to commit $12 billion of capital to be raised (inclusive of leverage) over time, according to people familiar with the matter, who asked not to be identified to speak about terms that were not public. With at least four investor groups able to invest in up to six teams each, that works out to $500 million of added capital on average for each team that receives an investment.According to the terms of the proposal, the minimum hold period for these funds will be six years.""We thought it's an opportunity for us to really change how some of the ownership groups have real problems with the illiquidity, they have big families and have to solve a lot of problems that are not usual,"" New England Patriots owner Robert Kraft told CNBC's ""Squawk Box"" on Wednesday. ""And so we thought this was a great source of capital and could be done in a way that was very functional and wouldn't affect the operation.""Pending final approval, Arctos, one of the approved firms, would be the only firm approved to invest in equity across each of the five most popular major North American sports leagues.""We are honored to be among the first private investment firms being considered by the National Football League as potential partners for their clubs and owners,"" Arctos said in a statement. ""[We] look forward to contributing to the League's continued success.""Ares said in a statement it was honored to be able to invest in ""iconic football franchises.""""The NFL has long engendered deeply loyal fanbases, innovative approaches to media and some of the most viewed and highest valued sports franchises in the world. We are excited for the opportunity to support the continued growth of NFL teams through Ares' extensive investment experience and strong relationship networks in the sports, media and entertainment sector,"" the firm said.The investing consortium of Blackstone, Carlyle, CVC, Dynasty Equity and Ludis said in a statement: ""We are pleased to have secured this provisional approval following the NFL's thoughtful and robust process, and welcome the potential opportunity to partner with the league.""The approval Tuesday comes after years of discussion.NFL Commissioner Roger Goodell told CNBC in July that the league had seen tremendous interest from private equity.The league created a committee last September to look at the possibility of welcoming private equity funding and has been meeting with the selected firms more recently.The NFL is the last major sports league to allow private equity investment, and it's still treading lightly on the issue by allowing only a select group to participate and at a lower rate than the other professional sports leagues.The National Basketball Association, Major League Baseball, the National Hockey League and Major League Soccer all allow private equity ownership of up to 30%.Goodell told CNBC in July that he believes the 10% is a complement to the existing ownership structure and that the percentage could be raised at some point in the future.As NFL team valuations rise, it's meant a smaller pool of owners have the money to foot the price tag when teams become available.That dynamic was on display during the sale of the Washington Commanders last year. The franchise sold for a record $6.05 billion to an ownership group that included Apollo co-founder Josh Harris and 20 other investors.Harris said in June that the process ""created a little bit of a wake-up call at the NFL.""""Unless you're one of the wealthiest 50 people [in the world], writing a $5 billion equity check is pretty hard for anyone,"" Harris told CNBC at the CNBC CEO Council Summit at the time.As the NFL opens its doors to fresh capital, the money will also free up funding for new stadiums and related projects.""It will give teams who are considering new or renovated stadiums access to a capital pool they haven't had access to in the past,"" Hunt said.The Buffalo Bills and Tennessee Titans are both currently in the process of building new stadiums, while the Cleveland Browns, Chicago Bears and Washington Commanders are actively pursuing new stadiums in the future.— CNBC's Jake Piazza contributed to this report.",CNBC,28/08/2024,"[""The NFL's most exclusive club just let in new members."", 'At a special league meeting in Eagan, Minnesota, on Tuesday, National Football League owners voted in favor of allowing select private equity firms to buy up to a 10% stake of a team.', 'Each fund or consortium will be able to do deals with up to six teams.', 'The vote passed with support from 31 of the 32 franchise owners.', 'Cincinnati Bengals owner Mike Brown voted against the measure, according to a person familiar with the vote.', 'Kansas City Chiefs owner Clark Hunt led the special committee on ownership policy.', 'He told CNBC\'s Jim Cramer after the vote that the NFL has been considering such a move for upwards of 5 years and felt it was the right time for the league — though he acknowledged the 10% cap amounted to ""baby steps.', '""""The capital will be very helpful to teams as they look to grow their business and improve the fan experience,"" Hunt said.', 'The initial approved firms include Ares Management, Sixth Street Partners and Arctos Partners, in addition to a consortium nicknamed ""The Avengers"" that includes Dynasty Equity, Blackstone, Carlyle Group, CVC Capital Partners and Ludis, a platform founded by investor and former NFL running back Curtis Martin.', 'The firms collectively have $2 trillion in assets and intend to commit $12 billion of capital to be raised (inclusive of leverage) over time, according to people familiar with the matter,who asked not to be identified to speak about terms that were not public.', 'With at least four investor groups able to invest in up to six teams each, that works out to $500 million of added capital on average for each team that receives an investment.', 'According to the terms of the proposal, the minimum hold period for these funds will be six years.', '""We thought it\'s an opportunity for us to really change how some of the ownership groups have real problems with the illiquidity, they have big families and have to solve a lot of problems that are not usual,"" New England Patriots owner Robert Kraft told CNBC\'s ""Squawk Box"" on Wednesday. ""', ""And so we thought this was a great source of capital and could be done in a way that was very functional and wouldn't affect the operation."", '""Pending final approval, Arctos, one of the approved firms, would be the only firm approved to invest in equity across each of the five most popular major North American sports leagues.', '""We are honored to be among the first private investment firms being considered by the National Football League as potential partners for their clubs and owners,"" Arctos said in a statement. ""[', ""We] look forward to contributing to the League's continued success."", '""Ares said in a statement it was honored to be able to invest in ""iconic football franchises.', '""""The NFL has long engendered deeply loyal fanbases, innovative approaches to media and some of the most viewed and highest valued sports franchises in the world.', 'We are excited for the opportunity to support the continued growth of NFL teams through Ares\' extensive investment experience and strong relationship networks in the sports, media and entertainment sector,"" the firm said.', 'The investing consortium of Blackstone, Carlyle, CVC, Dynasty Equity and Ludis said in a statement: ""We are pleased to have secured this provisional approval following the NFL\'s thoughtful and robust process, and welcome the potential opportunity to partner with the league.', '""The approval Tuesday comes after years of discussion.', 'NFL Commissioner Roger Goodell told CNBC in July that the league had seen tremendous interest from private equity.', 'The league created a committee last September to look at the possibility of welcoming private equity funding and has been meeting with the selected firms more recently.', ""The NFL is the last major sports league to allow private equity investment, and it's still treading lightly on the issue by allowing only a select group to participate and at a lower rate than the other professional sports leagues."", 'The National Basketball Association, Major League Baseball, the National Hockey League and Major League Soccer all allow private equity ownership of up to 30%.Goodell told CNBC in July that he believes the 10% is a complement to the existing ownership structure and that the percentage could be raised at some point in the future.', ""As NFL team valuations rise, it's meant a smaller pool of owners have the money to foot the price tag when teams become available."", 'That dynamic was on display during the sale of the Washington Commanders last year.', 'The franchise sold for a record $6.05 billion to an ownership group that included Apollo co-founder Josh Harris and 20 other investors.', 'Harris said in June that the process ""created a little bit of a wake-up call at the NFL.""""Unless you\'re one of the wealthiest 50 people [in the world], writing a $5 billion equity check is pretty hard for anyone,"" Harris told CNBC at the CNBC CEO Council Summit at the time.', 'As the NFL opens its doors to fresh capital, the money will also free up funding for new stadiums and related projects.', '""It will give teams who are considering new or renovated stadiums access to a capital pool they haven\'t had access to in the past,"" Hunt said.', 'The Buffalo Bills and Tennessee Titans are both currently in the process of building new stadiums, while the Cleveland Browns, Chicago Bears and Washington Commanders are actively pursuing new stadiums in the future.—', ""CNBC's Jake Piazza contributed to this report.""]",0.3841646113134327,"The investing consortium of Blackstone, Carlyle, CVC, Dynasty Equity and Ludis said in a statement: ""We are pleased to have secured this provisional approval following the NFL's thoughtful and robust process, and welcome the potential opportunity to partner with the league.","""We thought it's an opportunity for us to really change how some of the ownership groups have real problems with the illiquidity, they have big families and have to solve a lot of problems that are not usual,"" New England Patriots owner Robert Kraft told CNBC's ""Squawk Box"" on Wednesday. """,0.8392235094850714,"We are excited for the opportunity to support the continued growth of NFL teams through Ares' extensive investment experience and strong relationship networks in the sports, media and entertainment sector,"" the firm said.","Harris said in June that the process ""created a little bit of a wake-up call at the NFL.""""Unless you're one of the wealthiest 50 people [in the world], writing a $5 billion equity check is pretty hard for anyone,"" Harris told CNBC at the CNBC CEO Council Summit at the time.",2024-08-28
"Peloton shares soar 35% as turnaround plan takes hold, losses shrink",https://www.cnbc.com/2024/08/22/peloton-pton-earnings-q4-2024.html,2024-08-22T20:07:22+0000,"In this articlePeloton said Thursday it is digging itself out of the red and eked out a slight sales increase for the first time in nine quarters as it slashed its overall losses. The company's shares spiked 35% on Thursday.The beleaguered connected fitness company, which two board members have run since former CEO Barry McCarthy resigned earlier this year, saw sales grow by 0.2% during its fiscal fourth quarter. While only a modest uptick, it's the first time Peloton posted year-over-year revenue growth since its 2021 holiday quarter. The company also indicated it's ready to focus on profitability over growth with significant cuts to its marketing and sales spending and meaningful increases to free cash flow and adjusted EBITDA. Those cuts helped Peloton narrow its quarterly losses to $30.5 million from $241.1 million in the year-ago period.Here's how the Bike and Tread maker performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:For the three-month period that ended June 30, Peloton significantly narrowed its losses. The company posted a loss of $30.5 million, or 8 cents per share, compared with a loss of $241.8 million, or 68 cents per share, a year earlier. Sales rose to $643.6 million, up about 0.2% from $642.1 million a year earlier. That's only a $1.5 million increase, but Peloton did it at a time when sales are typically a bit slower for the company, because the quarter bleeds into the summer when people are more focused on going out and traveling than working out. The last time Peloton delivered year-over-year sales growth was during its holiday season in 2021, which is typically the company's strongest quarter.During the quarter, sales for Peloton's pricy connected fitness hardware fell about 4%, continuing a trend for the company. But subscription revenue rose by 2.3%, and the segment's gross margin increased by 1 percentage point.Though hardware sales were down, Peloton is growing its subscription revenue through the secondary market where people can buy used stationary bikes for a fraction of the cost of a new one. During the quarter, subscription revenue from hardware purchased on the secondary market grew 16% year over year.""We believe a meaningful share of these subscribers are incremental, and they exhibit lower net churn rates than rental subscribers,"" the company said in a letter to shareholders.While hardware sales have hurt Peloton's overall performance, sales for its Tread are growing after it overcame a costly recall. During the quarter, sales from Peloton's treadmill portfolio grew 42% year over year.The company is also seeing some positive signs in its Bike rental program, which allowed it to clear through a glut of inventory. During the quarter, average net monthly paid subscription churn for rentals was down 1.1 percentage points. Demand has been so steady, it no longer has the refurbished inventory levels necessary to supply that side of the program. The company ceased offering its original Bike rental program on Aug. 1 and since then, has seen demand grow for its Bike+ rental, refurbished original Bike sales and financed new Bike sales.""These alternative programs have stronger unit economics than original Bike rental, with more cash paid upfront and a stronger retention profile,"" the company said in its shareholder letter.Ever since Peloton's pandemic heyday came to an end, the company has struggled to generate free cash flow and ensure it has enough assets on its balance sheet to cover its many liabilities. Earlier this year, it announced a sprawling restructuring plan that included cutting 15% of the company's global workforce to achieve $200 million in annualized cost savings by the end of fiscal 2025.Those efforts are starting to bear fruit.During the quarter, Peloton delivered adjusted EBITDA and free cash flow for the second consecutive quarter – a feat it had not pulled off since the height of the Covid-19 pandemic. It posted $70 million of adjusted EBITDA, far more than the $53 million that analysts had expected, according to StreetAccount. That metric was up $105 million compared with the year-ago period and $64 million quarter over quarter.Peloton also generated $26 million in free cash flow, compared with negative $74 million in the year-ago period and $8 million in the prior quarter.Improvements to Peloton's balance sheet come after the company completed massive refinancing of its debt that staved off a looming liquidity crunch and pushed out its debt maturities by several years.As far as who will be Peloton's next leader, interim co-CEO Karen Boone said the search is ""well underway"" and they've seen ""no shortage of interest.""""We are far along in the process. We've done a lot of vetting, a lot of conversations, and we've narrowed it down to some very highly qualified candidates,"" Boone said. ""We have some very specific folks in mind at this point.""In her opening remarks, Boone said the company can't speculate on when its next CEO will start. But just before ending the call, she said the new hire will be in place by the time the company next reports earnings, which is expected to be sometime in the fall.""I should probably under-promise here, but I am excited to say that I do believe you will be speaking to and hearing from the new CEO of Peloton on this call next quarter,"" said Boone.For the year ahead, Peloton is planning to invest in its hardware and software to deliver a better user experience, among other initiatives. However, its guidance assumes that investments in these new initiatives ""will not deliver subscriber growth within the fiscal year,"" indicating Peloton may finally be shifting its focus away from growth in favor of profitability and free cash flow generation.""Chris, and I, in partnership with Peloton's strong leadership team, are continuing to make progress on several key strategic priorities, which include aligning our cost structure to the current size of our business to improve profitability, and deliver meaningful free cash flow without requiring growth to get there,"" Boone said on a call with analysts.""We're enthusiastic about our innovative roadmap, but we'll be judicious about deploying marketing dollars until we demonstrate product market fit, and continue to be cautious about marketing spend given the uncertain consumer backdrop, and ongoing macro environment,"" she said.That shift shows in its reductions to sales and marketing spending — an expense that has long dragged down Peloton's balance sheet and has been criticized as being too high for the company's size.During the quarter, Peloton cut sales and marketing spending by $25.5 million, or 19% year over year. It said it expects to continue to make reductions to its marketing budget throughout fiscal 2025.For the current quarter, Peloton is projecting sales to be worse than Wall Street expected but is guiding to higher-than-forecast adjusted EBITDA. The company said it anticipates sales to be between $560 million and $580 million, compared with estimates of $609 million, according to LSEG. It's expecting to post adjusted EBITDA of $50 million to $60 million, compared with estimates of $45 million, according to StreetAccount.StreetAccount analysts had expected the number of connected fitness subscribers to be 2.96 million during the current quarter, but Peloton projects a range of 2.88 million to 2.89 million instead.For the full year, Peloton expects sales to be between $2.4 billion and $2.5 billion, compared with estimates of $2.7 billion, according to LSEG.",CNBC,22/08/2024,"['In this articlePeloton said Thursday it is digging itself out of the red and eked out a slight sales increase for the first time in nine quarters as it slashed its overall losses.', ""The company's shares spiked 35% on Thursday."", 'The beleaguered connected fitness company, which two board members have run since former CEO Barry McCarthy resigned earlier this year, saw sales grow by 0.2% during its fiscal fourth quarter.', ""While only a modest uptick, it's the first time Peloton posted year-over-year revenue growth since its 2021 holiday quarter."", ""The company also indicated it's ready to focus on profitability over growth with significant cuts to its marketing and sales spending and meaningful increases to free cash flow and adjusted EBITDA."", 'Those cuts helped Peloton narrow its quarterly losses to $30.5 million from $241.1 million in the year-ago period.', ""Here's how the Bike and Tread maker performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:For the three-month period that ended June 30, Peloton significantly narrowed its losses."", 'The company posted a loss of $30.5 million, or 8 cents per share, compared with a loss of $241.8 million, or 68 cents per share, a year earlier.', 'Sales rose to $643.6 million, up about 0.2% from $642.1 million a year earlier.', ""That's only a $1.5 million increase, but Peloton did it at a time when sales are typically a bit slower for the company, because the quarter bleeds into the summer when people are more focused on going out and traveling than working out."", ""The last time Peloton delivered year-over-year sales growth was during its holiday season in 2021, which is typically the company's strongest quarter."", ""During the quarter, sales for Peloton's pricy connected fitness hardware fell about 4%, continuing a trend for the company."", ""But subscription revenue rose by 2.3%, and the segment's gross margin increased by 1 percentage point."", 'Though hardware sales were down, Peloton is growing its subscription revenue through the secondary market where people can buy used stationary bikes for a fraction of the cost of a new one.', 'During the quarter, subscription revenue from hardware purchased on the secondary market grew 16% year over year.', '""We believe a meaningful share of these subscribers are incremental, and they exhibit lower net churn rates than rental subscribers,"" the company said in a letter to shareholders.', ""While hardware sales have hurt Peloton's overall performance, sales for its Tread are growing after it overcame a costly recall."", ""During the quarter, sales from Peloton's treadmill portfolio grew 42% year over year."", 'The company is also seeing some positive signs in its Bike rental program, which allowed it to clear through a glut of inventory.', 'During the quarter, average net monthly paid subscription churn for rentals was down 1.1 percentage points.', 'Demand has been so steady, it no longer has the refurbished inventory levels necessary to supply that side of the program.', 'The company ceased offering its original Bike rental program on Aug. 1 and since then, has seen demand grow for its Bike+ rental, refurbished original Bike sales and financed new Bike sales.', '""These alternative programs have stronger unit economics than original Bike rental, with more cash paid upfront and a stronger retention profile,"" the company said in its shareholder letter.', ""Ever since Peloton's pandemic heyday came to an end, the company has struggled to generate free cash flow and ensure it has enough assets on its balance sheet to cover its many liabilities."", ""Earlier this year, it announced a sprawling restructuring plan that included cutting 15% of the company's global workforce to achieve $200 million in annualized cost savings by the end of fiscal 2025.Those efforts are starting to bear fruit."", 'During the quarter, Peloton delivered adjusted EBITDA and free cash flow for the second consecutive quarter – a feat it had not pulled off since the height of the Covid-19 pandemic.', 'It posted $70 million of adjusted EBITDA, far more than the $53 million that analysts had expected, according to StreetAccount.', 'That metric was up $105 million compared with the year-ago period and $64 million quarter over quarter.', 'Peloton also generated $26 million in free cash flow, compared with negative $74 million in the year-ago period and $8 million in the prior quarter.', ""Improvements to Peloton's balance sheet come after the company completed massive refinancing of its debt that staved off a looming liquidity crunch and pushed out its debt maturities by several years."", 'As far as who will be Peloton\'s next leader, interim co-CEO Karen Boone said the search is ""well underway"" and they\'ve seen ""no shortage of interest.', '""""We are far along in the process.', 'We\'ve done a lot of vetting, a lot of conversations, and we\'ve narrowed it down to some very highly qualified candidates,"" Boone said. ""', 'We have some very specific folks in mind at this point.', '""In her opening remarks, Boone said the company can\'t speculate on when its next CEO will start.', 'But just before ending the call, she said the new hire will be in place by the time the company next reports earnings, which is expected to be sometime in the fall.', '""I should probably under-promise here, but I am excited to say that I do believe you will be speaking to and hearing from the new CEO of Peloton on this call next quarter,"" said Boone.', 'For the year ahead, Peloton is planning to invest in its hardware and software to deliver a better user experience, among other initiatives.', 'However, its guidance assumes that investments in these new initiatives ""will not deliver subscriber growth within the fiscal year,"" indicating Peloton may finally be shifting its focus away from growth in favor of profitability and free cash flow generation.', '""Chris, and I, in partnership with Peloton\'s strong leadership team, are continuing to make progress on several key strategic priorities, which include aligning our cost structure to the current size of our business to improve profitability, and deliver meaningful free cash flow without requiring growth to get there,"" Boone said on a call with analysts.', '""We\'re enthusiastic about our innovative roadmap, but we\'ll be judicious about deploying marketing dollars until we demonstrate product market fit, and continue to be cautious about marketing spend given the uncertain consumer backdrop, and ongoing macro environment,"" she said.', ""That shift shows in its reductions to sales and marketing spending — an expense that has long dragged down Peloton's balance sheet and has been criticized as being too high for the company's size."", 'During the quarter, Peloton cut sales and marketing spending by $25.5 million, or 19% year over year.', 'It said it expects to continue to make reductions to its marketing budget throughout fiscal 2025.For the current quarter, Peloton is projecting sales to be worse than Wall Street expected but is guiding to higher-than-forecast adjusted EBITDA.', 'The company said it anticipates sales to be between $560 million and $580 million, compared with estimates of $609 million, according to LSEG.', ""It's expecting to post adjusted EBITDA of $50 million to $60 million, compared with estimates of $45 million, according to StreetAccount."", 'StreetAccount analysts had expected the number of connected fitness subscribers to be 2.96 million during the current quarter, but Peloton projects a range of 2.88 million to 2.89 million instead.', 'For the full year, Peloton expects sales to be between $2.4 billion and $2.5 billion, compared with estimates of $2.7 billion, according to LSEG.']",0.1329421236166253,"""Chris, and I, in partnership with Peloton's strong leadership team, are continuing to make progress on several key strategic priorities, which include aligning our cost structure to the current size of our business to improve profitability, and deliver meaningful free cash flow without requiring growth to get there,"" Boone said on a call with analysts.",Those cuts helped Peloton narrow its quarterly losses to $30.5 million from $241.1 million in the year-ago period.,0.5970576956868172,"During the quarter, sales from Peloton's treadmill portfolio grew 42% year over year.","It said it expects to continue to make reductions to its marketing budget throughout fiscal 2025.For the current quarter, Peloton is projecting sales to be worse than Wall Street expected but is guiding to higher-than-forecast adjusted EBITDA.",2024-08-28
Delta chief operations officer departing for another company after just over a year on the job,https://www.cnbc.com/2024/08/23/delta-chief-operations-officer-coo-mike-spanos.html,2024-08-23T16:25:57+0000,"In this articleDelta Air Lines' chief operating officer is leaving at the end of the month, the company said in a securities filing Friday.CEO Ed Bastian said in an employee memo that Chief Operating Officer Mike Spanos is taking a job at another company.His departure, after just over a year on the job, comes weeks after Delta suffered a meltdown in the wake of the massive CrowdStrike outage in July. Delta estimates those disruptions cost the airline some $500 million and said it will seek compensation from CrowdStrike and Microsoft.However, Bastian said in the memo Friday that Spanos told him earlier in the summer that he was ""considering opportunities outside of Delta.""Delta doesn't plan to replace Spanos, Bastian said. Instead, John Laughter, chief of operations and president of Delta's TechOps maintenance and overhaul unit, and Allison Ausband, chief customer experience officer, will report to Bastian. Spanos joined Delta in May 2023 and previously held the role of CEO at Six Flags Entertainment and executive positions at PepsiCo.",CNBC,23/08/2024,"[""In this articleDelta Air Lines' chief operating officer is leaving at the end of the month, the company said in a securities filing Friday."", 'CEO Ed Bastian said in an employee memo that Chief Operating Officer Mike Spanos is taking a job at another company.', 'His departure, after just over a year on the job, comes weeks after Delta suffered a meltdown in the wake of the massive CrowdStrike outage in July.', 'Delta estimates those disruptions cost the airline some $500 million and said it will seek compensation from CrowdStrike and Microsoft.', 'However, Bastian said in the memo Friday that Spanos told him earlier in the summer that he was ""considering opportunities outside of Delta.', '""Delta doesn\'t plan to replace Spanos, Bastian said.', ""Instead, John Laughter, chief of operations and president of Delta's TechOps maintenance and overhaul unit, and Allison Ausband, chief customer experience officer, will report to Bastian."", 'Spanos joined Delta in May 2023 and previously held the role of CEO at Six Flags Entertainment and executive positions at PepsiCo.']",0.094911363188699,"Instead, John Laughter, chief of operations and president of Delta's TechOps maintenance and overhaul unit, and Allison Ausband, chief customer experience officer, will report to Bastian.","His departure, after just over a year on the job, comes weeks after Delta suffered a meltdown in the wake of the massive CrowdStrike outage in July.",-0.9799729585647584,,"His departure, after just over a year on the job, comes weeks after Delta suffered a meltdown in the wake of the massive CrowdStrike outage in July.",2024-08-28
"Ford delays new EV plant, cancels electric three-row SUV as it shifts strategy",https://www.cnbc.com/2024/08/21/ford-delays-new-ev-plant-cancels-electric-three-row-suv.html,2024-08-21T14:09:40+0000,"In this articleDETROIT – Ford Motor is delaying production of a next-generation all-electric pickup truck at a new plant in Tennessee and canceling plans for a three-row electric SUV, the company said Wednesday.Instead, Ford said it will prioritize the development of hybrid models, as well as electric commercial vehicles such as a new electric commercial van in 2026, followed by two EV pickup trucks in 2027.The pickups are expected to be a full-size truck, which will be produced in 2027 at the Tennessee plant that's currently under construction, and a new midsize truck being developed by a specialized ""skunkworks"" team in California.""As we've learned in the marketplace, and we've seen where people have gravitated, we're going to focus in where we have competitive advantage, and that's on commercial land trucks and SUVs,"" Ford CFO John Lawler said Wednesday.The actions are meant to better deliver a capital-efficient, profitable electric vehicle business, said Lawler, who also serves as vice chair of the automaker. But, in the short term, they will cost the company.Ford said it will incur a special noncash charge of about $400 million for the write-down of certain product-specific manufacturing assets, including the cancellation of the three-row SUV.The company said the changes may also result in additional expenses and cash expenditures of up to $1.5 billion. Ford will reflect those in the quarter in which they are incurred, as a special item.Lawler said the company's future capital expenditure plans will shift from spending about 40% on all-electric vehicles to spending 30%. He did not give a timeline for the change.Vehicle production at the new $5.6 billion Tennessee site was initially expected to begin next year. The company said it still expects to start battery cell production at the site in 2025.The changes are the latest for Ford and come amid slower-than-expected adoption of EVs as well as automakers not being able to profitably produce the vehicles.The new plans come roughly five months after Ford said it would delay production of the three-row SUV and next-generation pickup, codenamed ""T3.""""This is really about us being nimble and listening to responses from our customers,"" Lawler said during a call Wednesday morning. ""We've been out in the [EV] market here for over two years, and we've learned a lot, and what we're understanding is that customers want more electrification choices.""The rollout of Ford's next generation of EVs will begin with a commercial van that will be assembled at Ford's Ohio Assembly Plant starting in 2026, according to the company.The automaker previously said it would not launch a vehicle if there wasn't a clear path to profitability within the first year. It was a change from selling EVs at a loss to grow share and assist in meeting fuel and emissions standards.Ford said it will continue to produce and update its current all-electric vehicles such as the Ford Mustang Mach-E crossover and F-150 Lightning pickup truck.The company said it plans to provide investors with an ""update on electrification, technology, profitability and capital requirements"" in the first half of 2025.",CNBC,21/08/2024,"['In this articleDETROIT – Ford Motor is delaying production of a next-generation all-electric pickup truck at a new plant in Tennessee and canceling plans for a three-row electric SUV, the company said Wednesday.', 'Instead, Ford said it will prioritize the development of hybrid models, as well as electric commercial vehicles such as a new electric commercial van in 2026, followed by two EV pickup trucks in 2027.The pickups are expected to be afull-size truck, which will be produced in 2027 at the Tennessee plant that\'s currently under construction,and a new midsize truck being developed by a specialized ""skunkworks"" team in California.', '""As we\'ve learned in the marketplace, and we\'ve seen where people have gravitated, we\'re going to focus in where we have competitive advantage, and that\'s on commercial land trucks and SUVs,"" Ford CFO John Lawler said Wednesday.', 'The actions are meant to better deliver a capital-efficient, profitable electric vehicle business, said Lawler, who also serves as vice chair of the automaker.', 'But, in the short term, they will cost the company.', 'Ford said it will incur a special noncash charge of about $400 million for the write-down of certain product-specific manufacturing assets, including the cancellation of the three-row SUV.The company said the changes may also result in additional expenses and cash expenditures of up to $1.5 billion.', 'Ford will reflect those in the quarter in which they are incurred, as a special item.', ""Lawler said the company's future capital expenditure plans will shift from spending about 40% on all-electric vehicles to spending 30%."", 'He did not give a timeline for the change.', 'Vehicle production at the new $5.6 billion Tennessee site was initially expected to begin next year.', 'The company said it still expects to start battery cell production at the site in 2025.The changes are the latest for Ford and come amid slower-than-expected adoption of EVs as well as automakers not being able to profitably produce the vehicles.', 'The new plans come roughly five months after Ford said it would delay production of the three-row SUV and next-generation pickup, codenamed ""T3.""""This is really about us being nimble and listening to responses from our customers,"" Lawler said during a call Wednesday morning. ""', ""We've been out in the [EV] market here for over two years, and we've learned a lot, and what we're understanding is that customers want more electrification choices."", '""The rollout of Ford\'s next generation of EVs will begin with a commercial van that will be assembled at Ford\'s Ohio Assembly Plant starting in 2026, according to the company.', ""The automaker previously said it would not launch a vehicle if there wasn't a clear path to profitability within the first year."", 'It was a change from selling EVs at a loss to grow share and assist in meeting fuel and emissions standards.', 'Ford said it will continue to produce and update its current all-electric vehicles such as the Ford Mustang Mach-E crossover and F-150 Lightning pickup truck.', 'The company said it plans to provide investors with an ""update on electrification, technology, profitability and capital requirements"" in the first half of 2025.']",0.2066772679754198,"The actions are meant to better deliver a capital-efficient, profitable electric vehicle business, said Lawler, who also serves as vice chair of the automaker.","The new plans come roughly five months after Ford said it would delay production of the three-row SUV and next-generation pickup, codenamed ""T3.""""This is really about us being nimble and listening to responses from our customers,"" Lawler said during a call Wednesday morning. """,0.133549948533376,"The actions are meant to better deliver a capital-efficient, profitable electric vehicle business, said Lawler, who also serves as vice chair of the automaker.",The company said it still expects to start battery cell production at the site in 2025.The changes are the latest for Ford and come amid slower-than-expected adoption of EVs as well as automakers not being able to profitably produce the vehicles.,2024-08-28
NFL wants a cut of private equity investment profits,https://www.cnbc.com/2024/08/27/nfl-wants-to-take-percentage-of-private-equity-investment-profits.html,2024-08-28T13:54:30+0000,"The National Football League has informed owners and investment firms that it intends to take a percentage of private equity profits on any future sales of ownership stakes, according to people familiar with the matter.NFL owners voted Tuesday to allow private equity firms to take a maximum 10% stake in teams.The league has never allowed private equity investment before. Major League Baseball, the National Basketball Association and the National Hockey League already allow up to 30% of teams to be owned by investment firms, though the cap for individual funds is between 15% and 20%.No other league takes a percentage of the so-called carry — the percentage of a fund's investment profits that managers typically receive as compensation — for all private equity firms. It was unclear heading into the owners' meeting if the NFL plan would apply to all or only some firms, or what percentage of the profits the league wanted to take.The NFL has informally told investment firms that if they make a return on an investment, it wants a portion of the profits to be returned to the league.""Each of us are privileged to own an asset that we're custodians of the local community and we don't want ownership that's putting making money first,"" New England Patriots owner Robert Kraft told CNBC's ""Squawk Box"" on Wednesday. ""If you do your job and you present a good product, the community gets behind it.""It was unclear if the NFL's plans to take a piece of profits would deter future investment from private equity. The initial approved firms include Ares Management, Sixth Street Partners and Arctos Partners, and a consortium of investors including Dynasty Equity, Blackstone, Carlyle Group, CVC Capital Partners and Ludis, a platform founded by investor and former NFL running back Curtis Martin.The NFL declined to comment.Over the past 20 years, the league's total value has risen from $23.46 billion to $190 billion, a 710% gain, according to Sportico. The S&P 500 index has risen about 660% during the same time span.— CNBC's Jake Piazza contributed to this report.",CNBC,28/08/2024,"['The National Football League has informed owners and investment firms that it intends to take a percentage of private equity profits on any future sales of ownership stakes, according to people familiar with the matter.', 'NFL owners voted Tuesday to allow private equity firms to take a maximum 10% stake in teams.', 'The league has never allowed private equity investment before.', ""Major League Baseball, the National Basketball Association and the National Hockey League already allow up to 30% of teams to be owned by investment firms, though the cap for individual funds is between 15% and 20%.No other league takes a percentage of the so-called carry — the percentage of a fund's investment profits that managers typically receive as compensation — for all private equity firms."", ""It was unclear heading into the owners' meeting if the NFL plan would apply to all or only some firms, or what percentage of the profits the league wanted to take."", 'The NFL has informally told investment firms that if they make a return on an investment, it wants a portion of the profits to be returned to the league.', '""Each of us are privileged to own an asset that we\'re custodians of the local community and we don\'t want ownership that\'s putting making money first,"" New England Patriots owner Robert Kraft told CNBC\'s ""Squawk Box"" on Wednesday. ""', 'If you do your job and you present a good product, the community gets behind it.', '""It was unclear if the NFL\'s plans to take a piece of profits would deter future investment from private equity.', 'The initial approved firms includeAres Management,Sixth Street Partners and Arctos Partners, and a consortium of investors including Dynasty Equity,Blackstone,Carlyle Group,CVC Capital Partnersand Ludis, a platform founded by investor and former NFL running back Curtis Martin.', 'The NFL declined to comment.', ""Over the past 20 years, the league's total value has risen from $23.46 billion to $190 billion, a 710% gain, according to Sportico."", 'The S&P 500 index has risen about 660% during the same time span.—', ""CNBC's Jake Piazza contributed to this report.""]",0.3173730239255343,"Over the past 20 years, the league's total value has risen from $23.46 billion to $190 billion, a 710% gain, according to Sportico.",,0.3556423584620158,"Over the past 20 years, the league's total value has risen from $23.46 billion to $190 billion, a 710% gain, according to Sportico.","""It was unclear if the NFL's plans to take a piece of profits would deter future investment from private equity.",2024-08-28
Paramount special committee extends Skydance 'go shop' period as it reviews Bronfman offer,https://www.cnbc.com/2024/08/22/paramount-skydance-go-shop-period-extended-to-review-bronfman-offer.html,2024-08-22T00:45:32+0000,"In this articleThe future of Paramount Global is still uncertain.Paramount's special committee on Wednesday said it would extend by 15 days an agreed-upon ""go shop"" period of its merger agreement with Skydance as it reviews a competing offer from Edgar Bronfman Jr.Bronfman initially offered $4.3 billion late Monday for Shari Redstone's National Amusements, the controlling shareholder of Paramount, according to a person familiar with the bid. As part of the bid, Bronfman would acquire a minority stake in Paramount. However, after placing the bid, Bronfman raised more funds to support a higher bid, said the person, who asked to remain anonymous to speak about specifics of the offer.On Wednesday, Bronfman upped the bid and submitted a revised offer of $6 billion, the person said.The offer looks to supersede Paramount's merger agreement with Skydance Media, which came in early July and capped off a monthslong negotiation process. The agreement included a 45-day ""go shop"" period during which Paramount could solicit other offers.A representative for Bronfman declined to comment.The special committee on Wednesday confirmed ""the receipt of an acquisition proposal from Edgar Bronfman, Jr., on behalf of a consortium of investors.""""As a result, the 'go shop' period is extended for the Bronfman Consortium until September 5, 2024, pursuant to the transaction agreement to which the Company remains subject,"" the committee said in a statement. ""There can be no assurance this process will result in a Superior Proposal. The Company does not intend to disclose further developments unless and until it determines such disclosure is appropriate or is otherwise required.""The committee added that during the initial ""go shop"" period it contacted more than 50 third parties to gauge potential acquisition interest. The go-shop period will still expire before midnight Wednesday for all other parties, the committee said.The Skydance buying consortium, which also includes private equity firms RedBird Capital Partners and KKR, agreed to invest more than $8 billion into Paramount and to acquire National Amusements. The deal gives National Amusements an enterprise value of $2.4 billion, including $1.75 billion in equity.As part of the Skydance deal, Paramount's class A shareholders would receive $23 apiece in cash or stock, and class B shareholders would receive $15 per share, equating to a cash consideration totaling $4.5 billion available to public shareholders. Skydance also agreed to inject $1.5 billion of capital into Paramount's balance sheet.National Amusements owns 77% of Paramount's class A shares, and 5% of class B shares. If the Skydance transaction were to close, it would wholly own class A Paramount shares, and 69% of the outstanding class B shares.Bronfman's initial bid proposed buying National Amusements in an equity deal valued at $1.75 billion. That offer included a $1.5 billion investment into Paramount's balance sheet, like the Skydance deal, and also included covering the $400 million breakup fee that Paramount would owe Skydance if it walked away from the deal, according to the person familiar.The sweetened bid made on Wednesday now includes $1.7 billion for a tender offer that would give non-Redstone, nonvoting Paramount shareholders the option to receive $16 a share, the person added.Bronfman previously ran Warner Music and liquor company Seagram and has also served as executive chairman of Fubo TV since 2020. Details of his bid were first reported by The Wall Street Journal.The merger agreement between Paramount and Skydance has drawn scrutiny from shareholders. Money manager Mario Gabelli reportedly filed a lawsuit looking for Paramount to turn over its books related to the Skydance deal — a possible first step toward a lawsuit challenging the deal. Investor Scott Baker reportedly sued to block the deal, arguing it would cost shareholders $1.65 billion.",CNBC,22/08/2024,"['In this articleThe future of Paramount Global is still uncertain.', 'Paramount\'s special committee on Wednesday said it would extend by 15 days an agreed-upon ""go shop"" period of its merger agreement with Skydance as it reviews a competing offer from Edgar Bronfman Jr.Bronfman initially offered $4.3 billion late Monday for Shari Redstone\'s National Amusements, the controlling shareholder of Paramount, according to a person familiar with the bid.', 'As part of the bid, Bronfman would acquire a minority stake in Paramount.', 'However, after placing the bid, Bronfman raised more funds to support a higher bid, said the person, who asked to remain anonymous to speak about specifics of the offer.', 'On Wednesday, Bronfman upped the bid and submitted a revised offer of $6 billion, the person said.', ""The offer looks to supersede Paramount's merger agreement with Skydance Media, which came in early July and capped off a monthslong negotiation process."", 'The agreement included a 45-day ""go shop"" period during which Paramount could solicit other offers.', 'A representative for Bronfman declined to comment.', 'The special committee on Wednesday confirmed ""the receipt of an acquisition proposal fromEdgar Bronfman, Jr., on behalf of a consortium of investors.', '""""As a result, the \'go shop\' period is extended for the Bronfman Consortium untilSeptember 5, 2024, pursuant to the transaction agreement to which the Company remains subject,"" the committee said in a statement. ""', 'There can be no assurance this process will result in a Superior Proposal.', 'The Company does not intend to disclose further developments unless and until it determines such disclosure is appropriate or is otherwise required.', '""The committee added that during the initial ""go shop"" period it contacted more than 50 third parties to gauge potential acquisition interest.', 'The go-shop period will still expire before midnight Wednesday for all other parties, the committee said.', 'The Skydance buying consortium, which also includes private equity firms RedBird Capital Partners and KKR, agreed to invest more than $8 billion into Paramount and to acquire National Amusements.', 'The deal gives National Amusements an enterprise value of $2.4 billion, including $1.75 billion in equity.', ""As part of the Skydance deal, Paramount's class A shareholders would receive $23 apiece in cash or stock, and class B shareholders would receive $15 per share, equating to a cash consideration totaling $4.5 billion available to public shareholders."", ""Skydance also agreed to inject $1.5 billion of capital into Paramount's balance sheet."", ""National Amusements owns 77% of Paramount's class A shares, and 5% of class B shares."", 'If the Skydance transaction were to close, it would wholly own class A Paramount shares, and 69% of the outstanding class B shares.', ""Bronfman's initial bid proposed buying National Amusements in an equity deal valued at $1.75 billion."", ""That offer included a $1.5 billion investment into Paramount's balance sheet, like the Skydance deal, and also included covering the $400 million breakup fee that Paramount would owe Skydance if it walked away from the deal, according to the person familiar."", 'The sweetened bid made on Wednesday now includes $1.7 billion for a tender offer that would give non-Redstone, nonvoting Paramount shareholders the option to receive $16 a share, the person added.', 'Bronfman previously ran Warner Music and liquor company Seagram and has also served as executive chairman of Fubo TV since 2020.', 'Details of his bid were first reported by The Wall Street Journal.', 'The merger agreement between Paramount and Skydance has drawn scrutiny from shareholders.', 'Money manager Mario Gabelli reportedly filed a lawsuit looking for Paramount to turn over its books related to the Skydance deal — a possible first step toward a lawsuit challenging the deal.', 'Investor Scott Baker reportedly sued to block the deal, arguing it would cost shareholders $1.65 billion.']",0.3085179853061787,"Paramount's special committee on Wednesday said it would extend by 15 days an agreed-upon ""go shop"" period of its merger agreement with Skydance as it reviews a competing offer from Edgar Bronfman Jr.Bronfman initially offered $4.3 billion late Monday for Shari Redstone's National Amusements, the controlling shareholder of Paramount, according to a person familiar with the bid.","Investor Scott Baker reportedly sued to block the deal, arguing it would cost shareholders $1.65 billion.",0.258874237537384,"The Skydance buying consortium, which also includes private equity firms RedBird Capital Partners and KKR, agreed to invest more than $8 billion into Paramount and to acquire National Amusements.","Investor Scott Baker reportedly sued to block the deal, arguing it would cost shareholders $1.65 billion.",2024-08-28
Cava earnings beat estimates as restaurant traffic climbs nearly 10%,https://www.cnbc.com/2024/08/22/cava-group-cava-earnings-q2-2024.html,2024-08-23T11:28:50+0000,"In this articleCava on Thursday raised its full-year outlook as its restaurants reported strong traffic, fueling better-than-expected quarterly earnings and revenue.Shares of the company rose 9% in extended trading. The stock has more than doubled its value this year, bringing Cava's market cap up to about $11.6 billion, as of Thursday's close.Here is what the company reported for the quarter that ended July 14 compared to what Wall Street was expecting, based on a survey of analysts by LSEG:The Mediterranean restaurant chain reported fiscal second-quarter net income of $19.7 million, or 17 cents per share, up from $6.5 million, or 21 cents per share, a year earlier.Net sales climbed 35% to $233 million. The company's same-store sales rose 14.4%, topping StreetAccount estimates of 7.9%.While many other restaurant companies have reported declines in visits as consumers pull back their spending, Cava said its traffic grew 9.5% in the quarter. Cava CEO and co-founder Brett Schulman credited the chain's new grilled steak option as one reason customers kept coming to its restaurants during the quarter.Cava opened 18 net new locations during the quarter, bringing its total footprint up to 341 restaurants.For fiscal 2024, Cava now expects same-store sales growth of 8.5% to 9.5%, up from its prior range of 4.5% to 6.5%. The company is also projecting that it will open 54 to 57 new locations this year, up from its previous forecast of 50 to 54 restaurants.Cava also expects to report adjusted earnings before interest, taxes, depreciation and amortization of $109 million to $114 million. Previously, it was projecting adjusted EBITDA of $100 million to $105 million for the fiscal year.",CNBC,23/08/2024,"['In this articleCava on Thursday raised its full-year outlook as its restaurants reported strong traffic, fueling better-than-expected quarterly earnings and revenue.', 'Shares of the company rose 9% in extended trading.', ""The stock has more than doubled its value this year, bringing Cava's market cap up to about $11.6 billion, as of Thursday's close."", 'Here is what the company reported for the quarter that ended July 14 compared to what Wall Street was expecting, based on a survey of analysts by LSEG:The Mediterranean restaurant chain reported fiscal second-quarter net income of $19.7 million, or 17 cents per share, up from $6.5 million, or 21 cents per share, a year earlier.', 'Net salesclimbed 35% to $233 million.', ""The company's same-store sales rose 14.4%, topping StreetAccount estimates of 7.9%.While many other restaurant companies have reported declines in visits as consumers pull back their spending, Cava said its traffic grew 9.5% in the quarter."", ""Cava CEO and co-founder Brett Schulman credited the chain's new grilled steak option as one reason customers kept coming to its restaurants during the quarter."", 'Cava opened 18 net new locations during the quarter, bringing its total footprint up to 341 restaurants.', 'For fiscal 2024, Cava now expects same-store sales growth of 8.5% to 9.5%, up from its prior range of 4.5% to 6.5%.', 'The company is also projecting that it will open 54 to 57 new locations this year, up from its previous forecast of 50 to 54 restaurants.', 'Cava also expects to report adjusted earnings before interest, taxes, depreciation and amortization of $109 million to $114 million.', 'Previously, it was projecting adjusted EBITDA of $100 million to $105 million for the fiscal year.']",0.2665119947167048,"In this articleCava on Thursday raised its full-year outlook as its restaurants reported strong traffic, fueling better-than-expected quarterly earnings and revenue.",,0.9992665383550856,Shares of the company rose 9% in extended trading.,,2024-08-28
Home sales rose in July for the first time in five months,https://www.cnbc.com/2024/08/22/july-home-sales-break-4-month-losing-streak-as-supply-rises-nearly-20percent.html,2024-08-22T16:18:44+0000,"Closed sales of previously owned homes rose 1.3% in July compared with June to a seasonally adjusted, annualized rate of 3.95 million units, according to the National Association of Realtors. That was the first gain in five months.Sales were 2.5% lower compared with the same time last year.Sales saw the biggest gains in the Northeast and were flat in the Midwest. Prices also rose the most in the Northeast.""Despite the modest gain, home sales are still sluggish,"" said Lawrence Yun, the NAR's chief economist, in a release. ""But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.""These sales are based on contracts that were likely signed in May and June, when mortgage rates were well over 7% on the popular 30-year fixed loan. Rates began dropping in July and are now hovering around 6.5%.All-cash offers made up 27% of July sales, up from 26% the year before and far higher than the historical norm.The supply of homes for sale continued to move higher in July. At the end of the month, there were 1.33 million houses on the market, an increase of 0.8% from June and 19.8% higher than in July 2023. At the current sales pace, that represents a four-month supply, slightly lower than it was in June.The increase in supply did not, however, help to cool home prices. The median price of an existing home sold in July was $442,600, an increase of 4.2% year over year.First-time buyers made up 29% of sales in July, unchanged from June but down from 30% in July 2023. Historically, these buyers make up closer to 40% of home sales, but affordability has been hit hard in the last two years due to fast-rising home prices and higher mortgage rates.With rates now slightly lower, demand is starting to pick up. A separate report from Redfin, a real estate brokerage, found requests for tours and other buying services from Redfin agents rose 4% over the last week to their highest level in two months.Correction: A previous version of this story misstated a time frame for the decline in home sales.",CNBC,22/08/2024,"['Closed sales of previously owned homes rose 1.3% in July compared with June to a seasonally adjusted, annualized rate of 3.95 million units, according to the National Association of Realtors.', 'That was the first gain in five months.', 'Sales were2.5% lower compared with the same time last year.', 'Sales saw the biggest gains in the Northeast and were flat in the Midwest.', 'Prices also rose the most in the Northeast.', '""Despite the modest gain, home sales are still sluggish,"" said Lawrence Yun, the NAR\'s chief economist, in a release. ""', 'But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.', '""These sales are based on contracts that were likely signed in May and June, when mortgage rates were well over 7% on the popular 30-year fixed loan.', 'Rates began dropping in July and are now hovering around 6.5%.All-cash offers made up 27% of July sales, up from 26% the year before and far higher than the historical norm.', 'The supply of homes for sale continued to move higher in July.', 'At the end of the month, there were1.33 million houses on the market, an increase of0.8% from June and 19.8% higher than in July 2023.', 'At the current sales pace, that represents afour-month supply, slightly lower than it was in June.', 'The increase in supply did not, however, help to cool home prices.', 'The median price of an existing home sold in July was $442,600, an increase of 4.2% year over year.', 'First-time buyers made up 29% of sales in July, unchanged from June but down from 30% in July 2023.', 'Historically, these buyers make up closer to 40% of home sales, but affordability has been hit hard in the last two years due to fast-rising home prices and higher mortgage rates.', 'With rates now slightly lower, demand is starting to pick up.', 'A separate report from Redfin, a real estate brokerage, found requests for tours and other buying services from Redfin agents rose 4% over the last week to their highest level in two months.', 'Correction: A previous version of this story misstated a time frame for the decline in home sales.']",0.1091956565592473,"But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.","""Despite the modest gain, home sales are still sluggish,"" said Lawrence Yun, the NAR's chief economist, in a release. """,0.3335675762759315,"Closed sales of previously owned homes rose 1.3% in July compared with June to a seasonally adjusted, annualized rate of 3.95 million units, according to the National Association of Realtors.",Sales were2.5% lower compared with the same time last year.,2024-08-28
"Target shares spike as profits rise, despite cautious sales outlook",https://www.cnbc.com/2024/08/21/target-tgt-q2-2024-earnings.html,2024-08-21T20:05:56+0000,"In this articleTarget said Wednesday that sales grew about 3% in its fiscal second quarter, a return to growth after a prolonged stretch of sluggish sales and squeezed profits.The discounter beat Wall Street's earnings and revenue expectations, as shoppers made more visits to Target's stores and website, and bought more discretionary items like clothing.Even so, the company stuck by its previous full-year sales forecast and struck a cautious note. Target said it expects comparable sales for the full year to range from flat to up 2%, but said it now expects the increase will likely be in the lower half of the range. Target raised its profit guidance, however, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous range of $8.60 and $9.60.The company's shares closed about 11% higher Wednesday as Target showed improvement in generating profits.On a call with reporters, Chief Operating Officer Michael Fiddelke said Target took a ""measured approach"" with its outlook because it's hard to predict consumers' mindsets and the state of the economy in the coming months.""While we've been pleased with our performance so far this year, and our view of the consumer remains largely the same, the range of possibilities and the macroeconomic backdrop in consumer data and in our business remains unusually high,"" he said.Here's what Target reported for the three-month period that ended Aug. 3 compared with what Wall Street expected, based on a survey of analysts by LSEG:Target, known for its wide array of trendy but low-priced merchandise, has been hurt as consumers buy fewer items like new outfits or home decor while they pay more for everyday expenses like food and housing. The big-box retailer has also struggled with reduced profits in recent quarters, as customers purchased items like groceries that tend to be lower margin, and losses from damaged inventory and theft, including organized retail crime, took a toll.Those trends improved in the second quarter, as Target attracted shoppers with new merchandise and reduced prices.Target's net income jumped to $1.19 billion, or $2.57 per share, from $835 million, or $1.80 per share, in the year-ago quarter. That's a more than 40% year-over-year increase.Total revenue rose from $24.77 billion in the prior year.Comparable sales climbed 2% in the quarter, the first time in five quarters that Target posted a gain. The industry metric tracks sales online and at stores open at least 13 months.Digital sales drove most of those gains, growing 8.7% in the quarter, as more customers used same-day services like curbside pickup and home delivery. Comparable store sales rose slightly, up 0.7%.Target has tried to rev up sales and drive higher foot traffic by deepening loyalty and offering discounts. The company relaunched its loyalty program early this year and introduced a new paid membership, Target Circle 360, that includes perks like free same-day deliveries. Target threw its own sales event in July to compete with Amazon's Prime Day. And it announced in May that it would cut prices on about 5,000 frequently bought items, including diapers, milk and paper towels. CEO Brian Cornell said customers have responded well to the price reductions and credited them for contributing to traffic growth in the quarter. Customer traffic across Target's website and store grew 3% in the second quarter compared with the year-ago period. The average size of customers' shopping baskets, however, declined slightly, Fiddelke said.Discretionary sales, which have been under pressure across the retail industry, improved. Target said apparel sales, for instance, grew more than 3% in the quarter compared with the year-ago period. Back-to-school has also been an important season for the retailer. Chief Commercial Officer Rick Gomez said on the call with reporters that the shopping season has matched Target's expectations, as many customers gravitate toward items with good value like backpacks that cost $5 and crayons that cost 25 cents. He said back-to-college shopping tends to be a longer season, as students gradually decorate their apartments and dorms.Shares of Target closed Wednesday at $159.25 after accounting for a dividend payment. As of Wednesday's close, the company's stock is up about 12% so far this year. That's trailed behind the S&P 500's greater than 17% gains during the same period.",CNBC,21/08/2024,"['In this articleTarget said Wednesday that sales grew about 3% in its fiscal second quarter, a return to growth after a prolonged stretch of sluggish sales and squeezed profits.', ""The discounter beat Wall Street's earnings and revenue expectations, as shoppers made more visits to Target's stores and website, and bought more discretionary items like clothing."", 'Even so, the company stuck by its previous full-year sales forecast and struck a cautious note.', 'Target said it expects comparable sales for the full year to range from flat to up 2%, but said it now expects the increase will likely be in the lower half of the range.', ""Target raised its profit guidance, however, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous range of $8.60 and $9.60.The company's shares closed about 11% higher Wednesday as Target showed improvement in generating profits."", 'On a call with reporters, Chief Operating Officer Michael Fiddelke said Target took a ""measured approach"" with its outlook because it\'s hard to predict consumers\' mindsets and the state of the economy in the coming months.', '""While we\'ve been pleased with our performance so far this year, and our view of the consumer remains largely the same, the range of possibilities and the macroeconomic backdrop in consumer data and in our business remains unusually high,"" he said.', ""Here's what Target reported for the three-month period that ended Aug. 3 compared with what Wall Street expected, based on a survey of analysts by LSEG:Target, known for its wide array of trendy but low-priced merchandise, has been hurt as consumers buy fewer items like new outfits or home decor while they pay more for everyday expenses like food and housing."", 'The big-box retailer has also struggled with reduced profits in recent quarters, as customers purchased items like groceries that tend to be lower margin, and losses from damaged inventory and theft, including organized retail crime, took a toll.', 'Those trends improved in the second quarter, as Target attracted shoppers with new merchandise and reduced prices.', ""Target's net income jumped to $1.19 billion, or $2.57 per share, from $835 million, or $1.80 per share, in the year-ago quarter."", ""That's a more than 40% year-over-year increase."", 'Total revenue rose from $24.77 billion in the prior year.', 'Comparable sales climbed 2% in the quarter, the first time in five quarters that Target posted a gain.', 'The industry metric tracks sales online and at stores open at least 13 months.', 'Digital sales drove most of those gains, growing 8.7% in the quarter, as more customers used same-day services like curbside pickup and home delivery.', 'Comparable store sales rose slightly, up 0.7%.Target has tried to rev up sales and drive higher foot traffic by deepening loyalty and offering discounts.', 'The company relaunched its loyalty program early this year and introduced a new paid membership, Target Circle 360, that includes perks like free same-day deliveries.', ""Target threw its own sales event in July to compete with Amazon's Prime Day."", 'And it announced in May that it would cut prices on about 5,000 frequently bought items, including diapers, milk and paper towels.', 'CEO Brian Cornell said customers have responded well to the price reductions and credited them for contributing to traffic growth in the quarter.', ""Customer traffic across Target's website and store grew 3% in the second quarter compared with the year-ago period."", ""The average size of customers' shopping baskets, however, declined slightly, Fiddelke said."", 'Discretionary sales, which have been under pressure across the retail industry, improved.', 'Target said apparel sales, for instance, grew more than 3% in the quarter compared with the year-ago period.', 'Back-to-school has also been an important season for the retailer.', ""Chief Commercial Officer Rick Gomez said on the call with reporters that the shopping season has matched Target's expectations, as many customers gravitate toward items with good value like backpacks that cost $5 and crayons that cost 25 cents."", 'He said back-to-college shopping tends to be a longer season, as students gradually decorate their apartments and dorms.', 'Shares of Target closed Wednesday at $159.25 after accounting for a dividend payment.', ""As of Wednesday's close, the company's stock is up about 12% so far this year."", ""That's trailed behind the S&P 500's greater than 17% gains during the same period.""]",0.2379670763507107,"Target raised its profit guidance, however, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous range of $8.60 and $9.60.The company's shares closed about 11% higher Wednesday as Target showed improvement in generating profits.","The big-box retailer has also struggled with reduced profits in recent quarters, as customers purchased items like groceries that tend to be lower margin, and losses from damaged inventory and theft, including organized retail crime, took a toll.",0.5834868599971136,Total revenue rose from $24.77 billion in the prior year.,"The big-box retailer has also struggled with reduced profits in recent quarters, as customers purchased items like groceries that tend to be lower margin, and losses from damaged inventory and theft, including organized retail crime, took a toll.",2024-08-28
Ford joins list of companies walking back DEI policies,https://www.cnbc.com/2024/08/28/ford-joins-list-of-companies-walking-back-dei-policies.html,2024-08-28T19:28:17+0000,"Ford Motor is the latest company to walk back some of its commitments to diversity, equity and inclusion initiatives.The automaker has taken ""a fresh look"" at its DEI policies and practices over the past year to take in to account the evolving ""external and legal environment related to political and social issues,"" according to an internal communication that was shared with global Ford employees and posted on X on Wednesday by an anti-DEI activist. Ford confirmed the letter was authentic and said it had no additional comment on the matter.Ford's move follows retailer Tractor Supply, which one of the first major companies to stop its DEI efforts, as it severed ties earlier this summer with the Human Rights Campaign, an LGBTQ+ advocacy group, and retired DEI targets like boosting the number of employees of color at the manager level. Harley Davidson, whose board of directors includes Ford CEO Jim Farley, also decided last week to stop consulting the HRC's metric for treatment of LGBTQ+ employees and affirmed that it does not have a DEI function.Home improvement retailer Lowe's joined the efforts earlier this week, and noted that it might also make additional changes to the policies over time.The companies have cited conservative backlash or changing social and political environments in their announcements. Tractor Supply and Harley Davidson also noted a desire to appeal to their more rural or conservative-leaning customers.""I think you will start to see this move towards more politically neutral companies, which is to say that most of these companies didn't really want to be doing this stuff in the first place,"" Liz Hoffman, Semafor's business and finance editor, said on CNBC's ""Squawk Box"" earlier Wednesday, before the Ford memo was posted. In the memo Wednesday, Farley said the company will not use quotas for minority dealerships or suppliers, adding that it does not have hiring quotas.The automaker will also stop participating in the Human Rights Campaign's Corporate Equality Index, as well as various other ""best places to work"" lists.Human Rights Campaign scores over 1,300 companies annually based on their corporate equality measures for LGBTQ+ individuals, including practices like offering spousal medical benefits regardless of sex and having distinct LGBTQ+ community outreach efforts. Ford, in previous years, had received a perfect score on the index.""Ford Motor Company's shortsighted decisions will have long-term consequences,"" Human Rights Campaign President Kelley Robinson said in a statement. ""Hastily abandoning efforts that ensure fair, safe, and inclusive work environments is bad for business and leaves Ford's employees and millions of LGBTQ+-allied consumers behind.""The organization also added that it evaluates every Fortune 500 company on its equality index, regardless of whether or not the company submits additional information about its priorities, which means Ford will continue to be scored on the list.""As a global company, we will continue to put our effort and resources into taking care of our customers, our team, and our communities versus publicly commenting on the many polarizing issues of the day,"" Ford said in the statement sent to employees. ""There will of course be times when we will speak out on core issues if we believe our voice can make a positive difference.""Many companies, including automakers such as Ford, amped up their DEI commitments in the aftermath of the murder of George Floyd and Black Lives Matter protests of the summer of 2020 — and Ford spoke up about that at the time.""We are not interested in superficial actions. This is our moment to lead from the front and fully commit to creating the fair, just and inclusive culture that our employees deserve,"" the company said in 2020 in a letter reaffirming its DEI commitment. ""We cannot turn a blind eye to it or accept some sense of 'order' that's based on oppression.""But, in the wake of the Supreme Court decision to overturn affirmative action in colleges, a growing number of conservative activists on social media have called on companies to stop investing in DEI.""There is an old saying: If you give an inch, people take a mile, and that is essentially what we have seen when the Supreme Court made a ruling that was very specific to institutions of higher education,"" industrial and organizational psychologist Derek Avery told CNBC. ""Conservative state attorney generals sent letters to corporations warning them that they could expect to be sued if they continue to advocate and promote DEI practices within their organizations that could be construed as counter to the Supreme Court ruling, even though the Supreme Court ruling had no bearing on those corporate initiatives.""",CNBC,28/08/2024,"['Ford Motor is the latest company to walk back some of its commitments to diversity, equity and inclusion initiatives.', 'The automaker has taken ""a fresh look"" at its DEI policies and practices over the past year to take in to account the evolving ""external and legal environment related to political and social issues,"" according to an internal communication that was shared with global Ford employees and posted on X on Wednesday by an anti-DEI activist.', 'Ford confirmed the letter was authentic and said it had no additional comment on the matter.', ""Ford's move follows retailer Tractor Supply, which one of the first major companies to stop its DEI efforts, as it severed ties earlier this summer with the Human Rights Campaign, an LGBTQ+ advocacy group, and retired DEI targets like boosting the number of employees of color at the manager level."", ""Harley Davidson, whose board of directors includes Ford CEO Jim Farley, also decided last week to stop consulting the HRC's metric for treatment of LGBTQ+ employees and affirmed that it does not have a DEI function."", ""Home improvement retailer Lowe's joined the efforts earlier this week, and noted that it might also make additional changes to the policies over time."", 'The companies have cited conservative backlash or changing social and political environments in their announcements.', 'Tractor Supply and Harley Davidson also noted a desire to appeal to their more rural or conservative-leaning customers.', '""I think you will start to see this move towards more politically neutral companies, which is to say that most of these companies didn\'t really want to be doing this stuff in the first place,"" Liz Hoffman, Semafor\'s business and finance editor, said on CNBC\'s ""Squawk Box"" earlier Wednesday, before the Ford memo was posted.', 'In the memo Wednesday, Farley said the company will not use quotas for minority dealerships or suppliers, adding that it does not have hiring quotas.', 'The automaker will also stop participating in the Human Rights Campaign\'s Corporate Equality Index, as well as various other ""best places to work"" lists.', 'Human Rights Campaign scores over 1,300 companies annually based on their corporate equality measures for LGBTQ+ individuals, including practices like offering spousal medical benefits regardless of sex and having distinct LGBTQ+ community outreach efforts.', 'Ford, in previous years, had received a perfect score on the index.', '""Ford Motor Company\'s shortsighted decisions will have long-term consequences,"" Human Rights Campaign President Kelley Robinson said in a statement. ""', ""Hastily abandoning efforts that ensure fair, safe, and inclusive work environments is bad for business and leaves Ford's employees and millions of LGBTQ+-allied consumers behind."", '""The organization also added that it evaluates every Fortune 500 company on its equality index, regardless of whether or not the company submits additional information about its priorities, which means Ford will continue to be scored on the list.', '""As a global company, we will continue to put our effort and resources into taking care of our customers, our team, and our communities versus publicly commenting on the many polarizing issues of the day,"" Ford said in the statement sent to employees. ""', 'There will of course be times when we will speak out on core issues if we believe our voice can make a positive difference.', '""Many companies, including automakers such as Ford, amped up their DEI commitments in the aftermath of the murder of George Floyd and Black Lives Matter protests of the summer of 2020 — and Ford spoke up about that at the time.', '""We are not interested in superficial actions.', 'This is our moment to lead from the front and fully commit to creating the fair, just and inclusive culture that our employees deserve,""the company said in 2020 in a letter reaffirming its DEI commitment. ""', ""We cannot turn a blind eye to it or accept some sense of 'order' that's based on oppression."", '""But, in the wake of the Supreme Court decision to overturn affirmative action in colleges, a growing number of conservative activists on social media have called on companies to stop investing in DEI.""There is an old saying: If you give an inch, people take a mile, and that is essentially what we have seen when the Supreme Court made a ruling that was very specific to institutions of higher education,"" industrial and organizational psychologist Derek Avery told CNBC.""Conservative state attorney generals sent letters to corporations warning them that they could expect to be sued if they continue to advocate and promote DEI practices within their organizations that could be construed as counter to the Supreme Court ruling, even though the Supreme Court ruling had no bearing on those corporate initiatives.""']",0.246965207230626,"""But, in the wake of the Supreme Court decision to overturn affirmative action in colleges, a growing number of conservative activists on social media have called on companies to stop investing in DEI.""There is an old saying: If you give an inch, people take a mile, and that is essentially what we have seen when the Supreme Court made a ruling that was very specific to institutions of higher education,"" industrial and organizational psychologist Derek Avery told CNBC.""Conservative state attorney generals sent letters to corporations warning them that they could expect to be sued if they continue to advocate and promote DEI practices within their organizations that could be construed as counter to the Supreme Court ruling, even though the Supreme Court ruling had no bearing on those corporate initiatives.""","""Many companies, including automakers such as Ford, amped up their DEI commitments in the aftermath of the murder of George Floyd and Black Lives Matter protests of the summer of 2020 — and Ford spoke up about that at the time.",0.0002060731252034,"""Many companies, including automakers such as Ford, amped up their DEI commitments in the aftermath of the murder of George Floyd and Black Lives Matter protests of the summer of 2020 — and Ford spoke up about that at the time.","Hastily abandoning efforts that ensure fair, safe, and inclusive work environments is bad for business and leaves Ford's employees and millions of LGBTQ+-allied consumers behind.",2024-08-28
Washington Commanders strike stadium naming rights deal with Northwest Federal Credit Union,https://www.cnbc.com/2024/08/27/washington-commanders-stadium-northwest-federal-credit-union.html,2024-08-27T19:46:50+0000,"The home of the Washington Commanders just got a new name.The team's stadium will be renamed Northwest Stadium, per a new agreement with Northwest Federal Credit Union that runs through the 2030-31 season, according to a person familiar with the matter. The deal is worth an average annual value in the low $8 million range, according to the person.The home of the Washington, D.C., NFL team has been without a naming rights partner since FedEx ended its deal with the Commanders in February, two years early. The shipping giant had a deal with the football team that ran from 1999 through the 2025 season.""As we continue to work toward our goal of building the Commanders into an elite franchise that consistently competes for championships, we are excited to welcome our team and fans to Northwest Stadium and look forward to creating incredible memories together on the field and in the communities we serve,"" said Washington Commanders Managing Partner Josh Harris in a statement.The new agreement with the Northwest Federal Credit Union adds to an existing stadium sponsorship deal that came in at around $2 million per year, according to the person familiar with the matter. That deal did not include naming rights.The expanded partnership includes Northwest branding across the stadium, including a new stadium logo. Northwest will also serve as the team's jersey patch partner for off-season and in-season practices. The partnership will also extend new benefits to Commanders fans who are members of Northwest Federal Credit Union, including discounts on tickets and merchandise.Last year,  Northwest Federal Credit Union became the Commanders' official credit union partner.The Commanders are looking to build a new stadium in either Washington, D.C., or Virginia. Should the team move into a new stadium before the 2030-31 season ends, the Commanders have the right under the new agreement to seek a new naming rights partner for the new stadium, the person familiar with the matter said. The credit union does not have the rights to the new stadium or right of first refusal for those rights, the person added.The Los Angeles Rams currently have the most valuable stadium naming rights deal in the NFL. That deal, with SoFi, is for $625 million over 20 years, according to a person familiar with that agreement. SoFi Stadium is also home to the NFL's Chargers, but Rams owner Stanley Kroenke owns the stadium, so the Rams collect 85% of stadium sponsorship revenue.",CNBC,27/08/2024,"['The home of the Washington Commanders just got a new name.', ""The team's stadium will be renamed Northwest Stadium, per a new agreement with Northwest Federal Credit Union that runs through the 2030-31 season, according to a person familiar with the matter."", 'The deal is worth an average annual value in the low $8 million range,according to the person.', 'The home of the Washington, D.C., NFL team has been without a naming rights partner since FedEx ended its deal with the Commanders in February, two years early.', 'The shipping giant had a deal with the football team that ran from 1999 throughthe 2025 season.', '""As we continue to work toward our goal of building the Commanders into an elite franchise that consistently competes for championships, we are excited to welcome our team and fans to Northwest Stadium and look forward to creating incredible memories together on the field and in the communities we serve,"" said Washington Commanders Managing Partner Josh Harris in a statement.', 'The new agreement with the Northwest Federal Credit Union adds to an existing stadium sponsorship deal that came in at around $2 million per year, according to the person familiar with the matter.', 'That deal did not include naming rights.', 'The expanded partnership includes Northwest branding across the stadium, including a new stadium logo.', ""Northwest will also serve as the team's jersey patch partner for off-season and in-season practices."", 'The partnership will also extend new benefits to Commanders fans who are members of Northwest Federal Credit Union, including discounts on tickets and merchandise.', ""Last year, Northwest Federal Credit Union became the Commanders' official credit union partner."", 'The Commanders are looking to build a new stadium in either Washington, D.C., or Virginia.', 'Should the team move into a new stadium before the 2030-31 season ends, the Commanders have the right under the new agreement to seek a new naming rights partner for the new stadium, the person familiar with the matter said.', 'The credit union does not have the rights to the new stadium or right of first refusal for those rights, the person added.', 'The Los Angeles Rams currently have the most valuable stadium naming rights deal in the NFL.', 'That deal, with SoFi, is for $625 million over 20 years, according to a person familiar with that agreement.', ""SoFi Stadium is also home to the NFL's Chargers, but Rams owner Stanley Kroenke owns the stadium, so the Rams collect 85% of stadium sponsorship revenue.""]",0.3245834831982503,"""As we continue to work toward our goal of building the Commanders into an elite franchise that consistently competes for championships, we are excited to welcome our team and fans to Northwest Stadium and look forward to creating incredible memories together on the field and in the communities we serve,"" said Washington Commanders Managing Partner Josh Harris in a statement.",,0.949747696518898,"The partnership will also extend new benefits to Commanders fans who are members of Northwest Federal Credit Union, including discounts on tickets and merchandise.",,2024-08-28
Boeing Starliner returning empty as NASA turns to SpaceX to bring astronauts back from ISS,https://www.cnbc.com/2024/08/24/nasa-boeing-starliner-decision-return-empty-spacex-astronauts-iss.html,2024-08-26T15:39:53+0000,"In this articleBoeing will return its Starliner capsule from the International Space Station without the NASA astronauts that it delivered to orbit in early June, the agency announced on Saturday.With Starliner coming back to Earth empty, NASA will now have astronauts Butch Wilmore and Suni Williams return via SpaceX's Dragon spacecraft, which is expected to launch its ninth regular mission to the ISS for the agency on Sept. 24.Ultimately, Wilmore and Williams will stay at the ISS for about six more months before flying home in February on SpaceX's Crew-9 vehicle. The test flight was originally intended to last about nine days.The decision to bring Starliner back from the ISS empty marks a dramatic about-face for NASA and Boeing, as the organizations were previously adamant that the capsule was the primary choice for returning the crew.But Starliner's crew flight test, which had been seen as the final major milestone in the spacecraft's development, faced problems — most notably with its propulsion system.""Boeing has worked very hard with NASA to get the necessary data to make this decision,"" NASA Administrator Bill Nelson said during a press conference with top NASA officials at Johnson Space Center in Houston on Saturday. ""We want to further understand the root causes and understand the design improvements so that the Boeing Starliner will serve as an important part of our assured crew access to the ISS.""He reiterated that test flights are ""neither safe, nor routine,"" and that the decision was the ""result of a commitment to safety.""NASA will now conduct another phase of its Flight Readiness Review to determine when to bring the empty Starliner home.Boeing officials had been adamant in press briefings that Starliner was safe for the astronauts to fly home in the event of an emergency, despite delaying the return multiple times. NASA said there was a ""technical disagreement"" between the agency and the aerospace company, and said it evaluated risk differently than Boeing for returning its crew.Nonetheless, NASA officials repeatedly expressed support for Boeing, and Nelson said he was ""100% certain"" that Starliner would be able to launch with a crew again someday.""We continue to focus, first and foremost, on the safety of the crew and spacecraft,"" Boeing said in a statement posted on X on Saturday. ""We are executing the mission as determined by NASA, and we are preparing the spacecraft for a safe and successful uncrewed return.""Ken Bowersox, NASA associate administrator, said NASA officials were unanimous in their decision to choose SpaceX to bring the crew home.Meanwhile, SpaceX will bring two astronauts along on its Crew-9 vehicle — instead of four who were originally planned to go — to make room for Wilmore and Williams.""SpaceX stands ready to support @NASA however we can,"" President and COO Gwynne Shotwell responded in a social media post on X.Boeing's Starliner capsule ""Calypso"" has been at the International Space Station since early June on a mission that NASA extended indefinitely as the agency and company tried to identify why multiple of the spacecraft's thrusters failed during docking.Those thrusters, part of the spacecraft's propulsion system, are key to Starliner's safe return from the ISS. NASA cited the thrusters on Saturday as an ongoing problem.The Starliner crew flight test was supposed to be a final box checked for Boeing and a key asset gained for NASA. The agency was hoping to fulfill its dream of having two competing companies — Boeing and Elon Musk's SpaceX — flying alternating missions to the ISS.Instead, the flight test is further setting back Boeing's progress in NASA's Commercial Crew program and, with over $1.5 billion in losses absorbed already, threatens the company's future involvement with it.",CNBC,26/08/2024,"['In this articleBoeing will return its Starliner capsule from the International Space Station without the NASA astronauts that it delivered to orbit in early June, the agency announced on Saturday.', ""With Starliner coming back to Earth empty, NASA will now have astronauts Butch Wilmore and Suni Williams return via SpaceX's Dragon spacecraft, which is expected to launch its ninth regular mission to the ISS for the agency on Sept. 24.Ultimately, Wilmore and Williams will stay at the ISS for about six more months before flying home in February on SpaceX's Crew-9 vehicle."", 'The test flight was originally intended to last about nine days.', 'The decision to bring Starliner back from the ISS empty marks a dramatic about-face for NASA and Boeing, as the organizations were previously adamant that the capsule was the primary choice for returning the crew.', ""But Starliner's crew flight test, which had been seen as the final major milestone in the spacecraft's development, faced problems — most notably with its propulsion system."", '""Boeing has worked very hard with NASA to get the necessary data to make this decision,"" NASA Administrator Bill Nelson said during a press conference with top NASA officials at Johnson Space Center in Houston on Saturday. ""', 'We want to further understand the root causes and understand the design improvements so that the Boeing Starliner will serve as an important part of our assured crew access to the ISS.""He reiterated that test flights are ""neither safe, nor routine,"" and that the decision was the ""result of a commitment to safety.', '""NASA will now conduct another phase of its Flight Readiness Review to determine when to bring the empty Starliner home.', 'Boeing officials had been adamant in press briefings that Starliner was safe for the astronauts to fly home in the event of an emergency, despite delaying the return multiple times.', 'NASA said there was a ""technical disagreement"" between the agency and the aerospace company, and said it evaluated risk differently than Boeing for returning its crew.', 'Nonetheless, NASA officials repeatedly expressed support for Boeing, and Nelson said he was ""100% certain"" that Starliner would be able to launch with a crew again someday.', '""We continue to focus, first and foremost, on the safety of the crew and spacecraft,"" Boeing said in a statement posted on X on Saturday. ""', 'We are executing the mission as determined by NASA, and we are preparing the spacecraft for a safe and successful uncrewed return.', '""Ken Bowersox, NASA associate administrator, said NASA officials were unanimous in their decision to choose SpaceX to bring the crew home.', 'Meanwhile, SpaceX will bring two astronauts along on its Crew-9 vehicle — instead of four who were originally planned to go — to make room for Wilmore and Williams.', '""SpaceX stands ready to support@NASAhowever we can,"" President and COO Gwynne Shotwell responded in a social media post on X.Boeing\'s Starliner capsule ""Calypso"" has been at the International Space Station since early June on a mission that NASA extended indefinitely as the agency and company tried to identify why multiple of the spacecraft\'sthrusters failed during docking.', ""Those thrusters, part of the spacecraft's propulsion system, are key to Starliner's safe return from the ISS."", 'NASA cited the thrusters on Saturday as an ongoing problem.', 'The Starliner crew flight test was supposed to be a final box checked for Boeing and a key asset gained for NASA.', ""The agency was hoping to fulfill its dream of having two competing companies — Boeing and Elon Musk's SpaceX — flying alternating missions to the ISS.Instead, the flight test is further setting back Boeing's progress in NASA's Commercial Crew program and, withover $1.5 billion in lossesabsorbed already, threatens the company's future involvement with it.""]",0.1288737369317408,"We are executing the mission as determined by NASA, and we are preparing the spacecraft for a safe and successful uncrewed return.","NASA said there was a ""technical disagreement"" between the agency and the aerospace company, and said it evaluated risk differently than Boeing for returning its crew.",0.1006312668323516,"Nonetheless, NASA officials repeatedly expressed support for Boeing, and Nelson said he was ""100% certain"" that Starliner would be able to launch with a crew again someday.","But Starliner's crew flight test, which had been seen as the final major milestone in the spacecraft's development, faced problems — most notably with its propulsion system.",2024-08-28
"YES Network, MSG Networks to launch combined New York regional sports app",https://www.cnbc.com/2024/08/28/yes-network-msg-networks-to-launch-bundled-new-york-sports-app.html,2024-08-28T22:09:35+0000,"Gotham Advanced Media and Entertainment, the joint venture between MSG Networks and the YES Network, is launching a new app in the fall that will air local games for seven New York area teams.The package announced Wednesday is believed to be the first time that two regional sports networks have combined their apps into a bundled option. The Gotham Sports app will launch ahead of the NBA and NHL seasons. Locals will be able to watch the New York Knicks, New York Rangers, New Jersey Devils, New York Islanders, Buffalo Sabres, Brooklyn Nets and New York Yankees with a subscription.The Gotham Package that gives access to all of those teams will cost $359.99 annually and $41.99 monthly, almost identical to the monthly price of Fox, Disney and Warner Bros. Discovery's joint Venu streaming service that was blocked with a temporary injunction earlier this month. Customers who watch only some of those teams can also purchase access to just MSG+ or the YES App services for $29.99 and $24.99 monthly, respectively. If they already have MSG Networks and YES Network via their pay-TV subscription, they will get Gotham Sports App's services for no extra fee.""With the increased fragmentation of outlets carrying fan favorite sports programming, The Gotham Sports App allows fans of our teams one easy access point for New York area sporting events from MSG Networks and the YES Network,"" MSG Networks President and CEO Andrea Greenberg said in a press release.Notably, SportsNet New York — the regional sports network that airs the New York Mets — is not included in this joint venture. It is only available via FuboTV, DirecTV stream and online login for people who pay for cable. Sterling Entertainment Enterprises, Comcast and Charter co-own SportsNet New York.The regional sports networks business has undergone dramatic changes in recent years. Boston's local cable network that aired Red Sox and Bruins games launched the first stand-alone regional streaming service in 2022, and other markets have followed. Diamond Sports Group, the biggest owner of regional sports networks, filed for bankruptcy in March 2023, leading many professional teams across leagues to change the way they air their games.A handful of NBA, WNBA and NHL teams have turned to local broadcasters, most recently the NBA's New Orleans Pelicans and Dallas Mavericks.Some MLB teams have opted to have their games produced by the league. The Gotham Sports App is not the first regional sports streaming option residents of the greater New York area have had. YES Network and MSG Networks both launched separate streaming services last year, and customers who only want one of the networks' services and not the combined package can still pay a cheaper rate.Not all the new regional sports streaming services follow the subscription model. The NHL's Dallas Stars and Anaheim Ducks both announced their games would be locally aired on Victory+, a free, ad-supported streaming service owned by A Parent Media Co. Both teams previously had their local games carried by a regional sports network owned by Diamond Sports. Disclosure: Comcast is the parent company of CNBC.",CNBC,28/08/2024,"['Gotham Advanced Media and Entertainment, the joint venture between MSG Networks and the YES Network, is launching a new app in the fall that will air local games for seven New York area teams.', 'The package announced Wednesday is believed to be the first time that two regional sports networks have combined their apps into a bundled option.', 'The Gotham Sports app will launch ahead of the NBA and NHL seasons.', 'Locals will be able to watch the New York Knicks, New York Rangers, New Jersey Devils, New York Islanders, Buffalo Sabres, Brooklyn Nets and New York Yankees with a subscription.', ""The Gotham Package that gives access to all of those teams will cost $359.99 annually and $41.99 monthly, almost identical to the monthly price of Fox, Disney and Warner Bros. Discovery's joint Venu streaming service that was blocked with a temporary injunction earlier this month."", 'Customers who watch only some of those teams can also purchase access to just MSG+ or the YES App services for $29.99 and $24.99 monthly, respectively.', ""If they already have MSG Networks and YES Network via their pay-TV subscription, they will get Gotham Sports App's services for no extra fee."", '""With the increased fragmentation of outlets carrying fan favorite sports programming, The Gotham Sports App allows fans of our teams one easy access point for New York area sporting events from MSG Networks and the YES Network,"" MSG Networks President and CEO Andrea Greenberg said in a press release.', 'Notably, SportsNet New York — the regional sports network that airs the New York Mets — is not included in this joint venture.', 'It is only available via FuboTV, DirecTV stream and online login for people who pay for cable.', 'Sterling Entertainment Enterprises, Comcast and Charter co-own SportsNet New York.', 'The regional sports networks business has undergone dramatic changes in recent years.', ""Boston's local cable network that aired Red Sox and Bruins games launched the first stand-alone regional streaming service in 2022, and other markets have followed."", 'Diamond Sports Group, the biggest owner of regional sports networks, filed for bankruptcy in March 2023, leading many professional teams across leagues to change the way they air their games.', ""A handful of NBA, WNBA and NHL teams have turned to local broadcasters, most recently the NBA's New Orleans Pelicans and Dallas Mavericks."", 'Some MLB teams have opted to have their games produced by the league.', 'The Gotham Sports App is not the first regional sports streaming option residents of the greater New York area have had.', ""YES Network and MSG Networks both launched separate streaming services last year, and customers who only want one of the networks' services and not the combined package can still pay a cheaper rate."", 'Not all the new regional sports streaming services follow the subscription model.', ""The NHL's Dallas Stars and Anaheim Ducks both announced their games would be locally aired on Victory+, a free, ad-supported streaming service owned by A Parent Media Co.Both teams previously had their local games carried by a regional sports network owned by Diamond Sports."", 'Disclosure: Comcast is the parent company of CNBC.']",0.1932998874991772,"""With the increased fragmentation of outlets carrying fan favorite sports programming, The Gotham Sports App allows fans of our teams one easy access point for New York area sporting events from MSG Networks and the YES Network,"" MSG Networks President and CEO Andrea Greenberg said in a press release.","Locals will be able to watch the New York Knicks, New York Rangers, New Jersey Devils, New York Islanders, Buffalo Sabres, Brooklyn Nets and New York Yankees with a subscription.",0.4888350814580917,"YES Network and MSG Networks both launched separate streaming services last year, and customers who only want one of the networks' services and not the combined package can still pay a cheaper rate.","Diamond Sports Group, the biggest owner of regional sports networks, filed for bankruptcy in March 2023, leading many professional teams across leagues to change the way they air their games.",2024-08-28
"FDA approves updated Pfizer, Moderna Covid vaccines as virus surges; shots to be available within days",https://www.cnbc.com/2024/08/22/covid-vaccines-fda-approves-pfizer-moderna-updated-kppoint2-shots.html,2024-08-22T20:30:31+0000,"In this articleThe Food and Drug Administration on Thursday approved updated Covid vaccines from Pfizer and Moderna, putting the new shots on track to reach most Americans in the coming days amid a summer surge of the virus. The jabs target a strain called KP.2, a descendant of the highly contagious omicron subvariant JN.1 that began circulating widely in the U.S. earlier this year. KP.2 was the dominant Covid strain in May, but now only accounts for roughly 3% of all U.S. cases as of Saturday, according to the latest Centers for Disease Control and Prevention data.Still, Pfizer and Moderna have said their KP.2 vaccines can produce stronger immune responses against other circulating subvariants of JN.1, such as KP.3 and LB.1, than last year's round of shots targeting the omicron strain XBB.1.5 can.""Given waning immunity of the population from previous exposure to the virus and from prior vaccination, we strongly encourage those who are eligible to consider receiving an updated COVID-19 vaccine to provide better protection against currently circulating variants,"" Dr. Peter Marks, director of the FDA's Center for Biologics Evaluation and Research, said in a statement.In June, the CDC recommended that everyone over 6 months old receive an updated Covid vaccine and flu jab this year. The new shots from Pfizer and Moderna are specifically approved for people ages 12 and older and are authorized under emergency use for children 6 months through 11 years old.  Pfizer will begin shipping its new shot immediately and expects it to be available in pharmacies, hospitals and clinics across the U.S. ""beginning in the coming days,"" the company said in a statement. Moderna also expects its shot to be available in a similar time frame, according to a statement.""Staying up to date with your COVID-19 vaccine remains one of the best ways for people to be protected and prevent severe illness,"" Moderna CEO Stephane Bancel said in a statement. ""We appreciate the U.S. FDA's timely review and encourage individuals to speak to their healthcare providers about receiving their updated COVID-19 vaccine alongside their flu shot this fall.""The FDA's approval comes a few weeks ahead of last year's round of shots, which the agency cleared on Sept. 11.The earlier arrival of updated vaccines could offer some reassurance to Americans as the nation sees a relatively large spike in the virus this summer. A ""high"" or ""very high"" level of Covid is being detected in wastewater in almost every state, according to CDC data. Wastewater monitoring provides a glimpse of how widespread the virus is in the U.S. as other forms of testing have fallen off.Other measures of the virus are rising but remain far below where they were at the peak of the pandemic. Covid test positivity rates rose to 18.3% for the week ended Aug. 10, from 17.9% the week before, according to the CDC.Meanwhile, the CDC said about four people are being hospitalized for Covid for every 100,000 people in a given area. That's up from about one Covid hospitalization for every 100,000 people in May, which was the lowest level since the pandemic began. The summer Covid wave may decline by the time the shots reach patients' arms and kick in an immune response against the virus, which typically takes two weeks after vaccination. Still, federal health officials have long told Americans to expect annual updates to Covid shots as the virus churns out new strains that can dodge the immunity people have from previous vaccinations or infections — protection that wanes over time. It's similar to how the U.S. rolls out new flu vaccines every year. It's unclear how many Americans will actually roll up their sleeves to get another shot in the coming months.Only around 22.5% of U.S. adults received the latest round of shots that came out last fall, according to CDC data through early May. Many Americans who got previous rounds of Covid shots cited a lack of worry about the virus as a reason they didn't get the latest booster, according to a November survey from health policy research organization KFF. Others said they had been too busy to get their shot, the survey said.In June, the FDA asked vaccine makers to manufacture shots against JN.1 before telling them to target KP.2 instead ""if feasible.""That shift appeared to put Novavax, which filed for authorization of a new JN.1 shot that same month, at a disadvantage. The FDA has not cleared the biotech company's jab. In a statement, Novavax said it is working ""productively"" with the FDA as the agency completes its review. Novavax expects its shot to receive authorization in time for peak vaccination season in the U.S.The company noted that its shot provides protection against descendants of JN.1, including KP.2.3, KP.3, KP.3.1.1 and LB.1.Novavax manufactures protein-based vaccines, which cannot be quickly updated to target another strain of the virus. Protein-based technology is a decades-old method used in routine vaccinations against hepatitis B and shingles. Meanwhile, Pfizer's and Moderna's shots use messenger RNA technology, which teaches cells how to make proteins that trigger an immune response against Covid. The mRNA vaccines are much easier to develop and update than protein shots.",CNBC,22/08/2024,"['In this articleThe Food and Drug Administration on Thursday approved updated Covid vaccines from Pfizer and Moderna, putting the new shots on track to reach most Americans in the coming days amid a summer surge of the virus.', 'The jabs target a strain called KP.2, a descendant of the highly contagious omicron subvariant JN.1 that began circulating widely in the U.S. earlier this year.', 'KP.2 was the dominant Covid strain in May, but now only accounts for roughly 3% of all U.S. cases as of Saturday, according to the latest Centers for Disease Control and Prevention data.', ""Still, Pfizer and Moderna have said their KP.2 vaccines can produce stronger immune responses against other circulating subvariants of JN.1, such as KP.3 and LB.1, than last year's round of shots targeting the omicron strain XBB.1.5 can."", '""Given waning immunity of the population from previous exposure to the virus and from prior vaccination, we strongly encourage those who are eligible to consider receiving an updated COVID-19 vaccine to provide better protection against currently circulating variants,"" Dr. Peter Marks, director of the FDA\'s Center for Biologics Evaluation and Research, said in a statement.', 'In June, the CDC recommended that everyone over 6 months old receive an updated Covid vaccine and flu jab this year.', 'The new shots from Pfizer and Moderna are specifically approved for people ages 12 and older and are authorized under emergency use for children 6 months through 11 years old.', 'Pfizer will begin shipping its new shot immediately and expects it to be available in pharmacies, hospitals and clinics across the U.S. ""beginning in the coming days,"" the company said in a statement.', 'Moderna also expectsitsshotto be available in a similar time frame, according to a statement.', '""Staying up to date with your COVID-19 vaccine remains one of the best ways for people to be protected and prevent severe illness,"" Moderna CEO Stephane Bancel said in a statement. ""', ""We appreciate the U.S. FDA's timely review and encourage individuals to speak to their healthcare providers about receiving their updated COVID-19 vaccine alongside their flu shot this fall."", '""The FDA\'s approval comes a few weeks ahead of last year\'s round of shots, which the agency cleared on Sept. 11.The earlier arrival of updated vaccines could offer some reassurance to Americans as the nation sees a relatively large spike in the virus this summer.', 'A ""high"" or ""very high"" level of Covid is being detected in wastewater in almost every state, according to CDC data.', 'Wastewater monitoring provides a glimpse of how widespread the virus is in the U.S. as other forms of testing have fallen off.', 'Other measures of the virus are rising but remain far below where they were at the peak of the pandemic.', 'Covid test positivity rates rose to 18.3% for the week ended Aug. 10, from 17.9% the week before, according to the CDC.Meanwhile, the CDC said about four people are being hospitalized for Covid for every 100,000 people in a given area.', ""That's up from about one Covid hospitalization for every 100,000 people in May, which was the lowest level since the pandemic began."", ""The summer Covid wave may decline by the time the shots reach patients' arms and kick in an immune response against the virus, which typically takes two weeks after vaccination."", 'Still, federal health officials have long told Americans to expect annual updates to Covid shots as the virus churns out new strains that can dodge the immunity people have from previous vaccinations or infections — protection that wanes over time.', ""It's similar to how the U.S. rolls out new flu vaccines every year."", ""It's unclear how many Americans will actually roll up their sleeves to get another shot in the coming months."", 'Only around 22.5% of U.S. adults received the latest round of shots that came out last fall, according to CDC data through early May.', ""Many Americans who got previous rounds of Covid shots cited a lack of worry about the virus as a reason they didn't get the latest booster, according to a November survey from health policy research organization KFF."", 'Others said they had been too busy to get their shot, the survey said.', 'In June, the FDA asked vaccine makers to manufacture shots against JN.1 before telling them to target KP.2 instead ""if feasible.', '""That shift appeared to put Novavax, which filed for authorization of a new JN.1 shot that same month, at a disadvantage.', ""The FDA has not cleared the biotech company's jab."", 'In a statement, Novavax said it is working ""productively"" with the FDA as the agency completes its review.', 'Novavax expects its shot to receive authorization in time for peak vaccination season in the U.S.The company noted that its shot provides protection against descendants of JN.1, including KP.2.3, KP.3, KP.3.1.1 and LB.1.Novavax manufactures protein-based vaccines, which cannot be quickly updated to target another strain of the virus.', 'Protein-based technology is a decades-old method used in routine vaccinations against hepatitis B and shingles.', ""Meanwhile, Pfizer's and Moderna's shots use messenger RNA technology, which teaches cells how to make proteins that trigger an immune response against Covid."", 'The mRNA vaccines are much easier to develop and update than protein shots.']",0.0488887973547498,"""Given waning immunity of the population from previous exposure to the virus and from prior vaccination, we strongly encourage those who are eligible to consider receiving an updated COVID-19 vaccine to provide better protection against currently circulating variants,"" Dr. Peter Marks, director of the FDA's Center for Biologics Evaluation and Research, said in a statement.","Many Americans who got previous rounds of Covid shots cited a lack of worry about the virus as a reason they didn't get the latest booster, according to a November survey from health policy research organization KFF.",0.0050598631302515,"Covid test positivity rates rose to 18.3% for the week ended Aug. 10, from 17.9% the week before, according to the CDC.Meanwhile, the CDC said about four people are being hospitalized for Covid for every 100,000 people in a given area.","""That shift appeared to put Novavax, which filed for authorization of a new JN.1 shot that same month, at a disadvantage.",2024-08-28
"T.J. Maxx owner raises full-year guidance, posts 5.6% sales gain for the most recent quarter",https://www.cnbc.com/2024/08/21/tjx-companies-tjx-earnings-q2-2025.html,2024-08-21T19:31:45+0000,"In this articleTJX Cos. raised its full-year guidance on Wednesday after posting another quarter of strong sales, but its outlook still fell just short of Wall Street's expectations.The discounter behind Marshalls, HomeGoods and T.J. Maxx is now expecting full-year earnings to be between $4.09 and $4.13, compared with estimates of $4.14, according to LSEG.For the current quarter, TJX is expecting earnings per share to be between $1.06 and $1.08, compared with estimates of $1.10.So far this earnings season, retailers that disappoint with guidance haven't seen much negative impact to their shares, suggesting investors are prepared for uncertainty in the second half of the year ahead of the U.S. presidential election and a potential rate cut from the Federal Reserve. Shares of TJX rose nearly 6% in afternoon trading.Here's how the discounter did for the fiscal second quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 3 was $1.1 billion, or 96 cents per share, compared with $989 million, or 85 cents per share, a year earlier. Sales rose to $13.47 billion, up from $12.76 billion a year earlier.Throughout TJX's fiscal 2024 year, which ended in February, the company posted strong sales gains and robust guidance, but investors have been keen to see how it will lap those numbers in the quarters ahead and if it can keep growing.The company has looked abroad as a primary growth avenue and on Wednesday, it announced that it was taking a 35% ownership stake in the Dubai-based retailer Brands for Less for $360 million. The privately held brand is the region's only major off-price player and operates more than 100 stores, primarily in the United Arab Emirates and Saudi Arabia, along with an e-commerce business, TJX said in a news release.""As TJX seeks to continue its global growth, this transaction gives the Company an opportunity to invest in an established, off-price retailer with significant growth potential,"" TJX said. ""The Company's ownership in BFL is expected to be slightly accretive to earnings per share beginning in Fiscal 2026.""Europe has been more challenging for TJX, especially the U.K., according to CEO Ernie Herrman.""We were a little disappointed in our Europe business,"" Herrman said in the earnings conference call. ""A decent size of that is our own execution.""Nonetheless, Herrman said TJX is on the right path forward.During the quarter, consolidated comparable store sales increased by 4% and were ""entirely driven by an increase in customer transactions,"" indicating more shoppers are coming to its stores, TJX said. That jump is ahead of the 2.8% uptick that analysts had expected, according to StreetAccount.The growth was primarily driven by TJX's Marmaxx division in the U.S., which includes TJ Maxx, Marshalls and Sierra stores. During the quarter, Marmaxx comparable sales were up 5%, compared with estimates of up 2.9%, according to StreetAccount. HomeGoods posted comparable sales up 2% — short of the 3% that analysts had been looking for, according to StreetAccount — as the overall home furnishings market remains stagnant.TJX also benefited from operational improvements and lower freight costs, though those were partially offset by higher supply chain costs, according to CFO John Klinger.As Marmaxx gains momentum, Klinger said the company has ""opportunities to keep growing our largest division.""In the current quarter, performance is already ""off to a strong start,"" said Herrman.""We see excellent buying opportunities in the marketplace and are strongly positioned to ship fresh and compelling merchandise to our stores and online throughout the fall and holiday selling seasons. We marked a milestone for our Company in the second quarter by opening our 5,000th store,"" said Herrman. ""Longer term, we are excited about our potential to capture additional market share in all of our geographies and to continue our global growth""As of Tuesday's close, TJX's stock is up about about 21% year to date. The shares reached a new high in May after the company reported strong quarterly earnings.The retailer has been taking market share from competitors like Target and Macy's and has become a haven for price-sensitive consumers who may be watching their dollars but still want to spring for new clothes.""Consumers will keep seeking value,"" said Herrman.In May, Herrman said the company is winning in part because it's ""become a cooler place to shop"" and has made inroads with younger Gen Z customers, who tend to be more concerned with snagging good, high-quality deals than shopping at high-end names.In Wednesday's earnings call, Herrman said TJX is attracting an ""outsized number"" of younger customers.Some analysts say the nature of TJX's business model means it does well in any economic environment. In good times, its core lower- to middle-income consumer has the extra cash to buy discretionary items like new clothes, shoes and home decor and in bad times, higher-income shoppers come to its stores looking for deals on the branded clothes they're accustomed to.Even as consumers face rising prices at places like the grocery store, Herrman and Klinger said TJX's average selling prices have been ""pretty consistent.""""If you look at our merchandise market, the story is becoming more about the buying better, and not just the retails,"" Herrman said.However, a sharp downturn in consumer spending, which some analysts have warned may be ahead, could impact the company regardless of its value offering.",CNBC,21/08/2024,"['In this articleTJX Cos.', ""raised its full-year guidance on Wednesday after posting another quarter of strong sales, but its outlook still fell just short of Wall Street's expectations."", ""The discounter behind Marshalls, HomeGoods and T.J. Maxx is now expecting full-year earnings to be between $4.09 and $4.13, compared with estimates of $4.14, according to LSEG.For the current quarter, TJX is expecting earnings per share to be between $1.06 and $1.08, compared with estimates of $1.10.So far this earnings season, retailers that disappoint with guidance haven't seen much negative impact to their shares, suggesting investors are prepared for uncertainty in the second half of the year ahead of the U.S. presidential election and a potential rate cut from the Federal Reserve."", 'Shares of TJX rose nearly 6% in afternoon trading.', ""Here's how the discounter did for the fiscal second quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 3 was $1.1 billion, or 96 cents per share, compared with $989 million, or 85 cents per share, a year earlier."", 'Sales rose to $13.47 billion, up from $12.76 billion a year earlier.', ""Throughout TJX's fiscal 2024 year, which ended in February, the company posted strong sales gains and robust guidance, but investors have been keen to see how it will lap those numbers in the quarters ahead and if it can keep growing."", 'The company has looked abroad as a primary growth avenue and on Wednesday, it announced that it was taking a 35% ownership stake in the Dubai-based retailer Brands for Less for $360 million.', ""The privately held brand is the region's only major off-price player and operates more than 100 stores, primarily in the United Arab Emirates and Saudi Arabia, along with an e-commerce business, TJX said in a news release."", '""As TJX seeks to continue its global growth, this transaction gives the Company an opportunity to invest in an established, off-price retailer with significant growth potential,"" TJX said. ""', 'The Company\'s ownership in BFL is expected to be slightly accretive to earnings per share beginning in Fiscal 2026.""Europe has been more challenging for TJX, especially the U.K., according to CEO Ernie Herrman.', '""We were a little disappointed in our Europe business,"" Herrman said in the earnings conference call. ""', 'A decent size of that is our own execution.', '""Nonetheless, Herrman said TJX is on the right path forward.', 'During the quarter, consolidated comparable store sales increased by 4% and were ""entirely driven by an increase in customer transactions,"" indicating more shoppers are coming to its stores, TJX said.', 'That jump is ahead of the 2.8% uptick that analysts had expected, according to StreetAccount.', ""The growth was primarily driven by TJX's Marmaxx division in the U.S., which includes TJ Maxx, Marshalls and Sierra stores."", 'During the quarter, Marmaxx comparable sales were up 5%, compared with estimates of up 2.9%, according to StreetAccount.', 'HomeGoods posted comparable sales up 2% — short of the 3% that analysts had been looking for, according to StreetAccount — as the overall home furnishings market remains stagnant.', 'TJX also benefited from operational improvements and lower freight costs, though those were partially offset by higher supply chain costs, according to CFO John Klinger.', 'As Marmaxx gains momentum, Klinger said the company has ""opportunities to keep growing our largest division.', '""In the current quarter, performance is already ""off to a strong start,"" said Herrman.', '""We see excellent buying opportunities in the marketplace and are strongly positioned to ship fresh and compelling merchandise to our stores and online throughout the fall and holiday selling seasons.', 'We marked a milestone for our Company in the second quarter by opening our 5,000thstore,"" said Herrman. ""', 'Longer term, we are excited about our potential to capture additional market share in all of our geographies and to continue our global growth""As of Tuesday\'s close, TJX\'s stock is up about about 21% year to date.', 'The shares reached a new high in May after the company reported strong quarterly earnings.', ""The retailer has been taking market share from competitors like Target and Macy's and has become a haven for price-sensitive consumers who may be watching their dollars but still want to spring for new clothes."", '""Consumers will keep seeking value,"" said Herrman.', 'In May, Herrman said the company is winning in part because it\'s ""become a cooler place to shop"" and has made inroads with younger Gen Z customers, who tend to be more concerned with snagging good, high-quality deals than shopping at high-end names.', 'In Wednesday\'s earnings call, Herrman said TJX is attracting an ""outsized number"" of younger customers.', ""Some analysts say the nature of TJX's business model means it does well in any economic environment."", ""In good times, its core lower- to middle-income consumer has the extra cash to buy discretionary items like new clothes, shoes and home decor and in bad times, higher-income shoppers come to its stores looking for deals on the branded clothes they're accustomed to."", 'Even as consumers face rising prices at places like the grocery store, Herrman and Klinger said TJX\'s average selling prices have been ""pretty consistent.', '""""If you look at our merchandise market, the story is becoming more about the buying better, and not just the retails,"" Herrman said.', 'However, a sharp downturn in consumer spending, which some analysts have warned may be ahead, could impact the company regardless of its value offering.']",0.3146543423582668,"""We see excellent buying opportunities in the marketplace and are strongly positioned to ship fresh and compelling merchandise to our stores and online throughout the fall and holiday selling seasons.","The discounter behind Marshalls, HomeGoods and T.J. Maxx is now expecting full-year earnings to be between $4.09 and $4.13, compared with estimates of $4.14, according to LSEG.For the current quarter, TJX is expecting earnings per share to be between $1.06 and $1.08, compared with estimates of $1.10.So far this earnings season, retailers that disappoint with guidance haven't seen much negative impact to their shares, suggesting investors are prepared for uncertainty in the second half of the year ahead of the U.S. presidential election and a potential rate cut from the Federal Reserve.",0.7327762484550476,"During the quarter, consolidated comparable store sales increased by 4% and were ""entirely driven by an increase in customer transactions,"" indicating more shoppers are coming to its stores, TJX said.","raised its full-year guidance on Wednesday after posting another quarter of strong sales, but its outlook still fell just short of Wall Street's expectations.",2024-08-28
Home prices hit record high in June on S&P Case-Shiller Index,https://www.cnbc.com/2024/08/27/home-prices-hit-record-high-in-june-on-sp-case-shiller-index.html,2024-08-27T17:55:03+0000,"Even as mortgage interest rates were rising, home prices reached the highest level ever on the S&P CoreLogic Case-Shiller U.S. National Home Price Index.On a three-month running average ended in June, prices nationally were 5.4% higher than they were in June 2023, according to data released Tuesday. Despite being a record high for the index, the annual gain was smaller than May's 5.9% reading.The index's 10-city composite rose 7.4% annually, down from 7.8% in the previous month. The 20-city composite was 6.5% higher year over year, down from a 6.9% increase in May.""While both housing and inflation have slowed, the gap between the two is larger than historical norms, with our National Index averaging 2.8% more than the Consumer Price Index,"" noted Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices, in a release. ""That is a full percentage point above the 50-year average. Before accounting for inflation, home prices have risen over 1,100% since 1974, but have slightly more than doubled (111%) after accounting for inflation.""New York saw the highest annual gain among the 20 cities, with prices climbing 9% in June, followed by San Diego and Las Vegas with annual increases of 8.7% and 8.5%, respectively. Portland, Oregon, saw just a 0.8% annual rise in June, the smallest gain of the top cities.Since housing affordability has been a major talking point in this election cycle, this month's report also broke out home values by price tier, dividing each city's market into three tiers. Looking just at large markets over the past five years, it found that 75% of the markets covered show low-price tiers rising faster than the overall market.""For example, the lower tier of the Atlanta market has risen 18% faster than the middle- and higher-tiered homes,"" Luke wrote in the release.""New York's low tier has the largest five-year outperformance, rising nearly 20% above the overall New York region,"" he continued. ""New York also has the largest divergence between low- and high-tier prices. Conversely, San Diego has seen the largest appreciation in higher-tier homes over the past five years.""Prices in the overall San Diego market are up 72% in the past five years, but the high tier is up 79% versus 63% for the lower tier.The increase in prices came even as mortgage rates rose sharply from April through June, which is the period averaged on the index. Usually when rates rise, prices cool.The average rate on the 30-year fixed started April just below 7% and then shot up to 7.5% by the end of the month, according to Mortgage News Daily. Rates stayed over 7% before falling back under that level in July. The 30-year fixed is now right around 6.5%.""Mortgage rates have fallen since June, but there is evidence that even the decline in rates has not been enough to bring buyers back into the market,"" said Lisa Sturtevant, chief economist at Bright MLS. ""Some buyers are waiting for home prices — and not just interest rates — to come down,""While home prices should ease month to month going into the fall, due to seasonal factors and more inventory on the market, they are unlikely to drop significantly, and are expected to still be higher than they were last fall.",CNBC,27/08/2024,"['Even as mortgage interest rates were rising, home prices reached the highest level ever on the S&P CoreLogic Case-Shiller U.S. National Home Price Index.', 'On a three-month running average ended in June, prices nationally were 5.4% higher than they were in June 2023, according to data released Tuesday.', ""Despite being a record high for the index, the annual gain was smaller than May's 5.9% reading."", ""The index's 10-city composite rose 7.4% annually, down from 7.8% in the previous month."", 'The 20-city composite was 6.5% higher year over year, down from a 6.9% increase in May.', '""While both housing and inflation have slowed, the gap between the two is larger than historical norms, with our National Index averaging 2.8% more than the Consumer Price Index,"" noted Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices, in a release. ""', 'That is a full percentage point above the 50-year average.', 'Before accounting for inflation, home prices have risen over 1,100% since 1974, but have slightly more than doubled (111%) after accounting for inflation.', '""New York saw the highest annual gain among the 20 cities, with prices climbing 9% in June, followed by San Diego and Las Vegas with annual increases of 8.7% and 8.5%, respectively.', 'Portland, Oregon, saw just a 0.8% annual rise in June, the smallest gain of the top cities.', ""Since housing affordability has been a major talking point in this election cycle, this month's report also broke out home values by price tier, dividing each city's market into three tiers."", 'Looking just at large markets over the past five years, it found that 75% of the markets covered show low-price tiers rising faster than the overall market.', '""For example, the lower tier of the Atlanta market has risen 18% faster than the middle- and higher-tiered homes,"" Luke wrote in the release.', '""New York\'s low tier has the largest five-year outperformance, rising nearly 20% above the overall New York region,"" he continued. ""', 'New York also has the largest divergence between low- and high-tier prices.', 'Conversely, San Diego has seen the largest appreciation in higher-tier homes over the past five years.', '""Prices in the overall San Diego market are up 72% in the past five years, but the high tier is up 79% versus 63% for the lower tier.', 'The increase in prices came even as mortgage rates rose sharply from April through June, which is the period averaged on the index.', 'Usually when rates rise, prices cool.', 'The average rate on the 30-year fixed started April just below 7% and then shot up to 7.5% by the end of the month, according to Mortgage News Daily.', 'Rates stayed over 7% before falling back under that level in July.', 'The 30-year fixed is now right around 6.5%.""Mortgage rates have fallen since June, but there is evidence that even the decline in rates has not been enough to bring buyers back into the market,"" said Lisa Sturtevant, chief economist at Bright MLS. ""', 'Some buyers are waiting for home prices — and not just interest rates — to come down,""While home prices should ease month to month going into the fall, due to seasonal factors and more inventory on the market, they are unlikely to drop significantly, and are expected to still be higher than they were last fall.']",0.1217034221770017,"""New York saw the highest annual gain among the 20 cities, with prices climbing 9% in June, followed by San Diego and Las Vegas with annual increases of 8.7% and 8.5%, respectively.","""Prices in the overall San Diego market are up 72% in the past five years, but the high tier is up 79% versus 63% for the lower tier.",0.347285787264506,"""Prices in the overall San Diego market are up 72% in the past five years, but the high tier is up 79% versus 63% for the lower tier.","The 20-city composite was 6.5% higher year over year, down from a 6.9% increase in May.",2024-08-28
Bronfman's Paramount bid could keep Shari Redstone involved at the company,https://www.cnbc.com/2024/08/23/bronfman-paramount-bid-shari-redstone.html,2024-08-23T20:42:26+0000,"In this articleEdgar Bronfman Jr.'s offer for a controlling stake in Paramount Global could keep Shari Redstone close to the company, if his bid is successful.Bronfman is open to having Redstone, currently non-executive chairman at Paramount, remain involved with the company if the Paramount special committee accepts his consortium's bid for National Amusements, the controlling shareholder, according to a person familiar with the matter.Bronfman has raised $6 billion to challenge Skydance Media for ownership of National Amusements, the holding company founded by Sumner Redstone, according to people familiar with the matter. Both Bronfman's bid and Skydance's bid would also include money to buy out a percentage of Paramount Global common shareholders.At $6 billion, Bronfman's bid would give cash to about 20% of Class B holders at $16 per share. Skydance would pay out about 50% of current Paramount common investors at $15 per share as part of its bid, according to the people familiar.It's not clear if Redstone prefers one offer over the other. The Paramount Global special committee will determine if Bronfman's offer is a superior proposal for shareholders by Aug. 28. If the committee decides Bronfman's offer is better, Skydance will then have four business days to match. The deadline for the entire process to be concluded is Sept. 5.Bronfman still has a few more days to raise more money for a competing bid to counter Skydance, which agreed to an $8 billion deal to merge with Paramount Global last month. The special committee earlier this week extended the so-called ""go-shop"" period — during which it could entertain competing offers — by 15 days to review Bronfman's initial bid.One of the individuals who is part of Bronfman's bid is former AOL CEO Jon Miller, suggesting Redstone could potentially have more control over a future Paramount Global than she'd get with Skydance. Miller, a close ally of Redstone, has been connecting Bronfman with potential capital and would likely take a role with the company if it came under Bronfman's stewardship — perhaps a board seat and an operational job — according to people familiar with the matter. Bronfman would be CEO of the company if his deal were to be accepted and go through, said the people.Miller, Redstone and Redstone's son-in-law, Jason Ostheimer, together run Advancit Capital, a small venture capital firm that invests in media and technology. The trio are the only three people that appear on the firm's website. Miller has also operated as a de facto strategic advisor to Redstone for many years, according to people familiar with the matter.Redstone has not spoken with Miller about the bid, according to people familiar with the matter.While the Redstone family and Bronfman family have run in similar circles, including donating heavily to Jewish foundations, Edgar Bronfman Jr. and Shari Redstone haven't met many times and don't have a close preexisting relationship, two of the people said.Skydance CEO David Ellison and Redstone have had several discussions about the potential for Redstone to stay in as a shareholder of a combined Skydance-Paramount Global, according to people familiar with the matter.Redstone is taking a wait-and-see approach to any future involvement she may want to have in Paramount Global moving forward regardless of its ownership, according to a person familiar with her thinking.Spokespeople for Redstone, Bronfman, the Paramount Global special committee and Skydance all declined to comment.Bronfman has spent the last few weeks aggregating individuals with interest in owning a piece of Paramount Global, including film producer Steven Paul and Patron cofounder John Paul DeJoria, who had previously considered a bid of their own, according to a person familiar with the process, as well as Fortress Investment Group, the credit arm of private equity firm BC Partners, and former Turner Broadcasting CEO John Martin.Bronfman's financing comes from many different sources, which may potentially trigger regulatory concerns if too much of the money is from foreign entities. Having so many different financers may also make Bronfman's offer riskier than Skydance's bid, which is backed by private equity firm RedBird Capital and multibillionaire Larry Ellison, the father of David Ellison.Bronfman is the chairman of Fubo, a sports streaming service, and the former head of Universal and Warner Music.Skydance's lawyers sent a letter to the Paramount Global special committee demanding the company stop negotiating with Bronfman, the Wall Street Journal reported Thursday. Skydance said Paramount Global breached the terms of the go-shop agreement by not alerting Skydance that it planned to extend the window, the report said.Skydance also argued the special committee didn't have the right to extend the go-shop because a bid had to ""reasonably be expected to lead to a superior proposal."" Skydance argued the Bronfman bid didn't meet the criteria.WATCH: Media power struggle: Paramount deal in jeopardy?",CNBC,23/08/2024,"[""In this articleEdgar Bronfman Jr.'s offer for a controlling stake in Paramount Global could keep Shari Redstone close to the company, if his bid is successful."", ""Bronfman is open to having Redstone, currently non-executive chairman at Paramount, remain involved with the company if the Paramount special committee accepts his consortium's bid for National Amusements, the controlling shareholder, according to a person familiar with the matter."", 'Bronfman has raised $6 billion to challenge Skydance Media for ownership of National Amusements, the holding company founded by Sumner Redstone, according to people familiar with the matter.', ""Both Bronfman's bid and Skydance's bid would also include money to buy out a percentage of Paramount Global common shareholders."", ""At $6 billion, Bronfman's bid would give cash to about 20% of Class B holders at $16 per share."", 'Skydance would pay out about 50% of current Paramount common investors at $15 per share as part of its bid, according to the people familiar.', ""It's not clear if Redstone prefers one offer over the other."", ""The Paramount Global special committee will determine if Bronfman's offer is a superior proposal for shareholders by Aug. 28."", ""If the committee decides Bronfman's offer is better, Skydance will then have four business days to match."", 'The deadline for the entire process to be concluded is Sept. 5.Bronfman still has a few more days to raise more money for a competing bid to counter Skydance, which agreed to an $8 billion deal to merge with Paramount Global last month.', 'The special committee earlier this week extended the so-called ""go-shop"" period — during which it could entertain competing offers — by 15 days to review Bronfman\'s initial bid.', ""One of the individuals who is part of Bronfman's bid is former AOL CEO Jon Miller, suggesting Redstone could potentially have more control over a future Paramount Global than she'd get with Skydance."", ""Miller, a close ally of Redstone, has been connecting Bronfman with potential capital and would likely take a role with the company if it came under Bronfman's stewardship — perhaps a board seat and an operational job — according to people familiar with the matter."", 'Bronfman would be CEO of the company if his deal were to be accepted and go through, said the people.', ""Miller, Redstone and Redstone's son-in-law, Jason Ostheimer, together run Advancit Capital, a small venture capital firm that invests in media and technology."", ""The trio are the only three people that appear on the firm's website."", 'Miller has also operated as a de facto strategic advisor to Redstone for many years, according to people familiar with the matter.', 'Redstone has not spoken with Miller about the bid, according to people familiar with the matter.', ""While the Redstone family and Bronfman family have run in similar circles, including donating heavily to Jewish foundations, Edgar Bronfman Jr. and Shari Redstone haven't met many times and don't have a close preexisting relationship, two of the people said."", 'Skydance CEO David Ellison and Redstone have had several discussions about the potential for Redstone to stay in as a shareholder of a combined Skydance-Paramount Global, according to people familiar with the matter.', 'Redstone is taking a wait-and-see approach to any future involvement she may want to have in Paramount Global moving forward regardless of its ownership, according to a person familiar with her thinking.', 'Spokespeople for Redstone, Bronfman, the Paramount Global special committee and Skydance all declined to comment.', 'Bronfman has spent the last few weeks aggregating individuals with interest in owning a piece of Paramount Global, including film producer Steven Paul and Patron cofounder John Paul DeJoria, who had previously considered a bid of their own, according to a person familiar with the process, as well as Fortress Investment Group, the credit arm of private equity firm BC Partners, and former Turner Broadcasting CEO John Martin.', ""Bronfman's financing comes from many different sources, which may potentially trigger regulatory concerns if too much of the money is from foreign entities."", ""Having so many different financers may also make Bronfman's offer riskier than Skydance's bid, which is backed by private equity firm RedBird Capital and multibillionaire Larry Ellison, the father of David Ellison."", 'Bronfman is the chairman of Fubo, a sports streaming service, and the former head of Universal and Warner Music.', ""Skydance's lawyers sent a letter to the Paramount Global special committee demanding the company stop negotiating with Bronfman, the Wall Street Journal reported Thursday."", 'Skydance said Paramount Global breached the terms of the go-shop agreement by not alerting Skydance that it planned to extend the window, the report said.', 'Skydance also argued the special committee didn\'t have the right to extend the go-shop because a bid had to ""reasonably be expected to lead to a superior proposal.""', ""Skydance argued the Bronfman bid didn't meet the criteria."", 'WATCH: Media power struggle: Paramount deal in jeopardy?']",0.1775149756430325,"Bronfman has spent the last few weeks aggregating individuals with interest in owning a piece of Paramount Global, including film producer Steven Paul and Patron cofounder John Paul DeJoria, who had previously considered a bid of their own, according to a person familiar with the process, as well as Fortress Investment Group, the credit arm of private equity firm BC Partners, and former Turner Broadcasting CEO John Martin.",WATCH: Media power struggle: Paramount deal in jeopardy?,-0.8429049104452133,,"Skydance said Paramount Global breached the terms of the go-shop agreement by not alerting Skydance that it planned to extend the window, the report said.",2024-08-27
Shop prices fall for first time in nearly three years,https://www.bbc.co.uk/news/articles/cz07n5v99xmo,2024-08-27T06:34:41.374Z,"Summer sales by fashion retailers trying to shift stock helped shop prices to record their first annual fall for nearly three years, research suggests. Prices in August were down 0.3% from a year ago, the lowest rate since October 2021, according to the British Retail Consortium (BRC). The drop in prices was driven by non-food goods, such as clothing and furniture, with retailers offering discounts after wet weather and continued cost-of-living pressures hit sales. Food prices continued to rise, but at a slower pace, the BRC industry body said. Fresh food inflation, such as fruit, meat and fish, had seen the biggest monthly decrease since December 2020, it said, thanks to falling costs from suppliers. But the BRC said non-food retailers had been ""discounting heavily to shift their summer stock, particularly for fashion and household goods"". ""This discounting followed a difficult summer of trading caused by poor weather and the continued cost of living crunch impacting many families."" The BRC said prices of non-food goods were 1.5% lower in August than they had been a year ago. Food prices were up 2%, but this was down from July's figure of 2.3%. BRC chief executive Helen Dickinson said that while households will be ""happy"" to see the prices of some goods falling, there was no guarantee this trend would continue. ""The outlook for commodity prices remains uncertain due to the impact of climate change on harvests domestically and globally, as well as rising geopolitical tensions,"" she said. ""As a result, we could see renewed inflationary pressures over the next year.”  Lindsay James, investment strategist at Quilter Investors, said the wet summer weather had really hit clothing sales. She told the BBC's Today programme that while there were ""encouraging signs that inflation is coming under control"", the figures were also a ""reminder that this economic recovery is fragile"". The most recent official inflation figures - which indicate how fast prices are rising overall - showed the rate rose to 2.2% in July, the first increase this year. The rise in July had been widely predicted and was due to prices of gas and electricity falling by less than they did a year before. The Bank of England has predicted the inflation rate will rise to about 2.75% in the coming months before falling below 2% next year. Inflation soared in 2022 mainly due to a sharp jump in energy prices. Oil and gas were in greater demand after the Covid pandemic, and prices surged again when Russia invaded Ukraine. The recent slowdown in inflation meant the Bank of England felt able to cut interest rates to 5% from 5.25% earlier this month - the first cut since the start of the pandemic in March 2020. However, the Bank's governor, Andrew Bailey, said at the time that it needed ""to make sure inflation stays low and be careful not to cut interest rates too quickly or by too much"". Andrew Murphy, chief executive of toy retailer The Entertainer, which has 165 UK stores, told BBC that some of the cost pressures it has been facing over the past 18 months ""have started to ease just a little"". However, he added that the biggest cost not related to the products it buys was  wages, which have risen by about 10% this year due to increases in the national living wage and ""that one will continue to grow"".  ",BBC,27/08/2024,"['Summer sales by fashion retailers trying to shift stock helped shop prices to record their first annual fall for nearly three years, research suggests.', 'Prices in August were down 0.3% from a year ago, the lowest rate since October 2021, according to the British Retail Consortium (BRC).', 'The drop in prices was driven by non-food goods, such as clothing and furniture, with retailers offering discounts after wet weather and continued cost-of-living pressures hit sales.', 'Food prices continued to rise, but at a slower pace, the BRC industry body said.', 'Fresh food inflation, such as fruit, meat and fish, had seen the biggest monthly decrease since December 2020, it said, thanks to falling costs from suppliers.', 'But the BRC said non-food retailers had been ""discounting heavily to shift their summer stock, particularly for fashion and household goods"". ""', 'This discounting followed a difficult summer of trading caused by poor weather and the continued cost of living crunch impacting many families.""', 'The BRC said prices of non-food goods were 1.5% lower in August than they had been a year ago.', ""Food prices were up 2%, but this was down from July's figure of 2.3%."", 'BRC chief executive Helen Dickinson said that while households will be ""happy"" to see the prices of some goods falling, there was no guarantee this trend would continue. ""', 'The outlook for commodity prices remains uncertain due to the impact of climate change on harvests domestically and globally, as well as rising geopolitical tensions,"" she said. ""', 'As a result, we could see renewed inflationary pressures over the next year.”', 'Lindsay James, investment strategist at Quilter Investors, said the wet summer weather had really hit clothing sales.', 'She told the BBC\'s Today programme that while there were ""encouraging signs that inflation is coming under control"", the figures were also a ""reminder that this economic recovery is fragile"".', 'The most recent official inflation figures - which indicate how fast prices are rising overall - showed the rate rose to 2.2% in July, the first increase this year.', 'The rise in July had been widely predicted and was due to prices of gas and electricity falling by less than they did a year before.', 'The Bank of England has predicted the inflation rate will rise to about 2.75% in the coming months before falling below 2% next year.', 'Inflation soared in 2022 mainly due to a sharp jump in energy prices.', 'Oil and gas were in greater demand after the Covid pandemic, and prices surged again when Russia invaded Ukraine.', 'The recent slowdown in inflation meant the Bank of England felt able to cut interest rates to 5% from 5.25% earlier this month - the first cut since the start of the pandemic in March 2020.', 'However, the Bank\'s governor, Andrew Bailey, said at the time that it needed ""to make sure inflation stays low and be careful not to cut interest rates too quickly or by too much"".', 'Andrew Murphy, chief executive of toy retailer The Entertainer, which has 165 UK stores, told BBC that some of the cost pressures it has been facing over the past 18 months ""have started to ease just a little"".', 'However, he added that the biggest cost not related to the products it buys was wages, which have risen by about 10% this year due to increases in the national living wage and ""that one will continue to grow"".']",-0.0069896665298841,"Fresh food inflation, such as fruit, meat and fish, had seen the biggest monthly decrease since December 2020, it said, thanks to falling costs from suppliers.","This discounting followed a difficult summer of trading caused by poor weather and the continued cost of living crunch impacting many families.""",0.2591204318133267,"However, he added that the biggest cost not related to the products it buys was wages, which have risen by about 10% this year due to increases in the national living wage and ""that one will continue to grow"".","Prices in August were down 0.3% from a year ago, the lowest rate since October 2021, according to the British Retail Consortium (BRC).",2024-08-27
Zuckerberg regrets bowing to White House 'pressure' over Covid,https://www.bbc.co.uk/news/articles/czxlpjlgdzjo,2024-08-27T09:52:08.154Z,"Meta boss Mark Zuckerberg says he regrets bowing to what he calls pressure from the Biden administration to ""censor"" content on Facebook and Instagram during the coronavirus pandemic. In a letter sent to a US House committee chair, he said some material – including humour and satire – was taken down in 2021 under pressure from senior officials. The White House has defended its actions, saying it encouraged ""responsible actions to protect public health and safety"". Mr Zuckerberg also said his firm briefly ""demoted"" content relating to Joe Biden's son, Hunter, ahead of the 2020 election, after the FBI warned of ""a potential Russian disinformation"" operation.  It later became clear that this content was not part of such an operation, Mr Zuckerberg said, and it should not have been temporarily taken down. Mr Zuckerberg did not give further detail about the actions he regretted during the pandemic. At that time, his business removed posts for a variety of reasons. Mr Zuckerberg said the decisions made were the decisions of his business, but that the “government pressure was wrong”. He continued: ""We made some choices that, with the benefit of hindsight and new information, we wouldn't make today."" Mr Zuckerberg said he and Meta would be ready to ""push back"" if something similar happened in the future. His letter was addressed to Jim Jordan, the chair of the House judiciary committee, which has been investigating content moderation on online platforms. Republicans said the letter was a ""big win for free speech"". In a statement issued to the website Politico, the White House stood by its actions. It said: “Our position has been clear and consistent: we believe tech companies and other private actors should take into account the effects their actions have on the American people, while making independent choices about the information they present.” Mr Zuckerberg's comments on Hunter Biden refer to the story of a laptop that was abandoned by the president's son at a repair shop in Delaware - as first reported by the New York Post. The newspaper claimed emails found on the computer suggested his business abroad had influenced US foreign policy while his father was vice-president. The president and his family have denied any wrongdoing. The story became a notable right-wing talking point in the US, and a point of contention as some social media platforms censored the content. Mr Zuckerberg said the story was temporarily demoted on his platforms while going through a fact-check - after a warning from the FBI of a potential Russian disinformation operation, and ""in retrospect, we shouldn't have demoted the story,"" Mr Zuckerberg wrote. ""We've changed our policies and processes to make sure this doesn't happen again."" Mr Zuckerberg also said he did not plan to make any more contributions to supporting electoral infrastructure. In 2020, he donated $400m (£302m) via his philanthropic Chan Zuckerberg Initiative which was intended to help government offices conduct the election during the pandemic. However, misinformation spread rapidly on social media accusing Mr Zuckerberg of effectively using a loophole to skirt maximum donation limits in a bid to get Mr Biden elected. Mr Zuckerberg said his donations ""were designed to be non-partisan"". ""Still, despite the analyses I've seen showing otherwise, I know that some people believe this work benefited one party over the other. ""My goal is to be neutral and not play a role on way or another - or to even appear to be playing a role - so I don't plan on making a similar contribution this cycle."" ",BBC,27/08/2024,"['Meta boss Mark Zuckerberg says he regrets bowing to what he calls pressure from the Biden administration to ""censor"" content on Facebook and Instagram during the coronavirus pandemic.', 'In a letter sent to a US House committee chair, he said some material – including humour and satire – was taken down in 2021 under pressure from senior officials.', 'The White House has defended its actions, saying it encouraged ""responsible actions to protect public health and safety"".', 'Mr Zuckerberg also said his firm briefly ""demoted"" content relating to Joe Biden\'s son, Hunter, ahead of the 2020 election, after the FBI warned of ""a potential Russian disinformation"" operation.', 'It later became clear that this content was not part of such an operation, Mr Zuckerberg said, and it should not have been temporarily taken down.', 'Mr Zuckerberg did not give further detail about the actions he regretted during the pandemic.', 'At that time, his business removed posts for a variety of reasons.', 'Mr Zuckerberg said the decisions made were the decisions of his business, but that the “government pressure was wrong”.', 'He continued: ""We made some choices that, with the benefit of hindsight and new information, we wouldn\'t make today.""', 'Mr Zuckerberg said he and Meta would be ready to ""push back"" if something similar happened in the future.', 'His letter was addressed to Jim Jordan, the chair of the House judiciary committee, which has been investigating content moderation on online platforms.', 'Republicans said the letter was a ""big win for free speech"".', 'In a statement issued to the website Politico, the White House stood by its actions.', 'It said: “Our position has been clear and consistent: we believe tech companies and other private actors should take into account the effects their actions have on the American people, while making independent choices about the information they present.”', ""Mr Zuckerberg's comments on Hunter Biden refer to the story of a laptop that was abandoned by the president's son at a repair shop in Delaware - as first reported by the New York Post."", 'The newspaper claimed emails found on the computer suggested his business abroad had influenced US foreign policy while his father was vice-president.', 'The president and his family have denied any wrongdoing.', 'The story became a notable right-wing talking point in the US, and a point of contention as some social media platforms censored the content.', 'Mr Zuckerberg said the story was temporarily demoted on his platforms while going through a fact-check - after a warning from the FBI of a potential Russian disinformation operation, and ""in retrospect, we shouldn\'t have demoted the story,"" Mr Zuckerberg wrote. ""', 'We\'ve changed our policies and processes to make sure this doesn\'t happen again.""', 'Mr Zuckerberg also said he did not plan to make any more contributions to supporting electoral infrastructure.', 'In 2020, he donated $400m (£302m) via his philanthropic Chan Zuckerberg Initiative which was intended to help government offices conduct the election during the pandemic.', 'However, misinformation spread rapidly on social media accusing Mr Zuckerberg of effectively using a loophole to skirt maximum donation limits in a bid to get Mr Biden elected.', 'Mr Zuckerberg said his donations ""were designed to be non-partisan"". ""', 'Still, despite the analyses I\'ve seen showing otherwise, I know that some people believe this work benefited one party over the other. ""', 'My goal is to be neutral and not play a role on way or another - or to even appear to be playing a role - so I don\'t plan on making a similar contribution this cycle.""']",0.0527297495633225,"The White House has defended its actions, saying it encouraged ""responsible actions to protect public health and safety"".","Mr Zuckerberg said the decisions made were the decisions of his business, but that the “government pressure was wrong”.",0.1820926566918691,"Republicans said the letter was a ""big win for free speech"".","Meta boss Mark Zuckerberg says he regrets bowing to what he calls pressure from the Biden administration to ""censor"" content on Facebook and Instagram during the coronavirus pandemic.",2024-08-27
Keir Starmer cancels Rishi Sunak's 'wasteful' £40m helicopter contract,https://www.bbc.co.uk/news/articles/c7853gq38p1o,2024-08-27T06:33:22.201Z,"The prime minister has scrapped a government helicopter contract - thought to be worth £40m. Rishi Sunak was criticised for his use of helicopters during his time in No 10.  The contract was set to be renewed, but is now being scrapped by Downing Street and the Ministry of Defence. It is designed to illustrate a break with the previous administration - ahead of a speech in which the prime minister will argue things will not be ""business as usual"" when parliament returns next week.  Rishi Sunak used RAF jets and helicopters for domestic flights more frequently than the UK's previous three prime ministers, a BBC investigation found in 2023. Speaking about the cancellation, a Labour source said that the ""Tories' VIP helicopter service"" was a ""grossly wasteful"" symbol of their government that was ""totally out of touch with the problems facing the rest of the country"". ""It's only right that this service is brought to an end,"" the source added, claiming that the government is ""getting a grip of the public finances."" They said: ""It tells you everything that, on top of the £22 billion black hole that the Tories were blowing in the public finances, Rishi Sunak's priority was keeping his VIP helicopter service. While in opposition Labour frequently attacked Mr Sunak for his use of domestic flights. Last month, Conservative MP John Glen asked the new Labour government if it was planning to reduce the number of domestic flights taken by minister. In response Cabinet Office minster Ellie Reeves did not say if the number would be cut back but said travel plans would be “decided with consideration of the best use of a minister’s time and in the interests of the taxpayer”. Using domestic flights allowed ministers to ""visit more parts of the United Kingdom"" and reduced the need for overnight accommodation, she added. Former defence secretary Ben Wallace accused the new Labour government of ""dishonesty,"" adding that he had decided not to renew the contract ""a year ago"" and it was ""never going to happen"". However, the leader of the RAF squadron that operates the helicopter has said Mr Wallace's decision was subsequently reversed under Mr Wallace's successor as defence secretary Grant Shapps, at the request of Mr Sunak. An advert on the government website for a five-year renewal of the contract was live until around a month ago, at which point it was replaced with a withdrawal notice. Meanwhile, the government has also restarted the recruitment process for a new national security adviser.  Rishi Sunak had appointed General Gwyn Jenkins to take up the role, replacing Sir Tim Barrow. But it is understood Downing Street has now taken the decision to cancel the appointment and restart the process. A source emphasised General Jenkins would still be able to apply. ",BBC,27/08/2024,"['The prime minister has scrapped a government helicopter contract - thought to be worth £40m. Rishi Sunak was criticised for his use of helicopters during his time in No 10.', 'The contract was set to be renewed, but is now being scrapped by Downing Street and the Ministry of Defence.', 'It is designed to illustrate a break with the previous administration - ahead of a speech in which the prime minister will argue things will not be ""business as usual"" when parliament returns next week.', ""Rishi Sunak used RAF jets and helicopters for domestic flights more frequently than the UK's previous three prime ministers, a BBC investigation found in 2023."", 'Speaking about the cancellation, a Labour source said that the ""Tories\' VIP helicopter service"" was a ""grossly wasteful"" symbol of their government that was ""totally out of touch with the problems facing the rest of the country"". ""', 'It\'s only right that this service is brought to an end,"" the source added, claiming that the government is ""getting a grip of the public finances.""', 'They said: ""It tells you everything that, on top of the £22 billion black hole that the Tories were blowing in the public finances, Rishi Sunak\'s priority was keeping his VIP helicopter service.', 'While in opposition Labour frequently attacked Mr Sunak for his use of domestic flights.', 'Last month, Conservative MP John Glen asked the new Labour government if it was planning to reduce the number of domestic flights taken by minister.', 'In response Cabinet Office minster Ellie Reeves did not say if the number would be cut back but said travel plans would be “decided with consideration of the best use of a minister’s time and in the interests of the taxpayer”.', 'Using domestic flights allowed ministers to ""visit more parts of the United Kingdom"" and reduced the need for overnight accommodation, she added.', 'Former defence secretary Ben Wallace accused the new Labour government of ""dishonesty,"" adding that he had decided not to renew the contract ""a year ago"" and it was ""never going to happen"".', ""However, the leader of the RAF squadron that operates the helicopter has said Mr Wallace's decision was subsequently reversed under Mr Wallace's successor as defence secretary Grant Shapps, at the request of Mr Sunak."", 'An advert on the government website for a five-year renewal of the contract was live until around a month ago, at which point it was replaced with a withdrawal notice.', 'Meanwhile, the government has also restarted the recruitment process for a new national security adviser.', 'Rishi Sunak had appointed General Gwyn Jenkins to take up the role, replacing Sir Tim Barrow.', 'But it is understood Downing Street has now taken the decision to cancel the appointment and restart the process.', 'A source emphasised General Jenkins would still be able to apply.']",0.0786141637637141,In response Cabinet Office minster Ellie Reeves did not say if the number would be cut back but said travel plans would be “decided with consideration of the best use of a minister’s time and in the interests of the taxpayer”.,The prime minister has scrapped a government helicopter contract - thought to be worth £40m. Rishi Sunak was criticised for his use of helicopters during his time in No 10.,-0.468098521232605,"Using domestic flights allowed ministers to ""visit more parts of the United Kingdom"" and reduced the need for overnight accommodation, she added.","Speaking about the cancellation, a Labour source said that the ""Tories' VIP helicopter service"" was a ""grossly wasteful"" symbol of their government that was ""totally out of touch with the problems facing the rest of the country"". """,2024-08-27
NFL wants a cut of private equity investment profits,https://www.cnbc.com/2024/08/27/nfl-wants-to-take-percentage-of-private-equity-investment-profits.html,2024-08-27T21:02:25+0000,"The National Football League has informed owners and investment firms that it intends to take a percentage of private equity profits on any future sales of ownership stakes, according to people familiar with the matter.NFL owners voted Tuesday to allow private equity firms to take a maximum 10% stake in teams. The league has never allowed private equity investment before. Major League Baseball, the National Basketball Association and the National Hockey League already allow up to 30% of teams to be owned by investment firms, though the cap for individual funds is between 15% and 20%.No other league takes a percentage of the so-called carry — the percentage of a fund's investment profits that managers typically receive as compensation — for all private equity firms. It was unclear heading into the owners' meeting if the NFL plan would apply to all or only some firms, or what percentage of the profits the league wanted to take. The NFL has informally told investment firms that if they make a return on an investment, it wants a portion of the profits to be returned to the league.It was also unclear if the NFL's plans to take a piece of profits would deter future investment from private equity. The initial approved firms include Ares Management, Sixth Street Partners and Arctos Partners, and a consortium of investors including Dynasty Equity, Blackstone, Carlyle Group, CVC Capital Partners and Ludis, a platform founded by investor and former NFL running back Curtis Martin.The NFL declined to comment.Over the past 20 years, the league's total value has risen from $23.46 billion to $190 billion, a 710% gain, according to Sportico. The S&P 500 index has risen about 660% during the same time span.",CNBC,27/08/2024,"['The National Football League has informed owners and investment firms that it intends to take a percentage of private equity profits on any future sales of ownership stakes, according to people familiar with the matter.', 'NFL owners voted Tuesday to allow private equity firms to take a maximum 10% stake in teams.', 'The league has never allowed private equity investment before.', ""Major League Baseball, the National Basketball Association and the National Hockey League already allow up to 30% of teams to be owned by investment firms, though the cap for individual funds is between 15% and 20%.No other league takes a percentage of the so-called carry — the percentage of a fund's investment profits that managers typically receive as compensation — for all private equity firms."", ""It was unclear heading into the owners' meeting if the NFL plan would apply to all or only some firms, or what percentage of the profits the league wanted to take."", 'The NFL has informally told investment firms that if they make a return on an investment, it wants a portion of the profits to be returned to the league.', ""It was also unclear if the NFL's plans to take a piece of profits would deter future investment from private equity."", 'The initial approved firms includeAres Management,Sixth Street Partners and Arctos Partners, and a consortium of investors including Dynasty Equity,Blackstone,Carlyle Group,CVC Capital Partnersand Ludis, a platform founded by investor and former NFL running back Curtis Martin.', 'The NFL declined to comment.', ""Over the past 20 years, the league's total value has risen from $23.46 billion to $190 billion, a 710% gain, according to Sportico."", 'The S&P 500 index has risen about 660% during the same time span.']",0.301092183745919,"Over the past 20 years, the league's total value has risen from $23.46 billion to $190 billion, a 710% gain, according to Sportico.",,0.3423770070075989,"Over the past 20 years, the league's total value has risen from $23.46 billion to $190 billion, a 710% gain, according to Sportico.",It was also unclear if the NFL's plans to take a piece of profits would deter future investment from private equity.,2024-08-27
"T.J. Maxx owner raises full-year guidance, posts 5.6% sales gain for the most recent quarter",https://www.cnbc.com/2024/08/21/tjx-companies-tjx-earnings-q2-2025.html,2024-08-21T19:31:45+0000,"In this articleTJX Cos. raised its full-year guidance on Wednesday after posting another quarter of strong sales, but its outlook still fell just short of Wall Street's expectations.The discounter behind Marshalls, HomeGoods and T.J. Maxx is now expecting full-year earnings to be between $4.09 and $4.13, compared with estimates of $4.14, according to LSEG.For the current quarter, TJX is expecting earnings per share to be between $1.06 and $1.08, compared with estimates of $1.10.So far this earnings season, retailers that disappoint with guidance haven't seen much negative impact to their shares, suggesting investors are prepared for uncertainty in the second half of the year ahead of the U.S. presidential election and a potential rate cut from the Federal Reserve. Shares of TJX rose nearly 6% in afternoon trading.Here's how the discounter did for the fiscal second quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 3 was $1.1 billion, or 96 cents per share, compared with $989 million, or 85 cents per share, a year earlier. Sales rose to $13.47 billion, up from $12.76 billion a year earlier.Throughout TJX's fiscal 2024 year, which ended in February, the company posted strong sales gains and robust guidance, but investors have been keen to see how it will lap those numbers in the quarters ahead and if it can keep growing.The company has looked abroad as a primary growth avenue and on Wednesday, it announced that it was taking a 35% ownership stake in the Dubai-based retailer Brands for Less for $360 million. The privately held brand is the region's only major off-price player and operates more than 100 stores, primarily in the United Arab Emirates and Saudi Arabia, along with an e-commerce business, TJX said in a news release.""As TJX seeks to continue its global growth, this transaction gives the Company an opportunity to invest in an established, off-price retailer with significant growth potential,"" TJX said. ""The Company's ownership in BFL is expected to be slightly accretive to earnings per share beginning in Fiscal 2026.""Europe has been more challenging for TJX, especially the U.K., according to CEO Ernie Herrman.""We were a little disappointed in our Europe business,"" Herrman said in the earnings conference call. ""A decent size of that is our own execution.""Nonetheless, Herrman said TJX is on the right path forward.During the quarter, consolidated comparable store sales increased by 4% and were ""entirely driven by an increase in customer transactions,"" indicating more shoppers are coming to its stores, TJX said. That jump is ahead of the 2.8% uptick that analysts had expected, according to StreetAccount.The growth was primarily driven by TJX's Marmaxx division in the U.S., which includes TJ Maxx, Marshalls and Sierra stores. During the quarter, Marmaxx comparable sales were up 5%, compared with estimates of up 2.9%, according to StreetAccount. HomeGoods posted comparable sales up 2% — short of the 3% that analysts had been looking for, according to StreetAccount — as the overall home furnishings market remains stagnant.TJX also benefited from operational improvements and lower freight costs, though those were partially offset by higher supply chain costs, according to CFO John Klinger.As Marmaxx gains momentum, Klinger said the company has ""opportunities to keep growing our largest division.""In the current quarter, performance is already ""off to a strong start,"" said Herrman.""We see excellent buying opportunities in the marketplace and are strongly positioned to ship fresh and compelling merchandise to our stores and online throughout the fall and holiday selling seasons. We marked a milestone for our Company in the second quarter by opening our 5,000th store,"" said Herrman. ""Longer term, we are excited about our potential to capture additional market share in all of our geographies and to continue our global growth""As of Tuesday's close, TJX's stock is up about about 21% year to date. The shares reached a new high in May after the company reported strong quarterly earnings.The retailer has been taking market share from competitors like Target and Macy's and has become a haven for price-sensitive consumers who may be watching their dollars but still want to spring for new clothes.""Consumers will keep seeking value,"" said Herrman.In May, Herrman said the company is winning in part because it's ""become a cooler place to shop"" and has made inroads with younger Gen Z customers, who tend to be more concerned with snagging good, high-quality deals than shopping at high-end names.In Wednesday's earnings call, Herrman said TJX is attracting an ""outsized number"" of younger customers.Some analysts say the nature of TJX's business model means it does well in any economic environment. In good times, its core lower- to middle-income consumer has the extra cash to buy discretionary items like new clothes, shoes and home decor and in bad times, higher-income shoppers come to its stores looking for deals on the branded clothes they're accustomed to.Even as consumers face rising prices at places like the grocery store, Herrman and Klinger said TJX's average selling prices have been ""pretty consistent.""""If you look at our merchandise market, the story is becoming more about the buying better, and not just the retails,"" Herrman said.However, a sharp downturn in consumer spending, which some analysts have warned may be ahead, could impact the company regardless of its value offering.",CNBC,21/08/2024,"['In this articleTJX Cos.', ""raised its full-year guidance on Wednesday after posting another quarter of strong sales, but its outlook still fell just short of Wall Street's expectations."", ""The discounter behind Marshalls, HomeGoods and T.J. Maxx is now expecting full-year earnings to be between $4.09 and $4.13, compared with estimates of $4.14, according to LSEG.For the current quarter, TJX is expecting earnings per share to be between $1.06 and $1.08, compared with estimates of $1.10.So far this earnings season, retailers that disappoint with guidance haven't seen much negative impact to their shares, suggesting investors are prepared for uncertainty in the second half of the year ahead of the U.S. presidential election and a potential rate cut from the Federal Reserve."", 'Shares of TJX rose nearly 6% in afternoon trading.', ""Here's how the discounter did for the fiscal second quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 3 was $1.1 billion, or 96 cents per share, compared with $989 million, or 85 cents per share, a year earlier."", 'Sales rose to $13.47 billion, up from $12.76 billion a year earlier.', ""Throughout TJX's fiscal 2024 year, which ended in February, the company posted strong sales gains and robust guidance, but investors have been keen to see how it will lap those numbers in the quarters ahead and if it can keep growing."", 'The company has looked abroad as a primary growth avenue and on Wednesday, it announced that it was taking a 35% ownership stake in the Dubai-based retailer Brands for Less for $360 million.', ""The privately held brand is the region's only major off-price player and operates more than 100 stores, primarily in the United Arab Emirates and Saudi Arabia, along with an e-commerce business, TJX said in a news release."", '""As TJX seeks to continue its global growth, this transaction gives the Company an opportunity to invest in an established, off-price retailer with significant growth potential,"" TJX said. ""', 'The Company\'s ownership in BFL is expected to be slightly accretive to earnings per share beginning in Fiscal 2026.""Europe has been more challenging for TJX, especially the U.K., according to CEO Ernie Herrman.', '""We were a little disappointed in our Europe business,"" Herrman said in the earnings conference call. ""', 'A decent size of that is our own execution.', '""Nonetheless, Herrman said TJX is on the right path forward.', 'During the quarter, consolidated comparable store sales increased by 4% and were ""entirely driven by an increase in customer transactions,"" indicating more shoppers are coming to its stores, TJX said.', 'That jump is ahead of the 2.8% uptick that analysts had expected, according to StreetAccount.', ""The growth was primarily driven by TJX's Marmaxx division in the U.S., which includes TJ Maxx, Marshalls and Sierra stores."", 'During the quarter, Marmaxx comparable sales were up 5%, compared with estimates of up 2.9%, according to StreetAccount.', 'HomeGoods posted comparable sales up 2% — short of the 3% that analysts had been looking for, according to StreetAccount — as the overall home furnishings market remains stagnant.', 'TJX also benefited from operational improvements and lower freight costs, though those were partially offset by higher supply chain costs, according to CFO John Klinger.', 'As Marmaxx gains momentum, Klinger said the company has ""opportunities to keep growing our largest division.', '""In the current quarter, performance is already ""off to a strong start,"" said Herrman.', '""We see excellent buying opportunities in the marketplace and are strongly positioned to ship fresh and compelling merchandise to our stores and online throughout the fall and holiday selling seasons.', 'We marked a milestone for our Company in the second quarter by opening our 5,000thstore,"" said Herrman. ""', 'Longer term, we are excited about our potential to capture additional market share in all of our geographies and to continue our global growth""As of Tuesday\'s close, TJX\'s stock is up about about 21% year to date.', 'The shares reached a new high in May after the company reported strong quarterly earnings.', ""The retailer has been taking market share from competitors like Target and Macy's and has become a haven for price-sensitive consumers who may be watching their dollars but still want to spring for new clothes."", '""Consumers will keep seeking value,"" said Herrman.', 'In May, Herrman said the company is winning in part because it\'s ""become a cooler place to shop"" and has made inroads with younger Gen Z customers, who tend to be more concerned with snagging good, high-quality deals than shopping at high-end names.', 'In Wednesday\'s earnings call, Herrman said TJX is attracting an ""outsized number"" of younger customers.', ""Some analysts say the nature of TJX's business model means it does well in any economic environment."", ""In good times, its core lower- to middle-income consumer has the extra cash to buy discretionary items like new clothes, shoes and home decor and in bad times, higher-income shoppers come to its stores looking for deals on the branded clothes they're accustomed to."", 'Even as consumers face rising prices at places like the grocery store, Herrman and Klinger said TJX\'s average selling prices have been ""pretty consistent.', '""""If you look at our merchandise market, the story is becoming more about the buying better, and not just the retails,"" Herrman said.', 'However, a sharp downturn in consumer spending, which some analysts have warned may be ahead, could impact the company regardless of its value offering.']",0.3146543423582668,"""We see excellent buying opportunities in the marketplace and are strongly positioned to ship fresh and compelling merchandise to our stores and online throughout the fall and holiday selling seasons.","The discounter behind Marshalls, HomeGoods and T.J. Maxx is now expecting full-year earnings to be between $4.09 and $4.13, compared with estimates of $4.14, according to LSEG.For the current quarter, TJX is expecting earnings per share to be between $1.06 and $1.08, compared with estimates of $1.10.So far this earnings season, retailers that disappoint with guidance haven't seen much negative impact to their shares, suggesting investors are prepared for uncertainty in the second half of the year ahead of the U.S. presidential election and a potential rate cut from the Federal Reserve.",0.7327762484550476,"During the quarter, consolidated comparable store sales increased by 4% and were ""entirely driven by an increase in customer transactions,"" indicating more shoppers are coming to its stores, TJX said.","raised its full-year guidance on Wednesday after posting another quarter of strong sales, but its outlook still fell just short of Wall Street's expectations.",2024-08-27
Health-care marketplace Sesame to offer compounded versions of Wegovy through new $249 weight loss program,https://www.cnbc.com/2024/08/21/sesame-to-offer-compounded-wegovy-through-weight-loss-program.html,2024-08-21T17:22:39+0000,"Health-care marketplace Sesame on Wednesday announced a new clinical weight loss program that will help eligible consumers access compounded versions of Novo Nordisk's blockbuster obesity drug Wegovy for $249 per month.Sesame allows patients to book and pay for appointments with doctors and specialists directly through its website, so it cuts out middlemen such as insurers.The company said it is adding compounded semaglutide — the active ingredient in Wegovy and Novo Nordisk's diabetes injection Ozempic — to its platform to help users safely access obesity and diabetes treatments at a time when many of the branded drugs are in short supply. Sesame already offers branded weight loss and diabetes drugs through its platform, including through a partnership with Costco. But the company's new program could serve as a more affordable weight loss alternative, as compounded medications are typically cheaper than their branded counterparts. Wegovy and Ozempic both cost roughly $1,000 per month before insurance, and most weight loss programs from competing digital health companies do not include the cost of those medications. ""We are, based on this drug supply shortage, on behalf of American consumers, making a version of compounded semaglutide available to our users at … [a] very accessible price point,"" Michael Botta, president and co-founder of Sesame, told CNBC in an interview. ""In fact, we think it's probably the most affordable price point the consumer can find on an apples to apples basis.""Wegovy and Ozempic are part of a highly popular class of weight loss and diabetes medications called GLP-1s, which mimic certain gut hormones to tamp down a patient's appetite and regulate their blood sugar. The treatments have exploded in popularity in recent years, and some analysts predict the industry could generate more than $100 billion in annual revenue by 2030.Supply shortages are one of the biggest hurdles for Novo Nordisk and its main rival, Eli Lilly, since spiking demand can make it difficult for many patients to find the treatments. When brand-name GLP-1 medications are in shortage, certain manufacturers can prepare compounded versions if they meet U.S. Food and Drug Administration requirements.The lowest dose of Wegovy is in short supply, but all other doses of the drug and Ozempic are available, according to the FDA's drug shortage database. Compounded medications are custom-made alternatives to branded drugs designed to meet a specific patient's needs, such as not being able to swallow a pill or being allergic to the dye of a certain product. Those compounded drugs can be prescribed, made and dispensed under two sections of the Federal Food, Drug and Cosmetic Act. That law created two classes of compounding pharmacies. The FDA regulates so-called 503B pharmacies, which can make larger batches of medications without individual prescriptions. Meanwhile, 503A compounding pharmacies can create custom medications for individual patients and are largely regulated by states rather than the FDA. But both Wegovy and Ozempic are under patent protection in the U.S. and abroad, and Novo Nordisk and Eli Lilly do not supply the active ingredients in their drugs to outside groups. The companies say that raises questions about what some manufacturers are selling and marketing to consumers.Novo Nordisk and Eli Lilly have both stepped in to address illicit versions of their treatments, suing weight loss clinics, medical spas and compounding pharmacies across the U.S. over the past year. The FDA last month also said it had received reports of patients overdosing on compounded semaglutide due to dosing errors such as patients self-administering incorrect amounts of a treatment. Botta said Sesame initially ""stayed very far away"" from compounded medications because the company felt uncertain about their purity and quality. But he said the more Sesame learned about compounded versions of GLP-1s, the ""more we see that they're effective, they seem to be quite safe. People tend to have a good experience taking them."" Sesame then sent its teams to inspect several 503B compounding pharmacies. ""What we decided to do was work with a compounding pharmacy that certainly meets our bar when it comes to inspecting their processes, their quality, their output,"" Botta said. The compounding pharmacy partnered with Sesame will manufacture prefilled, single-use syringes rather than a single vial of medicine that patients have to measure themselves. Botta said that could help patients ""avoid the risk that comes from overfilling a syringe, over-injecting, taking too much — overdosing on this medication."" To participate in Sesame's new program, patients will have to fill out an intake form and select a health-care provider. They will have a consultation with the provider via video, complete some lab work and receive a prescription if the provider decides it is appropriate. Patients will be able to access ongoing consultations via video chat, as well as a nutrition, fitness and mindfulness content library. The content will not be immediately available upon the launch of the new program Wednesday, but Sesame said it will be live in about two weeks. Anyone who signs up in the interim will automatically get access to it when it is available, the company added. ""There are millions upon millions of Americans who are struggling both with obesity itself and with all of the downstream effects of obesity,"" Botta said. ""Being able to connect patients who otherwise are struggling with the supply shortage is something we think is worth doing.""",CNBC,21/08/2024,"[""Health-care marketplace Sesame on Wednesday announced a new clinical weight loss program that will help eligible consumers access compounded versions of Novo Nordisk's blockbuster obesity drug Wegovy for $249 per month."", 'Sesame allows patients to book and pay for appointments with doctors and specialists directly through its website, so it cuts out middlemen such as insurers.', ""The company said it is adding compounded semaglutide — the active ingredient in Wegovy and Novo Nordisk's diabetes injection Ozempic — to its platform to help users safely access obesity and diabetes treatments at a time when many of the branded drugs are in short supply."", 'Sesame already offers branded weight loss and diabetes drugs through its platform, including through a partnership with Costco.', ""But the company's new program could serve as a more affordable weight loss alternative, as compounded medications are typically cheaper than their branded counterparts."", 'Wegovy and Ozempic both cost roughly $1,000 per month before insurance, and most weight loss programs from competing digital health companies do not include the cost of those medications.', '""We are, based on this drug supply shortage, on behalf of American consumers, making a version of compounded semaglutide available to our users at … [a] very accessible price point,"" Michael Botta, president and co-founder of Sesame, told CNBC in an interview. ""', ""In fact, we think it's probably the most affordable price point the consumer can find on an apples to apples basis."", '""Wegovy and Ozempic are part of a highly popular class of weight loss and diabetes medications called GLP-1s, which mimic certain gut hormones to tamp down a patient\'s appetite and regulate their blood sugar.', 'The treatments have exploded in popularity in recent years, and some analysts predict the industry could generate more than $100 billion in annual revenue by 2030.Supply shortages are one of the biggest hurdles for Novo Nordisk and its main rival, Eli Lilly, since spiking demand can make it difficult for many patients to find the treatments.', 'When brand-name GLP-1 medications are in shortage, certain manufacturers can prepare compounded versions if they meet U.S. Food and Drug Administration requirements.', ""The lowest dose of Wegovy is in short supply, but all other doses of the drug and Ozempic are available, according to the FDA's drug shortage database."", ""Compounded medications are custom-made alternatives to branded drugs designed to meet a specific patient's needs, such as not being able to swallow a pill or being allergic to the dye of a certain product."", 'Those compounded drugs can be prescribed, made and dispensed under two sections of the Federal Food, Drug and Cosmetic Act.', 'That law created two classes of compounding pharmacies.', 'The FDA regulates so-called 503B pharmacies, which can make larger batches of medications without individual prescriptions.', 'Meanwhile, 503A compounding pharmacies can create custom medications for individual patients and are largely regulated by states rather than the FDA.But both Wegovy and Ozempic are under patent protection in the U.S. and abroad, and Novo Nordisk and Eli Lilly do not supply the active ingredients in their drugs to outside groups.', 'The companies say that raises questions about what some manufacturers are selling and marketing to consumers.', 'Novo Nordisk and Eli Lilly have both stepped in to address illicit versions of their treatments, suing weight loss clinics, medical spas and compounding pharmacies across the U.S. over the past year.', 'The FDA last month also said it had received reports of patients overdosing on compounded semaglutide due to dosing errors such as patients self-administering incorrect amounts of a treatment.', 'Botta said Sesame initially ""stayed very far away"" from compounded medications because the company felt uncertain about their purity and quality.', 'But he said the more Sesame learned about compounded versions of GLP-1s, the ""more we see that they\'re effective, they seem to be quite safe.', 'People tend to have a good experience taking them.', '""Sesame then sent its teams to inspect several 503B compounding pharmacies.', '""What we decided to do was work with a compounding pharmacy that certainly meets our bar when it comes to inspecting their processes, their quality, their output,"" Botta said.', 'The compounding pharmacy partnered with Sesame will manufacture prefilled, single-use syringes rather than a single vial of medicine that patients have to measure themselves.', 'Botta said that could help patients ""avoid the risk that comes from overfilling a syringe, over-injecting, taking too much — overdosing on this medication.', '""To participate in Sesame\'s new program, patients will have to fill out an intake form and select a health-care provider.', 'They will have a consultation with the provider via video, complete some lab work and receive a prescription if the provider decides it is appropriate.', 'Patients will be able to access ongoing consultations via video chat, as well as a nutrition, fitness and mindfulness content library.', 'The content will not be immediately available upon the launch of the new program Wednesday, but Sesame said it will be live in about two weeks.', 'Anyone who signs up in the interim will automatically get access to it when it is available, the company added.', '""There are millions upon millions of Americans who are struggling both with obesity itself and with all of the downstream effects of obesity,"" Botta said. ""', 'Being able to connect patients who otherwise are struggling with the supply shortage is something we think is worth doing.""']",0.005803572843723,"But he said the more Sesame learned about compounded versions of GLP-1s, the ""more we see that they're effective, they seem to be quite safe.","Novo Nordisk and Eli Lilly have both stepped in to address illicit versions of their treatments, suing weight loss clinics, medical spas and compounding pharmacies across the U.S. over the past year.",0.4187814430757002,"But he said the more Sesame learned about compounded versions of GLP-1s, the ""more we see that they're effective, they seem to be quite safe.",The FDA last month also said it had received reports of patients overdosing on compounded semaglutide due to dosing errors such as patients self-administering incorrect amounts of a treatment.,2024-08-27
Keir Starmer in Berlin to 'turn corner on Brexit',https://www.bbc.co.uk/news/articles/cvg3pxz4334o,2024-08-27T21:30:57.653Z,"The UK is starting talks on a new co-operation treaty with Germany, as the Labour government looks to ""reset"" relations with Europe. Sir Keir Starmer, who is in Berlin for meetings with German Chancellor Olaf Scholz, said the deal was part of a bid to ""turn a corner on Brexit"". Downing Street said the agreement would cover areas such as energy security, technology, defence and illegal migration.  It added it would also cover access to each other's markets and trade across the North Sea. After Berlin, Sir Keir will travel to Paris to meet French President Emmanuel Macron and attend the Paralympics opening ceremony. No 10 said it hoped the new treaty with Germany could be agreed by early next year. Although detailed plans have not been disclosed, discussions about improving market access are expected to focus on areas such as helping firms certificate their products, and providing more information about tenders. Downing Street added it would build on a defence pact between the two countries already being negotiated, which is due to be finalised in the autumn. That agreement, announced last month, saw the two countries pledge to buy more military equipment together and to make it easier for each other's armies to use it, as well as increasing co-operation in areas such as cyber warfare. Sir Keir has vowed to forge a closer economic relationship with Europe, including a ""much better"" deal on trade than the one negotiated by Boris Johnson in late 2020. His Labour government wants to strike deals with the EU to reduce border checks on food products, lessen paperwork for touring artists, and boost recognition of work qualifications, making it easier for some professionals to work abroad. It also wants to broker a security pact with the EU, as well as a new returns agreement for failed asylum seekers. It remains unclear whether Brussels would entertain major changes to the UK's existing Brexit trade deal, which is due to be reviewed in 2026. Nils Schmid, foreign affairs spokesperson for Mr Scholz's Social Democratic Party, said the two leaders were ""more or less on the same page"" in wanting a closer relationship between the UK and the EU.   He told BBC Radio 4's Today programme Germany hoped to facilitate UK cooperation with the EU on issues including trade, student mobility and defence.  Mr Schmid said a scheme making it easier for young Germans to travel to the UK to study was ""major feature of our wish list"".  He insisted such a scheme would not be about ""immigration in a general sense"" but ""stays of limited duration"" for educational programmes, student exchanges or work experience.  However, the Labour government has said there are no plans for a scheme that would allow young people from EU countries to live and work in the UK, with young Britons allowed to do the same in Europe in return.  Ahead of the visit, Sir Keir said the UK had a ""once in a generation opportunity to reset our relationship with Europe"". He said co-operation with both Germany and France would be ""crucial"" on migration and boosting the UK's economic growth. ""We must turn a corner on Brexit and fix the broken relationships left behind by the previous government,"" he added. Earlier, Sir Keir met German President Frank-Walter Steinmeier. He will also meet the bosses of energy engineering group Siemens Energy and defence firm Rheinmetall, which makes vehicles for the British Army, later.  ",BBC,27/08/2024,"['The UK is starting talks on a new co-operation treaty with Germany, as the Labour government looks to ""reset"" relations with Europe.', 'Sir Keir Starmer, who is in Berlin for meetings with German Chancellor Olaf Scholz, said the deal was part of a bid to ""turn a corner on Brexit"".', 'Downing Street said the agreement would cover areas such as energy security, technology, defence and illegal migration.', ""It added it would also cover access to each other's markets and trade across the North Sea."", 'After Berlin, Sir Keir will travel to Paris to meet French President Emmanuel Macron and attend the Paralympics opening ceremony.', 'No 10 said it hoped the new treaty with Germany could be agreed by early next year.', 'Although detailed plans have not been disclosed, discussions about improving market access are expected to focus on areas such as helping firms certificate their products, and providing more information about tenders.', 'Downing Street added it would build on a defence pact between the two countries already being negotiated, which is due to be finalised in the autumn.', ""That agreement, announced last month, saw the two countries pledge to buy more military equipment together and to make it easier for each other's armies to use it, as well as increasing co-operation in areas such as cyber warfare."", 'Sir Keir has vowed to forge a closer economic relationship with Europe, including a ""much better"" deal on trade than the one negotiated by Boris Johnson in late 2020.', 'His Labour government wants to strike deals with the EU to reduce border checks on food products, lessen paperwork for touring artists, and boost recognition of work qualifications, making it easier for some professionals to work abroad.', 'It also wants to broker a security pact with the EU, as well as a new returns agreement for failed asylum seekers.', ""It remains unclear whether Brussels would entertain major changes to the UK's existing Brexit trade deal, which is due to be reviewed in 2026."", 'Nils Schmid, foreign affairs spokesperson for Mr Scholz\'s Social Democratic Party, said the two leaders were ""more or less on the same page"" in wanting a closer relationship between the UK and the EU.', ""He told BBC Radio 4's Today programme Germany hoped to facilitate UK cooperation with the EU on issues including trade, student mobility and defence."", 'Mr Schmid said a scheme making it easier for young Germans to travel to the UK to study was ""major feature of our wish list"".', 'He insisted such a scheme would not be about ""immigration in a general sense"" but ""stays of limited duration"" for educational programmes, student exchanges or work experience.', 'However, the Labour government has said there are no plans for a scheme that would allow young people from EU countries to live and work in the UK, with young Britons allowed to do the same in Europe in return.', 'Ahead of the visit, Sir Keir said the UK had a ""once in a generation opportunity to reset our relationship with Europe"".', 'He said co-operation with both Germany and France would be ""crucial"" on migration and boosting the UK\'s economic growth. ""', 'We must turn a corner on Brexit and fix the broken relationships left behind by the previous government,"" he added.', 'Earlier, Sir Keir met German President Frank-Walter Steinmeier.', 'He will also meet the bosses of energy engineering group Siemens Energy and defence firm Rheinmetall, which makes vehicles for the British Army, later.']",0.2747051717378531,"That agreement, announced last month, saw the two countries pledge to buy more military equipment together and to make it easier for each other's armies to use it, as well as increasing co-operation in areas such as cyber warfare.","We must turn a corner on Brexit and fix the broken relationships left behind by the previous government,"" he added.",0.988307762145996,"He said co-operation with both Germany and France would be ""crucial"" on migration and boosting the UK's economic growth. """,,2024-08-27
Ikea Preowned: Furniture giant to pilot second-hand online market,https://www.bbc.co.uk/news/articles/cy84j50xvemo,2024-08-26T17:32:23.903Z,"Ikea is trialling its own second-hand online marketplace so that customers can sell to each other, rather than relying on buy-and-sell websites like eBay or Gumtree.  Ikea Preowned is already up and running in Madrid and Oslo, with the Swedish furniture giant planning to roll out the site globally by December. It comes against the backdrop of a steadily growing market for second-hand furniture, clothes and equipment. The incentive would fit Ikea's sustainability aims by reusing items so they don't end up in landfill. It would also help the firm make more profit from the resale of its own goods. ""After December we will evaluate and decide on the next steps. We start in Oslo and Madrid, yet our ambition is higher"", a spokesperson said. Sales of used Ikea furniture are very popular on online marketplaces including Craigslist. Upwards of 25,000 results appear when searching ""Ikea"" on eBay, an online auction site that specialises in resale but also sells new items. On Gumtree in the UK, over 10,000 results are shown when searching for the retailer, while Shpock and Facebook Marketplace, both specialising in local resales, also returns dozens of pages of results. In the past, environmentalists have called out furniture makers for the huge amount of plastic that builds up in the environment, harming marine wildlife. The problem is exacerbated by the onslaught of cheap furniture sales which encourage people to simply throw out furniture they don't want, as it is so cheap to buy new items. Green campaigners have stressed the importance of a circular economy, where the aim is to reuse things more than once. If a company is responsible for the resale of its own products, then there could be an in-built incentive to make items more durable, less disposable, and therefore more sustainable. Evolving its own online marketplace would also allow Ikea to focus less on its brick-and-mortar stores - which are expensive with high operating costs - and more towards the growing sector of online sales and assembling services. Listings on Ikea Preowned are put up by the seller, and Ikea's algorithms generate the details of the item including measurements and the original retail price. The firm already offers, in some of its stores, a service where it sells pre-owned items. ",BBC,26/08/2024,"['Ikea is trialling its own second-hand online marketplace so that customers can sell to each other, rather than relying on buy-and-sell websites like eBay or Gumtree.', 'Ikea Preowned is already up and running in Madrid and Oslo, with the Swedish furniture giant planning to roll out the site globally by December.', 'It comes against the backdrop of a steadily growing market for second-hand furniture, clothes and equipment.', ""The incentive would fit Ikea's sustainability aims by reusing items so they don't end up in landfill."", 'It would also help the firm make more profit from the resale of its own goods. ""', 'After December we will evaluate and decide on the next steps.', 'We start in Oslo and Madrid, yet our ambition is higher"", a spokesperson said.', 'Sales of used Ikea furniture are very popular on online marketplaces including Craigslist.', 'Upwards of 25,000 results appear when searching ""Ikea"" on eBay, an online auction site that specialises in resale but also sells new items.', 'On Gumtree in the UK, over 10,000 results are shown when searching for the retailer, while Shpock and Facebook Marketplace, both specialising in local resales, also returns dozens of pages of results.', 'In the past, environmentalists have called out furniture makers for the huge amount of plastic that builds up in the environment, harming marine wildlife.', ""The problem is exacerbated by the onslaught of cheap furniture sales which encourage people to simply throw out furniture they don't want, as it is so cheap to buy new items."", 'Green campaigners have stressed the importance of a circular economy, where the aim is to reuse things more than once.', 'If a company is responsible for the resale of its own products, then there could be an in-built incentive to make items more durable, less disposable, and therefore more sustainable.', 'Evolving its own online marketplace would also allow Ikea to focus less on its brick-and-mortar stores - which are expensive with high operating costs - and more towards the growing sector of online sales and assembling services.', ""Listings on Ikea Preowned are put up by the seller, and Ikea's algorithms generate the details of the item including measurements and the original retail price."", 'The firm already offers, in some of its stores, a service where it sells pre-owned items.']",0.256384130808075,"It would also help the firm make more profit from the resale of its own goods. ""","In the past, environmentalists have called out furniture makers for the huge amount of plastic that builds up in the environment, harming marine wildlife.",0.4505903891154698,"It would also help the firm make more profit from the resale of its own goods. ""","The problem is exacerbated by the onslaught of cheap furniture sales which encourage people to simply throw out furniture they don't want, as it is so cheap to buy new items.",2024-08-27
Beyoncé launches whiskey line with LVMH's Moët Hennessy,https://www.cnbc.com/2024/08/20/beyonce-launches-whiskey-lvmh-moet-hennessy-sirdavis.html,2024-08-20T20:27:28+0000,"In this articleBeyoncé is holding her whiskey up high.The megastar is entering the luxury liquor business with the launch of a new whiskey line in collaboration with LVMH's Moët Hennessy, the brand announced in a press release Tuesday.Beyoncé shared the news holding up a glass of the whiskey, dubbed SirDavis, in a promotional Instagram post with the caption, ""DAVIS IN MY BONES,"" and a link to the liquor's website.Following a growing trend of consumers seeking luxury spirits, Beyoncé joins Mark Wahlberg, George Clooney and more celebrities who are using their status to elevate premium liquor brands.As LVMH's wine and spirits division expands in the American whiskey market, SirDavis also serves to honor Beyoncé's heritage. SirDavis is named for Davis Hogue, Beyoncé's great-grandfather who stashed whiskey bottles as a farmer during Prohibition in the South, according to the release.""When I discovered that my great-grandfather had been a moonshine man, it felt like my love for whisky was fated,"" Beyoncé said. ""SirDavis is a way for me to pay homage to him, uniting us through a new shared legacy.""The whiskey line is headquartered out of Houston, Beyoncé's hometown. Crafted and bottled in Texas, SirDavis marks Moët Hennessy's first spirit brand developed by the company entirely in the U.S., according to the release.SirDavis comprises 51% rye and 49% malted barley and is matured in sherry casks, which the distiller said creates a profile of ""bold sophistication.""The tall bottle, which features a bronzed horse, is also a nod to Beyoncé's most recent albums.Retailing for $89 a bottle, SirDavis will be available in September.",CNBC,20/08/2024,"['In this articleBeyoncé is holding her whiskey up high.', ""The megastar is entering the luxury liquor business with the launch of a new whiskey line in collaboration with LVMH's Moët Hennessy, the brand announced in a press release Tuesday."", 'Beyoncé shared the news holding up a glass of the whiskey, dubbed SirDavis, in a promotional Instagram post with the caption, ""DAVIS IN MY BONES,"" and a link to the liquor\'s website.', 'Following a growing trend of consumers seeking luxury spirits, Beyoncé joins Mark Wahlberg, George Clooney and more celebrities who are using their status to elevate premium liquor brands.', ""As LVMH's wine and spirits division expands in the American whiskey market, SirDavis also serves to honor Beyoncé's heritage."", ""SirDavis is named for Davis Hogue, Beyoncé's great-grandfather who stashed whiskey bottles as a farmer during Prohibition in the South, according to the release."", '""When I discovered that my great-grandfather had been a moonshine man, it felt like my love for whisky was fated,"" Beyoncé said. ""', 'SirDavis is a way for me to pay homage to him, uniting us through a new shared legacy.', '""The whiskey line is headquartered out of Houston, Beyoncé\'s hometown.', ""Crafted and bottled in Texas, SirDavis marks Moët Hennessy's first spirit brand developed by the company entirely in the U.S., according to the release."", 'SirDavis comprises 51% rye and 49% malted barley and is matured in sherry casks, which the distiller said creates a profile of ""bold sophistication.', '""The tall bottle, which features a bronzed horse, is also a nod to Beyoncé\'s most recent albums.', 'Retailing for $89 a bottle, SirDavis will be available in September.']",0.2765752767088455,"""When I discovered that my great-grandfather had been a moonshine man, it felt like my love for whisky was fated,"" Beyoncé said. """,,0.9636331796646118,"""When I discovered that my great-grandfather had been a moonshine man, it felt like my love for whisky was fated,"" Beyoncé said. """,,2024-08-27
Home sales rose in July for the first time in five months,https://www.cnbc.com/2024/08/22/july-home-sales-break-4-month-losing-streak-as-supply-rises-nearly-20percent.html,2024-08-22T16:18:44+0000,"Closed sales of previously owned homes rose 1.3% in July compared with June to a seasonally adjusted, annualized rate of 3.95 million units, according to the National Association of Realtors. That was the first gain in five months.Sales were 2.5% lower compared with the same time last year.Sales saw the biggest gains in the Northeast and were flat in the Midwest. Prices also rose the most in the Northeast.""Despite the modest gain, home sales are still sluggish,"" said Lawrence Yun, the NAR's chief economist, in a release. ""But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.""These sales are based on contracts that were likely signed in May and June, when mortgage rates were well over 7% on the popular 30-year fixed loan. Rates began dropping in July and are now hovering around 6.5%.All-cash offers made up 27% of July sales, up from 26% the year before and far higher than the historical norm.The supply of homes for sale continued to move higher in July. At the end of the month, there were 1.33 million houses on the market, an increase of 0.8% from June and 19.8% higher than in July 2023. At the current sales pace, that represents a four-month supply, slightly lower than it was in June.The increase in supply did not, however, help to cool home prices. The median price of an existing home sold in July was $442,600, an increase of 4.2% year over year.First-time buyers made up 29% of sales in July, unchanged from June but down from 30% in July 2023. Historically, these buyers make up closer to 40% of home sales, but affordability has been hit hard in the last two years due to fast-rising home prices and higher mortgage rates.With rates now slightly lower, demand is starting to pick up. A separate report from Redfin, a real estate brokerage, found requests for tours and other buying services from Redfin agents rose 4% over the last week to their highest level in two months.Correction: A previous version of this story misstated a time frame for the decline in home sales.",CNBC,22/08/2024,"['Closed sales of previously owned homes rose 1.3% in July compared with June to a seasonally adjusted, annualized rate of 3.95 million units, according to the National Association of Realtors.', 'That was the first gain in five months.', 'Sales were2.5% lower compared with the same time last year.', 'Sales saw the biggest gains in the Northeast and were flat in the Midwest.', 'Prices also rose the most in the Northeast.', '""Despite the modest gain, home sales are still sluggish,"" said Lawrence Yun, the NAR\'s chief economist, in a release. ""', 'But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.', '""These sales are based on contracts that were likely signed in May and June, when mortgage rates were well over 7% on the popular 30-year fixed loan.', 'Rates began dropping in July and are now hovering around 6.5%.All-cash offers made up 27% of July sales, up from 26% the year before and far higher than the historical norm.', 'The supply of homes for sale continued to move higher in July.', 'At the end of the month, there were1.33 million houses on the market, an increase of0.8% from June and 19.8% higher than in July 2023.', 'At the current sales pace, that represents afour-month supply, slightly lower than it was in June.', 'The increase in supply did not, however, help to cool home prices.', 'The median price of an existing home sold in July was $442,600, an increase of 4.2% year over year.', 'First-time buyers made up 29% of sales in July, unchanged from June but down from 30% in July 2023.', 'Historically, these buyers make up closer to 40% of home sales, but affordability has been hit hard in the last two years due to fast-rising home prices and higher mortgage rates.', 'With rates now slightly lower, demand is starting to pick up.', 'A separate report from Redfin, a real estate brokerage, found requests for tours and other buying services from Redfin agents rose 4% over the last week to their highest level in two months.', 'Correction: A previous version of this story misstated a time frame for the decline in home sales.']",0.1091956565592473,"But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.","""Despite the modest gain, home sales are still sluggish,"" said Lawrence Yun, the NAR's chief economist, in a release. """,0.3335675762759315,"Closed sales of previously owned homes rose 1.3% in July compared with June to a seasonally adjusted, annualized rate of 3.95 million units, according to the National Association of Realtors.",Sales were2.5% lower compared with the same time last year.,2024-08-27
Delta chief operations officer departing for another company after just over a year on the job,https://www.cnbc.com/2024/08/23/delta-chief-operations-officer-coo-mike-spanos.html,2024-08-23T16:25:57+0000,"In this articleDelta Air Lines' chief operating officer is leaving at the end of the month, the company said in a securities filing Friday.CEO Ed Bastian said in an employee memo that Chief Operating Officer Mike Spanos is taking a job at another company.His departure, after just over a year on the job, comes weeks after Delta suffered a meltdown in the wake of the massive CrowdStrike outage in July. Delta estimates those disruptions cost the airline some $500 million and said it will seek compensation from CrowdStrike and Microsoft.However, Bastian said in the memo Friday that Spanos told him earlier in the summer that he was ""considering opportunities outside of Delta.""Delta doesn't plan to replace Spanos, Bastian said. Instead, John Laughter, chief of operations and president of Delta's TechOps maintenance and overhaul unit, and Allison Ausband, chief customer experience officer, will report to Bastian. Spanos joined Delta in May 2023 and previously held the role of CEO at Six Flags Entertainment and executive positions at PepsiCo.",CNBC,23/08/2024,"[""In this articleDelta Air Lines' chief operating officer is leaving at the end of the month, the company said in a securities filing Friday."", 'CEO Ed Bastian said in an employee memo that Chief Operating Officer Mike Spanos is taking a job at another company.', 'His departure, after just over a year on the job, comes weeks after Delta suffered a meltdown in the wake of the massive CrowdStrike outage in July.', 'Delta estimates those disruptions cost the airline some $500 million and said it will seek compensation from CrowdStrike and Microsoft.', 'However, Bastian said in the memo Friday that Spanos told him earlier in the summer that he was ""considering opportunities outside of Delta.', '""Delta doesn\'t plan to replace Spanos, Bastian said.', ""Instead, John Laughter, chief of operations and president of Delta's TechOps maintenance and overhaul unit, and Allison Ausband, chief customer experience officer, will report to Bastian."", 'Spanos joined Delta in May 2023 and previously held the role of CEO at Six Flags Entertainment and executive positions at PepsiCo.']",0.094911363188699,"Instead, John Laughter, chief of operations and president of Delta's TechOps maintenance and overhaul unit, and Allison Ausband, chief customer experience officer, will report to Bastian.","His departure, after just over a year on the job, comes weeks after Delta suffered a meltdown in the wake of the massive CrowdStrike outage in July.",-0.9799729585647584,,"His departure, after just over a year on the job, comes weeks after Delta suffered a meltdown in the wake of the massive CrowdStrike outage in July.",2024-08-27
Washington Commanders strike stadium naming rights deal with Northwest Federal Credit Union,https://www.cnbc.com/2024/08/27/washington-commanders-stadium-northwest-federal-credit-union.html,2024-08-27T19:46:50+0000,"The home of the Washington Commanders just got a new name.The team's stadium will be renamed Northwest Stadium, per a new agreement with Northwest Federal Credit Union that runs through the 2030-31 season, according to a person familiar with the matter. The deal is worth an average annual value in the low $8 million range, according to the person.The home of the Washington, D.C., NFL team has been without a naming rights partner since FedEx ended its deal with the Commanders in February, two years early. The shipping giant had a deal with the football team that ran from 1999 through the 2025 season.""As we continue to work toward our goal of building the Commanders into an elite franchise that consistently competes for championships, we are excited to welcome our team and fans to Northwest Stadium and look forward to creating incredible memories together on the field and in the communities we serve,"" said Washington Commanders Managing Partner Josh Harris in a statement.The new agreement with the Northwest Federal Credit Union adds to an existing stadium sponsorship deal that came in at around $2 million per year, according to the person familiar with the matter. That deal did not include naming rights.The expanded partnership includes Northwest branding across the stadium, including a new stadium logo. Northwest will also serve as the team's jersey patch partner for off-season and in-season practices. The partnership will also extend new benefits to Commanders fans who are members of Northwest Federal Credit Union, including discounts on tickets and merchandise.Last year,  Northwest Federal Credit Union became the Commanders' official credit union partner.The Commanders are looking to build a new stadium in either Washington, D.C., or Virginia. Should the team move into a new stadium before the 2030-31 season ends, the Commanders have the right under the new agreement to seek a new naming rights partner for the new stadium, the person familiar with the matter said. The credit union does not have the rights to the new stadium or right of first refusal for those rights, the person added.The Los Angeles Rams currently have the most valuable stadium naming rights deal in the NFL. That deal, with SoFi, is for $625 million over 20 years, according to a person familiar with that agreement. SoFi Stadium is also home to the NFL's Chargers, but Rams owner Stanley Kroenke owns the stadium, so the Rams collect 85% of stadium sponsorship revenue.",CNBC,27/08/2024,"['The home of the Washington Commanders just got a new name.', ""The team's stadium will be renamed Northwest Stadium, per a new agreement with Northwest Federal Credit Union that runs through the 2030-31 season, according to a person familiar with the matter."", 'The deal is worth an average annual value in the low $8 million range,according to the person.', 'The home of the Washington, D.C., NFL team has been without a naming rights partner since FedEx ended its deal with the Commanders in February, two years early.', 'The shipping giant had a deal with the football team that ran from 1999 throughthe 2025 season.', '""As we continue to work toward our goal of building the Commanders into an elite franchise that consistently competes for championships, we are excited to welcome our team and fans to Northwest Stadium and look forward to creating incredible memories together on the field and in the communities we serve,"" said Washington Commanders Managing Partner Josh Harris in a statement.', 'The new agreement with the Northwest Federal Credit Union adds to an existing stadium sponsorship deal that came in at around $2 million per year, according to the person familiar with the matter.', 'That deal did not include naming rights.', 'The expanded partnership includes Northwest branding across the stadium, including a new stadium logo.', ""Northwest will also serve as the team's jersey patch partner for off-season and in-season practices."", 'The partnership will also extend new benefits to Commanders fans who are members of Northwest Federal Credit Union, including discounts on tickets and merchandise.', ""Last year, Northwest Federal Credit Union became the Commanders' official credit union partner."", 'The Commanders are looking to build a new stadium in either Washington, D.C., or Virginia.', 'Should the team move into a new stadium before the 2030-31 season ends, the Commanders have the right under the new agreement to seek a new naming rights partner for the new stadium, the person familiar with the matter said.', 'The credit union does not have the rights to the new stadium or right of first refusal for those rights, the person added.', 'The Los Angeles Rams currently have the most valuable stadium naming rights deal in the NFL.', 'That deal, with SoFi, is for $625 million over 20 years, according to a person familiar with that agreement.', ""SoFi Stadium is also home to the NFL's Chargers, but Rams owner Stanley Kroenke owns the stadium, so the Rams collect 85% of stadium sponsorship revenue.""]",0.3245834831982503,"""As we continue to work toward our goal of building the Commanders into an elite franchise that consistently competes for championships, we are excited to welcome our team and fans to Northwest Stadium and look forward to creating incredible memories together on the field and in the communities we serve,"" said Washington Commanders Managing Partner Josh Harris in a statement.",,0.949747696518898,"The partnership will also extend new benefits to Commanders fans who are members of Northwest Federal Credit Union, including discounts on tickets and merchandise.",,2024-08-27
"Target shares spike as profits rise, despite cautious sales outlook",https://www.cnbc.com/2024/08/21/target-tgt-q2-2024-earnings.html,2024-08-21T20:05:56+0000,"In this articleTarget said Wednesday that sales grew about 3% in its fiscal second quarter, a return to growth after a prolonged stretch of sluggish sales and squeezed profits.The discounter beat Wall Street's earnings and revenue expectations, as shoppers made more visits to Target's stores and website, and bought more discretionary items like clothing.Even so, the company stuck by its previous full-year sales forecast and struck a cautious note. Target said it expects comparable sales for the full year to range from flat to up 2%, but said it now expects the increase will likely be in the lower half of the range. Target raised its profit guidance, however, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous range of $8.60 and $9.60.The company's shares closed about 11% higher Wednesday as Target showed improvement in generating profits.On a call with reporters, Chief Operating Officer Michael Fiddelke said Target took a ""measured approach"" with its outlook because it's hard to predict consumers' mindsets and the state of the economy in the coming months.""While we've been pleased with our performance so far this year, and our view of the consumer remains largely the same, the range of possibilities and the macroeconomic backdrop in consumer data and in our business remains unusually high,"" he said.Here's what Target reported for the three-month period that ended Aug. 3 compared with what Wall Street expected, based on a survey of analysts by LSEG:Target, known for its wide array of trendy but low-priced merchandise, has been hurt as consumers buy fewer items like new outfits or home decor while they pay more for everyday expenses like food and housing. The big-box retailer has also struggled with reduced profits in recent quarters, as customers purchased items like groceries that tend to be lower margin, and losses from damaged inventory and theft, including organized retail crime, took a toll.Those trends improved in the second quarter, as Target attracted shoppers with new merchandise and reduced prices.Target's net income jumped to $1.19 billion, or $2.57 per share, from $835 million, or $1.80 per share, in the year-ago quarter. That's a more than 40% year-over-year increase.Total revenue rose from $24.77 billion in the prior year.Comparable sales climbed 2% in the quarter, the first time in five quarters that Target posted a gain. The industry metric tracks sales online and at stores open at least 13 months.Digital sales drove most of those gains, growing 8.7% in the quarter, as more customers used same-day services like curbside pickup and home delivery. Comparable store sales rose slightly, up 0.7%.Target has tried to rev up sales and drive higher foot traffic by deepening loyalty and offering discounts. The company relaunched its loyalty program early this year and introduced a new paid membership, Target Circle 360, that includes perks like free same-day deliveries. Target threw its own sales event in July to compete with Amazon's Prime Day. And it announced in May that it would cut prices on about 5,000 frequently bought items, including diapers, milk and paper towels. CEO Brian Cornell said customers have responded well to the price reductions and credited them for contributing to traffic growth in the quarter. Customer traffic across Target's website and store grew 3% in the second quarter compared with the year-ago period. The average size of customers' shopping baskets, however, declined slightly, Fiddelke said.Discretionary sales, which have been under pressure across the retail industry, improved. Target said apparel sales, for instance, grew more than 3% in the quarter compared with the year-ago period. Back-to-school has also been an important season for the retailer. Chief Commercial Officer Rick Gomez said on the call with reporters that the shopping season has matched Target's expectations, as many customers gravitate toward items with good value like backpacks that cost $5 and crayons that cost 25 cents. He said back-to-college shopping tends to be a longer season, as students gradually decorate their apartments and dorms.Shares of Target closed Wednesday at $159.25 after accounting for a dividend payment. As of Wednesday's close, the company's stock is up about 12% so far this year. That's trailed behind the S&P 500's greater than 17% gains during the same period.",CNBC,21/08/2024,"['In this articleTarget said Wednesday that sales grew about 3% in its fiscal second quarter, a return to growth after a prolonged stretch of sluggish sales and squeezed profits.', ""The discounter beat Wall Street's earnings and revenue expectations, as shoppers made more visits to Target's stores and website, and bought more discretionary items like clothing."", 'Even so, the company stuck by its previous full-year sales forecast and struck a cautious note.', 'Target said it expects comparable sales for the full year to range from flat to up 2%, but said it now expects the increase will likely be in the lower half of the range.', ""Target raised its profit guidance, however, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous range of $8.60 and $9.60.The company's shares closed about 11% higher Wednesday as Target showed improvement in generating profits."", 'On a call with reporters, Chief Operating Officer Michael Fiddelke said Target took a ""measured approach"" with its outlook because it\'s hard to predict consumers\' mindsets and the state of the economy in the coming months.', '""While we\'ve been pleased with our performance so far this year, and our view of the consumer remains largely the same, the range of possibilities and the macroeconomic backdrop in consumer data and in our business remains unusually high,"" he said.', ""Here's what Target reported for the three-month period that ended Aug. 3 compared with what Wall Street expected, based on a survey of analysts by LSEG:Target, known for its wide array of trendy but low-priced merchandise, has been hurt as consumers buy fewer items like new outfits or home decor while they pay more for everyday expenses like food and housing."", 'The big-box retailer has also struggled with reduced profits in recent quarters, as customers purchased items like groceries that tend to be lower margin, and losses from damaged inventory and theft, including organized retail crime, took a toll.', 'Those trends improved in the second quarter, as Target attracted shoppers with new merchandise and reduced prices.', ""Target's net income jumped to $1.19 billion, or $2.57 per share, from $835 million, or $1.80 per share, in the year-ago quarter."", ""That's a more than 40% year-over-year increase."", 'Total revenue rose from $24.77 billion in the prior year.', 'Comparable sales climbed 2% in the quarter, the first time in five quarters that Target posted a gain.', 'The industry metric tracks sales online and at stores open at least 13 months.', 'Digital sales drove most of those gains, growing 8.7% in the quarter, as more customers used same-day services like curbside pickup and home delivery.', 'Comparable store sales rose slightly, up 0.7%.Target has tried to rev up sales and drive higher foot traffic by deepening loyalty and offering discounts.', 'The company relaunched its loyalty program early this year and introduced a new paid membership, Target Circle 360, that includes perks like free same-day deliveries.', ""Target threw its own sales event in July to compete with Amazon's Prime Day."", 'And it announced in May that it would cut prices on about 5,000 frequently bought items, including diapers, milk and paper towels.', 'CEO Brian Cornell said customers have responded well to the price reductions and credited them for contributing to traffic growth in the quarter.', ""Customer traffic across Target's website and store grew 3% in the second quarter compared with the year-ago period."", ""The average size of customers' shopping baskets, however, declined slightly, Fiddelke said."", 'Discretionary sales, which have been under pressure across the retail industry, improved.', 'Target said apparel sales, for instance, grew more than 3% in the quarter compared with the year-ago period.', 'Back-to-school has also been an important season for the retailer.', ""Chief Commercial Officer Rick Gomez said on the call with reporters that the shopping season has matched Target's expectations, as many customers gravitate toward items with good value like backpacks that cost $5 and crayons that cost 25 cents."", 'He said back-to-college shopping tends to be a longer season, as students gradually decorate their apartments and dorms.', 'Shares of Target closed Wednesday at $159.25 after accounting for a dividend payment.', ""As of Wednesday's close, the company's stock is up about 12% so far this year."", ""That's trailed behind the S&P 500's greater than 17% gains during the same period.""]",0.2379670763507107,"Target raised its profit guidance, however, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous range of $8.60 and $9.60.The company's shares closed about 11% higher Wednesday as Target showed improvement in generating profits.","The big-box retailer has also struggled with reduced profits in recent quarters, as customers purchased items like groceries that tend to be lower margin, and losses from damaged inventory and theft, including organized retail crime, took a toll.",0.5834868599971136,Total revenue rose from $24.77 billion in the prior year.,"The big-box retailer has also struggled with reduced profits in recent quarters, as customers purchased items like groceries that tend to be lower margin, and losses from damaged inventory and theft, including organized retail crime, took a toll.",2024-08-27
NFL owners vote in favor of private equity investment; select firms commit $12 billion,https://www.cnbc.com/2024/08/27/nfl-private-equity-ownership-vote.html,2024-08-27T21:51:43+0000,"The NFL's most exclusive club just let in new members.At a special league meeting in Eagan, Minnesota, on Tuesday, National Football League owners voted in favor of allowing select private equity firms to buy up to a 10% stake of a team. Each fund or consortium will be able to do deals with up to six teams.The vote passed with support from 31 of the 32 franchise owners. Cincinnati Bengals owner Mike Brown voted against the measure, according to a person familiar with the vote.Kansas City Chiefs owner Clark Hunt led the special committee on ownership policy. He told CNBC's Jim Cramer after the vote that the NFL has been considering such a move for upwards of 5 years and felt it was the right time for the league — though he acknowledged the 10% cap amounted to ""baby steps.""""The capital will be very helpful to teams as they look to grow their business and improve the fan experience,"" Hunt said.The initial approved firms include Ares Management, Sixth Street Partners and Arctos Partners, in addition to a consortium nicknamed ""The Avengers"" that includes Dynasty Equity, Blackstone, Carlyle Group, CVC Capital Partners and Ludis, a platform founded by investor and former NFL running back Curtis Martin.The firms collectively have $2 trillion in assets and intend to commit $12 billion of capital to be raised (inclusive of leverage) over time, according to people familiar with the matter, who asked not to be identified to speak about terms that were not public. With at least four investor groups able to invest in up to six teams each, that works out to $500 million of added capital on average for each team that receives an investment.According to the terms of the proposal, the minimum hold period for these funds will be six years.Pending final approval, Arctos, one of the approved firms, would be the only firm approved to invest in equity across each of the five most popular major North American sports leagues.""We are honored to be among the first private investment firms being considered by the National Football League as potential partners for their clubs and owners,"" Arctos said in a statement. ""[We] look forward to contributing to the League's continued success.""Ares said in a statement it was honored to be able to invest in ""iconic football franchises.""""The NFL has long engendered deeply loyal fanbases, innovative approaches to media and some of the most viewed and highest valued sports franchises in the world. We are excited for the opportunity to support the continued growth of NFL teams through Ares' extensive investment experience and strong relationship networks in the sports, media and entertainment sector,"" the firm said.The investing consortium of Blackstone, Carlyle, CVC, Dynasty Equity and Ludis said in a statement: ""We are pleased to have secured this provisional approval following the NFL's thoughtful and robust process, and welcome the potential opportunity to partner with the league.""The approval Tuesday comes after years of discussion.NFL Commissioner Roger Goodell told CNBC in July that the league had seen tremendous interest from private equity.The league created a committee last September to look at the possibility of welcoming private equity funding and has been meeting with the selected firms more recently.The NFL is the last major sports league to allow private equity investment, and it's still treading lightly on the issue by allowing only a select group to participate and at a lower rate than the other professional sports leagues.The National Basketball Association, Major League Baseball, the National Hockey League and Major League Soccer all allow private equity ownership of up to 30%.Goodell told CNBC in July that he believes the 10% is a complement to the existing ownership structure and that the percentage could be raised at some point in the future.As NFL team valuations rise, it's meant a smaller pool of owners have the money to foot the price tag when teams become available.That dynamic was on display during the sale of the Washington Commanders last year. The franchise sold for a record $6.05 billion to an ownership group that included Apollo co-founder Josh Harris and 20 other investors.Harris said in June that the process ""created a little bit of a wake-up call at the NFL.""""Unless you're one of the wealthiest 50 people [in the world], writing a $5 billion equity check is pretty hard for anyone,"" Harris told CNBC at the CNBC CEO Council Summit at the time.As the NFL opens its doors to fresh capital, the money will also free up funding for new stadiums and related projects.""It will give teams who are considering new or renovated stadiums access to a capital pool they haven't had access to in the past,"" Hunt said.The Buffalo Bills and Tennessee Titans are both currently in the process of building new stadiums, while the Cleveland Browns, Chicago Bears and Washington Commanders are actively pursuing new stadiums in the future.",CNBC,27/08/2024,"[""The NFL's most exclusive club just let in new members."", 'At a special league meeting in Eagan, Minnesota, on Tuesday, National Football League owners voted in favor of allowing select private equity firms to buy up to a 10% stake of a team.', 'Each fund or consortium will be able to do deals with up to six teams.', 'The vote passed with support from 31 of the 32 franchise owners.', 'Cincinnati Bengals owner Mike Brown voted against the measure, according to a person familiar with the vote.', 'Kansas City Chiefs owner Clark Hunt led the special committee on ownership policy.', 'He told CNBC\'s Jim Cramer after the vote that the NFL has been considering such a move for upwards of 5 years and felt it was the right time for the league — though he acknowledged the 10% cap amounted to ""baby steps.', '""""The capital will be very helpful to teams as they look to grow their business and improve the fan experience,"" Hunt said.', 'The initial approved firms include Ares Management, Sixth Street Partners and Arctos Partners, in addition to a consortium nicknamed ""The Avengers"" that includes Dynasty Equity, Blackstone, Carlyle Group, CVC Capital Partners and Ludis, a platform founded by investor and former NFL running back Curtis Martin.', 'The firms collectively have $2 trillion in assets and intend to commit $12 billion of capital to be raised (inclusive of leverage) over time, according to people familiar with the matter,who asked not to be identified to speak about terms that were not public.', 'With at least four investor groups able to invest in up to six teams each, that works out to $500 million of added capital on average for each team that receives an investment.', 'According to the terms of the proposal, the minimum hold period for these funds will be six years.', 'Pending final approval, Arctos, one of the approved firms, would be the only firm approved to invest in equity across each of the five most popular major North American sports leagues.', '""We are honored to be among the first private investment firms being considered by the National Football League as potential partners for their clubs and owners,"" Arctos said in a statement. ""[', ""We] look forward to contributing to the League's continued success."", '""Ares said in a statement it was honored to be able to invest in ""iconic football franchises.', '""""The NFL has long engendered deeply loyal fanbases, innovative approaches to media and some of the most viewed and highest valued sports franchises in the world.', 'We are excited for the opportunity to support the continued growth of NFL teams through Ares\' extensive investment experience and strong relationship networks in the sports, media and entertainment sector,"" the firm said.', 'The investing consortium of Blackstone, Carlyle, CVC, Dynasty Equity and Ludis said in a statement: ""We are pleased to have secured this provisional approval following the NFL\'s thoughtful and robust process, and welcome the potential opportunity to partner with the league.', '""The approval Tuesday comes after years of discussion.', 'NFL Commissioner Roger Goodell told CNBC in July that the league had seen tremendous interest from private equity.', 'The league created a committee last September to look at the possibility of welcoming private equity funding and has been meeting with the selected firms more recently.', ""The NFL is the last major sports league to allow private equity investment, and it's still treading lightly on the issue by allowing only a select group to participate and at a lower rate than the other professional sports leagues."", 'The National Basketball Association, Major League Baseball, the National Hockey League and Major League Soccer all allow private equity ownership of up to 30%.Goodell told CNBC in July that he believes the 10% is a complement to the existing ownership structure and that the percentage could be raised at some point in the future.', ""As NFL team valuations rise, it's meant a smaller pool of owners have the money to foot the price tag when teams become available."", 'That dynamic was on display during the sale of the Washington Commanders last year.', 'The franchise sold for a record $6.05 billion to an ownership group that included Apollo co-founder Josh Harris and 20 other investors.', 'Harris said in June that the process ""created a little bit of a wake-up call at the NFL.""""Unless you\'re one of the wealthiest 50 people [in the world], writing a $5 billion equity check is pretty hard for anyone,"" Harris told CNBC at the CNBC CEO Council Summit at the time.', 'As the NFL opens its doors to fresh capital, the money will also free up funding for new stadiums and related projects.', '""It will give teams who are considering new or renovated stadiums access to a capital pool they haven\'t had access to in the past,"" Hunt said.', 'The Buffalo Bills and Tennessee Titans are both currently in the process of building new stadiums, while the Cleveland Browns, Chicago Bears and Washington Commanders are actively pursuing new stadiums in the future.']",0.40770942428024,"The investing consortium of Blackstone, Carlyle, CVC, Dynasty Equity and Ludis said in a statement: ""We are pleased to have secured this provisional approval following the NFL's thoughtful and robust process, and welcome the potential opportunity to partner with the league.",,0.8237472474575043,"We are excited for the opportunity to support the continued growth of NFL teams through Ares' extensive investment experience and strong relationship networks in the sports, media and entertainment sector,"" the firm said.","Harris said in June that the process ""created a little bit of a wake-up call at the NFL.""""Unless you're one of the wealthiest 50 people [in the world], writing a $5 billion equity check is pretty hard for anyone,"" Harris told CNBC at the CNBC CEO Council Summit at the time.",2024-08-27
Scotland's fiscal outlook messy and painful,https://www.bbc.co.uk/news/articles/cm23x327nvwo,2024-08-27T16:39:09.211Z,"At Holyrood and Westminster, budgets are looking messy and, in the prime minister's word, ""painful"". To understand what is going on, it helps to separate the problems during this financial year, running up to April 2025, and the years that follow. It also helps to distinguish between pressures already building up, principally from public sector pay, and those that lie ahead this autumn. And as ever, Holyrood and Westminster are working to different electoral cycles and agendas. If we look at the in-year problems so far, the Scottish Fiscal Commission has published an update on the public finances at Holyrood, placing the blame on Scottish ministers. That includes the decision, bounced on ministers by Humza Yousaf when he was first minister, to freeze council tax and compensate councils for the loss of income. It includes the rising cost of Holyrood's relative generosity with welfare benefits.  Last year, it spent £5.3bn, which was £900m more than the Department of Work and Pensions would have spent in Scotland. This year, they'll cost £1.1bn more than Scots would receive under Westminster's welfare allowances, and within five years, that will have risen to £1.5bn - all of that taken from other spending priorities. Figures also published on Tuesday show the Scottish Children's Payment, with no parallel elsewhere in the UK, had £25 weekly payments going out to support 325,550 young people in June. It is acknowledged as an effective way of tackling child poverty, but struggling public services would also like to have that money. Above all, the Fiscal Commission identified an unrealistically low excpecation of public sector pay increases built in to the budgets last winter. It also pointed out that this happened last year.  In May, 3.5% had been budgeted for increasing public sector pay. By December, the reality was 6.5%. For the current year, Shona Robison, the finance secretary, assumed 3%.  The average deal already is well ahead of that, and neither teachers, nurses nor junior doctors will want to do any worse than the hikes to pay south of the border. At more than £25bn, the pay bill for devolved public services including councils is more than half of day-to-day spending. A small percentage makes a big difference in pounds. Unless there are one-off payments, each year builds incrementally on the last. And they build faster in Scotland, where median public sector pay is £39,100, some £1,400 more than the UK figure, while the percentage of public sector employment in Scotland is nearly 23% compared with nearly 18% elsewhere. The minister probably assumed that falling price inflation would run in parallel with falling wage inflation. But public sector unions had some catch-up to do on the past two years of falling real pay, and they can make a case that recruitment and retention problems need at least some financial response. They are given more leverage in catching up if ministers at both Holyrood and Westminster will do whatever it takes to avoid strikes. There is also the structural problem that the budget for pay sends a strong signal to workers' negotiators.  Had Shona Robison put a more realistic 4 to 5% into her budget, that's what unions would have aimed at. The 3% limit was a statement of intent, at least until the pay bill broke through it, requiring the Scottish government - in the absence of substantial borrowing powers - to cut elsewhere. That process has begun already - a recruitment freeze, axing the external communications budget, funds for councils to spend on nature restoration, flood prevention and electronic tablets for the ""digitally excluded"". Next week, Shona Robison moves on from these capital spending funds to the day-to-day budgets, and they could hurt more. But taking the longer view, Prof Graeme Roy, the former Scottish government civil servant who chairs the Fiscal Commission, is calling for a more strategic approach to public sector employment and pay, allowing for better planning and more transparency. So far, it looks like choices made by Scottish ministers that have caused their problems with in-year spending,. The Fiscal Commission points out these build over time, and each year these cumulative costs further reduce the room for manoeuvre on spending. Looking ahead to the autumn, Shona Robison is right to say that her problems are coming from decisions at Westminster - some by the Tory government for failing to get a grip on the public finances, and some by the new Labour administration as it seeks to get the difficult stuff out the way early. What is striking in the Fiscal Commission assessment is how little is known about Rachel Reeves plans. In July, the Chancellor said there was a £22bn hole in this year's budget, which she partially addressed with measures such as the cut to Winter Fuel Allowance for older people. But there is more to come. She has said there will be spending cuts and tax increases. But Labour has boxed itself on tax increases, by ruling out increases in the big three: income tax, national insurance and VAT. If the chancellor has found some money to help pay for public sector pay settlements (unlike Shona Robison, Rachel Reeves can borrow to cover some of this), some of the funds she releases should add to the grant flowing to the Scottish government. But those settlements are not being fully funded. Cuts will be required as well, and how that feeds through the funding formula is far from clear. The Fiscal Commission offers some more positive news about tax revenue, following a rise in income across the economy. It seems Scottish pay has been rising faster than UK pay, perhaps because of greater labour and skill shortages. More income means more income tax revenue. But that significant advantage to Scottish tax collection has gone, as Scottish average earnings growth has fallen back into line with the rest of the UK. The other good news is that this uncertainty should be reduced under Labour plans.  Rachel Reeves' budget on 30 October will give figures for two years, and next spring, she intends to set out three-year plans. ",BBC,27/08/2024,"['At Holyrood and Westminster, budgets are looking messy and, in the prime minister\'s word, ""painful"".', 'To understand what is going on, it helps to separate the problems during this financial year, running up to April 2025, and the years that follow.', 'It also helps to distinguish between pressures already building up, principally from public sector pay, and those that lie ahead this autumn.', 'And as ever, Holyrood and Westminster are working to different electoral cycles and agendas.', 'If we look at the in-year problems so far, the Scottish Fiscal Commission has published an update on the public finances at Holyrood, placing the blame on Scottish ministers.', 'That includes the decision, bounced on ministers by Humza Yousaf when he was first minister, to freeze council tax and compensate councils for the loss of income.', ""It includes the rising cost of Holyrood's relative generosity with welfare benefits."", 'Last year, it spent £5.3bn, which was £900m more than the Department of Work and Pensions would have spent in Scotland.', ""This year, they'll cost £1.1bn more than Scots would receive under Westminster's welfare allowances, and within five years, that will have risen to £1.5bn - all of that taken from other spending priorities."", ""Figures also published on Tuesday show the Scottish Children's Payment, with no parallel elsewhere in the UK, had £25 weekly payments going out to support 325,550 young people in June."", 'It is acknowledged as an effective way of tackling child poverty, but struggling public services would also like to have that money.', 'Above all, the Fiscal Commission identified an unrealistically low excpecation of public sector pay increases built in to the budgets last winter.', 'It also pointed out that this happened last year.', 'In May, 3.5% had been budgeted for increasing public sector pay.', 'By December, the reality was 6.5%.', 'For the current year, Shona Robison, the finance secretary, assumed 3%.', 'The average deal already is well ahead of that, and neither teachers, nurses nor junior doctors will want to do any worse than the hikes to pay south of the border.', 'At more than £25bn, the pay bill for devolved public services including councils is more than half of day-to-day spending.', 'A small percentage makes a big difference in pounds.', 'Unless there are one-off payments, each year builds incrementally on the last.', 'And they build faster in Scotland, where median public sector pay is £39,100, some £1,400 more than the UK figure, while the percentage of public sector employment in Scotland is nearly 23% compared with nearly 18% elsewhere.', 'The minister probably assumed that falling price inflation would run in parallel with falling wage inflation.', 'But public sector unions had some catch-up to do on the past two years of falling real pay, and they can make a case that recruitment and retention problems need at least some financial response.', 'They are given more leverage in catching up if ministers at both Holyrood and Westminster will do whatever it takes to avoid strikes.', ""There is also the structural problem that the budget for pay sends a strong signal to workers' negotiators."", ""Had Shona Robison put a more realistic 4 to 5% into her budget, that's what unions would have aimed at."", 'The 3% limit was a statement of intent, at least until the pay bill broke through it, requiring the Scottish government - in the absence of substantial borrowing powers - to cut elsewhere.', 'That process has begun already - a recruitment freeze, axing the external communications budget, funds for councils to spend on nature restoration, flood prevention and electronic tablets for the ""digitally excluded"".', 'Next week, Shona Robison moves on from these capital spending funds to the day-to-day budgets, and they could hurt more.', 'But taking the longer view, Prof Graeme Roy, the former Scottish government civil servant who chairs the Fiscal Commission, is calling for a more strategic approach to public sector employment and pay, allowing for better planning and more transparency.', 'So far, it looks like choices made by Scottish ministers that have caused their problems with in-year spending,.', 'The Fiscal Commission points out these build over time, and each year these cumulative costs further reduce the room for manoeuvre on spending.', 'Looking ahead to the autumn, Shona Robison is right to say that her problems are coming from decisions at Westminster - some by the Tory government for failing to get a grip on the public finances, and some by the new Labour administration as it seeks to get the difficult stuff out the way early.', 'What is striking in the Fiscal Commission assessment is how little is known about Rachel Reeves plans.', ""In July, the Chancellor said there was a £22bn hole in this year's budget, which she partially addressed with measures such as the cut to Winter Fuel Allowance for older people."", 'But there is more to come.', 'She has said there will be spending cuts and tax increases.', 'But Labour has boxed itself on tax increases, by ruling out increases in the big three: income tax, national insurance and VAT.', 'If the chancellor has found some money to help pay for public sector pay settlements (unlike Shona Robison, Rachel Reeves can borrow to cover some of this), some of the funds she releases should add to the grant flowing to the Scottish government.', 'But those settlements are not being fully funded.', 'Cuts will be required as well, and how that feeds through the funding formula is far from clear.', 'The Fiscal Commission offers some more positive news about tax revenue, following a rise in income across the economy.', 'It seems Scottish pay has been rising faster than UK pay, perhaps because of greater labour and skill shortages.', 'More income means more income tax revenue.', 'But that significant advantage to Scottish tax collection has gone, as Scottish average earnings growth has fallen back into line with the rest of the UK.', 'The other good news is that this uncertainty should be reduced under Labour plans.', ""Rachel Reeves' budget on 30 October will give figures for two years, and next spring, she intends to set out three-year plans.""]",-0.0736639049859966,It includes the rising cost of Holyrood's relative generosity with welfare benefits.,"Looking ahead to the autumn, Shona Robison is right to say that her problems are coming from decisions at Westminster - some by the Tory government for failing to get a grip on the public finances, and some by the new Labour administration as it seeks to get the difficult stuff out the way early.",0.1994171971860139,"The Fiscal Commission offers some more positive news about tax revenue, following a rise in income across the economy.","Above all, the Fiscal Commission identified an unrealistically low excpecation of public sector pay increases built in to the budgets last winter.",2024-08-27
What taxes might be raised in the Budget?,https://www.bbc.co.uk/news/articles/cv2gxkln5elo,2024-07-31T23:01:05.897Z,"The government has said it will have to increase taxes to plug what it claims is a £22bn ""hole"" in the public finances.  Prime Minister Sir Keir Starmer has warned the first Budget under his new administration on 30 October is ""going to be painful"". But Labour has ruled out raising taxes on ""working people"", including VAT (value added tax), income tax and National Insurance.   So which taxes might go up? One option would be to introduce a so-called stealth tax - a means of raising revenue which is not explicitly labelled or intended as a tax. Paul Johnson, director of the Institute for Fiscal Studies (IFS), believes the most obvious solution would be to focus on tax thresholds - the amount of money you can earn before any tax starts to be paid. Currently the thresholds on income tax and National Insurance are frozen until 2028, a policy brought in by the previous government. But Labour could extend them beyond this date.  The policy amounts to a tax rise because of a process called ""fiscal drag"", which sees more people ""dragged"" into paying higher rates of tax as their wages rise. The Resolution Foundation, a think tank that aims to improve living standards for low-to-middle income families, calculates the current freeze will generate about £40bn of revenue by 2028.  Its director James Smith told the BBC that may be enough to address the ""shortfall"" in the public finances, meaning Ms Reeves would not have to raise any other taxes.  Another route Ms Reeves could take is to put up capital gains tax (CGT). This is charged on the profit made from the sale of an asset that has increased in value, with some examples including stocks that are not held in ISAs or second homes.   CGT is payable by individuals, but also self-employed sole traders, partners in business partnerships and company owners, among others. It starts at a rate of 10% (or 18% on residential property) on profits above £3,000. It then rises to 20% on any amount above the basic tax rate, or 24% on residential property. Critics point out that CGT rates are substantially lower than income tax. They say this can benefit wealthier people and Ms Reeves could opt to level the playing field or cut some CGT tax breaks for businesses. However, industry groups have warned that increasing CGT could hit those at the centre of Labour's plans to grow the economy. ""No government at all serious about growth would hike CGT on entrepreneurs selling a small business,"" Tina McKenzie from the Federation of Small Businesses (FSB) told the BBC. “Investing in a small business is already one of the least tax-efficient things anyone can do with their money,"" she said, adding that she hoped the party would continue to work ""in partnership"" with business. When people or their employers pay into private pension pots, they receive tax relief on these contributions, up to set limits. The relief allows some of a person's earnings that may have been taken by government in tax to go into their savings for retirement instead. Under the current system, savers receive tax relief at the same rate as their income tax - meaning basic rate taxpayers receive relief at 20% and higher rate taxpayers at 40% or 45%. In the run-up to big political events like the Budget, Tom Selby, director of public policy at AJ Bell, says that there is often speculation that a flat rate of pension tax relief could be introduced.  This would mean the system is less generous for higher earners, but the IFS has suggested this could raise ""billions"" for the government. Some opponents have said, however, this could dissuade people from saving for the future and might be difficult to implement. Inheritance tax, currently paid at a rate of 40%, is charged on the part of a deceased person's estate above a threshold of £325,000. But it only applies to fewer than one in 20 estates.  No tax is paid if the estate is valued at less than £325,000, or if anything above this threshold is left to a husband or wife, civil partner, charity, or a community amateur sports club. And if a home is part of the estate and a person's children and grandchildren stand to inherit it, the threshold can go up to £500,000. Ms Reeves could raise the rate of inheritance tax, or curb the relief available on certain inherited assets.  These include agricultural land and pension savings, which can both be inherited tax-free.  There are also allowances for unquoted shares, which are shares in a business not listed on the stock exchange. James Smith of the Resolution Foundation believes inheritance tax should be reformed because there are ""all sorts of reliefs within the system that allow you to move your assets in a way that allows you to avoid paying inheritance tax"". However, Paul Johnson from the IFS says Ms Reeves will have to go further than simply curbing allowances, saying: ""You won't raise a lot by doing that - maybe a billion or two."" Calls to cut or abolish inheritance tax come often as the tax is so unpopular, the Resolution Foundation says. ",BBC,31/07/2024,"['The government has said it will have to increase taxes to plug what it claims is a £22bn ""hole"" in the public finances.', 'Prime Minister Sir Keir Starmer has warned the first Budget under his new administration on 30 October is ""going to be painful"".', 'But Labour has ruled out raising taxes on ""working people"", including VAT (value added tax), income tax and National Insurance.', 'So which taxes might go up?', 'One option would be to introduce a so-called stealth tax - a means of raising revenue which is not explicitly labelled or intended as a tax.', 'Paul Johnson, director of the Institute for Fiscal Studies (IFS), believes the most obvious solution would be to focus on tax thresholds - the amount of money you can earn before any tax starts to be paid.', 'Currently the thresholds on income tax and National Insurance are frozen until 2028, a policy brought in by the previous government.', 'But Labour could extend them beyond this date.', 'The policy amounts to a tax rise because of a process called ""fiscal drag"", which sees more people ""dragged"" into paying higher rates of tax as their wages rise.', 'The Resolution Foundation, a think tank that aims to improve living standards for low-to-middle income families, calculates the current freeze will generate about £40bn of revenue by 2028.', 'Its director James Smith told the BBC that may be enough to address the ""shortfall"" in the public finances, meaning Ms Reeves would not have to raise any other taxes.', 'Another route Ms Reeves could take is to put up capital gains tax (CGT).', 'This is charged on the profit made from the sale of an asset that has increased in value, with some examples including stocks that are not held in ISAs or second homes.', 'CGT is payable by individuals, but also self-employed sole traders, partners in business partnerships and company owners, among others.', 'It starts at a rate of 10% (or 18% on residential property) on profits above £3,000.', 'It then rises to 20% on any amount above the basic tax rate, or 24% on residential property.', 'Critics point out that CGT rates are substantially lower than income tax.', 'They say this can benefit wealthier people and Ms Reeves could opt to level the playing field or cut some CGT tax breaks for businesses.', 'However, industry groups have warned that increasing CGT could hit those at the centre of Labour\'s plans to grow the economy. ""', 'No government at all serious about growth would hike CGT on entrepreneurs selling a small business,"" Tina McKenzie from the Federation of Small Businesses (FSB) told the BBC. “', 'Investing in a small business is already one of the least tax-efficient things anyone can do with their money,"" she said, adding that she hoped the party would continue to work ""in partnership"" with business.', 'When people or their employers pay into private pension pots, they receive tax relief on these contributions, up to set limits.', ""The relief allows some of a person's earnings that may have been taken by government in tax to go into their savings for retirement instead."", 'Under the current system, savers receive tax relief at the same rate as their income tax - meaning basic rate taxpayers receive relief at 20% and higher rate taxpayers at 40% or 45%.', 'In the run-up to big political events like the Budget, Tom Selby, director of public policy at AJ Bell, says that there is often speculation that a flat rate of pension tax relief could be introduced.', 'This would mean the system is less generous for higher earners, but the IFS has suggested this could raise ""billions"" for the government.', 'Some opponents have said, however, this could dissuade people from saving for the future and might be difficult to implement.', ""Inheritance tax, currently paid at a rate of 40%, is charged on the part of a deceased person's estate above a threshold of £325,000."", 'But it only applies to fewer than one in 20 estates.', 'No tax is paid if the estate is valued at less than £325,000, or if anything above this threshold is left to a husband or wife, civil partner, charity, or a community amateur sports club.', ""And if a home is part of the estate and a person's children and grandchildren stand to inherit it, the threshold can go up to £500,000."", 'Ms Reeves could raise the rate of inheritance tax, or curb the relief available on certain inherited assets.', 'These include agricultural land and pension savings, which can both be inherited tax-free.', 'There are also allowances for unquoted shares, which are shares in a business not listed on the stock exchange.', 'James Smith of the Resolution Foundation believes inheritance tax should be reformed because there are ""all sorts of reliefs within the system that allow you to move your assets in a way that allows you to avoid paying inheritance tax"".', 'However, Paul Johnson from the IFS says Ms Reeves will have to go further than simply curbing allowances, saying: ""You won\'t raise a lot by doing that - maybe a billion or two.""', 'Calls to cut or abolish inheritance tax come often as the tax is so unpopular, the Resolution Foundation says.']",0.1962083428506466,"This is charged on the profit made from the sale of an asset that has increased in value, with some examples including stocks that are not held in ISAs or second homes.","Prime Minister Sir Keir Starmer has warned the first Budget under his new administration on 30 October is ""going to be painful"".",-0.3912778922489711,They say this can benefit wealthier people and Ms Reeves could opt to level the playing field or cut some CGT tax breaks for businesses.,"The government has said it will have to increase taxes to plug what it claims is a £22bn ""hole"" in the public finances.",2024-08-27
"Bitcoin rally helps create more than 84,000 new crypto millionaires in a year",https://www.cnbc.com/2024/08/27/bitcoin-rally-new-crypto-billionaires.html,2024-08-27T12:40:08+0000,"The population of crypto millionaires in the world soared 95% over the past year, as bitcoin ETFs and other crypto assets climbed, according to a new report.There are now 172,300 individuals worldwide holding over $1 million in crypto assets, up from 88,200 last year, according to a report from New World Wealth and Henley & Partners. The number of pure bitcoin millionaires more than doubled, to 85,400.The ranks of the crypto rich have grown all the way up the wealth ladder. There are now 325 crypto centi-millionaires (those with $100 million or more in crypto holdings), and 28 crypto billionaires, according to the report.The surge reflects the rapid growth of bitcoin ETFs, which now have over $50 billion in assets since their launch in January and have touched off a wave of institutional participation.The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.Subscribe here to get access today. The price of bitcoin has jumped 45% this year to about 64,000. As other coins have increased in value, the market cap of crypto assets has increased to $2.3 trillion, according to Henley, up from $1.2 trillion last summer.Of the six new crypto billionaires created over the past year, five can attribute their newfound wealth to bitcoin, ""underscoring its dominant position when it comes to attracting long-term investors who buy large holdings,"" according to Andrew Amoils, head of research for New World Wealth.According to Forbes, the richest crypto billionaire (for the third year in a row) is Changpeng Zhao, the founder and former CEO of crypto exchange Binance, who's worth an estimated $33 billion. Zhao pled guilty to U.S. money laundering charges in November and agreed to pay a $50 million fine. His wealth has soared by more than $10.5 billion over the past year.Ranking second is Brian Armstrong, the co-founder of Coinbase, worth an estimated $11 billion, according to Forbes. He's followed by Giancarlo Devasini, the chief financial officer of Tether; and Michael Saylor, the cofounder of MicroStrategy, according to the list.Granted, many crypto assets are still below their 2021 highs, and bitcoin's recent rise essentially marks a three-year round-trip to those levels. Crypto assets reached a market cap of $3 trillion in November of 2021.Yet the growing acceptance of crypto assets among big asset managers like BlackRock and Fidelity, with help from Morgan Stanley's salesforce of 15,000 brokers, could fuel further wealth creation among large crypto holders.Crypto will not only create more millionaires and billionaires, but it will also change where the rich live and work. According to Henley, many of the newly crypto rich are looking to move to tax-friendly and crypto-friendly jurisdictions.""We've seen a significant uptick in crypto-wealthy clients seeking alternative residence and citizenship options,"" said Dominic Volek, head of private clients at Henley & Partners.To better advise the new crypto nomads, Henley created a ""Crypto Adoption Index,"" ranking countries according to their tax and regulatory approach to crypto. Singapore ranks first on the index, due to its ""supportive banking system, significant investment, comprehensive regulations such as the Payment Services Act, regulatory sandboxes, and alignment with global standards,"" according to Henley.Hong Kong ranked second, followed by the United Arab Emirates and the United States. In the U.S., according to the report, 15% of the population owns cryptocurrencies: ""This is supported by strong infrastructure, with a high density of crypto ATMs, crypto-friendly banks, and an increasing number of businesses accepting cryptocurrency,"" the report said.Correction: This story has been updated to correct a headline that misstated the number of crypto millionaires created by the bitcoin rally.",CNBC,27/08/2024,"['The population of crypto millionaires in the world soared 95% over the past year, as bitcoin ETFs and other crypto assets climbed, according to a new report.', 'There are now 172,300 individuals worldwide holding over $1 million in crypto assets, up from 88,200 last year, according to a report from New World Wealth and Henley & Partners.', 'The number of pure bitcoin millionaires more than doubled, to 85,400.The ranks of the crypto rich have grown all the way up the wealth ladder.', 'There are now 325 crypto centi-millionaires (those with $100 million or more in crypto holdings), and 28 crypto billionaires, according to the report.', 'The surge reflects the rapid growth of bitcoin ETFs, which now have over $50 billion in assets since their launch in January and have touched off a wave of institutional participation.', 'The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.', 'Subscribe here to get access today.', 'The price of bitcoin has jumped 45% this year to about 64,000.', 'As other coins have increased in value, the market cap of crypto assets has increased to $2.3 trillion, according to Henley, up from $1.2 trillion last summer.', 'Of the six new crypto billionaires created over the past year, five can attribute their newfound wealth to bitcoin, ""underscoring its dominant position when it comes to attracting long-term investors who buy large holdings,"" according to Andrew Amoils, head of research for New World Wealth.', ""According to Forbes, the richest crypto billionaire (for the third year in a row) is Changpeng Zhao, the founder and former CEO of crypto exchange Binance, who's worth an estimated $33 billion."", 'Zhao pled guilty to U.S. money laundering charges in November and agreed to pay a $50 million fine.', 'His wealth has soared by more than $10.5 billion over the past year.', 'Ranking second is Brian Armstrong, the co-founder of Coinbase, worth an estimated $11 billion, according to Forbes.', ""He's followed by Giancarlo Devasini, the chief financial officer of Tether; and Michael Saylor, the cofounder of MicroStrategy, according to the list."", ""Granted, many crypto assets are still below their 2021 highs, and bitcoin's recent rise essentially marks a three-year round-trip to those levels."", ""Crypto assets reached a market cap of $3 trillion in November of 2021.Yet the growing acceptance of crypto assets among big asset managers like BlackRock and Fidelity, with help from Morgan Stanley's salesforce of 15,000 brokers, could fuel further wealth creation among large crypto holders."", 'Crypto will not only create more millionaires and billionaires, but it will also change where the rich live and work.', 'According to Henley, many of the newly crypto rich are looking to move to tax-friendly and crypto-friendly jurisdictions.', '""We\'ve seen a significant uptick in crypto-wealthy clients seeking alternative residence and citizenship options,"" said Dominic Volek, head of private clients at Henley & Partners.', 'To better advise the new crypto nomads, Henley created a ""Crypto Adoption Index,"" ranking countries according to their tax and regulatory approach to crypto.', 'Singapore ranks first on the index, due to its ""supportive banking system, significant investment, comprehensive regulations such as the Payment Services Act, regulatory sandboxes, and alignment with global standards,"" according to Henley.', 'Hong Kong ranked second, followed by the United Arab Emirates and the United States.', 'In the U.S., according to the report, 15% of the population owns cryptocurrencies: ""This is supported by strong infrastructure, with a high density of crypto ATMs, crypto-friendly banks, and an increasing number of businesses accepting cryptocurrency,"" the report said.', 'Correction: This story has been updated to correct a headline that misstated the number of crypto millionaires created by the bitcoin rally.']",0.4754463428446764,"Crypto assets reached a market cap of $3 trillion in November of 2021.Yet the growing acceptance of crypto assets among big asset managers like BlackRock and Fidelity, with help from Morgan Stanley's salesforce of 15,000 brokers, could fuel further wealth creation among large crypto holders.",Zhao pled guilty to U.S. money laundering charges in November and agreed to pay a $50 million fine.,0.935733050107956,"The population of crypto millionaires in the world soared 95% over the past year, as bitcoin ETFs and other crypto assets climbed, according to a new report.",,2024-08-27
Macy’s cuts sales forecast as department stores struggle to draw shoppers,https://www.cnbc.com/2024/08/21/macys-m-q2-2024-earnings.html,2024-08-21T20:04:45+0000,"In this articleMacy's cut its full-year sales forecast Wednesday, as the department store operator said it is contending with selective shoppers and more promotions.The retailer posted a mixed quarter, as it topped Wall Street's earnings expectations but missed on revenue.Macy's said it now anticipates net sales of between $22.1 billion and $22.4 billion, which is lower than the $22.3 billion to $22.9 billion range it had previously anticipated. That also would be a year-over-year decline from the $23.09 billion it reported for fiscal 2023.Macy's expects comparable sales, which take out the impact of store openings and closures, to range from a decrease of about 2% to a decline of about 0.5%. It had previously expected comparable sales to range from a decline of about 1% to a gain of 1.5%. That metric includes owned and licensed sales, which encompass merchandise that Macy's owns and items from brands that pay for space within its stores, along with Macy's third-party online marketplace.The department store operator said in a news release that the new outlook range ""gives the flexibility to address the ongoing uncertainty in the discretionary consumer market.""In an interview with CNBC, CEO Tony Spring said customers aren't spending as freely across all of Macy's brands — even higher-end department store Bloomingdale's.""We see that there is definitely a softness, a carefulness, a delay in the conversion of purchasing,"" he said. ""And people on the things that they want, the things that are priced sharply, on the newness, they're responding, but even the affluent consumer is not spending like they were a year ago.""He said ""there's a lot of noise out there,"" which is distracting customers or causing them to hold off on spending, including higher interest rates, inconsistent weather patterns and a busy news cycle.Here's what Macy's reported for the fiscal second quarter compared with what Wall Street expected, based on a survey of analysts by LSEG:Shares of the company closed nearly 13% lower Wednesday.The iconic department store is pushing to get back to steadier footing and sustained growth. Spring announced in February that the retailer would shutter about 150 – or nearly a third – of its namesake stores and invest in the roughly 350 locations that remain. It plans to close the locations by early 2027. It is also opening new, smaller Macy's stores in suburban strip malls and adding locations of its better-performing brands, Bloomingdale's and Bluemercury.Yet Macy's results in the recent quarter revealed its struggles to pull off that comeback at a time when consumers have been pickier about purchases – especially items that are wants rather than needs. Net sales fell from $5.13 billion in the year-ago period.The namesake Macy's brand continued to be the company's weakest performer. Comparable sales fell 3.6% on an owned-plus-licensed basis, including the third-party marketplace. At Bloomingdale's, comparable sales declined 1.4% on an owned-plus-licensed basis, including the third-party marketplace. And Bluemercury comparable sales rose 2%, marking the 14th consecutive quarter of comparable sales growth for the beauty brand.In the three-month period that ended Aug. 3, Macy's net income was $150 million, or 53 cents per share, compared with a loss of $22 million, or 8 cents per share, in the year-ago period.Yet even when excluding the weaker stores that Macy's is shutting, sales were lackluster. Comparable sales for its go-forward namesake brand – which includes the Macy's stores that will remain open and online sales – declined 3.3% on an owned-plus-licensed basis, including the third-party marketplace. Macy's stressed it has made progress in its turnaround plan, which it unveiled in February soon after Spring stepped into the company's top role. At the first 50 of its stores to get additional investment, comparable sales were up 1% on an owned-plus-licensed basis. It marked the second consecutive quarter of positive comparable sales at those stores since the plan started.Spring said those 50 stores have outperformed Macy's other locations, even in hard-hit categories like handbags. He said the company will share its plans for expanding the strategy beyond those stores in the fourth quarter, but it's already decided it will bulk up staffing in the women's shoes and handbags departments at more of its locations because of the customer response.Along with a choppy sales environment, Macy's leaders had also faced a bid by an activist group to take the company private. Macy's said last month that its board had unanimously decided to end negotiations with Arkhouse Management and Brigade Capital.Shares of Macy's closed at $15.45 on Wednesday, bringing the company's market cap to $4.3 billion. As of Wednesday's close, the company's stock is down about 23% so far this year. That trails behind the greater than 17% gains of the S&P 500 during the same period.",CNBC,21/08/2024,"[""In this articleMacy's cut its full-year sales forecast Wednesday, as the department store operator said it is contending with selective shoppers and more promotions."", ""The retailer posted a mixed quarter, as it topped Wall Street's earnings expectations but missed on revenue."", ""Macy's said it now anticipates net sales of between $22.1 billion and $22.4 billion, which is lower than the $22.3 billion to $22.9 billion range it had previously anticipated."", ""That also would be a year-over-year decline from the $23.09 billion it reported for fiscal 2023.Macy's expects comparable sales, which take out the impact of store openings and closures, to range from a decrease of about 2% to a decline of about 0.5%."", 'It had previously expected comparable sales to range from a decline of about 1% to a gain of 1.5%.', ""That metric includes owned and licensed sales, which encompass merchandise that Macy's owns and items from brands that pay for space within its stores, along with Macy's third-party online marketplace."", 'The department store operator said in a news release that the new outlook range ""gives the flexibility to address the ongoing uncertainty in the discretionary consumer market.', '""In an interview with CNBC, CEO Tony Spring said customers aren\'t spending as freely across all of Macy\'s brands — even higher-end department store Bloomingdale\'s.', '""We see that there is definitely a softness, a carefulness, a delay in the conversion of purchasing,"" he said. ""', ""And people on the things that they want, the things that are priced sharply, on the newness, they're responding, but even the affluent consumer is not spending like they were a year ago."", '""He said ""there\'s a lot of noise out there,"" which is distracting customers or causing them to hold off on spending, including higher interest rates, inconsistent weather patterns and a busy news cycle.', ""Here's what Macy's reported for the fiscal second quarter compared with what Wall Street expected, based on a survey of analysts by LSEG:Shares of the company closed nearly 13% lower Wednesday."", 'The iconic department store is pushing to get back to steadier footing and sustained growth.', 'Spring announced in February that the retailer would shutter about 150 – or nearly a third – of its namesake stores and invest in the roughly 350 locations that remain.', ""It plans to close the locations by early 2027.It is also opening new, smaller Macy's stores in suburban strip malls and adding locations of its better-performing brands, Bloomingdale's and Bluemercury."", ""Yet Macy's results in the recent quarter revealed its struggles to pull off that comeback at a time when consumers have been pickier about purchases – especially items that are wants rather than needs."", 'Net sales fell from $5.13 billion in the year-ago period.', ""The namesake Macy's brand continued to be the company's weakest performer."", 'Comparable sales fell 3.6% on an owned-plus-licensed basis, including the third-party marketplace.', ""At Bloomingdale's, comparable sales declined 1.4% on an owned-plus-licensed basis, including the third-party marketplace."", 'And Bluemercury comparable sales rose 2%, marking the 14th consecutive quarter of comparable sales growth for the beauty brand.', ""In the three-month period that ended Aug. 3, Macy's net income was $150 million, or 53 cents per share, compared with a loss of $22 million, or 8 cents per share, in the year-ago period."", ""Yet even when excluding the weaker stores that Macy's is shutting, sales were lackluster."", ""Comparable sales for its go-forward namesake brand – which includes the Macy's stores that will remain open and online sales – declined 3.3% on an owned-plus-licensed basis, including the third-party marketplace."", ""Macy's stressed it has made progress in its turnaround plan, which it unveiled in February soon after Spring stepped into the company's top role."", 'At the first 50 of its stores to get additional investment, comparable sales were up 1% on an owned-plus-licensed basis.', 'It marked the second consecutive quarter of positive comparable sales at those stores since the plan started.', ""Spring said those 50 stores have outperformed Macy's other locations, even in hard-hit categories like handbags."", ""He said the company will share its plans for expanding the strategy beyond those stores in the fourth quarter, but it's already decided it will bulk up staffing in the women's shoes and handbags departments at more of its locations because of the customer response."", ""Along with a choppy sales environment, Macy's leaders had also faced a bid by an activist group to take the company private."", ""Macy's said last month that its board had unanimously decided to end negotiations with Arkhouse Management and Brigade Capital."", ""Shares of Macy's closed at $15.45 on Wednesday, bringing the company's market cap to $4.3 billion."", ""As of Wednesday's close, the company's stock is down about 23% so far this year."", 'That trails behind the greater than 17% gains of the S&P 500 during the same period.']",0.1345330848568225,"And Bluemercury comparable sales rose 2%, marking the 14th consecutive quarter of comparable sales growth for the beauty brand.",The namesake Macy's brand continued to be the company's weakest performer.,-0.2928903443472726,"At the first 50 of its stores to get additional investment, comparable sales were up 1% on an owned-plus-licensed basis.",It had previously expected comparable sales to range from a decline of about 1% to a gain of 1.5%.,2024-08-27
U.S. will again offer free at-home Covid tests starting in late September,https://www.cnbc.com/2024/08/23/covid-tests-us-will-offer-free-at-home-kits-starting-late-september.html,2024-08-23T16:52:24+0000,"The Biden administration on Friday said it will resume offering free at-home Covid-19 tests to American households in late September as the virus has gained a stronger foothold in the U.S. this summer.Americans will soon be able to use COVIDtests.gov to request four free tests, administration officials told reporters during a briefing. The tests will be able to detect the Covid variants that are currently circulating, most of which are descendants of the highly contagious omicron variant JN.1. ""These tests will help keep families and their loved ones safe this fall and winter season,"" Dawn O'Connell, an assistant secretary for preparedness and response at the Health and Human Services Department, said during the briefing. ""This is the seventh time over the last three years that the Biden-Harris administration has given families the opportunity to order the over-the-counter Covid-19 tests for free"" through the government's website.The government's program has provided more than 1.8 billion free over-the-counter Covid tests to Americans since it started in 2021, according to O'Connell.The government is relaunching the program amid a relatively large spike in Covid cases this summer, and ahead of the fall and winter, when the virus typically spreads at higher levels each year. There is a ""high"" or ""very high"" level of Covid being detected in wastewater in almost every U.S. state, according to data from the Centers for Disease Control and Prevention. But the government decided to reopen the program in late September because it's when more Americans begin to travel and gather indoors with loved ones. ""As people start to travel, as they start to get together with friends and family through the holidays, we want them to have those four tests available to them at that time,"" David Boucher, director of infectious disease preparedness and response at HHS, told reporters during the briefing.By then, the latest round of Covid shots from Pfizer and Moderna will be available to most Americans in pharmacies, health clinics and other locations nationwide. The Food and Drug Administration approved those shots, which target a JN.1 offshoot called KP.2, on Thursday.Testing is a critical tool for protection as Covid infections climb again. But lab PCR tests — the traditional method of detecting Covid — have become more expensive and less accessible for some Americans since the U.S. government ended the public health emergency in May last year. Still, certain local health clinics and community sites offer at-home tests to the public at no cost.",CNBC,23/08/2024,"['The Biden administration on Friday said it will resume offering free at-home Covid-19 tests to American households in late September as the virus has gained a stronger foothold in the U.S. this summer.', 'Americans will soon be able to use COVIDtests.gov to request four free tests, administration officials told reporters during a briefing.', 'The tests will be able to detect the Covid variants that are currently circulating, most of which are descendants of the highly contagious omicron variant JN.1.""These tests will help keep families and their loved ones safe this fall and winter season,"" Dawn O\'Connell, an assistant secretary for preparedness and response at the Health and Human Services Department, said during the briefing. ""', 'This is the seventh time over the last three years that the Biden-Harris administration has given families the opportunity to order the over-the-counter Covid-19 tests for free"" through the government\'s website.', ""The government's program has provided more than 1.8 billion free over-the-counter Covid tests to Americans since it started in 2021, according to O'Connell."", 'The government is relaunching the program amid a relatively large spike in Covid cases this summer, and ahead of the fall and winter, when the virus typically spreads at higher levels each year.', 'There is a ""high"" or ""very high"" level of Covid being detected in wastewater in almost every U.S. state, according to data from the Centers for Disease Control and Prevention.', ""But the government decided to reopen the program in late September because it's when more Americans begin to travel and gather indoors with loved ones."", '""As people start to travel, as they start to get together with friends and family through the holidays, we want them to have those four tests available to them at that time,"" David Boucher, director of infectious disease preparedness and response at HHS, told reporters during the briefing.', 'By then, the latest round of Covid shots from Pfizer and Moderna will be available to most Americans in pharmacies, health clinics and other locations nationwide.', 'The Food and Drug Administration approved those shots, which target a JN.1 offshoot called KP.2, on Thursday.', 'Testing is a critical tool for protection as Covid infections climb again.', 'But lab PCR tests — the traditional method of detecting Covid — have become more expensive and less accessible for some Americans since the U.S. government ended the public health emergency in May last year.', 'Still, certain local health clinics and community sites offer at-home tests to the public at no cost.']",0.3114625193288947,The Biden administration on Friday said it will resume offering free at-home Covid-19 tests to American households in late September as the virus has gained a stronger foothold in the U.S. this summer.,But lab PCR tests — the traditional method of detecting Covid — have become more expensive and less accessible for some Americans since the U.S. government ended the public health emergency in May last year.,0.2481389999389648,The Biden administration on Friday said it will resume offering free at-home Covid-19 tests to American households in late September as the virus has gained a stronger foothold in the U.S. this summer.,But lab PCR tests — the traditional method of detecting Covid — have become more expensive and less accessible for some Americans since the U.S. government ended the public health emergency in May last year.,2024-08-27
"Autumn Budget will be painful, warns Keir Starmer",https://www.bbc.co.uk/news/articles/clyn01p5npgo,2024-08-26T21:30:02.333Z,"October's Budget will be ""painful"" and the government will have to make ""big asks"" of the public, Sir Keir Starmer has warned. Speaking from the Downing Street garden, the prime minister said people would have to ""accept short-term pain for long-term good"".  He did not set out the details of what would be in the Budget but said those with the ""broadest shoulders should bear the heavier burden"". The prime minister said he had inherited ""not just an economic black hole but a societal black hole"" from the previous Conservative government. Conservative leader and ex-PM Rishi Sunak said the speech was ""the clearest indication of what Labour has been planning to do all along - raise your taxes"". Since coming to power in July, Labour has sought to emphasise the challenges it faces in government and blame Tory ministers for failing to address those problems prior to the election. In his speech, Sir Keir claimed things were ""worse than we ever imagined"" and accused the Conservatives of creating a £22bn black hole in the public finances - something the Tories strongly deny.  He also said the previous government had ""failed to be honest"" adding: ""They offered the snake oil of populism which led to more failure - round and round and round."" He argued that people who took part in the recent riots ""saw the cracks in our society after 14 years of failure and they exploited them"". Looking to the future, Sir Keir said ""tough action"" would be needed to ""fix the foundations of the country"".  He repeated his pledge, made during the election campaign, that the government would not raise National Insurance, income tax or VAT.  His Chancellor, Rachel Reeves, has made similar promises but said she thinks some taxes will rise and has not ruled out an increase in inheritance tax, capital gains tax, or reforming tax relief on pensions. The government has already announced some cost-cutting measures including scrapping a planned cap on social care payments and withdrawing the winter fuel allowance from 10 million pensioners.  One Labour backbencher told the BBC their inbox has been full of people worried about the decision to end universal winter fuel payments for pensioners in particular – but that “people will understand” the thinking behind it after listening to Keir Starmer. Some Conservatives have criticised the government's decision to award pay rises to public sector workers while restricting access to the winter fuel allowance.  Defending the decision, Sir Keir said ""simply allowing national strikes to go and on and not resolving them was costing the country a fortune"".   After the speech, Sir Keir was asked about Conservative accusations of ""cronyism"". The opposition has attacked the government for giving a No 10 pass to one Labour donor Lord Alli and appointing another donor, Ian Corfield, to a temporary job in the Treasury.  In response, Sir Keir said he wanted to ""work at speed"" and needed the ""right people in the right places"".  He said he was determined to ""restore honest and integrity"" to government and added he would not ""take lectures"" from the Conservatives on this issue.  In an opinion piece for the Times published ahead of the speech, the PM wrote about how the very setting of his forthcoming speech, the Downing Street rose garden, may have become a ""symbol of the rot at the heart of their government"" for members of the public under prior Conservative leadership.  Sir Keir referenced the press conference given by Dominic Cummings, the former aide to Boris Johnson, where he defended his decision to break Covid lockdown rules.  He also wrote of the photographs taken near the rose garden of Mr Johnson and his staff with bottles of wine and a cheeseboard at a time of strict restrictions on social mixing during the Covid pandemic. Boris Johnson said at the time that the photos showed ""people at work"". The PM's speech on Tuesday was in front of some 50 members of the public whom he met on the election campaign trail, including small business owners and public servants. Reacting to details of the PM's speech, Conservative Party chairman Richard Fuller said: ""This is nothing but a performative speech to distract the public from the promises Starmer made that he never had any intention of keeping."" ""In fewer than 100 days, the Labour Party has dumped its ambition of public service and become engulfed in sleaze, handed out bumper payouts to its union paymasters with 'no strings' attached and laid the groundwork to harm pensioners and tax working people,"" the Conservative Party chairman added. The SNP's Finance Secretary Shona Robison said: “While clearly the legacy of the Tory government, Labour must accept at least some of the culpability for the mess that the UK is now in.  ""In opposition, they rowed in behind many of the Tory decisions that have damaged the economy and hurt living standards – whether that is Brexit, austerity spending cuts or attacks on the welfare state."" Green Party co-leader Carla Denyer said “Enduring more economic pain and hardship isn’t what people voted for.  ""Labour’s refusal to tax the super-rich shows that business as usual is very much still in business."" Liberal Democrat leader Sir Ed Davey said the country needed ""bold and ambitious action from the government"" - particularly on health and social care.  ""Only by getting people off NHS waiting lists can we get the economy growing strongly again,"" he said.    ",BBC,26/08/2024,"['October\'s Budget will be ""painful"" and the government will have to make ""big asks"" of the public, Sir Keir Starmer has warned.', 'Speaking from the Downing Street garden, the prime minister said people would have to ""accept short-term pain for long-term good"".', 'He did not set out the details of what would be in the Budget but said those with the ""broadest shoulders should bear the heavier burden"".', 'The prime minister said he had inherited ""not just an economic black hole but a societal black hole"" from the previous Conservative government.', 'Conservative leader and ex-PM Rishi Sunak said the speech was ""the clearest indication of what Labour has been planning to do all along - raise your taxes"".', 'Since coming to power in July, Labour has sought to emphasise the challenges it faces in government and blame Tory ministers for failing to address those problems prior to the election.', 'In his speech, Sir Keir claimed things were ""worse than we ever imagined"" and accused the Conservatives of creating a £22bn black hole in the public finances - something the Tories strongly deny.', 'He also said the previous government had ""failed to be honest"" adding: ""They offered the snake oil of populism which led to more failure - round and round and round.""', 'He argued that people who took part in the recent riots ""saw the cracks in our society after 14 years of failure and they exploited them"".', 'Looking to the future, Sir Keir said ""tough action"" would be needed to ""fix the foundations of the country"".', 'He repeated his pledge, made during the election campaign, that the government would not raise National Insurance, income tax or VAT.', 'His Chancellor, Rachel Reeves, has made similar promises but said she thinks some taxes will rise and has not ruled out an increase in inheritance tax, capital gains tax, or reforming tax relief on pensions.', 'The government has already announced some cost-cutting measures including scrapping a planned cap on social care payments and withdrawing the winter fuel allowance from 10 million pensioners.', 'One Labour backbencher told the BBC their inbox has been full of people worried about the decision to end universal winter fuel payments for pensioners in particular – but that “people will understand” the thinking behind it after listening to Keir Starmer.', ""Some Conservatives have criticised the government's decision to award pay rises to public sector workers while restricting access to the winter fuel allowance."", 'Defending the decision, Sir Keir said ""simply allowing national strikes to go and on and not resolving them was costing the country a fortune"".', 'After the speech, Sir Keir was asked about Conservative accusations of ""cronyism"".', 'The opposition has attacked the government for giving a No 10 pass to one Labour donor Lord Alli and appointing another donor, Ian Corfield, to a temporary job in the Treasury.', 'In response, Sir Keir said he wanted to ""work at speed"" and needed the ""right people in the right places"".', 'He said he was determined to ""restore honest and integrity"" to government and added he would not ""take lectures"" from the Conservatives on this issue.', 'In an opinion piece for the Times published ahead of the speech, the PM wrote about how the very setting of his forthcoming speech, the Downing Street rose garden, may have become a ""symbol of the rot at the heart of their government"" for members of the public under prior Conservative leadership.', 'Sir Keir referenced the press conference given by Dominic Cummings, the former aide to Boris Johnson, where he defended his decision to break Covid lockdown rules.', 'He also wrote of the photographs taken near the rose garden of Mr Johnson and his staff with bottles of wine and a cheeseboard at a time of strict restrictions on social mixing during the Covid pandemic.', 'Boris Johnson said at the time that the photos showed ""people at work"".', ""The PM's speech on Tuesday was in front of some 50 members of the public whom he met on the election campaign trail, including small business owners and public servants."", 'Reacting to details of the PM\'s speech, Conservative Party chairman Richard Fuller said: ""This is nothing but a performative speech to distract the public from the promises Starmer made that he never had any intention of keeping."" ""', 'In fewer than 100 days, the Labour Party has dumped its ambition of public service and become engulfed in sleaze, handed out bumper payouts to its union paymasters with \'no strings\' attached and laid the groundwork to harm pensioners and tax working people,"" the Conservative Party chairman added.', 'The SNP\'s Finance Secretary Shona Robison said: “While clearly the legacy of the Tory government, Labour must accept at least some of the culpability for the mess that the UK is now in. ""', 'In opposition, they rowed in behind many of the Tory decisions that have damaged the economy and hurt living standards – whether that is Brexit, austerity spending cuts or attacks on the welfare state.""', 'Green Party co-leader Carla Denyer said “Enduring more economic pain and hardship isn’t what people voted for. ""', 'Labour’s refusal to tax the super-rich shows that business as usual is very much still in business.""', 'Liberal Democrat leader Sir Ed Davey said the country needed ""bold and ambitious action from the government"" - particularly on health and social care. ""', 'Only by getting people off NHS waiting lists can we get the economy growing strongly again,"" he said.']",-0.0683252957286757,"His Chancellor, Rachel Reeves, has made similar promises but said she thinks some taxes will rise and has not ruled out an increase in inheritance tax, capital gains tax, or reforming tax relief on pensions.","He argued that people who took part in the recent riots ""saw the cracks in our society after 14 years of failure and they exploited them"".",-0.4533236980438232,"Only by getting people off NHS waiting lists can we get the economy growing strongly again,"" he said.","In his speech, Sir Keir claimed things were ""worse than we ever imagined"" and accused the Conservatives of creating a £22bn black hole in the public finances - something the Tories strongly deny.",2024-08-27
"Why Ford believes its $1.9 billion shift in EV strategy is the right choice for the company, investors",https://www.cnbc.com/2024/08/23/ford-ev-strategy-smaller-cars.html,2024-08-23T13:56:54+0000,"In this articleDETROIT – Ford Motor's profit engine for decades has been large trucks and SUVs in the U.S. So it might surprise investors that the automaker believes its new path to profitability for electric vehicles will first be led by smaller, more affordable vehicles.The new plan is an ""insurance policy"" for the automaker to be able to expand its growingly popular hybrid models and create more affordable EVs that it believes will deliver a more capital-efficient, profitable electric vehicle business for the company and investors, according to Marin Gjaja, Ford's chief operating officer for its Model e EV unit.""We're quite convinced that the highest adoption rates for electric vehicles will be in the affordable segment on the lower size-end of the range,"" he told CNBC on Thursday. ""We have to play there in order to compete with the entrants that are coming.""Those expected newcomers are largely Chinese automakers, such as Warren Buffett-backed BYD, that have been rapidly growing from their home market to Europe and other countries.Gjaja's comments came a day after the automaker announced updates to its EV strategy that will cost up to $1.9 billion. That includes about $400 million for the write-down of manufacturing assets, as well as additional expenses and cash expenditures of up to $1.5 billion.Ford's new plans for North America include canceling a large, electric three-row SUV that was already far in development, delaying production of its next-generation ""T3"" electric full-size pickup truck by about 18 months until late 2027, and refocusing battery production and sourcing to the U.S.Instead of the three-row SUV or large pickup, the company's first new EV is expected to be a commercial van in 2026, followed the next year by a midsized pickup and then the T3 full-size pickup.Gjaja said the decision wasn't taken lightly, especially the cancellation of the upcoming three-row vehicle, which Ford CEO Jim Farley and other executives had been touting as a game changer for several years.The commercial van comes as Ford's ""Pro"" commercial vehicle and fleet business, which includes vans and large Super Duty trucks, has been a standout for the company and offset billions of dollars in EV losses.And the midsize pickup is scheduled to be the first vehicle from a specialized ""skunkworks"" team in California, The company had tasked the team two years ago with developing a new small EV platform.""We believe smaller, more affordable vehicles are the way to go for EV in volume. Why? Because the math is completely different than [internal combustion engine (ICE) vehicles],"" Farley told investors last month. ""In ICE, a business we've been in for 120 years, the bigger the vehicle, the higher the margin. But it's exactly the opposite for EVs.""Farley has said the weight and cost of battery packs needed for large vehicles such as a three-row SUV, which many families buy for road trips, towing and hauling, are a limitation for EVs due to current ranges and charging networks.Ford's current EVs — the Mustang Mach-E crossover, F-150 Lightning and a commercial van in the U.S. – are not profitable overall. The Model e operations have lost nearly $2.5 billion during the first half of this year and lost $4.7 billion in 2023.The losses, as well as changing market conditions and business plans, caused Ford earlier this year to withdraw an ambitious 8% profit margin for its EV unit by 2026.Investors and Wall Street analysts have largely supported the EV changes, most recently sending the company's shares up about 2.3% since the announcement earlier this week, despite the expected costs.""Overall, these changes will position Ford to benefit from growing demand for EVs, while also focusing on areas in which it has a Core competitive advantage,"" BofA's John Murphy wrote Wednesday in an investor note. ""Given the size of the charge, this is clearly a tough decision in the short-term, but we think makes sense in the medium to long-term given what will likely be subpar economics in the three-row CUV/SUV segment.""The updates are the latest for Ford's electrification plans, which now include a heavy focus on hybrid and plug-in hybrid electric vehicles, or PHEVs, to assist in meeting tightening fuel economy regulations in addition to all-electric vehicles.Ford CFO John Lawler said Wednesday that the company's future capital expenditure plans will shift from spending about 40% on all-electric vehicles to spending 30%. He did not give a timeline for the change, but it's a massive swing from when the company announced plans in 2021 to spend more than $30 billion on EVs through 2025.The hybrid plans include offering such options across its entire North American lineup by 2030, including three-row SUVs, to assist in meeting tightening emissions and fuel economy requirements. Lawler said that to improve profitability, Ford is also accelerating the mix of battery production in the U.S. that will qualify for tax incentives and credits.The shift in Ford's plans is consistent with the overall auto industry, which is facing growing, but slower-than-expected adoption of EVs, as well as automakers not being able to achieve expected profitability on the vehicles.""What we saw in '21 and '22 was a temporary market spike where the demand for EVs really took off,"" Gjaja told CNBC during an interview earlier this year. ""It's still growing but not nearly at the rate we thought it might have in '21, '22.""There's also an industrywide fear that Chinese automakers could be able to flood markets with cheaper, more profitable EVs. Chinese automakers such as BYD are quickly growing exports of vehicles to Europe and other countries.Lawler pushed back Wednesday on the idea that the Chinese have outgunned American automakers. He said the Ford, in part, developed the skunkworks team to prove that Ford can compete against the Chinese automakers.""As we've watched in the last 18 to 24 months, the emergence of incredible products and formidable competitors in China has really been, I think, the story for us,"" Gjaja said. ""And so now, when we look at the competitive landscape, we have to chin ourselves against the most competitive companies in China.""Ford's new plans are polar opposite of its closest rival, General Motors.America's largest automaker has pulled back spending and delayed many of its EVs, but it has several large all-electric vehicles on sale coming soon.GM was among the first to go ""all in"" on EVs, including by creating a vertically integrated, dedicated electric vehicle platform and supporting technologies such as batteries and motors.Aside from Tesla, GM was the first automaker to begin U.S. battery cell manufacturing through a joint venture at scale, which the company has continued to tout as a cost advantageGM's current lineup includes three all-electric large pickup trucks, a Hummer SUV, two recently launched Chevrolet crossovers, a luxury Cadillac crossover and $300,000 Celestiq car. Several more crossover models and an all-electric Escalade SUV are expected to join the lineup this year as well.As recently as last month, GM reconfirmed expectations for its EVs to be profitable on a production, or contribution-margin basis, once it reaches output of 200,000 units by the fourth quarter.A GM spokesman Thursday said the automaker continues ""to work to reach variable profit positive during the fourth quarter.""Gjaja declined to comment on GM's target or operations but said Ford is doing what's best for the company.""We're focusing on what we think are the right technologies to serve our customers that can also be affordable for them and profitable for us,"" he said.",CNBC,23/08/2024,"[""In this articleDETROIT – Ford Motor's profit engine for decades has been large trucks and SUVs in the U.S. So it might surprise investors that the automaker believes its new path to profitability for electric vehicles will first be led by smaller, more affordable vehicles."", 'The new plan is an ""insurance policy"" for the automaker to be able to expand its growingly popular hybrid models and create more affordable EVs that it believes will deliver a more capital-efficient, profitable electric vehicle business for the company and investors, according to Marin Gjaja, Ford\'s chief operating officer for its Model e EV unit.', '""We\'re quite convinced that the highest adoption rates for electric vehicles will be in the affordable segment on the lower size-end of the range,"" he told CNBC on Thursday. ""', 'We have to play there in order to compete with the entrants that are coming.', '""Those expected newcomers are largely Chinese automakers, such as Warren Buffett-backed BYD, that have been rapidly growing from their home market to Europe and other countries.', ""Gjaja's comments came a day after the automaker announced updates to its EV strategy that will cost up to $1.9 billion."", 'That includes about $400 million for the write-down of manufacturing assets, as well as additional expenses and cash expenditures of up to $1.5 billion.', 'Ford\'s new plans for North America include canceling a large, electric three-row SUV that was already far in development, delaying production of its next-generation ""T3"" electric full-size pickup truck by about 18 months until late 2027, and refocusing battery production and sourcing to the U.S.Instead of the three-row SUV or large pickup, the company\'s first new EV is expected to be a commercial van in 2026, followed the next year by a midsized pickup and then the T3 full-size pickup.', ""Gjaja said the decision wasn't taken lightly, especially the cancellation of the upcoming three-row vehicle, which Ford CEO Jim Farley and other executives had been touting as a game changer for several years."", 'The commercial van comes as Ford\'s ""Pro"" commercial vehicle and fleet business, which includes vans and large Super Duty trucks, has been a standout for the company and offset billions of dollars in EV losses.', 'And the midsize pickup is scheduled to be the first vehicle from a specialized ""skunkworks"" team in California, The company had tasked the team two years ago with developing a new small EV platform.', '""We believe smaller, more affordable vehicles are the way to go for EV in volume.', 'Why?', 'Because the math is completely different than [internal combustion engine (ICE) vehicles],"" Farley told investors last month. ""', ""In ICE, a business we've been in for 120 years, the bigger the vehicle, the higher the margin."", ""But it's exactly the opposite for EVs."", '""Farley has said the weight and cost of battery packs needed for large vehicles such as a three-row SUV, which many families buy for road trips, towing and hauling, are a limitation for EVs due to current ranges and charging networks.', ""Ford's current EVs — the Mustang Mach-E crossover, F-150 Lightning and a commercial van in the U.S. – are not profitable overall."", ""The Model e operations have lost nearly $2.5 billion during the first half of this year and lost $4.7 billion in 2023.The losses, as well as changing market conditions and business plans, caused Ford earlier this year to withdraw an ambitious 8% profit margin for its EV unit by 2026.Investors and Wall Street analysts have largely supported the EV changes, most recently sending the company's shares up about 2.3% since the announcement earlier this week, despite the expected costs."", '""Overall, these changes will position Ford to benefit from growing demand for EVs, while also focusing on areas in which it has a Core competitive advantage,"" BofA\'s John Murphy wrote Wednesday in an investor note. ""', 'Given the size of the charge, this is clearly a tough decision in the short-term, but we think makes sense in the medium to long-term given what will likely be subpar economics in the three-row CUV/SUV segment.', '""The updates are the latest for Ford\'s electrification plans, which now include a heavy focus on hybrid and plug-in hybrid electric vehicles, or PHEVs, to assist in meeting tightening fuel economy regulations in addition to all-electric vehicles.', ""Ford CFO John Lawler said Wednesday that the company's future capital expenditure plans will shift from spending about 40% on all-electric vehicles to spending 30%."", ""He did not give a timeline for the change, but it's a massive swing from when the company announced plans in 2021 to spend more than $30 billion on EVs through 2025.The hybrid plans include offering such options across its entire North American lineup by 2030, including three-row SUVs, to assist in meeting tightening emissions and fuel economy requirements."", 'Lawler said that to improve profitability, Ford is also accelerating the mix of battery production in the U.S. that will qualify for tax incentives and credits.', ""The shift in Ford's plans is consistent with the overall auto industry, which is facing growing, but slower-than-expected adoption of EVs, as well as automakers not being able to achieve expected profitability on the vehicles."", '""What we saw in \'21 and \'22 was a temporary market spike where the demand for EVs really took off,"" Gjaja told CNBC during an interview earlier this year. ""', 'It\'s still growing but not nearly at the rate we thought it might have in \'21, \'22.""There\'s also an industrywide fear that Chinese automakers could be able to flood markets with cheaper, more profitable EVs.', 'Chinese automakers such as BYD are quickly growing exports of vehicles to Europe and other countries.', 'Lawler pushed back Wednesday on the idea that the Chinese have outgunned American automakers.', 'He said the Ford, in part, developed the skunkworks team to prove that Ford can compete against the Chinese automakers.', '""As we\'ve watched in the last 18 to 24 months, the emergence of incredible products and formidable competitors in China has really been, I think, the story for us,"" Gjaja said. ""', 'And so now, when we look at the competitive landscape, we have to chin ourselves against the most competitive companies in China.', '""Ford\'s new plans are polar opposite of its closest rival, General Motors.', ""America's largest automaker has pulled back spending and delayed many of its EVs, but it has several large all-electric vehicles on sale coming soon."", 'GM was among the first to go ""all in"" on EVs, including by creating a vertically integrated, dedicated electric vehicle platform and supporting technologies such as batteries and motors.', ""Aside from Tesla, GM was the first automaker to begin U.S. battery cell manufacturing through a joint venture at scale, which the company has continued to tout as a cost advantageGM's current lineup includes three all-electric large pickup trucks, a Hummer SUV, two recently launched Chevrolet crossovers, a luxury Cadillac crossover and $300,000 Celestiq car."", 'Several more crossover models and an all-electric Escalade SUV are expected to join the lineup this year as well.', 'As recently as last month, GM reconfirmed expectations for its EVs to be profitable on a production, or contribution-margin basis, once it reaches output of 200,000 units by the fourth quarter.', 'A GM spokesman Thursday said the automaker continues ""to work to reach variable profit positive during the fourth quarter.', '""Gjaja declined to comment on GM\'s target or operations but said Ford is doing what\'s best for the company.', '""We\'re focusing on what we think are the right technologies to serve our customers that can also be affordable for them and profitable for us,"" he said.']",0.2265440827974339,"The new plan is an ""insurance policy"" for the automaker to be able to expand its growingly popular hybrid models and create more affordable EVs that it believes will deliver a more capital-efficient, profitable electric vehicle business for the company and investors, according to Marin Gjaja, Ford's chief operating officer for its Model e EV unit.","Ford's current EVs — the Mustang Mach-E crossover, F-150 Lightning and a commercial van in the U.S. – are not profitable overall.",0.4859956295593925,"""Overall, these changes will position Ford to benefit from growing demand for EVs, while also focusing on areas in which it has a Core competitive advantage,"" BofA's John Murphy wrote Wednesday in an investor note. ""","The Model e operations have lost nearly $2.5 billion during the first half of this year and lost $4.7 billion in 2023.The losses, as well as changing market conditions and business plans, caused Ford earlier this year to withdraw an ambitious 8% profit margin for its EV unit by 2026.Investors and Wall Street analysts have largely supported the EV changes, most recently sending the company's shares up about 2.3% since the announcement earlier this week, despite the expected costs.",2024-08-27
"Mavericks, Pelicans games are leaving their local sports networks ahead of NBA season",https://www.cnbc.com/2024/08/26/mavericks-pelicans-games-leave-local-networks-amid-diamond-bankruptcy.html,2024-08-26T20:44:33+0000,"Dallas Mavericks and New Orleans Pelicans fans are waiting for a new way to watch local games in the upcoming National Basketball Association season.Both teams are exiting their regional sports networks owned by Diamond Sports, according to a Friday bankruptcy court filing.The NBA season is set to begin Oct. 22. While neither franchise has publicly announced where its local games will be aired, both teams have a history of televising their games with local broadcasters.The Pelicans have reached an agreement in principle with Gray Television to air games this season, a person close to the team told CNBC, confirming earlier media reports. Representatives for Gray and the Pelicans declined to comment on the matter.Last season, the Pelicans aired 10 of their matchups on Gray's local stations, and the Mavericks, who appeared in last season's NBA Finals, entered a 13-game agreement with Tegna's Dallas-Fort Worth stations.Representatives for the Mavericks and Tegna did not immediately respond to CNBC's requests asking who would broadcast their local games.The Mavericks and Pelicans are the latest teams to move the bulk of their regular-season games from their Diamond-owned regional sports networks, which are under the Bally Sports brand.Diamond Sports has spent the past 18 months trying to navigate its way out of bankruptcy, and along the way, several NBA, WNBA and National Hockey League teams have ditched regional sports networks in favor of local broadcasters. Some Major League Baseball teams that have left these networks will now have their games produced by the league.Diamond Sports will receive $1.3 million and more than $297,000 in repayments from the Mavericks and Pelicans, respectively, as part of the terminations, according to the court filing.The split with the Mavericks and Pelicans comes as Diamond enters into broadcast and streaming rights agreements with the NBA and NHL for the upcoming season as part of its bankruptcy process. The deals are subject to court approval.""We are appreciative of the ongoing collaboration and long-term partnerships with the NBA and NHL,"" Diamond Sports CEO David Preschlack said in a statement, adding the deals with the leagues ""are another major milestone"" toward exiting bankruptcy protection.Diamond Sports has been one of many companies crushed by the decline of cable. Though it launched a sports-only streaming service for some of its teams in 2022, the company's $8 billion debt load was too staggering to stop it from filing for bankruptcy protection.As the NBA and NHL seasons near, Diamond has also faced more pressure in recent months to form a viable business plan and prove it can make the necessary rights payments.Diamond marked another milestone this summer when it reached a deal to return its networks to Comcast's cable TV customers. The Bally Sports networks went dark on Comcast — Diamond's third largest distributor — in early May.Disclosure: Comcast is the parent company of NBCUniversal and CNBC.",CNBC,26/08/2024,"['Dallas Mavericks and New Orleans Pelicans fans are waiting for a new way to watch local games in the upcoming National Basketball Association season.', 'Both teams are exiting their regional sports networks owned by Diamond Sports, according to a Friday bankruptcy court filing.', 'The NBA season is set to begin Oct. 22.', 'While neither franchise has publicly announced where its local games will be aired, both teams have a history of televising their games with local broadcasters.', 'The Pelicans have reached an agreement in principle with Gray Television to air games this season,a personclose to the team told CNBC, confirming earlier media reports.', 'Representatives for Gray and the Pelicans declined to comment on the matter.', ""Last season, the Pelicans aired 10 of their matchups on Gray's local stations, and the Mavericks, who appeared in last season's NBA Finals, entered a 13-game agreement with Tegna's Dallas-Fort Worth stations."", ""Representatives for the Mavericks and Tegna did not immediately respond to CNBC's requests asking who would broadcast their local games."", 'The Mavericks and Pelicans are the latest teams to move the bulk of their regular-season games from their Diamond-owned regional sports networks, which are under the Bally Sports brand.', 'Diamond Sports has spent the past 18 months trying to navigate its way out of bankruptcy, and along the way, several NBA, WNBA and National Hockey League teams have ditched regional sports networks in favor of local broadcasters.', 'Some Major League Baseball teams that have left these networks will now have their games produced by the league.', 'Diamond Sports will receive $1.3 million and more than $297,000 in repayments from the Mavericks and Pelicans, respectively, as part of the terminations, according to the court filing.', 'The split with the Mavericks and Pelicans comes as Diamond enters into broadcast and streaming rights agreements with the NBA and NHL for the upcoming season as part of its bankruptcy process.', 'The deals are subject to court approval.', '""We are appreciative of the ongoing collaboration and long-term partnerships with the NBA and NHL,"" Diamond Sports CEO David Preschlack said in a statement, adding the deals with the leagues ""are another major milestone"" toward exiting bankruptcy protection.', 'Diamond Sports has been one of many companies crushed by the decline of cable.', ""Though it launched a sports-only streaming service for some of its teams in 2022, the company's $8 billion debt load was too staggering to stop it from filing for bankruptcy protection."", 'As the NBA and NHL seasons near, Diamond has also faced more pressure in recent months to form a viable business plan and prove it can make the necessary rights payments.', ""Diamond marked another milestone this summer when it reached a deal to return its networks to Comcast's cable TV customers."", ""The Bally Sports networks went dark on Comcast — Diamond's third largest distributor — in early May."", 'Disclosure: Comcast is the parent company of NBCUniversal and CNBC.']",0.2369959799857742,"""We are appreciative of the ongoing collaboration and long-term partnerships with the NBA and NHL,"" Diamond Sports CEO David Preschlack said in a statement, adding the deals with the leagues ""are another major milestone"" toward exiting bankruptcy protection.","Though it launched a sports-only streaming service for some of its teams in 2022, the company's $8 billion debt load was too staggering to stop it from filing for bankruptcy protection.",-0.2300930470228195,Diamond marked another milestone this summer when it reached a deal to return its networks to Comcast's cable TV customers.,Diamond Sports has been one of many companies crushed by the decline of cable.,2024-08-27
Nigeria’s Black Axe mafia dealt 'big blow' by Interpol,https://www.bbc.co.uk/news/articles/c984w8jr1glo,2024-08-27T23:09:45.123Z,"Police units around the world have joined forces in a series of covert operations targeting one of West Africa’s most feared criminal networks - Black Axe. Operation Jackal III saw officers in body armour carry out raids in 21 countries between April and July 2024. The mission, co-ordinated by global policing agency Interpol, led to the arrest of 300 people with links to Black Axe and other affiliated groups. Interpol called the operation a “major blow” to the Nigerian crime network, but warned that its international reach and technological sophistication mean it remains a global threat. In one notorious example, Canadian authorities said they had busted a money-laundering scheme linked to Black Axe worth more than $5bn (£3.8bn) in 2017. “They are very organised and very structured,” Tomonobu Kaya, a senior official at Interpol’s Financial Crime and Anti-Corruption Centre, told the BBC. According to a 2022 report by Interpol, “Black Axe and similar groups are responsible for the majority of the world’s cyber-enabled financial fraud as well as many other serious crimes”. Mr Kaya said innovations in money-transfer software and cryptocurrency have played into the hands of group, which are renowned for multi-million dollar online scams. “These criminal syndicates are early adopters of new technologies… A lot of fintech developments make it really easy to illegally move money around the world,” he said. Operation Jackal III was years in the making and led to the seizure of $3m of illegal assets and more than 700 bank accounts being frozen. Many Black Axe members are university educated and are recruited during their schooling.  The organisation is a secretive criminal network with trafficking, prostitution and killing operations around the world. Cyber-crime, targeting individuals and businesses, is the organisation's largest source of revenue. Multiple so-called “Jackal” police operations have taken place since 2022.  Dozens of Black Axe and other gang members have been arrested and their electronic devices seized during these transnational raids. This work has enabled Interpol to create a vast intelligence database, which is now shared with officers throughout its 196 member countries. “We need to have data and to collate our findings from these countries to help build a picture of their modus operandi,” said Mr Kaya. Despite multiple international arrests, some experts feel not enough is being done to address the root of these crime syndicates in West Africa. “The emphasis must actually be on prevention not on outright operations against these criminal groups,” said Dr Oluwole Ojewale, West Africa Regional Co-ordinator from the Institute for Security Studies. Nigeria, which has witnessed widespread anti-corruption protests in recent weeks, is one of Africa’s largest economies, but has as many as 87 million people living below the poverty line, according to the World Bank. It is also the main recruitment ground for Black Axe. Interpol said it was carrying out training exercises with key Nigerian stakeholders and police officials. But corruption, and allegations of collusion between Black Axe and local authorities, remain major obstacles. “It is the politicians who are actually arming these boys,” said Dr Ojewale. “The general failure of governance in the country has made pressures for people to be initiated [into Black Axe].” Despite its current global reach, Interpol’s Jackal Operations have their origins in Ireland.  Following a series of police raids by the Garda National Economic Crime Bureau (GNECB) in 2020, a handful of Black Axe members were arrested, paving the way for the exposure of a far wider network. “They were very under the radar, very low-key,” said Michael Cryan, detective superintendent at the GNECB, which led the operation. “The amount of money being laundered through Ireland was astronomical,” he added. The police subsequently identified 1,000 people with links to Black Axe in Ireland and have made hundreds of arrests for fraud and cyber-crime. “Bank robberies are now done with laptops - they’re far more sophisticated,” said Det Supt Cryan. He estimates €200m ($220m; £170m) have been stolen online in Ireland in the past five years, and that only accounts for the 20% of cyber-crimes that are believed to be reported. “This is not typical or ordinary crime… People who make decisions need to know how serious this is,” he said. Irish police operations in November 2023 revealed that cryptocurrency - which can be sent rapidly between digital wallets around the world - is becoming an integral element in Black Axe’s money-laundering operations.  More than €1m in crypto-assets were seized during one operation. Interpol has deployed its own new technology in an attempt to tackle these innovations, launching the Global Rapid Intervention of Payments system (I-GRIP).  The mechanism, which enables the authorities in member countries to freeze bank accounts around the world with unprecedented speed, was used to halt a $40m scam targeting a Singaporean business last month. Interpol's Mr Kaya said technology like this would make it harder for criminals to move money across borders with impunity. A major effort is under way to gather and share intelligence on Black Axe and other West African syndicates by police around the world. “If we can gather this data we can take action,” he said. Go to BBCAfrica.com for more news from the African continent.  Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica ",BBC,27/08/2024,"['Police units around the world have joined forces in a series of covert operations targeting one of West Africa’s most feared criminal networks - Black Axe.', 'Operation Jackal III saw officers in body armour carry out raids in 21 countries between April and July 2024.', 'The mission, co-ordinated by global policing agency Interpol, led to the arrest of 300 people with links to Black Axe and other affiliated groups.', 'Interpol called the operation a “major blow” to the Nigerian crime network, but warned that its international reach and technological sophistication mean it remains a global threat.', 'In one notorious example, Canadian authorities said they had busted a money-laundering scheme linked to Black Axe worth more than $5bn (£3.8bn) in 2017. “', 'They are very organised and very structured,” Tomonobu Kaya, a senior official at Interpol’s Financial Crime and Anti-Corruption Centre, told the BBC.', 'According to a 2022 report by Interpol, “Black Axe and similar groups are responsible for the majority of the world’s cyber-enabled financial fraud as well as many other serious crimes”.', 'Mr Kaya said innovations in money-transfer software and cryptocurrency have played into the hands of group, which are renowned for multi-million dollar online scams. “', 'These criminal syndicates are early adopters of new technologies… A lot of fintech developments make it really easy to illegally move money around the world,” he said.', 'Operation Jackal III was years in the making and led to the seizure of $3m of illegal assets and more than 700 bank accounts being frozen.', 'Many Black Axe members are university educated and are recruited during their schooling.', 'The organisation is a secretive criminal network with trafficking, prostitution and killing operations around the world.', ""Cyber-crime, targeting individuals and businesses, is the organisation's largest source of revenue."", 'Multiple so-called “Jackal” police operations have taken place since 2022.', 'Dozens of Black Axe and other gang members have been arrested and their electronic devices seized during these transnational raids.', 'This work has enabled Interpol to create a vast intelligence database, which is now shared with officers throughout its 196 member countries. “', 'We need to have data and to collate our findings from these countries to help build a picture of their modus operandi,” said Mr Kaya.', 'Despite multiple international arrests, some experts feel not enough is being done to address the root of these crime syndicates in West Africa. “', 'The emphasis must actually be on prevention not on outright operations against these criminal groups,” said Dr Oluwole Ojewale, West Africa Regional Co-ordinator from the Institute for Security Studies.', 'Nigeria, which has witnessed widespread anti-corruption protests in recent weeks, is one of Africa’s largest economies, but has as many as 87 million people living below the poverty line, according to the World Bank.', 'It is also the main recruitment ground for Black Axe.', 'Interpol said it was carrying out training exercises with key Nigerian stakeholders and police officials.', 'But corruption, and allegations of collusion between Black Axe and local authorities, remain major obstacles. “', 'It is the politicians who are actually arming these boys,” said Dr Ojewale. “', 'The general failure of governance in the country has made pressures for people to be initiated [into Black Axe].”', 'Despite its current global reach, Interpol’s Jackal Operations have their origins in Ireland.', 'Following a series of police raids by the Garda National Economic Crime Bureau (GNECB) in 2020, a handful of Black Axe members were arrested, paving the way for the exposure of a far wider network. “', 'They were very under the radar, very low-key,” said Michael Cryan, detective superintendent at the GNECB, which led the operation. “', 'The amount of money being laundered through Ireland was astronomical,” he added.', 'The police subsequently identified 1,000 people with links to Black Axe in Ireland and have made hundreds of arrests for fraud and cyber-crime. “', 'Bank robberies are now done with laptops - they’re far more sophisticated,” said Det Supt Cryan.', 'He estimates €200m ($220m; £170m) have been stolen online in Ireland in the past five years, and that only accounts for the 20% of cyber-crimes that are believed to be reported. “', 'This is not typical or ordinary crime… People who make decisions need to know how serious this is,” he said.', 'Irish police operations in November 2023 revealed that cryptocurrency - which can be sent rapidly between digital wallets around the world - is becoming an integral element in Black Axe’s money-laundering operations.', 'More than €1m in crypto-assets were seized during one operation.', 'Interpol has deployed its own new technology in an attempt to tackle these innovations, launching the Global Rapid Intervention of Payments system (I-GRIP).', 'The mechanism, which enables the authorities in member countries to freeze bank accounts around the world with unprecedented speed, was used to halt a $40m scam targeting a Singaporean business last month.', ""Interpol's Mr Kaya said technology like this would make it harder for criminals to move money across borders with impunity."", 'A major effort is under way to gather and share intelligence on Black Axe and other West African syndicates by police around the world. “', 'If we can gather this data we can take action,” he said.', 'Go to BBCAfrica.com for more news from the African continent.', 'Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica']",-0.2500833801489452,"This work has enabled Interpol to create a vast intelligence database, which is now shared with officers throughout its 196 member countries. “","The police subsequently identified 1,000 people with links to Black Axe in Ireland and have made hundreds of arrests for fraud and cyber-crime. “",-0.2692912146449089,"This work has enabled Interpol to create a vast intelligence database, which is now shared with officers throughout its 196 member countries. “",The general failure of governance in the country has made pressures for people to be initiated [into Black Axe].”,2024-08-27
Walmart adds a Burger King benefit to its membership program,https://www.cnbc.com/2024/08/22/walmart-plus-burger-king-benefit.html,2024-08-22T20:57:32+0000,"In this articleWalmart members are in for a whopper of a deal.The retailer on Thursday announced a new partnership with fast-food chain Burger King that will offer members of its Walmart+ subscription program 25% off any Burger King order made through the BK app. Members will also be eligible for a free flame-grilled Whopper every three months starting in September with a purchase, according to a news release.Walmart positioned the added benefits as cost savings for its members. It comes at a time when cost-conscious diners increasingly hunt for value.""We're confident our members will welcome the additional savings, and we're thrilled to collaborate with a trusted brand like Burger King to offer this benefit,"" Venessa Yates, senior vice president and general manager, said in a statement.Walmart+ costs $12.95 per month, or $98 annually, and includes free shipping and delivery on Walmart orders. In 2022, Walmart struck a streaming deal with Paramount Global to offer Walmart+ members free access to an ad-supported plan on Paramount+.""We're thrilled to join the Walmart+ program as its first ever dining partner and look forward to providing members of Walmart+ even more savings on their flame-grilled favorites at Burger King,"" said Pat O'Toole, chief marketing officer for Burger King North America, in a statement.",CNBC,22/08/2024,"['In this articleWalmart members are in for a whopper of a deal.', 'The retailer on Thursday announced a new partnership with fast-food chain Burger King that will offer members of its Walmart+ subscription program 25% off any Burger King order made through the BK app.', 'Members will also be eligible for a free flame-grilled Whopper every three months starting in September with a purchase, according to a news release.', 'Walmart positioned the added benefits as cost savings for its members.', 'It comes at a time when cost-conscious diners increasingly hunt for value.', '""We\'re confident our members will welcome the additional savings, and we\'re thrilled to collaborate with a trusted brand like Burger King to offer this benefit,"" Venessa Yates, senior vice president and general manager, said in a statement.', 'Walmart+ costs $12.95 per month, or $98 annually, and includes free shipping and delivery on Walmart orders.', 'In 2022, Walmart struck a streaming deal with Paramount Global to offer Walmart+ members free access to an ad-supported plan on Paramount+.""We\'re thrilled to join the Walmart+ program as its first ever dining partner and look forward to providing members of Walmart+ even more savings on their flame-grilled favorites at Burger King,"" said Pat O\'Toole, chief marketing officer for Burger King North America, in a statement.']",0.4476056920287553,"""We're confident our members will welcome the additional savings, and we're thrilled to collaborate with a trusted brand like Burger King to offer this benefit,"" Venessa Yates, senior vice president and general manager, said in a statement.",,0.9945579767227172,"In 2022, Walmart struck a streaming deal with Paramount Global to offer Walmart+ members free access to an ad-supported plan on Paramount+.""We're thrilled to join the Walmart+ program as its first ever dining partner and look forward to providing members of Walmart+ even more savings on their flame-grilled favorites at Burger King,"" said Pat O'Toole, chief marketing officer for Burger King North America, in a statement.",,2024-08-27
Home prices hit record high in June on S&P Case-Shiller Index,https://www.cnbc.com/2024/08/27/home-prices-hit-record-high-in-june-on-sp-case-shiller-index.html,2024-08-27T17:55:03+0000,"Even as mortgage interest rates were rising, home prices reached the highest level ever on the S&P CoreLogic Case-Shiller U.S. National Home Price Index.On a three-month running average ended in June, prices nationally were 5.4% higher than they were in June 2023, according to data released Tuesday. Despite being a record high for the index, the annual gain was smaller than May's 5.9% reading.The index's 10-city composite rose 7.4% annually, down from 7.8% in the previous month. The 20-city composite was 6.5% higher year over year, down from a 6.9% increase in May.""While both housing and inflation have slowed, the gap between the two is larger than historical norms, with our National Index averaging 2.8% more than the Consumer Price Index,"" noted Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices, in a release. ""That is a full percentage point above the 50-year average. Before accounting for inflation, home prices have risen over 1,100% since 1974, but have slightly more than doubled (111%) after accounting for inflation.""New York saw the highest annual gain among the 20 cities, with prices climbing 9% in June, followed by San Diego and Las Vegas with annual increases of 8.7% and 8.5%, respectively. Portland, Oregon, saw just a 0.8% annual rise in June, the smallest gain of the top cities.Since housing affordability has been a major talking point in this election cycle, this month's report also broke out home values by price tier, dividing each city's market into three tiers. Looking just at large markets over the past five years, it found that 75% of the markets covered show low-price tiers rising faster than the overall market.""For example, the lower tier of the Atlanta market has risen 18% faster than the middle- and higher-tiered homes,"" Luke wrote in the release.""New York's low tier has the largest five-year outperformance, rising nearly 20% above the overall New York region,"" he continued. ""New York also has the largest divergence between low- and high-tier prices. Conversely, San Diego has seen the largest appreciation in higher-tier homes over the past five years.""Prices in the overall San Diego market are up 72% in the past five years, but the high tier is up 79% versus 63% for the lower tier.The increase in prices came even as mortgage rates rose sharply from April through June, which is the period averaged on the index. Usually when rates rise, prices cool.The average rate on the 30-year fixed started April just below 7% and then shot up to 7.5% by the end of the month, according to Mortgage News Daily. Rates stayed over 7% before falling back under that level in July. The 30-year fixed is now right around 6.5%.""Mortgage rates have fallen since June, but there is evidence that even the decline in rates has not been enough to bring buyers back into the market,"" said Lisa Sturtevant, chief economist at Bright MLS. ""Some buyers are waiting for home prices — and not just interest rates — to come down,""While home prices should ease month to month going into the fall, due to seasonal factors and more inventory on the market, they are unlikely to drop significantly, and are expected to still be higher than they were last fall.",CNBC,27/08/2024,"['Even as mortgage interest rates were rising, home prices reached the highest level ever on the S&P CoreLogic Case-Shiller U.S. National Home Price Index.', 'On a three-month running average ended in June, prices nationally were 5.4% higher than they were in June 2023, according to data released Tuesday.', ""Despite being a record high for the index, the annual gain was smaller than May's 5.9% reading."", ""The index's 10-city composite rose 7.4% annually, down from 7.8% in the previous month."", 'The 20-city composite was 6.5% higher year over year, down from a 6.9% increase in May.', '""While both housing and inflation have slowed, the gap between the two is larger than historical norms, with our National Index averaging 2.8% more than the Consumer Price Index,"" noted Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices, in a release. ""', 'That is a full percentage point above the 50-year average.', 'Before accounting for inflation, home prices have risen over 1,100% since 1974, but have slightly more than doubled (111%) after accounting for inflation.', '""New York saw the highest annual gain among the 20 cities, with prices climbing 9% in June, followed by San Diego and Las Vegas with annual increases of 8.7% and 8.5%, respectively.', 'Portland, Oregon, saw just a 0.8% annual rise in June, the smallest gain of the top cities.', ""Since housing affordability has been a major talking point in this election cycle, this month's report also broke out home values by price tier, dividing each city's market into three tiers."", 'Looking just at large markets over the past five years, it found that 75% of the markets covered show low-price tiers rising faster than the overall market.', '""For example, the lower tier of the Atlanta market has risen 18% faster than the middle- and higher-tiered homes,"" Luke wrote in the release.', '""New York\'s low tier has the largest five-year outperformance, rising nearly 20% above the overall New York region,"" he continued. ""', 'New York also has the largest divergence between low- and high-tier prices.', 'Conversely, San Diego has seen the largest appreciation in higher-tier homes over the past five years.', '""Prices in the overall San Diego market are up 72% in the past five years, but the high tier is up 79% versus 63% for the lower tier.', 'The increase in prices came even as mortgage rates rose sharply from April through June, which is the period averaged on the index.', 'Usually when rates rise, prices cool.', 'The average rate on the 30-year fixed started April just below 7% and then shot up to 7.5% by the end of the month, according to Mortgage News Daily.', 'Rates stayed over 7% before falling back under that level in July.', 'The 30-year fixed is now right around 6.5%.""Mortgage rates have fallen since June, but there is evidence that even the decline in rates has not been enough to bring buyers back into the market,"" said Lisa Sturtevant, chief economist at Bright MLS. ""', 'Some buyers are waiting for home prices — and not just interest rates — to come down,""While home prices should ease month to month going into the fall, due to seasonal factors and more inventory on the market, they are unlikely to drop significantly, and are expected to still be higher than they were last fall.']",0.1217034221770017,"""New York saw the highest annual gain among the 20 cities, with prices climbing 9% in June, followed by San Diego and Las Vegas with annual increases of 8.7% and 8.5%, respectively.","""Prices in the overall San Diego market are up 72% in the past five years, but the high tier is up 79% versus 63% for the lower tier.",0.347285787264506,"""Prices in the overall San Diego market are up 72% in the past five years, but the high tier is up 79% versus 63% for the lower tier.","The 20-city composite was 6.5% higher year over year, down from a 6.9% increase in May.",2024-08-27
"Shein sues Temu over copyright infringement, alleges rival loses money on every sale",https://www.cnbc.com/2024/08/20/shein-sues-temu-over-copyright-infringement-trade-secret-theft.html,2024-08-21T12:20:27+0000,"Chinese-linked fast-fashion giant Shein is suing rival Temu, alleging the retailer stole its designs and built an empire using counterfeiting, intellectual property infringement and fraud. The suit, filed Monday in Washington, D.C., federal court, comes as Shein itself fends off similar allegations from a wide variety of brands and independent artists, including Levi Strauss and H&M. In its complaint, Shein alleges that Temu, owned by PDD Holdings, is ""masquerading"" as a legitimate online marketplace because it encourages its sellers to steal other brands' designs and then prevents them from removing products from the platform, even after they have admitted to infringement.""Temu draws U.S. consumers into downloading and using its mobile application with promises of extremely low pricing. But Temu is not profiting from the sale of these products, which are priced so low that Temu must subsidize each sale, losing money on every transaction,"" the complaint said. ""Only by encouraging its sellers to infringe the intellectual property rights of others and sell counterfeit or sub-standard goods can Temu hope to minimize the massive losses it is subsidizing,"" the lawsuit added.In response, a Temu spokesperson said Shein's ""audacity is unbelievable.""""SHEIN, buried under its own mountain of IP lawsuits, has the nerve to fabricate accusations against others for the very misconduct they're repeatedly sued for,"" the spokesperson said.The dueling e-tailers have taken the retail industry by storm with their ultra low-priced products and their ability to respond to trends far faster than their legacy competitors. Along the way, the two have racked up a mountain of criticism related to their labor practices, their connections to the Chinese government and their alleged use of other brands' designs. As the two jockey for market share, they have taken to the courts to accuse each other of a series of scandalous allegations. Last year, Temu sued Shein over copyright concerns and allegations that it uses ""mafia-style intimidation of suppliers"" to bully them into exclusivity agreements. In Shein's complaint, the company accused Temu of ""brazen"" illicit behavior. It said at least one of Temu's employees stole ""valuable trade secrets"" that identified best-selling Shein products, along with internal pricing information, to help it in its efforts to compete. ""Armed with this stolen information, Temu then directed its sellers to copy those and other best-selling Shein products and sell knock-off versions on Temu's website and mobile application,"" the complaint said. ""Temu is no garden-variety infringer,"" the suit said. ""In order to advertise the counterfeit versions of Shein products, Temu has reproduced virtually identical copyrighted images of Shein products and used them, or instructed sellers to use them, as promotional images on the Temu website and mobile application.""The company goes as far as to say that Temu has falsely pretended to be Shein on social media site X in an effort to ""misdirect customers away from the Shein platform to the Temu platform."" The complaint includes a screenshot of a Temu-sponsored Google ad that shows Shein in the headline, but Temu as the web address. ""To further deceive consumers, Temu has instructed its paid social media influencers to falsely claim that Temu products which are often counterfeits of Shein products are cheaper and of higher quality than genuine Shein goods,"" the complaint said. ""Temu has gone to great lengths to imitate Shein, including by poaching resources, employees, and suppliers from Shein."" Shein's 80-page complaint includes more than a dozen examples of clothes and designs that Temu allegedly ripped off. It has asked the court to rule in its favor and enter an order that would prohibit Temu from using Shein's confidential information, among other requests.",CNBC,21/08/2024,"['Chinese-linked fast-fashion giant Shein is suing rival Temu, alleging the retailer stole its designs and built an empire using counterfeiting, intellectual property infringement and fraud.', 'The suit, filed Monday in Washington, D.C., federal court, comes as Shein itself fends off similar allegations from a wide variety of brands and independent artists, including Levi Strauss and H&M.In its complaint, Shein alleges that Temu, owned by PDD Holdings, is ""masquerading"" as a legitimate online marketplace because it encourages its sellers to steal other brands\' designs and then prevents them from removing products from the platform, even after they have admitted to infringement.', '""Temu draws U.S. consumers into downloading and using its mobile application with promises of extremely low pricing.', 'But Temu is not profiting from the sale of these products, which are priced so low that Temu must subsidize each sale, losing money on every transaction,"" the complaint said.', '""Only by encouraging its sellers to infringe the intellectual property rights of others and sell counterfeit or sub-standard goods can Temu hope to minimize the massive losses it is subsidizing,"" the lawsuit added.', 'In response, a Temu spokesperson said Shein\'s ""audacity is unbelievable.', '""""SHEIN, buried under its own mountain of IP lawsuits, has the nerve to fabricate accusations against others for the very misconduct they\'re repeatedly sued for,"" the spokesperson said.', 'The dueling e-tailers have taken the retail industry by storm with their ultra low-priced products and their ability to respond to trends far faster than their legacy competitors.', ""Along the way, the two have racked up a mountain of criticism related to their labor practices, their connections to the Chinese government and their alleged use of other brands' designs."", 'As the two jockey for market share, they have taken to the courts to accuse each other of a series of scandalous allegations.', 'Last year, Temu sued Shein over copyright concerns and allegations that it uses ""mafia-style intimidation of suppliers"" to bully them into exclusivity agreements.', 'In Shein\'s complaint, the company accused Temu of ""brazen"" illicit behavior.', 'It said at least one of Temu\'s employees stole ""valuable trade secrets"" that identified best-selling Shein products, along with internal pricing information, to help it in its efforts to compete.', '""Armed with this stolen information, Temu then directed its sellers to copy those and other best-selling Shein products and sell knock-off versions on Temu\'s website and mobile application,"" the complaint said.', '""Temu is no garden-variety infringer,"" the suit said. ""', 'In order to advertise the counterfeit versions of Shein products, Temu has reproduced virtually identical copyrighted images of Shein products and used them, or instructed sellers to use them, as promotional images on the Temu website and mobile application.', '""The company goes as far as to say that Temu has falsely pretended to be Shein on social media site X in an effort to ""misdirect customers away from the Shein platform to the Temu platform.', '""The complaint includes a screenshot of a Temu-sponsored Google ad that shows Shein in the headline, but Temu as the web address.', '""To further deceive consumers, Temu has instructed its paid social media influencers to falsely claim that Temu products which are often counterfeits of Shein products are cheaper and of higher quality than genuine Shein goods,"" the complaint said. ""', 'Temu has gone to great lengths to imitate Shein, including by poaching resources, employees, and suppliers from Shein.', '""Shein\'s 80-page complaint includes more than a dozen examples of clothes and designs that Temu allegedly ripped off.', ""It has asked the court to rule in its favor and enter an order that would prohibit Temu from using Shein's confidential information, among other requests.""]",-0.1420864331575691,"It said at least one of Temu's employees stole ""valuable trade secrets"" that identified best-selling Shein products, along with internal pricing information, to help it in its efforts to compete.","But Temu is not profiting from the sale of these products, which are priced so low that Temu must subsidize each sale, losing money on every transaction,"" the complaint said.",-0.1114418268203735,"""Only by encouraging its sellers to infringe the intellectual property rights of others and sell counterfeit or sub-standard goods can Temu hope to minimize the massive losses it is subsidizing,"" the lawsuit added.","Along the way, the two have racked up a mountain of criticism related to their labor practices, their connections to the Chinese government and their alleged use of other brands' designs.",2024-08-27
Target CEO addresses 'price gouging' accusations in retail,https://www.cnbc.com/2024/08/21/target-ceo-brian-cornell-weighs-in-on-price-gouging.html,2024-08-21T14:32:59+0000,"In this articleThere's no room for price gouging in an ultracompetitive business like retail, Target CEO Brian Cornell said Wednesday.In an interview on CNBC's ""Squawk Box,"" the retail chief disputed campaign talking points accusing grocers of inflating prices. He said retailers have to be responsive to customers or risk losing business.He was asked by CNBC's Joe Kernen, who referred to comments by Democratic presidential nominee Vice President Kamala Harris and asked if Target or its competitors ever benefit from price gouging. Harris last week proposed the first-ever federal ban on ""corporate price-gouging in the food and grocery industries,"" saying some companies are charging excessively and fueling household inflation.""We're in a penny business,"" Cornell responded, noting the small profit margins in the retail industry. He described the many places that customers can turn to check for lower prices or to find merchandise elsewhere, from going to stores to browsing on their phones to compare the prices of a gallon of milk at different retailers.Target's retail chief made the comments after the discounter beat Wall Street's expectations for earnings and revenue on Wednesday, but struck a cautious note with its full-year guidance. It said it expects comparable sales, which take out the impact of store openings and closures, to be on the lower side of its range of flat to up 2%. Yet it raised its profit guidance, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous outlook of $8.60 and $9.60.Inflation and consumers' outrage about high prices have continued to loom large for companies like Target. A wide range of retailers, including Home Depot, Walmart and Macy's, have reported over the past two weeks that cautious consumers are being picky about where they're spending.Cornell said on ""Squawk Box"" that the retailer is trying to appeal to ""a consumer who is managing their budget carefully"" and said ""value is in our DNA.""Target is one of the consumer brands that has responded to shoppers' concerns by lowering prices. It cut prices on about 5,000 everyday items, such as diapers and peanut butter, to try to drive higher traffic and sales. Others, such as McDonald's, have debuted value meals.So far, those discounts have shown signs of resonating at Target: In the quarter, customer traffic across Target's stores and website rose 3% — even as shoppers put a little less in their shopping carts than they did a year ago.Walmart CEO Doug McMillon said last week that prices have come down in many merchandise categories, but said that inflation ""has been more stubborn"" in the aisles that carry dry groceries and processed foods.On an earnings call with investors, he said some brands ""are still talking about cost increases, and we're fighting back on that aggressively because we think prices need to come down.""",CNBC,21/08/2024,"[""In this articleThere's no room for price gouging in an ultracompetitive business like retail, Target CEO Brian Cornell said Wednesday."", 'In an interview on CNBC\'s ""Squawk Box,"" the retail chief disputed campaign talking points accusing grocers of inflating prices.', 'He said retailers have to be responsive to customers or risk losing business.', ""He was asked by CNBC's Joe Kernen, who referred to comments by Democratic presidential nominee Vice President Kamala Harris and asked if Target or its competitors ever benefit from price gouging."", 'Harris last week proposed the first-ever federal ban on ""corporate price-gouging in the food and grocery industries,"" saying some companies are charging excessively and fueling household inflation.', '""We\'re in a penny business,"" Cornell responded, noting the small profit margins in the retail industry.', 'He described the many places that customers can turn to check for lower prices or to find merchandise elsewhere, from going to stores to browsing on their phones to compare the prices of a gallon of milk at different retailers.', ""Target's retail chief made the comments after the discounter beat Wall Street's expectations for earnings and revenue on Wednesday, but struck a cautious note with its full-year guidance."", 'It said it expects comparable sales, which take out the impact of store openings and closures, to be on the lower side of its range of flat to up 2%.', ""Yet it raised its profit guidance, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous outlook of $8.60 and $9.60.Inflation and consumers' outrage about high prices have continued to loom large for companies like Target."", ""A wide range of retailers, including Home Depot, Walmart and Macy's, have reported over the past two weeks that cautious consumers are being picky about where they're spending."", 'Cornell said on ""Squawk Box"" that the retailer is trying to appeal to ""a consumer who is managing their budget carefully"" and said ""value is in our DNA.""Target is one of the consumer brands that has responded to shoppers\' concerns by lowering prices.', 'It cut prices on about 5,000 everyday items, such as diapers and peanut butter, to try to drive higher traffic and sales.', ""Others, such as McDonald's, have debuted value meals."", ""So far, those discounts have shown signs of resonating at Target: In the quarter, customer traffic across Target's stores and website rose 3% — even as shoppers put a little less in their shopping carts than they did a year ago."", 'Walmart CEO Doug McMillon said last week that prices have come down in many merchandise categories, but said that inflation ""has been more stubborn"" in the aisles that carry dry groceries and processed foods.', 'On an earnings call with investors, he said some brands ""are still talking about cost increases, and we\'re fighting back on that aggressively because we think prices need to come down.""']",-0.1228633347866972,"He was asked by CNBC's Joe Kernen, who referred to comments by Democratic presidential nominee Vice President Kamala Harris and asked if Target or its competitors ever benefit from price gouging.","Walmart CEO Doug McMillon said last week that prices have come down in many merchandise categories, but said that inflation ""has been more stubborn"" in the aisles that carry dry groceries and processed foods.",0.0781544230201027,"So far, those discounts have shown signs of resonating at Target: In the quarter, customer traffic across Target's stores and website rose 3% — even as shoppers put a little less in their shopping carts than they did a year ago.","A wide range of retailers, including Home Depot, Walmart and Macy's, have reported over the past two weeks that cautious consumers are being picky about where they're spending.",2024-08-27
"Lego revenue jumps 13% in first half of 2024, boosted by Lego Fortnite and diverse brick sets",https://www.cnbc.com/2024/08/28/lego-revenue-first-half-2024.html,2024-08-28T07:06:42+0000,"An inflation-fueled sales slump hit the toy industry in the first half of 2024, but one company is gaining market share brick by brick.On Wednesday, Lego said revenue during the first six months of the year jumped 13%, reaching 31 billion Danish krone, or about $4.65 billion.Niels Christiansen, CEO of the privately held Danish toymaker, told CNBC that the company is seeing strength across its portfolio, especially with Lego Icons and Lego Creator, and through its partnership with Epic Games' Fortnite.Last year, Lego saw a trend of consumers ""trading down"" or opting for lower-priced sets, while still buying the same volume as the year before. This year, volume is up, Christiansen said.""To the extent they traded down last year, they're not trading further down,"" he said. ""So that has stabilized. And we see almost all of the growth is actually growth in volume.""Meanwhile, publicly traded rival Mattel saw net sales fall 1% in the first six months of 2024 and Hasbro reported that its net revenue fell 21% between January and the end of June. Mattel is facing tough comparisons from toy sales fueled by ""Barbie"" in 2023, and Hasbro is still reeling from its divestment of eOne.Lego has continued to build on pandemic-era growth with a diverse slate of products that cater to kids and adults alike. In addition to sets tied to popular franchises such as Harry Potter and Star Wars, Lego also has innovative design options for consumers to build flowers and succulents, famous works of art and animals.Sales in the U.S. and Europe remain strong, Christiansen noted, while China sales are flat. He said consumers in the region are spending less on bigger-ticket items, and their frequency of purchasing is down.However, Lego is not giving up on expansion in China. Christiansen said there is still ""long-term potential"" in the area.Of the 40 Lego stores that opened in the first quarter, 20 were in China. Similarly, of the 60 planned openings in the second half of the year, 20 are set for China.Christiansen also touted Lego's sustainability efforts. So far this year, the company has nearly doubled the amount of renewable and recyclable materials it uses in its bricks compared to full-year 2023.""That's a good milestone,"" he said. ""That's a good step forward. [We are] spending quite significantly on that in a couple of ways, primarily in buying material that is more expensive, because mass balance material is more expensive than just standard.""Christiansen noted that Lego is not passing that cost on to consumers.""By actually being willing to pay a premium to get to this product, we also created an incentive for [suppliers] to actually develop the kind of products and to establish more production capacity for these type of products. We are working really as an industry need to try to put more speed on that entire process.""Over the next few years, Lego hopes to source half its raw materials from sustainable sources.",CNBC,28/08/2024,"['An inflation-fueled sales slump hit the toy industry in the first half of 2024, but one company is gaining market share brick by brick.', 'On Wednesday, Lego said revenue during the first six months of the year jumped 13%, reaching 31 billion Danish krone, or about $4.65 billion.', ""Niels Christiansen, CEO of the privately held Danish toymaker, told CNBC that the company is seeing strength across its portfolio, especially with Lego Icons and Lego Creator, and through its partnership with Epic Games' Fortnite."", 'Last year, Lego saw a trend of consumers ""trading down"" or opting for lower-priced sets, while still buying the same volume as the year before.', 'This year, volume is up, Christiansen said.', '""To the extent they traded down last year, they\'re not trading further down,"" he said. ""', 'So that has stabilized.', 'And we see almost all of the growth is actually growth in volume.', '""Meanwhile, publicly traded rivalMattel saw net sales fall 1% in the first six months of 2024 and Hasbroreported that its net revenue fell 21% between January and the end of June.', 'Mattel is facing tough comparisons from toy sales fueled by ""Barbie"" in 2023, and Hasbro is still reeling from its divestment of eOne.', 'Lego has continued to build on pandemic-era growth with a diverse slate of products that cater to kids and adults alike.', 'In addition to sets tied to popular franchises such as Harry Potter and Star Wars, Lego also has innovative design options for consumers to build flowers and succulents, famous works of art and animals.', 'Sales in the U.S. and Europe remain strong, Christiansen noted, while China sales are flat.', 'He said consumers in the region are spending less on bigger-ticket items, and their frequency of purchasing is down.', 'However, Lego is not giving up on expansion in China.', 'Christiansen said there is still ""long-term potential"" in the area.', 'Of the 40 Lego stores that opened in the first quarter, 20 were in China.', 'Similarly, of the 60 planned openings in the second half of the year, 20 are set for China.', ""Christiansen also touted Lego's sustainability efforts."", 'So far this year, the company has nearly doubled the amount of renewable and recyclable materials it uses in its bricks compared to full-year 2023.""That\'s a good milestone,"" he said. ""', ""That's a good step forward. ["", 'We are] spending quite significantly on that in a couple of ways, primarily in buying material that is more expensive, because mass balance material is more expensive than just standard.', '""Christiansen noted that Lego is not passing that cost on to consumers.', '""By actually being willing to pay a premium to get to this product, we also created an incentive for [suppliers] to actually develop the kind of products and to establish more production capacity for these type of products.', 'We are working really as an industry need to try to put more speed on that entire process.', '""Over the next few years, Lego hopes to source half its raw materials from sustainable sources.']",0.176270062906085,"An inflation-fueled sales slump hit the toy industry in the first half of 2024, but one company is gaining market share brick by brick.","Last year, Lego saw a trend of consumers ""trading down"" or opting for lower-priced sets, while still buying the same volume as the year before.",0.4372434318065643,"On Wednesday, Lego said revenue during the first six months of the year jumped 13%, reaching 31 billion Danish krone, or about $4.65 billion.","""Meanwhile, publicly traded rivalMattel saw net sales fall 1% in the first six months of 2024 and Hasbroreported that its net revenue fell 21% between January and the end of June.",2024-08-27
Swiss chocolate: Scientists cut waste and sugar,https://www.bbc.co.uk/news/articles/cn47zg3xgxxo,2024-08-27T00:55:26.228Z,"Imagine picking up a nice juicy apple - but instead of biting into it you keep the seeds and throw the rest away.  That's what chocolate producers have traditionally done with the cocoa fruit - used the beans and disposed of the rest.  But now food scientists in Switzerland have come up with a way to make chocolate using the entire cocoa fruit rather than just the beans - and without using sugar.  The chocolate, developed at Zurich’s prestigious Federal Institute of Technology by scientist Kim Mishra and his team includes the cocoa fruit pulp, the juice, and the husk, or endocarp.  The process has already attracted the attention of sustainable food companies.  They say traditional chocolate production, using only the beans, involves leaving the rest of the cocoa fruit – the size of a pumpkin and full of nutritious value -  to rot in the fields. The key to the new chocolate lies in its very sweet juice, which tastes, Mr Mishra explains, ""very fruity, a bit like pineapple"". This juice, which is 14% sugar, is distilled down to form a highly concentrated syrup, combined with the pulp and then, taking sustainability to new levels, mixed with the dried husk, or endocarp, to form a very sweet cocoa gel.  The gel, when added to the cocoa beans to make chocolate, eliminates the need for sugar. Mr Mishra sees his invention as the latest in a long line of innovations by Swiss chocolate producers.  In the 19th Century, Rudolf Lindt, of the famous Lindt chocolate family, accidentally invented the crucial step of ""conching"" the chocolate – rolling the warm cocoa mass to make it smooth and reduce its acidity  – by leaving a cocoa mass mixer running overnight. The result in the morning? Deliciously smooth, sweet chocolate.  ""You need to be innovative to maintain your product category,"" says Mr Mishra.  ""Or... you will just make average chocolate."" Mr Mishra was partnered in his project by KOA, a Swiss start-up working in sustainable cocoa growing. Its co-founder, Anian Schreiber, believes using the entire cocoa fruit could solve many of the cocoa industry’s problems, from the soaring price of cocoa beans to endemic poverty among cocoa farmers. ""‘Instead of fighting over who gets how much of the cake, you make the cake bigger and make everybody benefit,"" he explains.  ""The farmers get significantly extra income through utilising cocoa pulp, but also the important industrial processing is happening in the country of origin. Creating jobs, creating value that can be distributed in the country of origin."" Mr Schreiber describes the traditional system of chocolate production, in which farmers in Africa or South America sell their cocoa beans to big chocolate producers based in wealthy countries as ""unsustainable"".  The model is also questioned by a new exhibition in Geneva, which explores Switzerland’s colonial past.  To those who point out that Switzerland never had any colonies of its own, chocolate historian Letizia Pinoja counters that Swiss mercenary soldiers policed other countries' colonies, and Swiss ship owners transported slaves.  Geneva in particular, she says, has a particular link to some of the most exploitative phases of the chocolate industry. ""Geneva is a hub for commodity trade, and since the 18th Century, cocoa was reaching Geneva and then the rest of Switzerland to produce chocolate. ""Without this commodity trade of colonial goods, Switzerland could never have become the land of chocolate. And cocoa is no different from any other kind of colonial good. They all came from slavery."" Nowadays, the chocolate industry is much more highly regulated. Producers are supposed to monitor their entire supply chain to make sure there is no child labour. And, from next year, all chocolate imported to the European Union must guarantee that no deforestation took place to grow the cocoa used in it. But does that mean all the problems are solved? Roger Wehrli, director of the association of Swiss chocolate manufacturers, Chocosuisse, says cases of child labour and deforestation remain, particularly in Africa. He fears that some producers, in a bid to avoid the challenges, are simply shifting their production to South America. ""Does this solve the problem in Africa? No. I guess it would be better for responsible firms to stay in Africa and help to improve the situation."" That is why Mr Wehrli sees the new chocolate developed in Zurich as ""very promising... If you use the whole cocoa fruit, you can get better prices. So it's economically interesting for the farmers. And it's interesting from an ecological point of view.""  The link between chocolate production and the environment is also stressed by  Anian Schreiber. A third of all farm produce, he says, ""never ends up in our mouths"". Those statistics are even worse for cocoa, if the fruit is abandoned to use only the beans. ""It's like you throw away the apple and just use its seeds. That's what we do right now with the cocoa fruit."" Food production involves significant greenhouse gas emissions, so reducing food waste could also help to tackle climate change. Chocolate, a niche luxury item, may not by itself be a huge factor, but both Mr Schreiber and Mr Wehrli believe it could be a start. But, back in the laboratory, key questions remain. How much will this new chocolate cost? And, most important of all, without sugar, what does it really taste like? The answer to the last question, in this chocolate-loving correspondent’s view, is: surprisingly good. A rich, dark but sweet flavour, with a hint of cocoa bitterness that would fit perfectly with an after dinner coffee. The cost may remain something of a challenge, because of the global power of the sugar industry, and the generous subsidies it receives. ""The cheapest ingredient in food will always be sugar as long as we subsidise it,"" explains Kim Mishra. ""For a... tonne of sugar, you pay $US500 [£394] or less."" Cocoa pulp and juice cost more, so the new chocolate would, for now, be more expensive. Nevertheless, chocolate producers in countries where cocoa is grown, from Hawaii to Guatemala, to Ghana have contacted Mr Mishra for information about the new method.   In Switzerland, some of the bigger producers - including Lindt - are starting to use the cocoa fruit as well as the beans, but none, so far, has taken the step of eliminating sugar completely. ""We have to find daring chocolate producers who want to test the market and are willing to contribute to a more sustainable chocolate,"" says Mr Mishra. ""Then we can disrupt the system."" Perhaps those daring producers will be found in Switzerland, whose chocolate industry makes 200,000 tonnes of chocolate each year, worth an estimated $US2bn. At Chocosuisse, Roger Wehrli sees a more sustainable, but still bright, future. ""I think chocolate will still taste fantastic in the future,"" he insists. ""And I think the demand will increase in the future due to the growing world population.""  And will they be eating Swiss chocolate? ""Obviously,"" he says. ",BBC,27/08/2024,"['Imagine picking up a nice juicy apple - but instead of biting into it you keep the seeds and throw the rest away.', ""That's what chocolate producers have traditionally done with the cocoa fruit - used the beans and disposed of the rest."", 'But now food scientists in Switzerland have come up with a way to make chocolate using the entire cocoa fruit rather than just the beans - and without using sugar.', 'The chocolate, developed at Zurich’s prestigious Federal Institute of Technology by scientist Kim Mishra and his team includes the cocoa fruit pulp, the juice, and the husk, or endocarp.', 'The process has already attracted the attention of sustainable food companies.', 'They say traditional chocolate production, using only the beans, involves leaving the rest of the cocoa fruit – the size of a pumpkin and full of nutritious value - to rot in the fields.', 'The key to the new chocolate lies in its very sweet juice, which tastes, Mr Mishra explains, ""very fruity, a bit like pineapple"".', 'This juice, which is 14% sugar, is distilled down to form a highly concentrated syrup, combined with the pulp and then, taking sustainability to new levels, mixed with the dried husk, or endocarp, to form a very sweet cocoa gel.', 'The gel, when added to the cocoa beans to make chocolate, eliminates the need for sugar.', 'Mr Mishra sees his invention as the latest in a long line of innovations by Swiss chocolate producers.', 'In the 19th Century, Rudolf Lindt, of the famous Lindt chocolate family, accidentally invented the crucial step of ""conching"" the chocolate – rolling the warm cocoa mass to make it smooth and reduce its acidity – by leaving a cocoa mass mixer running overnight.', 'The result in the morning?', 'Deliciously smooth, sweet chocolate. ""', 'You need to be innovative to maintain your product category,"" says Mr Mishra. ""', 'Or... you will just make average chocolate.""', 'Mr Mishra was partnered in his project by KOA, a Swiss start-up working in sustainable cocoa growing.', 'Its co-founder, Anian Schreiber, believes using the entire cocoa fruit could solve many of the cocoa industry’s problems, from the soaring price of cocoa beans to endemic poverty among cocoa farmers. ""‘', 'Instead of fighting over who gets how much of the cake, you make the cake bigger and make everybody benefit,"" he explains. ""', 'The farmers get significantly extra income through utilising cocoa pulp, but also the important industrial processing is happening in the country of origin.', 'Creating jobs, creating value that can be distributed in the country of origin.""', 'Mr Schreiber describes the traditional system of chocolate production, in which farmers in Africa or South America sell their cocoa beans to big chocolate producers based in wealthy countries as ""unsustainable"".', 'The model is also questioned by a new exhibition in Geneva, which explores Switzerland’s colonial past.', ""To those who point out that Switzerland never had any colonies of its own, chocolate historian Letizia Pinoja counters that Swiss mercenary soldiers policed other countries' colonies, and Swiss ship owners transported slaves."", 'Geneva in particular, she says, has a particular link to some of the most exploitative phases of the chocolate industry. ""', 'Geneva is a hub for commodity trade, and since the 18th Century, cocoa was reaching Geneva and then the rest of Switzerland to produce chocolate. ""', 'Without this commodity trade of colonial goods, Switzerland could never have become the land of chocolate.', 'And cocoa is no different from any other kind of colonial good.', 'They all came from slavery.""', 'Nowadays, the chocolate industry is much more highly regulated.', 'Producers are supposed to monitor their entire supply chain to make sure there is no child labour.', 'And, from next year, all chocolate imported to the European Union must guarantee that no deforestation took place to grow the cocoa used in it.', 'But does that mean all the problems are solved?', 'Roger Wehrli, director of the association of Swiss chocolate manufacturers, Chocosuisse, says cases of child labour and deforestation remain, particularly in Africa.', 'He fears that some producers, in a bid to avoid the challenges, are simply shifting their production to South America. ""', 'Does this solve the problem in Africa?', 'No.', 'I guess it would be better for responsible firms to stay in Africa and help to improve the situation.""', 'That is why Mr Wehrli sees the new chocolate developed in Zurich as ""very promising... If you use the whole cocoa fruit, you can get better prices.', ""So it's economically interesting for the farmers."", 'And it\'s interesting from an ecological point of view.""', 'The link between chocolate production and the environment is also stressed by Anian Schreiber.', 'A third of all farm produce, he says, ""never ends up in our mouths"".', 'Those statistics are even worse for cocoa, if the fruit is abandoned to use only the beans. ""', ""It's like you throw away the apple and just use its seeds."", 'That\'s what we do right now with the cocoa fruit.""', 'Food production involves significant greenhouse gas emissions, so reducing food waste could also help to tackle climate change.', 'Chocolate, a niche luxury item, may not by itself be a huge factor, but both Mr Schreiber and Mr Wehrli believe it could be a start.', 'But, back in the laboratory, key questions remain.', 'How much will this new chocolate cost?', 'And, most important of all, without sugar, what does it really taste like?', 'The answer to the last question, in this chocolate-loving correspondent’s view, is: surprisingly good.', 'A rich, dark but sweet flavour, with a hint of cocoa bitterness that would fit perfectly with an after dinner coffee.', 'The cost may remain something of a challenge, because of the global power of the sugar industry, and the generous subsidies it receives. ""', 'The cheapest ingredient in food will always be sugar as long as we subsidise it,"" explains Kim Mishra. ""', 'For a... tonne of sugar, you pay $US500 [£394] or less.""', 'Cocoa pulp and juice cost more, so the new chocolate would, for now, be more expensive.', 'Nevertheless, chocolate producers in countries where cocoa is grown, from Hawaii to Guatemala, to Ghana have contacted Mr Mishra for information about the new method.', 'In Switzerland, some of the bigger producers - including Lindt - are starting to use the cocoa fruit as well as the beans, but none, so far, has taken the step of eliminating sugar completely. ""', 'We have to find daring chocolate producers who want to test the market and are willing to contribute to a more sustainable chocolate,"" says Mr Mishra. ""', 'Then we can disrupt the system.""', 'Perhaps those daring producers will be found in Switzerland, whose chocolate industry makes 200,000 tonnes of chocolate each year, worth an estimated $US2bn.', 'At Chocosuisse, Roger Wehrli sees a more sustainable, but still bright, future. ""', 'I think chocolate will still taste fantastic in the future,"" he insists. ""', 'And I think the demand will increase in the future due to the growing world population.""', 'And will they be eating Swiss chocolate? ""', 'Obviously,"" he says.']",0.1521219540613469,"A rich, dark but sweet flavour, with a hint of cocoa bitterness that would fit perfectly with an after dinner coffee.","Those statistics are even worse for cocoa, if the fruit is abandoned to use only the beans. """,0.7192125543951988,"That is why Mr Wehrli sees the new chocolate developed in Zurich as ""very promising... If you use the whole cocoa fruit, you can get better prices.","Those statistics are even worse for cocoa, if the fruit is abandoned to use only the beans. """,2024-08-27
Peloton to start charging subscribers with used equipment $95 activation fee,https://www.cnbc.com/2024/08/22/peloton-to-charge-95-activation-fee-for-used-bikes-.html,2024-08-23T11:51:25+0000,"In this articlePeloton on Thursday said it will start charging new subscribers a one-time $95 activation fee if they bought their hardware on the secondary market as more consumers snag lightly used equipment for a fraction of the typical retail price.The used equipment activation fee for subscribers in the U.S. and Canada comes as Peloton starts to see a meaningful increase in new members who bought used Bikes or Treads from peer-to-peer markets such as Facebook Marketplace. During its fiscal fourth quarter, which ended June 30, Peloton said it saw a ""steady stream of paid connected fitness subscribers"" who bought hardware on the secondary market. The company said the segment grew 16% year over year.""We believe a meaningful share of these subscribers are incremental, and they exhibit lower net churn rates than rental subscribers,"" the company said in a letter to shareholders. ""It's also worth highlighting that this activation fee will be a source of incremental revenue and gross profit for us, helping to support our investments in improving the fitness experience for our members,"" interim co-CEO Christopher Bruzzo later added on a call with analysts. While plenty of Peloton subscribers are avid users of the home workout machines, some have likened them to glorified clothes racks because so many people stop using the equipment. Those people paid Peloton for that hardware originally, but importantly, many of them have canceled their monthly subscription, which is how Peloton makes the bulk of its money. The ability to attract new, budget-conscious members from the secondary market who are willing to pay for a monthly subscription is a unique opportunity for Peloton to grow revenue without any upfront cost, on top of the revenue from the original sale. Ari Kimmelfeld — whose startup Trade My Stuff, formerly known as Trade My Spin, sells used Peloton equipment — estimates there are around a million Bikes collecting dust in homes around the world that could be a source of new revenue for the company. He told CNBC he previously met with Peloton executives to discuss ways to collaborate, because every time he sells a used piece of equipment, it could lead to more than $500 in new revenue per year for Peloton. With the new used equipment activation fee, that number could grow to more than $600 for the first year. ""We save the customer a lot more than $95,"" Kimmelfeld told CNBC on Thursday after the new activation fee was announced. ""I don't think it'll stop or slow down people from buying secondary equipment … because you can get a bike delivered faster and cheaper on the secondary market, even with the $95, let's call it a tax, from Peloton."" Trade My Stuff sells first-generation Bikes for $499, compared with $1,445 new. It offers the Bike+ for $1,199, compared with $2,495 new. It also sells used Treads for $1,999, compared with $2,995 new. Since launching his business, Kimmelfeld has worked with people looking to sell their used Peloton equipment and has since sold a ""few thousand"" Bikes. In 14 cities around the country, including Los Angeles, Denver and New York City, the company offers same- or next-day delivery. Outside of those locales, it provides delivery within three to five days. That compares with a new Peloton purchase, which can take significantly longer to deliver. The used equipment activation fee is designed to ensure that new members ""receive the same high-quality onboarding experience Peloton is known for,"" the company said. Bruzzo said that those who buy a used Bike or Bike+ have access to a virtual custom fitting ahead of their first ride, as well as a history summary that shows how many rides those bikes had before they were resold. ""We're also offering these new members discounts on accessories such as bike shoes, bike mats and spare parts,"" said Bruzzo. ""We'll continue to lean into this important channel and find additional ways to improve the new member experience, for example, providing early education about the broad range of fitness modalities that we offer and the many series and programs our instructors provide to new members.""",CNBC,23/08/2024,"['In this articlePeloton on Thursday said it will start charging new subscribers a one-time $95 activation fee if they bought their hardware on the secondary market as more consumers snag lightly used equipment for a fraction of the typical retail price.', 'The used equipment activation fee for subscribers in the U.S. and Canada comes as Peloton starts to see a meaningful increase in new members who bought used Bikes or Treads from peer-to-peer markets such as Facebook Marketplace.', 'During its fiscal fourth quarter, which ended June 30, Peloton said it saw a ""steady stream of paid connected fitness subscribers"" who bought hardware on the secondary market.', 'The company said the segment grew 16% year over year.', '""We believe a meaningful share of these subscribers are incremental, and they exhibit lower net churn rates than rental subscribers,"" the company said in a letter to shareholders.', '""It\'s also worth highlighting that this activation fee will be a source of incremental revenue and gross profit for us, helping to support our investments in improving the fitness experience for our members,"" interim co-CEO Christopher Bruzzo later added on a call with analysts.', 'While plenty of Peloton subscribers are avid users of the home workout machines, some have likened them to glorified clothes racks because so many people stop using the equipment.', 'Those people paid Peloton for that hardware originally, but importantly, many of them have canceled their monthly subscription, which is how Peloton makes the bulk of its money.', 'The ability to attract new, budget-conscious members from the secondary market who are willing to pay for a monthly subscription is a unique opportunity for Peloton to grow revenue without any upfront cost, on top of the revenue from the original sale.', 'Ari Kimmelfeld — whose startup Trade My Stuff, formerly known as Trade My Spin, sells used Peloton equipment — estimates there are around a million Bikes collecting dust in homes around the world that could be a source of new revenue for the company.', 'He told CNBC he previously met with Peloton executives to discuss ways to collaborate, because every time he sells a used piece of equipment, it could lead to more than $500 in new revenue per year for Peloton.', 'With the new used equipment activation fee, that number could grow to more than $600 for the first year.', '""We save the customer a lot more than $95,"" Kimmelfeld told CNBC on Thursday after the new activation fee was announced. ""', ""I don't think it'll stop or slow down people from buying secondary equipment … because you can get a bike delivered faster and cheaper on the secondary market, even with the $95, let's call it a tax, from Peloton."", '""Trade My Stuff sells first-generation Bikes for $499, compared with $1,445 new.', 'It offers the Bike+ for $1,199, compared with $2,495 new.', 'It also sells used Treads for $1,999, compared with $2,995 new.', 'Since launching his business, Kimmelfeld has worked with people looking to sell their used Peloton equipment and has since sold a ""few thousand"" Bikes.', 'In 14 cities around the country, including Los Angeles, Denver and New York City, the company offers same- or next-day delivery.', 'Outside of those locales, it provides delivery within three to five days.', 'That compares with a new Peloton purchase, which can take significantly longer to deliver.', 'The used equipment activation fee is designed to ensure that new members ""receive the same high-quality onboarding experience Peloton is known for,"" the company said.', 'Bruzzo said that those who buy a used Bike or Bike+ have access to a virtual custom fitting ahead of their first ride, as well as a history summary that shows how many rides those bikes had before they were resold.', '""We\'re also offering these new members discounts on accessories such as bike shoes, bike mats and spare parts,"" said Bruzzo. ""', 'We\'ll continue to lean into this important channel and find additional ways to improve the new member experience, for example, providing early education about the broad range of fitness modalities that we offer and the many series and programs our instructors provide to new members.""']",0.2162157198496136,"""It's also worth highlighting that this activation fee will be a source of incremental revenue and gross profit for us, helping to support our investments in improving the fitness experience for our members,"" interim co-CEO Christopher Bruzzo later added on a call with analysts.","I don't think it'll stop or slow down people from buying secondary equipment … because you can get a bike delivered faster and cheaper on the secondary market, even with the $95, let's call it a tax, from Peloton.",0.828438401222229,The used equipment activation fee for subscribers in the U.S. and Canada comes as Peloton starts to see a meaningful increase in new members who bought used Bikes or Treads from peer-to-peer markets such as Facebook Marketplace.,"That compares with a new Peloton purchase, which can take significantly longer to deliver.",2024-08-27
Train driver strikes on hold after new ScotRail pay offer,https://www.bbc.co.uk/news/articles/czjy04dwlkeo,2024-08-26T09:43:03.544Z,"Threatened strike action by ScotRail drivers has been put on hold after a new pay offer.  However, an emergency timetable with a reduced number of services will continue in the meantime.   The train drivers' union Aslef said its ballot for industrial action had been withdrawn and has recommended that members accept the new pay deal in a ballot.  It follows ""constructive"" talks between the company and unions in recent weeks. Jim Baxter, an Aslef executive committee member, said their negotiating team thought the latest offer from ScotRail was acceptable. He said: ""Our ballot for industrial action has now been withdrawn and a referendum of our members, on the offer, will now be held. ""The negotiating team and executive committee are recommending that members accept this offer."" Their ballot will close on 25 September. ScotRail has been operating a reduced service since July, when a number of drivers stopped working extra Sunday shifts and overtime in the pay dispute.  About 600 services were cut under the provisional measures, leaving 1,660 trains operating between Mondays and Saturdays. Peak-time services in the morning and late afternoon were halved from four trains per hour to two. The publicly-owned firm was embroiled in a long-running dispute with unions in the summer of 2022 which saw overtime bans and full strikes across the network in Scotland. Details of the new pay offer have not been made public but it is understood all staff would get a 4.5% rise, backdated to April. The Rail, Maritime and Transport (RMT) union will be balloting members on the proposed deal.  They have already voted for strike action but those plans have been put on hold after negotiators agreed on principle to the new terms.  TSSA, which represents about 500 members in managerial and technical roles, said their ballot on an earlier pay deal closed on Friday and ""demonstrated a strong appetite for industrial action"". However, they said they had since received a ""reasonable pay offer"" from ScotRail.  A spokeswoman for the union said: ""We will act in good faith on that offer.  ""TSSA is a democratic trade union, and all decisions ultimately rest with our members."" ScotRail's service delivery director Mark Ilderton said they were ""pleased that we’ve been able to reach this position"". “The talks with trade union colleagues have been very constructive and it is a fantastic step forward with Aslef withdrawing the ballot for industrial action and moving forward with a member referendum on the pay offer,” he said.  He encouraged colleagues to support the offer. “We recognise the hard work of our colleagues, and the cost of living challenges faced by families across the country and believe that the pay offer reflects this, as well as providing value for money for the public finances,” he added.  Caledonian Sleeper services would also have been impacted by strike action.  ",BBC,26/08/2024,"['Threatened strike action by ScotRail drivers has been put on hold after a new pay offer.', 'However, an emergency timetable with a reduced number of services will continue in the meantime.', ""The train drivers' union Aslef said its ballot for industrial action had been withdrawn and has recommended that members accept the new pay deal in a ballot."", 'It follows ""constructive"" talks between the company and unions in recent weeks.', 'Jim Baxter, an Aslef executive committee member, said their negotiating team thought the latest offer from ScotRail was acceptable.', 'He said: ""Our ballot for industrial action has now been withdrawn and a referendum of our members, on the offer, will now be held. ""', 'The negotiating team and executive committee are recommending that members accept this offer.""', 'Their ballot will close on 25 September.', 'ScotRail has been operating a reduced service since July, when a number of drivers stopped working extra Sunday shifts and overtime in the pay dispute.', 'About 600 services were cut under the provisional measures, leaving 1,660 trains operating between Mondays and Saturdays.', 'Peak-time services in the morning and late afternoon were halved from four trains per hour to two.', 'The publicly-owned firm was embroiled in a long-running dispute with unions in the summer of 2022 which saw overtime bans and full strikes across the network in Scotland.', 'Details of the new pay offer have not been made public but it is understood all staff would get a 4.5% rise, backdated to April.', 'The Rail, Maritime and Transport (RMT) union will be balloting members on the proposed deal.', 'They have already voted for strike action but those plans have been put on hold after negotiators agreed on principle to the new terms.', 'TSSA, which represents about 500 members in managerial and technical roles, said their ballot on an earlier pay deal closed on Friday and ""demonstrated a strong appetite for industrial action"".', 'However, they said they had since received a ""reasonable pay offer"" from ScotRail.', 'A spokeswoman for the union said: ""We will act in good faith on that offer. ""', 'TSSA is a democratic trade union, and all decisions ultimately rest with our members.""', 'ScotRail\'s service delivery director Mark Ilderton said they were ""pleased that we’ve been able to reach this position"". “', 'The talks with trade union colleagues have been very constructive and it is a fantastic step forward with Aslef withdrawing the ballot for industrial action and moving forward with a member referendum on the pay offer,” he said.', 'He encouraged colleagues to support the offer. “', 'We recognise the hard work of our colleagues, and the cost of living challenges faced by families across the country and believe that the pay offer reflects this, as well as providing value for money for the public finances,” he added.', 'Caledonian Sleeper services would also have been impacted by strike action.']",0.0831905999427542,"A spokeswoman for the union said: ""We will act in good faith on that offer. """,The publicly-owned firm was embroiled in a long-running dispute with unions in the summer of 2022 which saw overtime bans and full strikes across the network in Scotland.,0.218972935126378,"The talks with trade union colleagues have been very constructive and it is a fantastic step forward with Aslef withdrawing the ballot for industrial action and moving forward with a member referendum on the pay offer,” he said.",Peak-time services in the morning and late afternoon were halved from four trains per hour to two.,2024-08-27
Man posing as YouTube star jailed for global sextortion plot,https://www.bbc.co.uk/news/articles/cp35z4z08qvo,2024-08-28T02:11:20.174Z,"Warning: This story contains details readers might find distressing A predator posing as a famous teenage YouTuber who blackmailed hundreds of girls around the globe into performing sex acts on camera has been jailed for 17 years in Australia. Muhammad Zain Ul Abideen Rasheed pleaded guilty to 119 charges, relating to 286 people from 20 countries, including the UK, the US, Japan and France. Two-thirds of his victims were aged under 16. A Perth court heard the 29-year-old coerced them into a cycle of increasingly extreme abuse by threatening to send explicit messages and images of them to their loved ones.  Australian authorities say it is ""one of the worst sextortion cases"" in history. ""The callous disregard this man had for his victims around the world and their distress, humiliation and fear make it one of the most horrific sextortion cases prosecuted in Australia,"" said Australian Federal Police Assistant Commissioner David McLean. ""This type of online exploitation and abuse is devastating and causes lifelong trauma."" When handing down her sentence on Tuesday, Judge Amanda Burrows said Rasheed's offence was of such magnitude there was ""no comparable case"" in the country, according to the Australian Broadcasting Corporation (ABC). Pretending to be a 15-year-old American internet star, Rasheed would strike up a conversation with his targets, before involving them in discussions about sexual fantasies. He threatened to send their responses to friends and family unless they performed a series of escalating, ""degrading"" sex acts  – which at times included family pets and other children in their home. The court heard Rasheed had been involved in misogynistic ""incel"" communities online, and on several occasions had invited other people - in one case as many as 98 - to watch the distressing acts on a livestream. Many of the children being extorted told him they were suicidal - one even sent images of self-harm. But Rasheed continued his blackmail despite their ""obvious distress"" and ""extreme fear"", the judge said, according to the ABC. He was caught after Australian authorities were contacted by Interpol and US investigators, and charged in 2020 after a police raid on his home. Rasheed is already serving a five-year prison term for sexually abusing a 14-year-old twice in his car at a Perth park. The court heard he was engaged in a sex offenders treatment programme but Rasheed still represented a high risk of reoffending. He will be eligible to apply for parole in August 2033. ",BBC,28/08/2024,"['Warning: This story contains details readers might find distressing A predator posing as a famous teenage YouTuber who blackmailed hundreds of girls around the globe into performing sex acts on camera has been jailed for 17 years in Australia.', 'Muhammad Zain Ul Abideen Rasheed pleaded guilty to 119 charges, relating to 286 people from 20 countries, including the UK, the US, Japan and France.', 'Two-thirds of his victims were aged under 16.', 'A Perth court heard the 29-year-old coerced them into a cycle of increasingly extreme abuse by threatening to send explicit messages and images of them to their loved ones.', 'Australian authorities say it is ""one of the worst sextortion cases"" in history. ""', 'The callous disregard this man had for his victims around the world and their distress, humiliation and fear make it one of the most horrific sextortion cases prosecuted in Australia,"" said Australian Federal Police Assistant Commissioner David McLean. ""', 'This type of online exploitation and abuse is devastating and causes lifelong trauma.""', 'When handing down her sentence on Tuesday, Judge Amanda Burrows said Rasheed\'s offence was of such magnitude there was ""no comparable case"" in the country, according to the Australian Broadcasting Corporation (ABC).', 'Pretending to be a 15-year-old American internet star, Rasheed would strike up a conversation with his targets, before involving them in discussions about sexual fantasies.', 'He threatened to send their responses to friends and family unless they performed a series of escalating, ""degrading"" sex acts – which at times included family pets and other children in their home.', 'The court heard Rasheed had been involved in misogynistic ""incel"" communities online, and on several occasions had invited other people - in one case as many as 98 - to watch the distressing acts on a livestream.', 'Many of the children being extorted told him they were suicidal - one even sent images of self-harm.', 'But Rasheed continued his blackmail despite their ""obvious distress"" and ""extreme fear"", the judge said, according to the ABC.', 'He was caught after Australian authorities were contacted by Interpol and US investigators, and charged in 2020 after a police raid on his home.', 'Rasheed is already serving a five-year prison term for sexually abusing a 14-year-old twice in his car at a Perth park.', 'The court heard he was engaged in a sex offenders treatment programme but Rasheed still represented a high risk of reoffending.', 'He will be eligible to apply for parole in August 2033.']",-0.5598528943509211,,"The callous disregard this man had for his victims around the world and their distress, humiliation and fear make it one of the most horrific sextortion cases prosecuted in Australia,"" said Australian Federal Police Assistant Commissioner David McLean. """,-0.8998018900553385,,"This type of online exploitation and abuse is devastating and causes lifelong trauma.""",2024-08-27
Harley-Davidson drops diversity efforts after online pressure,https://www.cnbc.com/2024/08/20/harley-davidson-drops-diversity-efforts-after-online-pressure-.html,2024-08-20T16:52:10+0000,"In this articleHarley-Davidson is dropping some of its diversity, equity and inclusion efforts, according to a statement released Monday on social media site X.The motorcycle company said it has stopped consulting the Human Rights Campaign's metric for treatment of LGBTQ+ employees, and that its sponsorship decisions will now be determined by the company and foundation, which will focus on ""retaining our loyal riding community.""""We do not have a DEI function today,"" and Harley-Davidson has not since April, according to the statement.Harley-Davidson also affirmed its rejection of hiring quotas and ""socially motivated content"" included in training. In the statement, the brand maintained support for first responders, active military members and veterans.The moves come after an online campaign by conservative activist Robby Starbuck, who has taken on similar fights against DEI initiatives at other companies. He posted a list of grievances against Harley-Davidson in July, claiming ""they've gone totally woke."" The company also conducted an internal stakeholder review from earlier this year, according to the statement.""We are saddened by the negativity on social media over the last few weeks, designed to divide the Harley-Davidson community,"" the statement said.Eric Bloem, HRC's vice president of programs and corporate advocacy, called Harley-Davidson's decision to cut DEI initiatives ""impulsive,"" saying it put politics ahead of the interests of workers and consumers.Starbuck praised the move Monday, saying it was ""another win for our movement.""Harley-Davidson's anti-DEI sentiment follows retail chain Tractor Supply's decision in June to eliminate DEI roles, as well as walk back its support for the LGBTQ+ community and commitment to carbon emission goals.Both changes follow a U.S. Supreme Court decision in 2023 to strike down affirmative action in colleges, which experts predicted could have implications for corporate hiring and recruiting. Since then, Starbucks, Disney and Target have faced legal challenges over DEI initiatives for LGBTQ+ customers and employees.",CNBC,20/08/2024,"['In this articleHarley-Davidson is dropping some of its diversity, equity and inclusion efforts, according to a statement released Monday on social media site X.The motorcycle company said it has stopped consulting the Human Rights Campaign\'s metric for treatment of LGBTQ+ employees, and that its sponsorship decisions will now be determined by the company and foundation, which will focus on ""retaining our loyal riding community.', '""""We do not have a DEI function today,"" and Harley-Davidson has not since April, according to the statement.', 'Harley-Davidson also affirmed its rejection of hiring quotas and ""socially motivated content"" included in training.', 'In the statement, the brand maintained support for first responders, active military members and veterans.', 'The moves come after an online campaign by conservative activist Robby Starbuck, who has taken on similar fights against DEI initiatives at other companies.', 'He posted a list of grievances against Harley-Davidson in July, claiming ""they\'ve gone totally woke.""', 'The company also conducted an internal stakeholder review from earlier this year, according to the statement.', '""We are saddened by the negativity on social media over the last few weeks, designed to divide the Harley-Davidson community,"" the statement said.', 'Eric Bloem, HRC\'s vice president of programs and corporate advocacy, called Harley-Davidson\'s decision to cut DEI initiatives ""impulsive,"" saying it put politics ahead of the interests of workers and consumers.', 'Starbuck praised the move Monday, saying it was ""another win for our movement.', '""Harley-Davidson\'s anti-DEI sentiment follows retail chain Tractor Supply\'s decision in June to eliminate DEI roles, as well as walk back its support for the LGBTQ+ community and commitment to carbon emission goals.', 'Both changes follow a U.S. Supreme Court decision in 2023 tostrike down affirmative actionin colleges, which experts predicted could have implications for corporate hiring and recruiting.', 'Since then, Starbucks,DisneyandTarget have faced legal challenges over DEI initiatives for LGBTQ+ customers and employees.']",0.1310425711554404,"Starbuck praised the move Monday, saying it was ""another win for our movement.","""We are saddened by the negativity on social media over the last few weeks, designed to divide the Harley-Davidson community,"" the statement said.",-0.5087488368153572,"Starbuck praised the move Monday, saying it was ""another win for our movement.","Eric Bloem, HRC's vice president of programs and corporate advocacy, called Harley-Davidson's decision to cut DEI initiatives ""impulsive,"" saying it put politics ahead of the interests of workers and consumers.",2024-08-27
Homes seized from landlord in Merton who ignored complaints,https://www.bbc.co.uk/news/articles/c0k4e4mxlkko,2024-08-28T05:05:27.611Z,"A private landlord who ignored tenants' complaints has had their properties seized by a local authority. Merton council took action after the landlord failed to provide adequate service to residents in its 18 private properties for more than a year. This is the first time the local authority has used powers under the Housing Act 2004 and is among the first in the country to do so. The law means that the rents will be diverted to pay for the repairs with the remaining money handed over the landlord. Cabinet member for housing, Andrew Judge, says Merton intends to use these powers more regularly in the future.  He said: ""The legislation has been in place for 20 years, there’s been very little use by local authorities. We’re going to use them."" This move was also made possible by the Council’s own introduction of its Selective Licensing Scheme, introduced last year.  This means that all privately rented homes in Figges Marsh, Graveney, Longthornton and Pollards Hill wards must now be licensed under the scheme. This empowers the Council to tackle poor property conditions and antisocial behaviour in these areas, and it follows consultation with residents.  The properties in question were all located within the Graveney ward, and thus qualified. Tenants' complaints largely related to allegedly poor repair services. The council was able to build up a case against the landlord after officers issued several notices to them, but were ignored for months. Mr Judge said: ""In order to protect the interests of the residents we took out this order.  ""That means we have appointed agents to manage the properties, all rents will be received by the council and we will be applying them to ensure these are safe and decent properties. ""Increasingly, many tenants live in an exploited position. Whether it’s by way of disrepair that is not properly dealt with or rents being hiked to unacceptable levels."" The agents appointed by the council will be in place for the next 12 months. Once repairs are made, the remaining money will be returned to the landlord who is still responsible to pay the mortgage on these properties. Listen to the best of BBC Radio London on Sounds and follow BBC London on Facebook, X and Instagram. Send your story ideas to hello.bbclondon@bbc.co.uk ",BBC,28/08/2024,"[""A private landlord who ignored tenants' complaints has had their properties seized by a local authority."", 'Merton council took action after the landlord failed to provide adequate service to residents in its 18 private properties for more than a year.', 'This is the first time the local authority has used powers under the Housing Act 2004 and is among the first in the country to do so.', 'The law means that the rents will be diverted to pay for the repairs with the remaining money handed over the landlord.', 'Cabinet member for housing, Andrew Judge, says Merton intends to use these powers more regularly in the future.', 'He said: ""The legislation has been in place for 20 years, there’s been very little use by local authorities.', 'We’re going to use them.""', 'This move was also made possible by the Council’s own introduction of its Selective Licensing Scheme, introduced last year.', 'This means that all privately rented homes in Figges Marsh, Graveney, Longthornton and Pollards Hill wards must now be licensed under the scheme.', 'This empowers the Council to tackle poor property conditions and antisocial behaviour in these areas, and it follows consultation with residents.', 'The properties in question were all located within the Graveney ward, and thus qualified.', ""Tenants' complaints largely related to allegedly poor repair services."", 'The council was able to build up a case against the landlord after officers issued several notices to them, but were ignored for months.', 'Mr Judge said: ""In order to protect the interests of the residents we took out this order. ""', 'That means we have appointed agents to manage the properties, all rents will be received by the council and we will be applying them to ensure these are safe and decent properties. ""', 'Increasingly, many tenants live in an exploited position.', 'Whether it’s by way of disrepair that is not properly dealt with or rents being hiked to unacceptable levels.""', 'The agents appointed by the council will be in place for the next 12 months.', 'Once repairs are made, the remaining money will be returned to the landlord who is still responsible to pay the mortgage on these properties.', 'Listen to the best of BBC Radio London on Sounds and follow BBC London on Facebook, X and Instagram.', 'Send your story ideas to hello.bbclondon@bbc.co.uk']",-0.0662174787167847,"That means we have appointed agents to manage the properties, all rents will be received by the council and we will be applying them to ensure these are safe and decent properties. """,Tenants' complaints largely related to allegedly poor repair services.,-0.8775187492370605,,"Whether it’s by way of disrepair that is not properly dealt with or rents being hiked to unacceptable levels.""",2024-08-27
Boeing Starliner returning empty as NASA turns to SpaceX to bring astronauts back from ISS,https://www.cnbc.com/2024/08/24/nasa-boeing-starliner-decision-return-empty-spacex-astronauts-iss.html,2024-08-26T15:39:53+0000,"In this articleBoeing will return its Starliner capsule from the International Space Station without the NASA astronauts that it delivered to orbit in early June, the agency announced on Saturday.With Starliner coming back to Earth empty, NASA will now have astronauts Butch Wilmore and Suni Williams return via SpaceX's Dragon spacecraft, which is expected to launch its ninth regular mission to the ISS for the agency on Sept. 24.Ultimately, Wilmore and Williams will stay at the ISS for about six more months before flying home in February on SpaceX's Crew-9 vehicle. The test flight was originally intended to last about nine days.The decision to bring Starliner back from the ISS empty marks a dramatic about-face for NASA and Boeing, as the organizations were previously adamant that the capsule was the primary choice for returning the crew.But Starliner's crew flight test, which had been seen as the final major milestone in the spacecraft's development, faced problems — most notably with its propulsion system.""Boeing has worked very hard with NASA to get the necessary data to make this decision,"" NASA Administrator Bill Nelson said during a press conference with top NASA officials at Johnson Space Center in Houston on Saturday. ""We want to further understand the root causes and understand the design improvements so that the Boeing Starliner will serve as an important part of our assured crew access to the ISS.""He reiterated that test flights are ""neither safe, nor routine,"" and that the decision was the ""result of a commitment to safety.""NASA will now conduct another phase of its Flight Readiness Review to determine when to bring the empty Starliner home.Boeing officials had been adamant in press briefings that Starliner was safe for the astronauts to fly home in the event of an emergency, despite delaying the return multiple times. NASA said there was a ""technical disagreement"" between the agency and the aerospace company, and said it evaluated risk differently than Boeing for returning its crew.Nonetheless, NASA officials repeatedly expressed support for Boeing, and Nelson said he was ""100% certain"" that Starliner would be able to launch with a crew again someday.""We continue to focus, first and foremost, on the safety of the crew and spacecraft,"" Boeing said in a statement posted on X on Saturday. ""We are executing the mission as determined by NASA, and we are preparing the spacecraft for a safe and successful uncrewed return.""Ken Bowersox, NASA associate administrator, said NASA officials were unanimous in their decision to choose SpaceX to bring the crew home.Meanwhile, SpaceX will bring two astronauts along on its Crew-9 vehicle — instead of four who were originally planned to go — to make room for Wilmore and Williams.""SpaceX stands ready to support @NASA however we can,"" President and COO Gwynne Shotwell responded in a social media post on X.Boeing's Starliner capsule ""Calypso"" has been at the International Space Station since early June on a mission that NASA extended indefinitely as the agency and company tried to identify why multiple of the spacecraft's thrusters failed during docking.Those thrusters, part of the spacecraft's propulsion system, are key to Starliner's safe return from the ISS. NASA cited the thrusters on Saturday as an ongoing problem.The Starliner crew flight test was supposed to be a final box checked for Boeing and a key asset gained for NASA. The agency was hoping to fulfill its dream of having two competing companies — Boeing and Elon Musk's SpaceX — flying alternating missions to the ISS.Instead, the flight test is further setting back Boeing's progress in NASA's Commercial Crew program and, with over $1.5 billion in losses absorbed already, threatens the company's future involvement with it.",CNBC,26/08/2024,"['In this articleBoeing will return its Starliner capsule from the International Space Station without the NASA astronauts that it delivered to orbit in early June, the agency announced on Saturday.', ""With Starliner coming back to Earth empty, NASA will now have astronauts Butch Wilmore and Suni Williams return via SpaceX's Dragon spacecraft, which is expected to launch its ninth regular mission to the ISS for the agency on Sept. 24.Ultimately, Wilmore and Williams will stay at the ISS for about six more months before flying home in February on SpaceX's Crew-9 vehicle."", 'The test flight was originally intended to last about nine days.', 'The decision to bring Starliner back from the ISS empty marks a dramatic about-face for NASA and Boeing, as the organizations were previously adamant that the capsule was the primary choice for returning the crew.', ""But Starliner's crew flight test, which had been seen as the final major milestone in the spacecraft's development, faced problems — most notably with its propulsion system."", '""Boeing has worked very hard with NASA to get the necessary data to make this decision,"" NASA Administrator Bill Nelson said during a press conference with top NASA officials at Johnson Space Center in Houston on Saturday. ""', 'We want to further understand the root causes and understand the design improvements so that the Boeing Starliner will serve as an important part of our assured crew access to the ISS.""He reiterated that test flights are ""neither safe, nor routine,"" and that the decision was the ""result of a commitment to safety.', '""NASA will now conduct another phase of its Flight Readiness Review to determine when to bring the empty Starliner home.', 'Boeing officials had been adamant in press briefings that Starliner was safe for the astronauts to fly home in the event of an emergency, despite delaying the return multiple times.', 'NASA said there was a ""technical disagreement"" between the agency and the aerospace company, and said it evaluated risk differently than Boeing for returning its crew.', 'Nonetheless, NASA officials repeatedly expressed support for Boeing, and Nelson said he was ""100% certain"" that Starliner would be able to launch with a crew again someday.', '""We continue to focus, first and foremost, on the safety of the crew and spacecraft,"" Boeing said in a statement posted on X on Saturday. ""', 'We are executing the mission as determined by NASA, and we are preparing the spacecraft for a safe and successful uncrewed return.', '""Ken Bowersox, NASA associate administrator, said NASA officials were unanimous in their decision to choose SpaceX to bring the crew home.', 'Meanwhile, SpaceX will bring two astronauts along on its Crew-9 vehicle — instead of four who were originally planned to go — to make room for Wilmore and Williams.', '""SpaceX stands ready to support@NASAhowever we can,"" President and COO Gwynne Shotwell responded in a social media post on X.Boeing\'s Starliner capsule ""Calypso"" has been at the International Space Station since early June on a mission that NASA extended indefinitely as the agency and company tried to identify why multiple of the spacecraft\'sthrusters failed during docking.', ""Those thrusters, part of the spacecraft's propulsion system, are key to Starliner's safe return from the ISS."", 'NASA cited the thrusters on Saturday as an ongoing problem.', 'The Starliner crew flight test was supposed to be a final box checked for Boeing and a key asset gained for NASA.', ""The agency was hoping to fulfill its dream of having two competing companies — Boeing and Elon Musk's SpaceX — flying alternating missions to the ISS.Instead, the flight test is further setting back Boeing's progress in NASA's Commercial Crew program and, withover $1.5 billion in lossesabsorbed already, threatens the company's future involvement with it.""]",0.1288737369317408,"We are executing the mission as determined by NASA, and we are preparing the spacecraft for a safe and successful uncrewed return.","NASA said there was a ""technical disagreement"" between the agency and the aerospace company, and said it evaluated risk differently than Boeing for returning its crew.",0.1006312668323516,"Nonetheless, NASA officials repeatedly expressed support for Boeing, and Nelson said he was ""100% certain"" that Starliner would be able to launch with a crew again someday.","But Starliner's crew flight test, which had been seen as the final major milestone in the spacecraft's development, faced problems — most notably with its propulsion system.",2024-08-27
Pensioners braced for 'really difficult winter',https://www.bbc.co.uk/news/articles/clyg3nk8kjno,2024-08-28T03:28:48.925Z,"Citizens' Advice is bracing itself for a ""really difficult"" winter ahead of the scrapping of winter fuel payments for 10 million pensioners, the group's boss says. From next month, those not on pension credit or other means-tested benefits will no longer get the annual payments, worth between £100 and £300. Dame Clare Moriarty, who will attend a government meeting with energy firms to discuss the issue on Wednesday, told the BBC there should be better targeted support for those with the highest needs and the lowest incomes. The prime minister has defended the decision to scrap winter fuel payments, saying the change was needed to help repair a £22bn ""black hole"" in the public finances. In a speech on Tuesday, Sir Keir Starmer said he had to be honest that ""things [would] get worse before they [got] better"" when it came to public spending. The meeting to discuss how to help those struggling with energy bills was called last week by Energy Consumers Minister Miatta Fahnbulleh after it was announced the energy price cap would rise from October. Regulator Ofgem said gas and electricity prices will rise by 10% in England, Scotland and Wales. Under the new energy price cap, the typical annual dual-fuel bill paid by direct debit will be £1,717 per year. Ofgem, trade association Energy UK and Citizens Advice have also been invited to attend.  Ms Fahnbulleh said that together they would ""help households in energy debt and take proactive steps to stop others from falling into it"".  Dame Clare said: “Winter fuel payment will still be paid to people receiving pension credit, and that’s actually one of the most underclaimed benefits there is, so 1.4 million people receive pension credit and there’s nearly another 900,000 people who could. “It’s really important to see better support so that people do access it."" She said people had until 21 December to apply for pension credit and still receive the winter fuel payment if successful. However, there are concerns the government's decision to stop the payments for everyone could create a public health emergency.  She said she recognised the government ""had inherited a big problem"" but ""it needs action now"". She called for a ""social tariff"" - discounted bills with those least able to afford them. And she said energy suppliers ""need to step up to their responsibilities on energy efficiency and on payment plans for those who are struggling"". Simon Francis, co-ordinator of the End Fuel Poverty Coalition said: ""In real terms, the changes this winter mean that some older people will face the highest energy bills on record.  ""The impact of living in cold, damp homes is particularly harsh on those older people with a disability, a long-term health condition or with poor mental health."" The charity Age UK says it believes ""as many as two million pensioners who find paying their energy bills a real stretch will be seriously hit by this cut"" and have launched a petition calling for a government U-turn.  The Conservatives have also urged Labour to back down on the decision and are seeking to challenge the policy change in the House of Commons.  Addressing the decision in his speech on Tuesday, the prime minister said he ""didn't want to means-test the winter fuel payment but it was a choice we had to take"". He again referred to the £22bn black hole in this year's spending plans. However, Paul Johnson of  the Institute for Fiscal Studies has previously said ""half of [the] spending 'hole' is public pay over which government made a choice and where pressures were known"". For example, £9bn of that came from government agreeing higher pay awards to the public sector.  Wednesday's meeting follows the publication of a new report that has found that the reduction of people in fuel poverty has ""flatlined"" in the past few years. ""There has been a stalling of progress,"" said Caroline Flint, chair of the Committee on Fuel Poverty, which advises the government. Ms Flint said that while the war in Ukraine and the Covid pandemic had ""obscured the lack of material progress"" being made in fuel poverty reduction, the committee had hoped more progress would have been made on its 2023 recommendations. These included improving the affordability of bills through fairer pricing and creating a ""robust"" fuel poverty strategy.  Ms Flint added that without a change in government policy, a drop in fuel poverty levels was unlikely in the near future.  ",BBC,28/08/2024,"['Citizens\' Advice is bracing itself for a ""really difficult"" winter ahead of the scrapping of winter fuel payments for 10 million pensioners, the group\'s boss says.', 'From next month, those not on pension credit or other means-tested benefits will no longer get the annual payments, worth between £100 and £300.', 'Dame Clare Moriarty, who will attend a government meeting with energy firms to discuss the issue on Wednesday, told the BBC there should be better targeted support for those with the highest needs and the lowest incomes.', 'The prime minister has defended the decision to scrap winter fuel payments, saying the change was needed to help repair a £22bn ""black hole"" in the public finances.', 'In a speech on Tuesday, Sir Keir Starmer said he had to be honest that ""things [would] get worse before they [got] better"" when it came to public spending.', 'The meeting to discuss how to help those struggling with energy bills was called last week by Energy Consumers Minister Miatta Fahnbulleh after it was announced the energy price cap would rise from October.', 'Regulator Ofgem said gas and electricity prices will rise by 10% in England, Scotland and Wales.', 'Under the new energy price cap, the typical annual dual-fuel bill paid by direct debit will be £1,717 per year.', 'Ofgem, trade association Energy UK and Citizens Advice have also been invited to attend.', 'Ms Fahnbulleh said that together they would ""help households in energy debt and take proactive steps to stop others from falling into it"".', 'Dame Clare said: “Winter fuel payment will still be paid to people receiving pension credit, and that’s actually one of the most underclaimed benefits there is, so 1.4 million people receive pension credit and there’s nearly another 900,000 people who could. “', 'It’s really important to see better support so that people do access it.""', 'She said people had until 21 December to apply for pension credit and still receive the winter fuel payment if successful.', ""However, there are concerns the government's decision to stop the payments for everyone could create a public health emergency."", 'She said she recognised the government ""had inherited a big problem"" but ""it needs action now"".', 'She called for a ""social tariff"" - discounted bills with those least able to afford them.', 'And she said energy suppliers ""need to step up to their responsibilities on energy efficiency and on payment plans for those who are struggling"".', 'Simon Francis, co-ordinator of the End Fuel Poverty Coalition said: ""In real terms, the changes this winter mean that some older people will face the highest energy bills on record. ""', 'The impact of living in cold, damp homes is particularly harsh on those older people with a disability, a long-term health condition or with poor mental health.""', 'The charity Age UK says it believes ""as many as two million pensioners who find paying their energy bills a real stretch will be seriously hit by this cut"" and have launched a petition calling for a government U-turn.', 'The Conservatives have also urged Labour to back down on the decision and are seeking to challenge the policy change in the House of Commons.', 'Addressing the decision in his speech on Tuesday, the prime minister said he ""didn\'t want to means-test the winter fuel payment but it was a choice we had to take"".', ""He again referred to the £22bn black hole in this year's spending plans."", 'However, Paul Johnson of the Institute for Fiscal Studies has previously said ""half of [the] spending \'hole\' is public pay over which government made a choice and where pressures were known"".', 'For example, £9bn of that came from government agreeing higher pay awards to the public sector.', 'Wednesday\'s meeting follows the publication of a new report that has found that the reduction of people in fuel poverty has ""flatlined"" in the past few years. ""', 'There has been a stalling of progress,"" said Caroline Flint, chair of the Committee on Fuel Poverty, which advises the government.', 'Ms Flint said that while the war in Ukraine and the Covid pandemic had ""obscured the lack of material progress"" being made in fuel poverty reduction, the committee had hoped more progress would have been made on its 2023 recommendations.', 'These included improving the affordability of bills through fairer pricing and creating a ""robust"" fuel poverty strategy.', 'Ms Flint added that without a change in government policy, a drop in fuel poverty levels was unlikely in the near future.']",0.1071287872050694,"Dame Clare said: “Winter fuel payment will still be paid to people receiving pension credit, and that’s actually one of the most underclaimed benefits there is, so 1.4 million people receive pension credit and there’s nearly another 900,000 people who could. “","The impact of living in cold, damp homes is particularly harsh on those older people with a disability, a long-term health condition or with poor mental health.""",0.0618520128099541,"Wednesday's meeting follows the publication of a new report that has found that the reduction of people in fuel poverty has ""flatlined"" in the past few years. ""","There has been a stalling of progress,"" said Caroline Flint, chair of the Committee on Fuel Poverty, which advises the government.",2024-08-27
The Gruffalo's Child to go on commemorative Royal Mint 50p coin,https://www.bbc.co.uk/news/articles/cewl8101d0no,2024-08-28T07:16:21.405Z,"The Gruffalo's Child will appear on a new commemorative 50p coin to mark 20 years since the story was first published. The character will follow in the footsteps of her father, the Gruffalo, who appeared on 50p coins in 2019. The new coins will not enter general circulation but will be available to buy from the Royal Mint in precious metal finishes. The book's illustrator Axel Scheffler said he was ""honoured"" that the Gruffalo's offspring was being celebrated, while author Julia Donaldson said it was ""wonderful"". The new coins will pair The Gruffalo's Child with the ""mouse in the woods"", and some will have colour in the design. The books have earned several awards since their release, with an animated version of The Gruffalo's Child first aired on BBC One in 2011 on Christmas Day. The Royal Mint, which is one of Britain’s oldest companies and the original maker of UK coins, has previously featured hugely popular children's characters on its coins, including Paddington, The Snowman, and Beatrix Potter favourites. The Gruffalo series has sold more than 18 million copies worldwide, and has been translated into more than 100 languages. A wooden sculpture of a sleeping Gruffalo in a forest near Bodmin in Cornwall was vandalised for a second time in July. The area has several Gruffalo sculptures attracting families who also go on the nearby Gruffalo party trail. ",BBC,28/08/2024,"[""The Gruffalo's Child will appear on a new commemorative 50p coin to mark 20 years since the story was first published."", 'The character will follow in the footsteps of her father, the Gruffalo, who appeared on 50p coins in 2019.', 'The new coins will not enter general circulation but will be available to buy from the Royal Mint in precious metal finishes.', 'The book\'s illustrator Axel Scheffler said he was ""honoured"" that the Gruffalo\'s offspring was being celebrated, while author Julia Donaldson said it was ""wonderful"".', 'The new coins will pair The Gruffalo\'s Child with the ""mouse in the woods"", and some will have colour in the design.', ""The books have earned several awards since their release, with an animated version of The Gruffalo's Child first aired on BBC One in 2011 on Christmas Day."", ""The Royal Mint, which is one of Britain’s oldest companies and the original maker of UK coins, has previously featured hugely popular children's characters on its coins, including Paddington, The Snowman, and Beatrix Potter favourites."", 'The Gruffalo series has sold more than 18 million copies worldwide, and has been translated into more than 100 languages.', 'A wooden sculpture of a sleeping Gruffalo in a forest near Bodmin in Cornwall was vandalised for a second time in July.', 'The area has several Gruffalo sculptures attracting families who also go on the nearby Gruffalo party trail.']",0.3431843852188599,"The book's illustrator Axel Scheffler said he was ""honoured"" that the Gruffalo's offspring was being celebrated, while author Julia Donaldson said it was ""wonderful"".",,0.3684917092323303,"The book's illustrator Axel Scheffler said he was ""honoured"" that the Gruffalo's offspring was being celebrated, while author Julia Donaldson said it was ""wonderful"".",A wooden sculpture of a sleeping Gruffalo in a forest near Bodmin in Cornwall was vandalised for a second time in July.,2024-08-27
"Eli Lilly releases new form of weight loss drug Zepbound for half the price to boost access, supply",https://www.cnbc.com/2024/08/27/zepbound-eli-lilly-releases-new-cheaper-form-of-weight-loss-drug.html,2024-08-27T21:57:40+0000,"In this articleEli Lilly on Tuesday released a new form of its weight loss drug Zepbound for roughly half its usual monthly list price to reach millions of patients without insurance coverage for the popular injection, such as those with Medicare. The move also aims to expand the supply of Zepbound in the U.S. as demand skyrockets, and to ensure eligible patients are safely accessing the real treatment as cheaper copycat versions gain traction. The company is now offering 2.5-milligram and 5-milligram single-dose vials of Zepbound for $399 per month and $549 per month, respectively, through its direct-to-consumer website. Patients typically start treatment with a 2.5-milligram dose, gradually increase the amount and later take so-called maintenance doses to keep the weight off.The list prices of Zepbound and other popular weight loss drugs, such as Novo Nordisk's Wegovy, are around $1,000 per month before insurance and other rebates. Those treatments are part of a blockbuster class of medications called GLP-1s, which mimic certain gut hormones to tamp down a person's appetite and regulate blood sugar. Patients need to use a syringe and needle to draw up the medicine from a single-dose vial — the version of Zepbound Eli Lilly is releasing Tuesday — and inject themselves. That differs from single-dose autoinjector pens, the currently available form of all Zepbound doses, which patients can directly inject under their skin with the click of a button.Eli Lilly has said the vials will create additional supply capacity because they are easier to manufacture than autoinjector pens.The lower price points will benefit patients who are willing to pay for Zepbound themselves and are enrolled in Medicare or employer-sponsored health plans that do not currently cover obesity treatments, said Patrik Jonsson, president of Eli Lilly diabetes and obesity, in an interview. He noted that Medicare beneficiaries are also not eligible for Eli Lilly's savings card programs for Zepbound. One program allows people with insurance coverage for Zepbound to pay as little as $25 out of pocket.The company offers another to patients whose commercial insurance does not cover the drug. Patients currently enrolled in that program can continue to pay as low as $550 per month for Zepbound through the end of the year.But as of Tuesday, the lowest cost of the drug for new patients who join that program will increase to $650 per month, according to an update on the company's website. That price hike will ""help maintain the sustainability of the program as coverage for Zepbound improves,"" a spokesperson for Eli Lilly said in a statement Tuesday.Having patients directly pay for single-dose vials of Zepbound also ""enables a transparent price by removing third-party supply chain entities,"" the company added in a release. There ""will be no markups, and we believe that's super important … that consumers have this predictability in terms of pricing,"" Jonsson said. Patients with a valid prescription can purchase the single-dose vials from a new ""self-pay pharmacy"" section on the company's direct-to-consumer site, LillyDirect. Eli Lilly is partnering with a third-party digital pharmacy, Gifthealth, which will process prescriptions electronically as well as package and send vials to eligible patients.People can also choose to purchase syringes and needles from Eli Lilly's website and will have access to materials on how to correctly administer Zepbound from a vial. LillyDirect, which launched in January, connects people with an independent telehealth company that can prescribe certain drugs if the patients are eligible. The site also offers a home-delivery option if the prescribed treatment is Eli Lilly's, tapping a third-party online pharmacy to fill prescriptions and send them directly to patients. Eli Lilly said in a release that distributing the vials through the site will ensure patients and health-care providers are receiving ""genuine"" Zepbound. It builds on the company's efforts to ""help protect the public from the dangers posed by the proliferation of counterfeit, fake, unsafe or untested knock-offs of Lilly's medications,"" according to the release.During shortages, the U.S. Food and Drug Administration allows compounding pharmacies to make versions of drugs that are essentially a copy of brand-name medicines. Compounded medications are custom-made alternatives to branded drugs designed to meet a specific patient's needs. But both Zepbound and Eli Lilly's diabetes drug, Mounjaro, are under patent protection in the U.S. The company also does not supply the active ingredient of those two drugs, tirzepatide, to outside groups. Eli Lilly has said that raises questions about what some compounding pharmacies and other clinics are selling and marketing to consumers. The company and its rival Novo Nordisk have both stepped in to address illicit versions of their weight loss and diabetes treatments, suing wellness clinics, medical spas and compounding pharmacies across the U.S. over the past year. All doses of Zepbound are now listed as available on the FDA's drug shortage database. Still, thousands of online platforms offering compounded versions of weight loss drugs from Novo Nordisk and Eli Lilly have cropped up over the past six months, according to Jonsson. ""We believe that the U.S. population is actually a target for … untested, unapproved, unregulated anti-obesity medications that we know is far from always containing the drug it's supposed to,"" he said. ""This is also an opportunity to make sure that there is access to FDA-approved, quality-approved tirzepatide for consumers in need.""",CNBC,27/08/2024,"['In this articleEli Lilly on Tuesday released a new form of its weight loss drug Zepbound for roughly half its usual monthly list price to reach millions of patients without insurance coverage for the popular injection, such as those with Medicare.', 'The move also aims to expand the supply of Zepbound in the U.S. as demand skyrockets, and to ensure eligible patients are safely accessing the real treatment as cheaper copycat versions gain traction.', 'The company is now offering 2.5-milligram and 5-milligram single-dose vials of Zepbound for $399 per month and $549 per month, respectively, through its direct-to-consumer website.', 'Patients typically start treatment with a 2.5-milligram dose, gradually increase the amount and later take so-called maintenance doses to keep the weight off.', ""The list prices of Zepbound and other popular weight loss drugs, such as Novo Nordisk's Wegovy, are around $1,000 per month before insurance and other rebates."", ""Those treatments are part of a blockbuster class of medications called GLP-1s, which mimic certain gut hormones to tamp down a person's appetite and regulate blood sugar."", 'Patients need to use a syringe and needle to draw up the medicine from a single-dose vial — the version of Zepbound Eli Lilly is releasing Tuesday — and inject themselves.', 'That differs from single-dose autoinjector pens, the currently available form of all Zepbound doses, which patients can directly inject under their skin with the click of a button.', 'Eli Lilly has said the vials willcreate additional supply capacitybecause they are easier to manufacture than autoinjector pens.', 'The lower price points will benefit patients who are willing to pay for Zepbound themselves and are enrolled in Medicare or employer-sponsored health plans that do not currently cover obesity treatments, said Patrik Jonsson, president of Eli Lilly diabetes and obesity, in an interview.', ""He noted that Medicare beneficiaries are also not eligible for Eli Lilly's savings card programs for Zepbound."", 'One program allows people with insurance coverage for Zepbound to pay as little as $25 out of pocket.', 'The company offers another to patients whose commercial insurance does not cover the drug.', 'Patients currently enrolled in that program can continue to pay as low as $550 per month for Zepbound through the end of the year.', ""But as of Tuesday, the lowest cost of the drug for new patients who join that program will increase to $650 per month, according to an update on the company's website."", 'That price hike will ""help maintain the sustainability of the program as coverage for Zepbound improves,"" a spokesperson for Eli Lilly said in a statement Tuesday.', 'Having patients directly pay for single-dose vials of Zepbound also ""enables a transparent price by removing third-party supply chain entities,"" the company added in a release.', 'There ""will be no markups, and we believe that\'s super important … that consumers have this predictability in terms of pricing,"" Jonsson said.', 'Patients with a valid prescription can purchase the single-dose vials from a new ""self-pay pharmacy"" section on the company\'s direct-to-consumer site, LillyDirect.', 'Eli Lilly is partnering with a third-party digital pharmacy, Gifthealth, which will process prescriptions electronically as well as package and send vials to eligible patients.', ""People can also choose to purchase syringes and needles from Eli Lilly's website and will have access to materials on how to correctly administer Zepbound from a vial."", 'LillyDirect, which launched in January, connects people with an independent telehealth company that can prescribe certain drugs if the patients are eligible.', ""The site also offers a home-delivery option if the prescribed treatment is Eli Lilly's, tapping a third-party online pharmacy to fill prescriptions and send them directly to patients."", 'Eli Lilly said in a release that distributing the vials through the site will ensure patients and health-care providers are receiving ""genuine"" Zepbound.', 'It builds on the company\'s efforts to ""help protect the public from the dangers posed by the proliferation of counterfeit, fake, unsafe or untested knock-offs of Lilly\'s medications,"" according to the release.', 'During shortages, the U.S. Food and Drug Administration allows compounding pharmacies to make versions of drugs that are essentially a copy of brand-name medicines.', ""Compounded medications are custom-made alternatives to branded drugs designed to meet a specific patient's needs."", ""But both Zepbound and Eli Lilly's diabetes drug, Mounjaro, are under patent protection in the U.S. The company also does not supply the active ingredient of those two drugs, tirzepatide, to outside groups."", 'Eli Lilly has said that raises questions about what some compounding pharmacies and other clinics are selling and marketing to consumers.', 'The company and its rival Novo Nordisk have both stepped in to address illicit versions of their weight loss and diabetes treatments, suing wellness clinics, medical spas and compounding pharmacies across the U.S. over the past year.', ""All doses of Zepbound are now listed as available on the FDA's drug shortage database."", 'Still, thousands of online platforms offering compounded versions of weight loss drugs from Novo Nordisk and Eli Lilly have cropped up over the past six months, according to Jonsson.', '""We believe that the U.S. population is actually a target for … untested, unapproved, unregulated anti-obesity medications that we know is far from always containing the drug it\'s supposed to,"" he said. ""', 'This is also an opportunity to make sure that there is access to FDA-approved, quality-approved tirzepatide for consumers in need.""']",0.1646593759491673,"The move also aims to expand the supply of Zepbound in the U.S. as demand skyrockets, and to ensure eligible patients are safely accessing the real treatment as cheaper copycat versions gain traction.","""We believe that the U.S. population is actually a target for … untested, unapproved, unregulated anti-obesity medications that we know is far from always containing the drug it's supposed to,"" he said. """,0.5932532012462616,"The move also aims to expand the supply of Zepbound in the U.S. as demand skyrockets, and to ensure eligible patients are safely accessing the real treatment as cheaper copycat versions gain traction.",Patients currently enrolled in that program can continue to pay as low as $550 per month for Zepbound through the end of the year.,2024-08-27
Next shop workers win equal pay claim,https://www.bbc.co.uk/news/articles/cj0817jd9dqo,2024-08-27T06:08:54.380Z,"More than 3,500 current and former workers at Next have won the final stage of a six-year legal battle for equal pay. An employment tribunal said store staff, who are predominantly women, should not have been paid at lower rates than employees in warehouses, where just over half the staff are male. Lawyers for the shop staff described the judgement as ""hugely significant"" and the amount of back-pay owed could amount to more than £30m. However, Next said it would appeal against the ruling. Next argued that pay rates for warehouse workers were higher than for retail workers in the wider labour market, justifying the different rates at the company. But the employment tribunal rejected that argument as a justification for the pay difference. According to the tribunal's ruling, between 2012 and 2023, 77.5% of Next's retail consultants were female, while 52.75% of warehouse operators were male. The tribunal accepted that the difference in pay rates between the jobs was not down to ""direct discrimination"", including the ""conscious or subconscious influence of gender"" on pay decisions, but was caused by efforts to ""reduce cost and enhance profit"". It ruled that the ""business need was not sufficiently great as to overcome the discriminatory effect of lower basic pay"". The ruling means women such as Helen Scarsbrook, who has worked for Next for more than 20 years, are in line to receive thousands of pounds of compensation for the pay they missed out on. ""We did it!"" the 68-year-old from Eastleigh, near Southampton, one of the lead claimants in the case, said. “It has been a long six years battling for the equal pay we all felt we rightly deserved but today we can say we won. ""Anyone who works in retail knows that it is a physically and emotionally tough job,"" she said. ""We do lots of heavy lifting, the same as the men do in the warehouse. We lift the same boxes they lift."" Add to that the unpredictability of customers who are sometimes wonderful but sometimes challenging, she said. ""It’s an enjoyable job, but it’s not easy and it’s really undervalued financially and I just thought 'it has to stop',"" she told the BBC. Ms Scarsbrook put in her claim in 2018 and should receive compensation for being paid less than her male counterparts in the warehouse going back six years, to 2012. It is likely to amount to several thousand pounds, which would let her pay off her car loan, take a ""very nice"" holiday or perhaps retire, she told the BBC. Elizabeth George, barrister and partner at the law firm Leigh Day representing the workers, said the ruling would come as a ""huge encouragement"" to workers in other sectors.  ""Retail isn't the only sector where you have jobs that are divided along clear gender lines and you see the male-dominated market is attracting a higher rate than the female-dominated roles,"" she said. Workers at five of the UK's largest supermarkets, Asda, Tesco, Morrisons, Sainsbury's and the Co-op, are also pursuing equal pay cases, with the firms using the same arguments as Next around market pay rates to counter them. Ms George said she believed the judgement could prompt further cases, for example in the care sector, hospitality or construction. There have already been cases in the public sector over lower pay for workers, including teaching assistants and dinner ladies paid less than men employed in refuse collection and similar roles. In a statement, Next said: ""This is the first equal pay group action in the private sector to reach a decision at tribunal level and raises a number of important points of legal principle."" The firm emphasised that no cases alleging direct discrimination against female staff were upheld and that the tribunal found ""there was no conscious or sub-conscious gender influence in the way Next set pay rates"". More than 80% of Next's store staff are women. Barrister Ms George said: ""[The tribunal] rightly found that Next could have afforded to pay a higher rate but chose not to and that the reason for that was purely financial."" The argument around market rates was essentially ""circular"" Ms George said, suggesting women should be paid less because they were already currently being paid less elsewhere. Leigh Day said that the claimants' contracts would now be changed to reflect fairer rates of pay. In other areas where there was a mismatch, for example over different ways of calculating night payments, paid rest breaks for warehouse staff and Sunday pay, better terms would also be extended to shop staff. However, it was not yet clear whether other staff, not directly involved in the case, would see their employment terms upgraded automatically, she said. The process of calculating what claimants were owed as back-pay should begin as soon as possible, said Ms George. ",BBC,27/08/2024,"['More than 3,500 current and former workers at Next have won the final stage of a six-year legal battle for equal pay.', 'An employment tribunal said store staff, who are predominantly women, should not have been paid at lower rates than employees in warehouses, where just over half the staff are male.', 'Lawyers for the shop staff described the judgement as ""hugely significant"" and the amount of back-pay owed could amount to more than £30m. However, Next said it would appeal against the ruling.', 'Next argued that pay rates for warehouse workers were higher than for retail workers in the wider labour market, justifying the different rates at the company.', 'But the employment tribunal rejected that argument as a justification for the pay difference.', ""According to the tribunal's ruling, between 2012 and 2023, 77.5% of Next's retail consultants were female, while 52.75% of warehouse operators were male."", 'The tribunal accepted that the difference in pay rates between the jobs was not down to ""direct discrimination"", including the ""conscious or subconscious influence of gender"" on pay decisions, but was caused by efforts to ""reduce cost and enhance profit"".', 'It ruled that the ""business need was not sufficiently great as to overcome the discriminatory effect of lower basic pay"".', 'The ruling means women such as Helen Scarsbrook, who has worked for Next for more than 20 years, are in line to receive thousands of pounds of compensation for the pay they missed out on. ""', 'We did it!""', 'the 68-year-old from Eastleigh, near Southampton, one of the lead claimants in the case, said. “', 'It has been a long six years battling for the equal pay we all felt we rightly deserved but today we can say we won. ""', 'Anyone who works in retail knows that it is a physically and emotionally tough job,"" she said. ""', 'We do lots of heavy lifting, the same as the men do in the warehouse.', 'We lift the same boxes they lift.""', 'Add to that the unpredictability of customers who are sometimes wonderful but sometimes challenging, she said. ""', 'It’s an enjoyable job, but it’s not easy and it’s really undervalued financially and I just thought \'it has to stop\',"" she told the BBC.', 'Ms Scarsbrook put in her claim in 2018 and should receive compensation for being paid less than her male counterparts in the warehouse going back six years, to 2012.', 'It is likely to amount to several thousand pounds, which would let her pay off her car loan, take a ""very nice"" holiday or perhaps retire, she told the BBC.', 'Elizabeth George, barrister and partner at the law firm Leigh Day representing the workers, said the ruling would come as a ""huge encouragement"" to workers in other sectors. ""', 'Retail isn\'t the only sector where you have jobs that are divided along clear gender lines and you see the male-dominated market is attracting a higher rate than the female-dominated roles,"" she said.', ""Workers at five of the UK's largest supermarkets, Asda, Tesco, Morrisons, Sainsbury's and the Co-op, are also pursuing equal pay cases, with the firms using the same arguments as Next around market pay rates to counter them."", 'Ms George said she believed the judgement could prompt further cases, for example in the care sector, hospitality or construction.', 'There have already been cases in the public sector over lower pay for workers, including teaching assistants and dinner ladies paid less than men employed in refuse collection and similar roles.', 'In a statement, Next said: ""This is the first equal pay group action in the private sector to reach a decision at tribunal level and raises a number of important points of legal principle.""', 'The firm emphasised that no cases alleging direct discrimination against female staff were upheld and that the tribunal found ""there was no conscious or sub-conscious gender influence in the way Next set pay rates"".', ""More than 80% of Next's store staff are women."", 'Barrister Ms George said: ""[The tribunal] rightly found that Next could have afforded to pay a higher rate but chose not to and that the reason for that was purely financial.""', 'The argument around market rates was essentially ""circular"" Ms George said, suggesting women should be paid less because they were already currently being paid less elsewhere.', ""Leigh Day said that the claimants' contracts would now be changed to reflect fairer rates of pay."", 'In other areas where there was a mismatch, for example over different ways of calculating night payments, paid rest breaks for warehouse staff and Sunday pay, better terms would also be extended to shop staff.', 'However, it was not yet clear whether other staff, not directly involved in the case, would see their employment terms upgraded automatically, she said.', 'The process of calculating what claimants were owed as back-pay should begin as soon as possible, said Ms George.']",-0.0190327913871446,"Retail isn't the only sector where you have jobs that are divided along clear gender lines and you see the male-dominated market is attracting a higher rate than the female-dominated roles,"" she said.",But the employment tribunal rejected that argument as a justification for the pay difference.,0.2461396509950811,"Elizabeth George, barrister and partner at the law firm Leigh Day representing the workers, said the ruling would come as a ""huge encouragement"" to workers in other sectors. ""","It’s an enjoyable job, but it’s not easy and it’s really undervalued financially and I just thought 'it has to stop',"" she told the BBC.",2024-08-27
"Ford delays new EV plant, cancels electric three-row SUV as it shifts strategy",https://www.cnbc.com/2024/08/21/ford-delays-new-ev-plant-cancels-electric-three-row-suv.html,2024-08-21T14:09:40+0000,"In this articleDETROIT – Ford Motor is delaying production of a next-generation all-electric pickup truck at a new plant in Tennessee and canceling plans for a three-row electric SUV, the company said Wednesday.Instead, Ford said it will prioritize the development of hybrid models, as well as electric commercial vehicles such as a new electric commercial van in 2026, followed by two EV pickup trucks in 2027.The pickups are expected to be a full-size truck, which will be produced in 2027 at the Tennessee plant that's currently under construction, and a new midsize truck being developed by a specialized ""skunkworks"" team in California.""As we've learned in the marketplace, and we've seen where people have gravitated, we're going to focus in where we have competitive advantage, and that's on commercial land trucks and SUVs,"" Ford CFO John Lawler said Wednesday.The actions are meant to better deliver a capital-efficient, profitable electric vehicle business, said Lawler, who also serves as vice chair of the automaker. But, in the short term, they will cost the company.Ford said it will incur a special noncash charge of about $400 million for the write-down of certain product-specific manufacturing assets, including the cancellation of the three-row SUV.The company said the changes may also result in additional expenses and cash expenditures of up to $1.5 billion. Ford will reflect those in the quarter in which they are incurred, as a special item.Lawler said the company's future capital expenditure plans will shift from spending about 40% on all-electric vehicles to spending 30%. He did not give a timeline for the change.Vehicle production at the new $5.6 billion Tennessee site was initially expected to begin next year. The company said it still expects to start battery cell production at the site in 2025.The changes are the latest for Ford and come amid slower-than-expected adoption of EVs as well as automakers not being able to profitably produce the vehicles.The new plans come roughly five months after Ford said it would delay production of the three-row SUV and next-generation pickup, codenamed ""T3.""""This is really about us being nimble and listening to responses from our customers,"" Lawler said during a call Wednesday morning. ""We've been out in the [EV] market here for over two years, and we've learned a lot, and what we're understanding is that customers want more electrification choices.""The rollout of Ford's next generation of EVs will begin with a commercial van that will be assembled at Ford's Ohio Assembly Plant starting in 2026, according to the company.The automaker previously said it would not launch a vehicle if there wasn't a clear path to profitability within the first year. It was a change from selling EVs at a loss to grow share and assist in meeting fuel and emissions standards.Ford said it will continue to produce and update its current all-electric vehicles such as the Ford Mustang Mach-E crossover and F-150 Lightning pickup truck.The company said it plans to provide investors with an ""update on electrification, technology, profitability and capital requirements"" in the first half of 2025.",CNBC,21/08/2024,"['In this articleDETROIT – Ford Motor is delaying production of a next-generation all-electric pickup truck at a new plant in Tennessee and canceling plans for a three-row electric SUV, the company said Wednesday.', 'Instead, Ford said it will prioritize the development of hybrid models, as well as electric commercial vehicles such as a new electric commercial van in 2026, followed by two EV pickup trucks in 2027.The pickups are expected to be afull-size truck, which will be produced in 2027 at the Tennessee plant that\'s currently under construction,and a new midsize truck being developed by a specialized ""skunkworks"" team in California.', '""As we\'ve learned in the marketplace, and we\'ve seen where people have gravitated, we\'re going to focus in where we have competitive advantage, and that\'s on commercial land trucks and SUVs,"" Ford CFO John Lawler said Wednesday.', 'The actions are meant to better deliver a capital-efficient, profitable electric vehicle business, said Lawler, who also serves as vice chair of the automaker.', 'But, in the short term, they will cost the company.', 'Ford said it will incur a special noncash charge of about $400 million for the write-down of certain product-specific manufacturing assets, including the cancellation of the three-row SUV.The company said the changes may also result in additional expenses and cash expenditures of up to $1.5 billion.', 'Ford will reflect those in the quarter in which they are incurred, as a special item.', ""Lawler said the company's future capital expenditure plans will shift from spending about 40% on all-electric vehicles to spending 30%."", 'He did not give a timeline for the change.', 'Vehicle production at the new $5.6 billion Tennessee site was initially expected to begin next year.', 'The company said it still expects to start battery cell production at the site in 2025.The changes are the latest for Ford and come amid slower-than-expected adoption of EVs as well as automakers not being able to profitably produce the vehicles.', 'The new plans come roughly five months after Ford said it would delay production of the three-row SUV and next-generation pickup, codenamed ""T3.""""This is really about us being nimble and listening to responses from our customers,"" Lawler said during a call Wednesday morning. ""', ""We've been out in the [EV] market here for over two years, and we've learned a lot, and what we're understanding is that customers want more electrification choices."", '""The rollout of Ford\'s next generation of EVs will begin with a commercial van that will be assembled at Ford\'s Ohio Assembly Plant starting in 2026, according to the company.', ""The automaker previously said it would not launch a vehicle if there wasn't a clear path to profitability within the first year."", 'It was a change from selling EVs at a loss to grow share and assist in meeting fuel and emissions standards.', 'Ford said it will continue to produce and update its current all-electric vehicles such as the Ford Mustang Mach-E crossover and F-150 Lightning pickup truck.', 'The company said it plans to provide investors with an ""update on electrification, technology, profitability and capital requirements"" in the first half of 2025.']",0.2066772679754198,"The actions are meant to better deliver a capital-efficient, profitable electric vehicle business, said Lawler, who also serves as vice chair of the automaker.","The new plans come roughly five months after Ford said it would delay production of the three-row SUV and next-generation pickup, codenamed ""T3.""""This is really about us being nimble and listening to responses from our customers,"" Lawler said during a call Wednesday morning. """,0.133549948533376,"The actions are meant to better deliver a capital-efficient, profitable electric vehicle business, said Lawler, who also serves as vice chair of the automaker.",The company said it still expects to start battery cell production at the site in 2025.The changes are the latest for Ford and come amid slower-than-expected adoption of EVs as well as automakers not being able to profitably produce the vehicles.,2024-08-27
"Nordstrom shares climb 5% as earnings top estimates, but retailer issues cautious guidance",https://www.cnbc.com/2024/08/27/nordstrom-jwn-earnings-q2-2024.html,2024-08-27T23:18:11+0000,"In this articleNordstrom on Tuesday posted earnings that blew past Wall Street's expectations, indicating the department store is making strides in its efforts to cut costs and boost efficiencies. Though the Seattle-based retailer posted earnings per share that were 25 cents higher than expected, it issued tepid guidance for the full year. Nordstrom now expects adjusted earnings per share to be between $1.75 and $2.05, compared to a previous range of $1.65 to $2.05. It anticipates sales will be in a range of a 1% decline to 1% growth from the prior year, compared to previous guidance of down 2% to up 1%. In a news release, Nordstrom CEO Erik Nordstrom said the company is optimistic about the second half of the year despite the cautious guidance.""Our second quarter results were solid, and we're encouraged by the continued topline strength in both banners and the progress we're making to expand gross margin and increase profitability,"" said Nordstrom. ""We're confident in our outlook for the remainder of the year and look forward to sustaining the momentum we've built.""Shares rose about 5% in extended trading.Here is how the department store did in its second fiscal quarter compared to what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 3 was $122 million, or 72 cents per share, compared to $137 million, or 84 cents per share, a year earlier. Excluding one-time items related to supply chain impairments, the retailer posted adjusted earnings of 96 cents per share. Sales rose to $3.89 billion, up about 3.4% from $3.77 billion a year earlier. Revenue came in just shy of analysts' expectations.  Across the company, comparable sales increased 1.9%, while gross merchandise value jumped 3.5%. It is unclear how much of that GMV uptick was related to price increases versus volume.As consumers continue to pull back on discretionary spending in the face of persistent inflation and high interest rates, retailers have been working to improve operations and cut costs to protect profits against softening demand. During the quarter, Nordstrom's profits fell compared to the same period a year ago, but earnings grew over the past six months. Last year, Nordstrom reported a net loss of $67 million in the six months that ended July 29, 2023, but during the same period this year, it posted a profit of $83 million. Nordstrom has said it is working to improve its supply chain. Last quarter, it said the time it takes for online orders to arrive was more than 5% faster. It has also improved the way merchandise is making its way to customers and stores, which it said has helped drive higher conversion and lower return rates. Another key focus area for the company has been growing its off-price banner, Nordstrom Rack. Over the past couple of quarters, momentum has been growing at Nordstrom Rack and has helped prop up the company's overall results. During the quarter, sales at Nordstrom Rack were up 8.8%, while comparable sales increased 4.1% compared to the same period a year ago.That compares to Nordstrom's mainline banner, which saw net sales and comparable sales each increase just 0.9%. Nordstrom has been working to build more Rack locations and has opened 11 new locations so far this fiscal year, with a goal of opening at least 22 by the end of the year. The focus on Rack has been critical for Nordstrom's ability to compete with off-price giant TJX Cos., the owner of TJ Maxx and Marshall's, and capture consumers who are still spending but eager for cheaper options and deals.The off-price sector has seen explosive growth for more than a year, but Rack missed out on the beginning of that trend. To reverse the slump, the company has focused on opening more locations, hiring off-price veterans and sharpening its focus on well-known brands.",CNBC,27/08/2024,"[""In this articleNordstrom on Tuesday posted earnings that blew past Wall Street's expectations, indicating the department store is making strides in its efforts to cut costs and boost efficiencies."", 'Though the Seattle-based retailer posted earnings per share that were 25 cents higher than expected, it issued tepid guidance for the full year.', 'Nordstrom now expects adjusted earnings per share to be between $1.75 and $2.05, compared to a previous range of $1.65 to $2.05.', 'It anticipates sales will be in a range of a 1% decline to 1% growth from the prior year, compared to previous guidance of down 2% to up 1%.In a news release, Nordstrom CEO Erik Nordstrom said the company is optimistic about the second half of the year despite the cautious guidance.', '""Our second quarter results were solid, and we\'re encouraged by the continued topline strength in both banners and the progress we\'re making to expand gross margin and increase profitability,"" said Nordstrom. ""', ""We're confident in our outlook for the remainder of the year and look forward to sustaining the momentum we've built."", '""Shares rose about 5% in extended trading.', ""Here is how the department store did in its second fiscal quarter compared to what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 3 was $122 million, or 72 cents per share, compared to $137 million, or 84 cents per share, a year earlier."", 'Excluding one-time items related to supply chain impairments, the retailer posted adjusted earnings of 96 cents per share.', 'Sales rose to $3.89 billion, up about 3.4% from $3.77 billion a year earlier.', ""Revenue came in just shy of analysts' expectations."", 'Across the company, comparable sales increased 1.9%, while gross merchandise value jumped 3.5%.', 'It is unclear how much of that GMV uptick was related to price increases versus volume.', 'As consumers continue to pull back on discretionary spending in the face of persistent inflation and high interest rates, retailers have been working to improve operations and cut costs to protect profits against softening demand.', ""During the quarter, Nordstrom's profits fell compared to the same period a year ago, but earnings grew over the past six months."", 'Last year, Nordstrom reported a net loss of $67 million in the six months that ended July 29, 2023, but during the same period this year, it posted a profit of $83 million.', 'Nordstrom has said it is working to improve its supply chain.', 'Last quarter, it said the time it takes for online orders to arrive was more than 5% faster.', 'It has also improved the way merchandise is making its way to customers and stores, which it said has helped drive higher conversion and lower return rates.', 'Another key focus area for the company has been growing its off-price banner, Nordstrom Rack.', ""Over the past couple of quarters, momentum has been growing at Nordstrom Rack and has helped prop up the company's overall results."", 'During the quarter, sales at Nordstrom Rack were up 8.8%, while comparable sales increased 4.1% compared to the same period a year ago.', ""That compares to Nordstrom's mainline banner, which saw net sales and comparable sales each increase just 0.9%.Nordstrom has been working to build more Rack locations and has opened 11 new locations so far this fiscal year, with a goal of opening at least 22 by the end of the year."", ""The focus on Rack has been critical for Nordstrom's ability to compete with off-price giant TJX Cos.,"", ""the owner of TJ Maxx and Marshall's, and capture consumers who are still spending but eager for cheaper options and deals."", 'The off-price sector has seen explosive growth for more than a year, but Rack missed out on the beginning of that trend.', 'To reverse the slump, the company has focused on opening more locations, hiring off-price veterans and sharpening its focus on well-known brands.']",0.2901067069296191,"""Our second quarter results were solid, and we're encouraged by the continued topline strength in both banners and the progress we're making to expand gross margin and increase profitability,"" said Nordstrom. """,Revenue came in just shy of analysts' expectations.,0.6823056225593274,"""Shares rose about 5% in extended trading.","It anticipates sales will be in a range of a 1% decline to 1% growth from the prior year, compared to previous guidance of down 2% to up 1%.In a news release, Nordstrom CEO Erik Nordstrom said the company is optimistic about the second half of the year despite the cautious guidance.",2024-08-27
"Barbie can beat smartphone addiction, firm claims",https://www.bbc.co.uk/news/articles/cx2x52y0wv4o,2024-08-27T23:04:25.718Z,"A Barbie-branded phone has been launched in the UK and Europe with the aim – its makers say – of helping young people take a break from their smartphones. It is a very pink and fundamentally very basic device, with no front camera, only one game and very limited access to the internet. Manufacturer HMD, which also makes phones for Nokia, says it's trying to tap into what it calls a ""surge"" of people wanting a smaller ""digital impact"" on their lives. But others say that would be better achieved by teaching people how to use their devices in a healthier and more controlled way. There are growing calls from parents and campaigners to limit the time children spend on smartphones, or even ban the devices completely. Their concerns range from the suspicion children will end up with shorter attention spans, to the fear that they might be exposed to harmful or illegal content. Some schools are taking action, perhaps most eye-catchingly the UK's best known fee-paying school, Eton College. It is providing some of its pupils with ""brick"" phones – also sometimes called feature phones – which can only send and receive texts and calls. It says it wants to ""balance the benefits and challenges that technology brings to schools."" And this week mobile network EE waded into the debate by advising parents not to allow their under-11s smartphones at all. Lars Silberbauer, a senior executive at HMD, says it is these trends his firm is responding to. ""We've seen this surge which started in the US coming to Europe, that more and more people actually want to not be having a digital experience all the time,"" he said. Some may be sceptical about how truly noble Mr Silberbauer's motives are – and he did concede he would “love” to be able to incorporate a messaging platform like WhatsApp into the Barbie phone.  But I spent a day using it and, for now, there is little doubt that as a digital detox it was certainly effective because of its very limited functionality. It is mirror-fronted flip phone and has no app store or touch screen. I had no social media at all, and the phone can not receive anything more advanced than SMS messages. That means no text messages with ""read receipts"" or the function to see when someone is typing. It is the default setting on many smartphones – so I didn’t get many text messages either. Even with predictive text enabled I found the numbers and letters keypad much slower than a touchscreen keyboard and as a result I ended up calling more people than usual, which perhaps was no bad thing.  And I discovered there are only so many times you can play the retro Nokia game Snake, even when it’s called Malibu Snake and it's pink.  But the handset certainly attracted a lot of attention, especially from girls and young women, as I walked around Glasgow city centre with it. There is of course the danger that instead of being pestered for a smartphone, parents will find themselves being pestered for a piece of Barbie merchandise - which may be just as unwelcome. The phone has a launch price of £99 in the UK – twice what you would pay for a non-branded Nokia feature phone. There are plenty of other phones on the market that offer the same limited functionality, but without any kind of big corporate tie in. ""I’d imagine quite a few people will be tempted to buy it as a bit of fun, but in reality, everyone is so dependent on their smartphones that anything more than the odd day of detox will be a stretch,"" says Ben Wood, a phone expert who has his own museum of devices released over the years. Nonetheless, he says, there is a market for what are sometimes called ""dumbphones"". His firm, CCS Insight, estimates that around 400,000 will be sold in the UK this year. ""That's an attractive niche for a company like HMD"", he says. Some experts suggest that withdrawing smartphones is no real solution – they are woven into our lives, after all – and instead children need to be taught how to use them in a healthy and safe way.  ""What we should be doing instead is thinking about, how do we build really good, really long term, sustainable digital literacy skills in that generation,"" says Pete Etchells, professor of psychology and science communication at Bath Spa university, who has written extensively about the issue of screen time. “I think we could all be better at using our phones in a healthier and more resilient way,"" he said. HMD is also working on a separate project, a new device which it is designing in collaboration with parents. It says more than 1,000 people have signed up to work on it so far. And Mr Silberbaum concedes that the resulting handset may well end up being something that sits somewhere between a dumbphone and a smartphone. “Do I want the smartphone with all the bells and whistles, or do I want to have something that can actually help me have a more considered approach to digital? That's the choice we want to deliver,” he said. ",BBC,27/08/2024,"['A Barbie-branded phone has been launched in the UK and Europe with the aim – its makers say – of helping young people take a break from their smartphones.', 'It is a very pink and fundamentally very basic device, with no front camera, only one game and very limited access to the internet.', 'Manufacturer HMD, which also makes phones for Nokia, says it\'s trying to tap into what it calls a ""surge"" of people wanting a smaller ""digital impact"" on their lives.', 'But others say that would be better achieved by teaching people how to use their devices in a healthier and more controlled way.', 'There are growing calls from parents and campaigners to limit the time children spend on smartphones, or even ban the devices completely.', 'Their concerns range from the suspicion children will end up with shorter attention spans, to the fear that they might be exposed to harmful or illegal content.', ""Some schools are taking action, perhaps most eye-catchingly the UK's best known fee-paying school, Eton College."", 'It is providing some of its pupils with ""brick"" phones – also sometimes called feature phones – which can only send and receive texts and calls.', 'It says it wants to ""balance the benefits and challenges that technology brings to schools.""', 'And this week mobile network EE waded into the debate by advising parents not to allow their under-11s smartphones at all.', 'Lars Silberbauer, a senior executive at HMD, says it is these trends his firm is responding to. ""', 'We\'ve seen this surge which started in the US coming to Europe, that more and more people actually want to not be having a digital experience all the time,"" he said.', ""Some may be sceptical about how truly noble Mr Silberbauer's motives are – and he did concede he would “love” to be able to incorporate a messaging platform like WhatsApp into the Barbie phone."", 'But I spent a day using it and, for now, there is little doubt that as a digital detox it was certainly effective because of its very limited functionality.', 'It is mirror-fronted flip phone and has no app store or touch screen.', 'I had no social media at all, and the phone can not receive anything more advanced than SMS messages.', 'That means no text messages with ""read receipts"" or the function to see when someone is typing.', 'It is the default setting on many smartphones – so I didn’t get many text messages either.', 'Even with predictive text enabled I found the numbers and letters keypad much slower than a touchscreen keyboard and as a result I ended up calling more people than usual, which perhaps was no bad thing.', ""And I discovered there are only so many times you can play the retro Nokia game Snake, even when it’s called Malibu Snake and it's pink."", 'But the handset certainly attracted a lot of attention, especially from girls and young women, as I walked around Glasgow city centre with it.', 'There is of course the danger that instead of being pestered for a smartphone, parents will find themselves being pestered for a piece of Barbie merchandise - which may be just as unwelcome.', 'The phone has a launch price of £99 in the UK – twice what you would pay for a non-branded Nokia feature phone.', 'There are plenty of other phones on the market that offer the same limited functionality, but without any kind of big corporate tie in. ""', 'I’d imagine quite a few people will be tempted to buy it as a bit of fun, but in reality, everyone is so dependent on their smartphones that anything more than the odd day of detox will be a stretch,"" says Ben Wood, a phone expert who has his own museum of devices released over the years.', 'Nonetheless, he says, there is a market for what are sometimes called ""dumbphones"".', 'His firm, CCS Insight, estimates that around 400,000 will be sold in the UK this year. ""', 'That\'s an attractive niche for a company like HMD"", he says.', 'Some experts suggest that withdrawing smartphones is no real solution – they are woven into our lives, after all – and instead children need to be taught how to use them in a healthy and safe way. ""', 'What we should be doing instead is thinking about, how do we build really good, really long term, sustainable digital literacy skills in that generation,"" says Pete Etchells, professor of psychology and science communication at Bath Spa university, who has written extensively about the issue of screen time. “', 'I think we could all be better at using our phones in a healthier and more resilient way,"" he said.', 'HMD is also working on a separate project, a new device which it is designing in collaboration with parents.', 'It says more than 1,000 people have signed up to work on it so far.', 'And Mr Silberbaum concedes that the resulting handset may well end up being something that sits somewhere between a dumbphone and a smartphone. “', 'Do I want the smartphone with all the bells and whistles, or do I want to have something that can actually help me have a more considered approach to digital?', ""That's the choice we want to deliver,” he said.""]",0.0762678803734913,Some may be sceptical about how truly noble Mr Silberbauer's motives are – and he did concede he would “love” to be able to incorporate a messaging platform like WhatsApp into the Barbie phone.,"Their concerns range from the suspicion children will end up with shorter attention spans, to the fear that they might be exposed to harmful or illegal content.",0.5433078587055207,"I think we could all be better at using our phones in a healthier and more resilient way,"" he said.","Even with predictive text enabled I found the numbers and letters keypad much slower than a touchscreen keyboard and as a result I ended up calling more people than usual, which perhaps was no bad thing.",2024-08-27
Defence firms 'need reassuring' that big orders will be long-term,https://www.bbc.co.uk/news/articles/c5y832nyl2po,2024-08-26T06:21:36.870Z,"After years of declining defence spending in many Western countries, the war in Ukraine since 2022 has led to a huge increase. While Nato member states are not directly involved in the conflict, support for Kyiv has ramped up production of weapons and other military equipment. And longer-term concerns about Russia has meant that Nato countries are continuing to increase their own armament stockpiles. For defence firms like the UK’s BAE Systems, it has meant a surge in sales over the past three years. This month the company announced that its latest half-year revenues were up to £13.4bn, 13% higher than the same period in 2023. Meanwhile, its order backlog now stands at £74.1bn, its highest ever. “We will keep investing in new technologies, facilities and our people, so that we can deliver on our record order backlog, and help our government customers stay ahead in an uncertain world,” said BAE’s chief executive Charles Woodburn. But how easy or otherwise has it been for Western defence firms to increase production? And how long will the demand boom last? To boost armament production since 2022 it has mainly been a matter of increasing output at existing factories. But this is not quite as easy as it sounds. Many sites had only really been ticking over, if that, for years. This made expanding production not something that could be done quickly or easily. Andrew Kinniburgh, director general of Make UK Defence, one of the industry’s trade bodies gives me an example. “If you look at the Nlaw [a shoulder-fired anti-tank missile system] designed by Saab, and built by Thales in Belfast, they hadn’t had any new orders for many years, and the production line was basically mothballed.” Then in 2022, Thales got a £223m contract from the UK Ministry of Defence (MoD) to make thousands more over in Belfast the next four years. Going from “mothballed” to fulfilling an order of that size is quite the challenge. The facility has more recently won a £176m order from the MoD for a separate weapon, Thales' lightweight multi-role missiles. “I’m incredibly proud of our Belfast workforce, who have massively stepped up to the challenge,"" says Alex Cresswell, chief executive of Thales in the UK. ""This has included new shift patterns, and processes being implemented to maximise working time. “Since just before the invasion of Ukraine up to this year, just a little over two years, factory outputs have doubled. It’s doubled to the most this factory has produced in living memory. And then in the next couple of years it will double again.” Much of the West’s armed forces have not been prepared for the possibility of fighting a major conflict since the end of the Cold War. The only ammunition they really use is during training, and stockpiles of weapons are very low. A sizeable chunk of what they did have in storage has been given to Ukraine, and now needs replacing. And future stockpiles need to be much larger. Mr Kinniburg says that Western governments are going to have to help defence firms significantly invest in both new production facilities and storage space for armaments. Building more weapons and increasing ammunition supplies is very expensive, but Nato nations are finding the money. As the International Institute for Strategic Studies reported recently: “Overall, total Nato spending increased by 11% in 2024, compared to 3% in 2023. Growth was even stronger among Nato’s European members, “who increased their combined military spending by 19% in real terms in 2024”, said the study. In the UK, Kier Starmer, the new Labour Prime Minister, has reaffirmed the government’s commitment to increase defence spending to 2.5% of GDP, up from 2%. It comes as Russia has significantly ramped up its arms production, and increased imports from North Korea and Iran. Meanwhile, although China denies sending Russia weapons, it does supply Moscow with ""dual-use items"" - those with both commercial and military applications. Stuart Dee, research leader in defence and security at the Rand Europe think tank, says that increased military spending across Nato members is unlikely to be a temporary phenomenon. “More than two years in, the conflict in Ukraine is increasingly unlikely to be a short. “Moreover, the security situation that emerges after the Ukraine conflict, whenever that is, is increasingly unclear, with potential security challenges across the globe. We are likely to see a sustainment of the increased defence spending across the board, as states around the globe adjust away from what has been a relatively benign period.” But defence manufacturers do not seem convinced yet, they have spent decades being rather unloved. Mr Dee says that means Western governments are trying to persuade them they are now back in favour and will stay in favour. “Governments are attempting to give surety, that this is a long-term supply deal,” he says. “That this is not just a two-second thing, and then you will be back to another 30 years of decline.” Governments are trying to press home that message. Dr Cynthia Cook is a senior fellow at the International Security programme, and the head of the defence industry initiatives group at the Washington-based Center for Strategic and International Studies. She says one way for governments to do this is by placing long-term orders now. “The challenge for defence firms is not really solely how long the war in Ukraine is going to last, and whether it is worthwhile investing, but who is going to pay? “One of the signals that governments can send is to have long-term, multi-year contracts that tells industry they are going to get the money back from these investments.” But that is not defence firms’ only problem. New investments and capacities push up costs, and the next time the government is tendering for supplies of ammunition, the company that didn’t invest to increase production, might well be able to undercut the company that did. Knowing which way to jump is difficult. Then there is the problem of recruitment, people are wary of joining an industry that was ignored and run down until the war in Ukraine broke out. People are not exactly queuing to join an industry and devote their lives to it, when it has been in the doldrums for so long. Even so, defence manufacturers from Lockheed Martin and General Dynamics in the US, German’s Rheinmetall, Sweden’s Saab, and the UK’s BAE Systems, are continuing to see a boom in orders. This is reflected in their soaring share prices. Meanwhile, the FTSE All-Share Defence and Aerospace index has risen by more than half over the past year.  Then, of course, there are the lessons to be learnt from the war in Ukraine. Experts from the world’s armed forces and their suppliers are poring over the data from the battlefield. Makers of military drones, seem to be the first major gainers from this analysis, it is a new technology which is cheap, easy to use and is having a decisive effect on the future of warfare. It is a sector where small and medium-sized companies are making a name for themselves. That in turns means there will be more spending on anti-drone capability. No country can afford to shoot down £500 drones with missiles that cost hundreds of thousands of pounds and take months to replace for very long. War is good for business, but it has also usually been good too for developing new technologies and weapons, and then developing the response to those new weapons. Ukraine is just accelerating that process, if at a huge cost in human lives and misery. ",BBC,26/08/2024,"['After years of declining defence spending in many Western countries, the war in Ukraine since 2022 has led to a huge increase.', 'While Nato member states are not directly involved in the conflict, support for Kyiv has ramped up production of weapons and other military equipment.', 'And longer-term concerns about Russia has meant that Nato countries are continuing to increase their own armament stockpiles.', 'For defence firms like the UK’s BAE Systems, it has meant a surge in sales over the past three years.', 'This month the company announced that its latest half-year revenues were up to £13.4bn, 13% higher than the same period in 2023.', 'Meanwhile, its order backlog now stands at £74.1bn, its highest ever. “', 'We will keep investing in new technologies, facilities and our people, so that we can deliver on our record order backlog, and help our government customers stay ahead in an uncertain world,” said BAE’s chief executive Charles Woodburn.', 'But how easy or otherwise has it been for Western defence firms to increase production?', 'And how long will the demand boom last?', 'To boost armament production since 2022 it has mainly been a matter of increasing output at existing factories.', 'But this is not quite as easy as it sounds.', 'Many sites had only really been ticking over, if that, for years.', 'This made expanding production not something that could be done quickly or easily.', 'Andrew Kinniburgh, director general of Make UK Defence, one of the industry’s trade bodies gives me an example. “', 'If you look at the Nlaw [a shoulder-fired anti-tank missile system] designed by Saab, and built by Thales in Belfast, they hadn’t had any new orders for many years, and the production line was basically mothballed.”', 'Then in 2022, Thales got a £223m contract from the UK Ministry of Defence (MoD) to make thousands more over in Belfast the next four years.', 'Going from “mothballed” to fulfilling an order of that size is quite the challenge.', ""The facility has more recently won a £176m order from the MoD for a separate weapon, Thales' lightweight multi-role missiles. “"", 'I’m incredibly proud of our Belfast workforce, who have massively stepped up to the challenge,"" says Alex Cresswell, chief executive of Thales in the UK. ""', 'This has included new shift patterns, and processes being implemented to maximise working time. “', 'Since just before the invasion of Ukraine up to this year, just a little over two years, factory outputs have doubled.', 'It’s doubled to the most this factory has produced in living memory.', 'And then in the next couple of years it will double again.”', 'Much of the West’s armed forces have not been prepared for the possibility of fighting a major conflict since the end of the Cold War.', 'The only ammunition they really use is during training, and stockpiles of weapons are very low.', 'A sizeable chunk of what they did have in storage has been given to Ukraine, and now needs replacing.', 'And future stockpiles need to be much larger.', 'Mr Kinniburg says that Western governments are going to have to help defence firms significantly invest in both new production facilities and storage space for armaments.', 'Building more weapons and increasing ammunition supplies is very expensive, but Nato nations are finding the money.', 'As the International Institute for Strategic Studies reported recently: “Overall, total Nato spending increased by 11% in 2024, compared to 3% in 2023.', 'Growth was even stronger among Nato’s European members, “who increased their combined military spending by 19% in real terms in 2024”, said the study.', 'In the UK, Kier Starmer, the new Labour Prime Minister, has reaffirmed the government’s commitment to increase defence spending to 2.5% of GDP, up from 2%.', 'It comes as Russia has significantly ramped up its arms production, and increased imports from North Korea and Iran.', 'Meanwhile, although China denies sending Russia weapons, it does supply Moscow with ""dual-use items"" - those with both commercial and military applications.', 'Stuart Dee, research leader in defence and security at the Rand Europe think tank, says that increased military spending across Nato members is unlikely to be a temporary phenomenon. “', 'More than two years in, the conflict in Ukraine is increasingly unlikely to be a short. “', 'Moreover, the security situation that emerges after the Ukraine conflict, whenever that is, is increasingly unclear, with potential security challenges across the globe.', 'We are likely to see a sustainment of the increased defence spending across the board, as states around the globe adjust away from what has been a relatively benign period.”', 'But defence manufacturers do not seem convinced yet, they have spent decades being rather unloved.', 'Mr Dee says that means Western governments are trying to persuade them they are now back in favour and will stay in favour. “', 'Governments are attempting to give surety, that this is a long-term supply deal,” he says. “', 'That this is not just a two-second thing, and then you will be back to another 30 years of decline.”', 'Governments are trying to press home that message.', 'Dr Cynthia Cook is a senior fellow at the International Security programme, and the head of the defence industry initiatives group at the Washington-based Center for Strategic and International Studies.', 'She says one way for governments to do this is by placing long-term orders now. “', 'The challenge for defence firms is not really solely how long the war in Ukraine is going to last, and whether it is worthwhile investing, but who is going to pay? “', 'One of the signals that governments can send is to have long-term, multi-year contracts that tells industry they are going to get the money back from these investments.”', 'But that is not defence firms’ only problem.', 'New investments and capacities push up costs, and the next time the government is tendering for supplies of ammunition, the company that didn’t invest to increase production, might well be able to undercut the company that did.', 'Knowing which way to jump is difficult.', 'Then there is the problem of recruitment, people are wary of joining an industry that was ignored and run down until the war in Ukraine broke out.', 'People are not exactly queuing to join an industry and devote their lives to it, when it has been in the doldrums for so long.', 'Even so, defence manufacturers from Lockheed Martin and General Dynamics in the US, German’s Rheinmetall, Sweden’s Saab, and the UK’s BAE Systems, are continuing to see a boom in orders.', 'This is reflected in their soaring share prices.', 'Meanwhile, the FTSE All-Share Defence and Aerospace index has risen by more than half over the past year.', 'Then, of course, there are the lessons to be learnt from the war in Ukraine.', 'Experts from the world’s armed forces and their suppliers are poring over the data from the battlefield.', 'Makers of military drones, seem to be the first major gainers from this analysis, it is a new technology which is cheap, easy to use and is having a decisive effect on the future of warfare.', 'It is a sector where small and medium-sized companies are making a name for themselves.', 'That in turns means there will be more spending on anti-drone capability.', 'No country can afford to shoot down £500 drones with missiles that cost hundreds of thousands of pounds and take months to replace for very long.', 'War is good for business, but it has also usually been good too for developing new technologies and weapons, and then developing the response to those new weapons.', 'Ukraine is just accelerating that process, if at a huge cost in human lives and misery.']",0.0227341918086308,But how easy or otherwise has it been for Western defence firms to increase production?,"Then there is the problem of recruitment, people are wary of joining an industry that was ignored and run down until the war in Ukraine broke out.",0.6214355955252776,"Growth was even stronger among Nato’s European members, “who increased their combined military spending by 19% in real terms in 2024”, said the study.","New investments and capacities push up costs, and the next time the government is tendering for supplies of ammunition, the company that didn’t invest to increase production, might well be able to undercut the company that did.",2024-08-27
"Two Delta workers killed, one injured in accident at Atlanta airport",https://www.bbc.co.uk/news/articles/cpqjyz7jywxo,2024-08-27T17:05:01.815Z,"Two Delta Air Lines workers have been killed and one has been seriously injured after an accident at an airline maintenance facility in Atlanta. The workers were servicing a Delta plane at the airline's wheel and brake shop at Hartsfield-Jackson Atlanta International Airport shortly after 05:00 local time Tuesday. It's not clear how the incident occurred. Local medical authorities identified the dead men as Mirko Marweg, 58, and Luis Aldarondo, 37. The name of the injured person was not released.  In a statement, the airline said: “The Delta family is heartbroken at the loss of two team members and the injury of another following an incident this morning at the Atlanta Technical Operations Maintenance facility. “We are now working with local authorities and conducting a full investigation to determine what happened."" Delta said the injured worker was receiving medical care. The incident involved wheel components that were being disassembled and were not attached to the aircraft, the airline said in a statement. No cause was identified, and Delta said an investigation was ongoing. The Federal Aviation Administration said it was ""aware of the event and is in communication with the airline"". The International Association of Machinists and Aerospace Workers, a union that represents many airline industry workers, called for an investigation into the deaths. Delta's workforce is largely not part of the union, CBS reports. ""We stand in unity with Delta workers during this difficult time and we call on Delta and the relevant authorities to quickly launch a thorough investigation into how this happened,"" the union said in a statement. With few details, local authorities expressed support for the victims and their families.  Airport officials called it a ""tragic incident"". “I offer my deepest condolences to the family and loved ones of the deceased Delta employees,” Atlanta Mayor Andre Dickens said in a statement posted online. “My thoughts are also with those who were injured, and I hope for their swift and full recovery.” The aircraft arrived in Atlanta from Las Vegas on Sunday, according to online flight records. The incident does not appear to have affected air traffic at the airport on Tuesday. Delta is headquartered in Atlanta. Hartsfield-Jackson airport is the world’s busiest in terms of passenger numbers. ",BBC,27/08/2024,"['Two Delta Air Lines workers have been killed and one has been seriously injured after an accident at an airline maintenance facility in Atlanta.', ""The workers were servicing a Delta plane at the airline's wheel and brake shop at Hartsfield-Jackson Atlanta International Airport shortly after 05:00 local time Tuesday."", ""It's not clear how the incident occurred."", 'Local medical authorities identified the dead men as Mirko Marweg, 58, and Luis Aldarondo, 37.', 'The name of the injured person was not released.', 'In a statement, the airline said: “The Delta family is heartbroken at the loss of two team members and the injury of another following an incident this morning at the Atlanta Technical Operations Maintenance facility. “', 'We are now working with local authorities and conducting a full investigation to determine what happened.""', 'Delta said the injured worker was receiving medical care.', 'The incident involved wheel components that were being disassembled and were not attached to the aircraft, the airline said in a statement.', 'No cause was identified, and Delta said an investigation was ongoing.', 'The Federal Aviation Administration said it was ""aware of the event and is in communication with the airline"".', 'The International Association of Machinists and Aerospace Workers, a union that represents many airline industry workers, called for an investigation into the deaths.', 'Delta\'s workforce is largely not part of the union, CBS reports. ""', 'We stand in unity with Delta workers during this difficult time and we call on Delta and the relevant authorities to quickly launch a thorough investigation into how this happened,"" the union said in a statement.', 'With few details, local authorities expressed support for the victims and their families.', 'Airport officials called it a ""tragic incident"". “', 'I offer my deepest condolences to the family and loved ones of the deceased Delta employees,” Atlanta Mayor Andre Dickens said in a statement posted online. “', 'My thoughts are also with those who were injured, and I hope for their swift and full recovery.”', 'The aircraft arrived in Atlanta from Las Vegas on Sunday, according to online flight records.', 'The incident does not appear to have affected air traffic at the airport on Tuesday.', 'Delta is headquartered in Atlanta.', 'Hartsfield-Jackson airport is the world’s busiest in terms of passenger numbers.']",-0.1494245891615367,"I offer my deepest condolences to the family and loved ones of the deceased Delta employees,” Atlanta Mayor Andre Dickens said in a statement posted online. “",Two Delta Air Lines workers have been killed and one has been seriously injured after an accident at an airline maintenance facility in Atlanta.,-0.7065025866031647,,"Airport officials called it a ""tragic incident"". “",2024-08-27
"FDA approves updated Pfizer, Moderna Covid vaccines as virus surges; shots to be available within days",https://www.cnbc.com/2024/08/22/covid-vaccines-fda-approves-pfizer-moderna-updated-kppoint2-shots.html,2024-08-22T20:30:31+0000,"In this articleThe Food and Drug Administration on Thursday approved updated Covid vaccines from Pfizer and Moderna, putting the new shots on track to reach most Americans in the coming days amid a summer surge of the virus. The jabs target a strain called KP.2, a descendant of the highly contagious omicron subvariant JN.1 that began circulating widely in the U.S. earlier this year. KP.2 was the dominant Covid strain in May, but now only accounts for roughly 3% of all U.S. cases as of Saturday, according to the latest Centers for Disease Control and Prevention data.Still, Pfizer and Moderna have said their KP.2 vaccines can produce stronger immune responses against other circulating subvariants of JN.1, such as KP.3 and LB.1, than last year's round of shots targeting the omicron strain XBB.1.5 can.""Given waning immunity of the population from previous exposure to the virus and from prior vaccination, we strongly encourage those who are eligible to consider receiving an updated COVID-19 vaccine to provide better protection against currently circulating variants,"" Dr. Peter Marks, director of the FDA's Center for Biologics Evaluation and Research, said in a statement.In June, the CDC recommended that everyone over 6 months old receive an updated Covid vaccine and flu jab this year. The new shots from Pfizer and Moderna are specifically approved for people ages 12 and older and are authorized under emergency use for children 6 months through 11 years old.  Pfizer will begin shipping its new shot immediately and expects it to be available in pharmacies, hospitals and clinics across the U.S. ""beginning in the coming days,"" the company said in a statement. Moderna also expects its shot to be available in a similar time frame, according to a statement.""Staying up to date with your COVID-19 vaccine remains one of the best ways for people to be protected and prevent severe illness,"" Moderna CEO Stephane Bancel said in a statement. ""We appreciate the U.S. FDA's timely review and encourage individuals to speak to their healthcare providers about receiving their updated COVID-19 vaccine alongside their flu shot this fall.""The FDA's approval comes a few weeks ahead of last year's round of shots, which the agency cleared on Sept. 11.The earlier arrival of updated vaccines could offer some reassurance to Americans as the nation sees a relatively large spike in the virus this summer. A ""high"" or ""very high"" level of Covid is being detected in wastewater in almost every state, according to CDC data. Wastewater monitoring provides a glimpse of how widespread the virus is in the U.S. as other forms of testing have fallen off.Other measures of the virus are rising but remain far below where they were at the peak of the pandemic. Covid test positivity rates rose to 18.3% for the week ended Aug. 10, from 17.9% the week before, according to the CDC.Meanwhile, the CDC said about four people are being hospitalized for Covid for every 100,000 people in a given area. That's up from about one Covid hospitalization for every 100,000 people in May, which was the lowest level since the pandemic began. The summer Covid wave may decline by the time the shots reach patients' arms and kick in an immune response against the virus, which typically takes two weeks after vaccination. Still, federal health officials have long told Americans to expect annual updates to Covid shots as the virus churns out new strains that can dodge the immunity people have from previous vaccinations or infections — protection that wanes over time. It's similar to how the U.S. rolls out new flu vaccines every year. It's unclear how many Americans will actually roll up their sleeves to get another shot in the coming months.Only around 22.5% of U.S. adults received the latest round of shots that came out last fall, according to CDC data through early May. Many Americans who got previous rounds of Covid shots cited a lack of worry about the virus as a reason they didn't get the latest booster, according to a November survey from health policy research organization KFF. Others said they had been too busy to get their shot, the survey said.In June, the FDA asked vaccine makers to manufacture shots against JN.1 before telling them to target KP.2 instead ""if feasible.""That shift appeared to put Novavax, which filed for authorization of a new JN.1 shot that same month, at a disadvantage. The FDA has not cleared the biotech company's jab. In a statement, Novavax said it is working ""productively"" with the FDA as the agency completes its review. Novavax expects its shot to receive authorization in time for peak vaccination season in the U.S.The company noted that its shot provides protection against descendants of JN.1, including KP.2.3, KP.3, KP.3.1.1 and LB.1.Novavax manufactures protein-based vaccines, which cannot be quickly updated to target another strain of the virus. Protein-based technology is a decades-old method used in routine vaccinations against hepatitis B and shingles. Meanwhile, Pfizer's and Moderna's shots use messenger RNA technology, which teaches cells how to make proteins that trigger an immune response against Covid. The mRNA vaccines are much easier to develop and update than protein shots.",CNBC,22/08/2024,"['In this articleThe Food and Drug Administration on Thursday approved updated Covid vaccines from Pfizer and Moderna, putting the new shots on track to reach most Americans in the coming days amid a summer surge of the virus.', 'The jabs target a strain called KP.2, a descendant of the highly contagious omicron subvariant JN.1 that began circulating widely in the U.S. earlier this year.', 'KP.2 was the dominant Covid strain in May, but now only accounts for roughly 3% of all U.S. cases as of Saturday, according to the latest Centers for Disease Control and Prevention data.', ""Still, Pfizer and Moderna have said their KP.2 vaccines can produce stronger immune responses against other circulating subvariants of JN.1, such as KP.3 and LB.1, than last year's round of shots targeting the omicron strain XBB.1.5 can."", '""Given waning immunity of the population from previous exposure to the virus and from prior vaccination, we strongly encourage those who are eligible to consider receiving an updated COVID-19 vaccine to provide better protection against currently circulating variants,"" Dr. Peter Marks, director of the FDA\'s Center for Biologics Evaluation and Research, said in a statement.', 'In June, the CDC recommended that everyone over 6 months old receive an updated Covid vaccine and flu jab this year.', 'The new shots from Pfizer and Moderna are specifically approved for people ages 12 and older and are authorized under emergency use for children 6 months through 11 years old.', 'Pfizer will begin shipping its new shot immediately and expects it to be available in pharmacies, hospitals and clinics across the U.S. ""beginning in the coming days,"" the company said in a statement.', 'Moderna also expectsitsshotto be available in a similar time frame, according to a statement.', '""Staying up to date with your COVID-19 vaccine remains one of the best ways for people to be protected and prevent severe illness,"" Moderna CEO Stephane Bancel said in a statement. ""', ""We appreciate the U.S. FDA's timely review and encourage individuals to speak to their healthcare providers about receiving their updated COVID-19 vaccine alongside their flu shot this fall."", '""The FDA\'s approval comes a few weeks ahead of last year\'s round of shots, which the agency cleared on Sept. 11.The earlier arrival of updated vaccines could offer some reassurance to Americans as the nation sees a relatively large spike in the virus this summer.', 'A ""high"" or ""very high"" level of Covid is being detected in wastewater in almost every state, according to CDC data.', 'Wastewater monitoring provides a glimpse of how widespread the virus is in the U.S. as other forms of testing have fallen off.', 'Other measures of the virus are rising but remain far below where they were at the peak of the pandemic.', 'Covid test positivity rates rose to 18.3% for the week ended Aug. 10, from 17.9% the week before, according to the CDC.Meanwhile, the CDC said about four people are being hospitalized for Covid for every 100,000 people in a given area.', ""That's up from about one Covid hospitalization for every 100,000 people in May, which was the lowest level since the pandemic began."", ""The summer Covid wave may decline by the time the shots reach patients' arms and kick in an immune response against the virus, which typically takes two weeks after vaccination."", 'Still, federal health officials have long told Americans to expect annual updates to Covid shots as the virus churns out new strains that can dodge the immunity people have from previous vaccinations or infections — protection that wanes over time.', ""It's similar to how the U.S. rolls out new flu vaccines every year."", ""It's unclear how many Americans will actually roll up their sleeves to get another shot in the coming months."", 'Only around 22.5% of U.S. adults received the latest round of shots that came out last fall, according to CDC data through early May.', ""Many Americans who got previous rounds of Covid shots cited a lack of worry about the virus as a reason they didn't get the latest booster, according to a November survey from health policy research organization KFF."", 'Others said they had been too busy to get their shot, the survey said.', 'In June, the FDA asked vaccine makers to manufacture shots against JN.1 before telling them to target KP.2 instead ""if feasible.', '""That shift appeared to put Novavax, which filed for authorization of a new JN.1 shot that same month, at a disadvantage.', ""The FDA has not cleared the biotech company's jab."", 'In a statement, Novavax said it is working ""productively"" with the FDA as the agency completes its review.', 'Novavax expects its shot to receive authorization in time for peak vaccination season in the U.S.The company noted that its shot provides protection against descendants of JN.1, including KP.2.3, KP.3, KP.3.1.1 and LB.1.Novavax manufactures protein-based vaccines, which cannot be quickly updated to target another strain of the virus.', 'Protein-based technology is a decades-old method used in routine vaccinations against hepatitis B and shingles.', ""Meanwhile, Pfizer's and Moderna's shots use messenger RNA technology, which teaches cells how to make proteins that trigger an immune response against Covid."", 'The mRNA vaccines are much easier to develop and update than protein shots.']",0.0488887973547498,"""Given waning immunity of the population from previous exposure to the virus and from prior vaccination, we strongly encourage those who are eligible to consider receiving an updated COVID-19 vaccine to provide better protection against currently circulating variants,"" Dr. Peter Marks, director of the FDA's Center for Biologics Evaluation and Research, said in a statement.","Many Americans who got previous rounds of Covid shots cited a lack of worry about the virus as a reason they didn't get the latest booster, according to a November survey from health policy research organization KFF.",0.0050598631302515,"Covid test positivity rates rose to 18.3% for the week ended Aug. 10, from 17.9% the week before, according to the CDC.Meanwhile, the CDC said about four people are being hospitalized for Covid for every 100,000 people in a given area.","""That shift appeared to put Novavax, which filed for authorization of a new JN.1 shot that same month, at a disadvantage.",2024-08-27
Qantas accidentally offers cheap first-class fares,https://www.bbc.co.uk/news/articles/c5y8dgezz04o,2024-08-26T10:24:06.921Z,"Qantas will refund or downgrade hundreds of passengers who were sold first-class flights at a huge discount last week because of a coding error. ""Unfortunately, this is a case where the fare was actually too good to be true,"" a spokesperson for the Australian airline said. On Thursday, when the erroneous offer was put up on its site, around 300 people quickly booked return flights between Australia and the US, paying 85% less than the usual first class fare. Qantas said it will switch passengers who bought the bargain tickets into business class - one step down from first class - ""at no additional cost"". Customers paid a fraction of the usual price, with the discounted fares available on the site for about eight hours. That meant they would have paid a few thousand Australian dollars for tickets that are meant to cost more than AUD20,000 (£10,000), entitling them to whiskey and champagne, an à la carte food menu, plus a memory foam mattress and a ""pillow menu"" when they want to sleep. However, the airline's terms and conditions state when customers book that if there is an error or mistake that is reasonably obvious in the fare price, the airline is entitled to cancel the booking and offer a full refund. ""As a gesture of goodwill, we’re rebooking customers in business class at no additional cost. Customers also have the option of a full refund,"" Qantas said in a statement. A passenger travelling business class would still be paying 65% less than usual for their ticket, the airline said. It's not the first time an airline has mistakenly offered discount prices - in 2019, Cathay Pacific accidentally sold $16,000 business-class seats for $675. In the end, it did honour the tickets for those lucky passengers. But airlines don't always honour tickets sold mistakenly for cheap: in 2018, British Airways cancelled tickets to Dubai and Tel Aviv which were sold for £1 instead of £200. ",BBC,26/08/2024,"['Qantas will refund or downgrade hundreds of passengers who were sold first-class flights at a huge discount last week because of a coding error. ""', 'Unfortunately, this is a case where the fare was actually too good to be true,"" a spokesperson for the Australian airline said.', 'On Thursday, when the erroneous offer was put up on its site, around 300 people quickly booked return flights between Australia and the US, paying 85% less than the usual first class fare.', 'Qantas said it will switch passengers who bought the bargain tickets into business class - one step down from first class - ""at no additional cost"".', 'Customers paid a fraction of the usual price, with the discounted fares available on the site for about eight hours.', 'That meant they would have paid a few thousand Australian dollars for tickets that are meant to cost more than AUD20,000 (£10,000), entitling them to whiskey and champagne, an à la carte food menu, plus a memory foam mattress and a ""pillow menu"" when they want to sleep.', 'However, the airline\'s terms and conditions state when customers book that if there is an error or mistake that is reasonably obvious in the fare price, the airline is entitled to cancel the booking and offer a full refund. ""', 'As a gesture of goodwill, we’re rebooking customers in business class at no additional cost.', 'Customers also have the option of a full refund,"" Qantas said in a statement.', 'A passenger travelling business class would still be paying 65% less than usual for their ticket, the airline said.', ""It's not the first time an airline has mistakenly offered discount prices - in 2019, Cathay Pacific accidentally sold $16,000 business-class seats for $675."", 'In the end, it did honour the tickets for those lucky passengers.', ""But airlines don't always honour tickets sold mistakenly for cheap: in 2018, British Airways cancelled tickets to Dubai and Tel Aviv which were sold for £1 instead of £200.""]",-0.0170185494823205,"In the end, it did honour the tickets for those lucky passengers.","However, the airline's terms and conditions state when customers book that if there is an error or mistake that is reasonably obvious in the fare price, the airline is entitled to cancel the booking and offer a full refund. """,-0.9275813102722168,,"Qantas will refund or downgrade hundreds of passengers who were sold first-class flights at a huge discount last week because of a coding error. """,2024-08-27
"Peloton shares soar 35% as turnaround plan takes hold, losses shrink",https://www.cnbc.com/2024/08/22/peloton-pton-earnings-q4-2024.html,2024-08-22T20:07:22+0000,"In this articlePeloton said Thursday it is digging itself out of the red and eked out a slight sales increase for the first time in nine quarters as it slashed its overall losses. The company's shares spiked 35% on Thursday.The beleaguered connected fitness company, which two board members have run since former CEO Barry McCarthy resigned earlier this year, saw sales grow by 0.2% during its fiscal fourth quarter. While only a modest uptick, it's the first time Peloton posted year-over-year revenue growth since its 2021 holiday quarter. The company also indicated it's ready to focus on profitability over growth with significant cuts to its marketing and sales spending and meaningful increases to free cash flow and adjusted EBITDA. Those cuts helped Peloton narrow its quarterly losses to $30.5 million from $241.1 million in the year-ago period.Here's how the Bike and Tread maker performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:For the three-month period that ended June 30, Peloton significantly narrowed its losses. The company posted a loss of $30.5 million, or 8 cents per share, compared with a loss of $241.8 million, or 68 cents per share, a year earlier. Sales rose to $643.6 million, up about 0.2% from $642.1 million a year earlier. That's only a $1.5 million increase, but Peloton did it at a time when sales are typically a bit slower for the company, because the quarter bleeds into the summer when people are more focused on going out and traveling than working out. The last time Peloton delivered year-over-year sales growth was during its holiday season in 2021, which is typically the company's strongest quarter.During the quarter, sales for Peloton's pricy connected fitness hardware fell about 4%, continuing a trend for the company. But subscription revenue rose by 2.3%, and the segment's gross margin increased by 1 percentage point.Though hardware sales were down, Peloton is growing its subscription revenue through the secondary market where people can buy used stationary bikes for a fraction of the cost of a new one. During the quarter, subscription revenue from hardware purchased on the secondary market grew 16% year over year.""We believe a meaningful share of these subscribers are incremental, and they exhibit lower net churn rates than rental subscribers,"" the company said in a letter to shareholders.While hardware sales have hurt Peloton's overall performance, sales for its Tread are growing after it overcame a costly recall. During the quarter, sales from Peloton's treadmill portfolio grew 42% year over year.The company is also seeing some positive signs in its Bike rental program, which allowed it to clear through a glut of inventory. During the quarter, average net monthly paid subscription churn for rentals was down 1.1 percentage points. Demand has been so steady, it no longer has the refurbished inventory levels necessary to supply that side of the program. The company ceased offering its original Bike rental program on Aug. 1 and since then, has seen demand grow for its Bike+ rental, refurbished original Bike sales and financed new Bike sales.""These alternative programs have stronger unit economics than original Bike rental, with more cash paid upfront and a stronger retention profile,"" the company said in its shareholder letter.Ever since Peloton's pandemic heyday came to an end, the company has struggled to generate free cash flow and ensure it has enough assets on its balance sheet to cover its many liabilities. Earlier this year, it announced a sprawling restructuring plan that included cutting 15% of the company's global workforce to achieve $200 million in annualized cost savings by the end of fiscal 2025.Those efforts are starting to bear fruit.During the quarter, Peloton delivered adjusted EBITDA and free cash flow for the second consecutive quarter – a feat it had not pulled off since the height of the Covid-19 pandemic. It posted $70 million of adjusted EBITDA, far more than the $53 million that analysts had expected, according to StreetAccount. That metric was up $105 million compared with the year-ago period and $64 million quarter over quarter.Peloton also generated $26 million in free cash flow, compared with negative $74 million in the year-ago period and $8 million in the prior quarter.Improvements to Peloton's balance sheet come after the company completed massive refinancing of its debt that staved off a looming liquidity crunch and pushed out its debt maturities by several years.As far as who will be Peloton's next leader, interim co-CEO Karen Boone said the search is ""well underway"" and they've seen ""no shortage of interest.""""We are far along in the process. We've done a lot of vetting, a lot of conversations, and we've narrowed it down to some very highly qualified candidates,"" Boone said. ""We have some very specific folks in mind at this point.""In her opening remarks, Boone said the company can't speculate on when its next CEO will start. But just before ending the call, she said the new hire will be in place by the time the company next reports earnings, which is expected to be sometime in the fall.""I should probably under-promise here, but I am excited to say that I do believe you will be speaking to and hearing from the new CEO of Peloton on this call next quarter,"" said Boone.For the year ahead, Peloton is planning to invest in its hardware and software to deliver a better user experience, among other initiatives. However, its guidance assumes that investments in these new initiatives ""will not deliver subscriber growth within the fiscal year,"" indicating Peloton may finally be shifting its focus away from growth in favor of profitability and free cash flow generation.""Chris, and I, in partnership with Peloton's strong leadership team, are continuing to make progress on several key strategic priorities, which include aligning our cost structure to the current size of our business to improve profitability, and deliver meaningful free cash flow without requiring growth to get there,"" Boone said on a call with analysts.""We're enthusiastic about our innovative roadmap, but we'll be judicious about deploying marketing dollars until we demonstrate product market fit, and continue to be cautious about marketing spend given the uncertain consumer backdrop, and ongoing macro environment,"" she said.That shift shows in its reductions to sales and marketing spending — an expense that has long dragged down Peloton's balance sheet and has been criticized as being too high for the company's size.During the quarter, Peloton cut sales and marketing spending by $25.5 million, or 19% year over year. It said it expects to continue to make reductions to its marketing budget throughout fiscal 2025.For the current quarter, Peloton is projecting sales to be worse than Wall Street expected but is guiding to higher-than-forecast adjusted EBITDA. The company said it anticipates sales to be between $560 million and $580 million, compared with estimates of $609 million, according to LSEG. It's expecting to post adjusted EBITDA of $50 million to $60 million, compared with estimates of $45 million, according to StreetAccount.StreetAccount analysts had expected the number of connected fitness subscribers to be 2.96 million during the current quarter, but Peloton projects a range of 2.88 million to 2.89 million instead.For the full year, Peloton expects sales to be between $2.4 billion and $2.5 billion, compared with estimates of $2.7 billion, according to LSEG.",CNBC,22/08/2024,"['In this articlePeloton said Thursday it is digging itself out of the red and eked out a slight sales increase for the first time in nine quarters as it slashed its overall losses.', ""The company's shares spiked 35% on Thursday."", 'The beleaguered connected fitness company, which two board members have run since former CEO Barry McCarthy resigned earlier this year, saw sales grow by 0.2% during its fiscal fourth quarter.', ""While only a modest uptick, it's the first time Peloton posted year-over-year revenue growth since its 2021 holiday quarter."", ""The company also indicated it's ready to focus on profitability over growth with significant cuts to its marketing and sales spending and meaningful increases to free cash flow and adjusted EBITDA."", 'Those cuts helped Peloton narrow its quarterly losses to $30.5 million from $241.1 million in the year-ago period.', ""Here's how the Bike and Tread maker performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:For the three-month period that ended June 30, Peloton significantly narrowed its losses."", 'The company posted a loss of $30.5 million, or 8 cents per share, compared with a loss of $241.8 million, or 68 cents per share, a year earlier.', 'Sales rose to $643.6 million, up about 0.2% from $642.1 million a year earlier.', ""That's only a $1.5 million increase, but Peloton did it at a time when sales are typically a bit slower for the company, because the quarter bleeds into the summer when people are more focused on going out and traveling than working out."", ""The last time Peloton delivered year-over-year sales growth was during its holiday season in 2021, which is typically the company's strongest quarter."", ""During the quarter, sales for Peloton's pricy connected fitness hardware fell about 4%, continuing a trend for the company."", ""But subscription revenue rose by 2.3%, and the segment's gross margin increased by 1 percentage point."", 'Though hardware sales were down, Peloton is growing its subscription revenue through the secondary market where people can buy used stationary bikes for a fraction of the cost of a new one.', 'During the quarter, subscription revenue from hardware purchased on the secondary market grew 16% year over year.', '""We believe a meaningful share of these subscribers are incremental, and they exhibit lower net churn rates than rental subscribers,"" the company said in a letter to shareholders.', ""While hardware sales have hurt Peloton's overall performance, sales for its Tread are growing after it overcame a costly recall."", ""During the quarter, sales from Peloton's treadmill portfolio grew 42% year over year."", 'The company is also seeing some positive signs in its Bike rental program, which allowed it to clear through a glut of inventory.', 'During the quarter, average net monthly paid subscription churn for rentals was down 1.1 percentage points.', 'Demand has been so steady, it no longer has the refurbished inventory levels necessary to supply that side of the program.', 'The company ceased offering its original Bike rental program on Aug. 1 and since then, has seen demand grow for its Bike+ rental, refurbished original Bike sales and financed new Bike sales.', '""These alternative programs have stronger unit economics than original Bike rental, with more cash paid upfront and a stronger retention profile,"" the company said in its shareholder letter.', ""Ever since Peloton's pandemic heyday came to an end, the company has struggled to generate free cash flow and ensure it has enough assets on its balance sheet to cover its many liabilities."", ""Earlier this year, it announced a sprawling restructuring plan that included cutting 15% of the company's global workforce to achieve $200 million in annualized cost savings by the end of fiscal 2025.Those efforts are starting to bear fruit."", 'During the quarter, Peloton delivered adjusted EBITDA and free cash flow for the second consecutive quarter – a feat it had not pulled off since the height of the Covid-19 pandemic.', 'It posted $70 million of adjusted EBITDA, far more than the $53 million that analysts had expected, according to StreetAccount.', 'That metric was up $105 million compared with the year-ago period and $64 million quarter over quarter.', 'Peloton also generated $26 million in free cash flow, compared with negative $74 million in the year-ago period and $8 million in the prior quarter.', ""Improvements to Peloton's balance sheet come after the company completed massive refinancing of its debt that staved off a looming liquidity crunch and pushed out its debt maturities by several years."", 'As far as who will be Peloton\'s next leader, interim co-CEO Karen Boone said the search is ""well underway"" and they\'ve seen ""no shortage of interest.', '""""We are far along in the process.', 'We\'ve done a lot of vetting, a lot of conversations, and we\'ve narrowed it down to some very highly qualified candidates,"" Boone said. ""', 'We have some very specific folks in mind at this point.', '""In her opening remarks, Boone said the company can\'t speculate on when its next CEO will start.', 'But just before ending the call, she said the new hire will be in place by the time the company next reports earnings, which is expected to be sometime in the fall.', '""I should probably under-promise here, but I am excited to say that I do believe you will be speaking to and hearing from the new CEO of Peloton on this call next quarter,"" said Boone.', 'For the year ahead, Peloton is planning to invest in its hardware and software to deliver a better user experience, among other initiatives.', 'However, its guidance assumes that investments in these new initiatives ""will not deliver subscriber growth within the fiscal year,"" indicating Peloton may finally be shifting its focus away from growth in favor of profitability and free cash flow generation.', '""Chris, and I, in partnership with Peloton\'s strong leadership team, are continuing to make progress on several key strategic priorities, which include aligning our cost structure to the current size of our business to improve profitability, and deliver meaningful free cash flow without requiring growth to get there,"" Boone said on a call with analysts.', '""We\'re enthusiastic about our innovative roadmap, but we\'ll be judicious about deploying marketing dollars until we demonstrate product market fit, and continue to be cautious about marketing spend given the uncertain consumer backdrop, and ongoing macro environment,"" she said.', ""That shift shows in its reductions to sales and marketing spending — an expense that has long dragged down Peloton's balance sheet and has been criticized as being too high for the company's size."", 'During the quarter, Peloton cut sales and marketing spending by $25.5 million, or 19% year over year.', 'It said it expects to continue to make reductions to its marketing budget throughout fiscal 2025.For the current quarter, Peloton is projecting sales to be worse than Wall Street expected but is guiding to higher-than-forecast adjusted EBITDA.', 'The company said it anticipates sales to be between $560 million and $580 million, compared with estimates of $609 million, according to LSEG.', ""It's expecting to post adjusted EBITDA of $50 million to $60 million, compared with estimates of $45 million, according to StreetAccount."", 'StreetAccount analysts had expected the number of connected fitness subscribers to be 2.96 million during the current quarter, but Peloton projects a range of 2.88 million to 2.89 million instead.', 'For the full year, Peloton expects sales to be between $2.4 billion and $2.5 billion, compared with estimates of $2.7 billion, according to LSEG.']",0.1329421236166253,"""Chris, and I, in partnership with Peloton's strong leadership team, are continuing to make progress on several key strategic priorities, which include aligning our cost structure to the current size of our business to improve profitability, and deliver meaningful free cash flow without requiring growth to get there,"" Boone said on a call with analysts.",Those cuts helped Peloton narrow its quarterly losses to $30.5 million from $241.1 million in the year-ago period.,0.5970576956868172,"During the quarter, sales from Peloton's treadmill portfolio grew 42% year over year.","It said it expects to continue to make reductions to its marketing budget throughout fiscal 2025.For the current quarter, Peloton is projecting sales to be worse than Wall Street expected but is guiding to higher-than-forecast adjusted EBITDA.",2024-08-27
"Water bill rises not enough to stop sewage spills, say firms",https://www.bbc.co.uk/news/articles/cx2lgl9kypno,2024-08-28T01:49:33.135Z,"The proposed cap on increases to water bills would create a ""risk"" that companies would not be able to raise enough cash to stop sewage spills, firms will say later. In July, regulator Ofwat proposed an average £19 a year ceiling on water bill rises, with a final decision due in December. However, industry lobby group Water UK will say on Wednesday the cap would ""hamper"" companies' ability to improve services. Water firms have faced criticism from campaigners for making payouts to investors and handing bonuses to bosses while not investing enough in their businesses. When Ofwat first proposed the limit as part of its draft decision on the water companies' 2025 to 2030 business plans, Water UK said the regulator had ""got this wrong"". The proposed increase is a third less than the amount requested by water firms, which have argued companies must be able to charge more in order to spend money on fixing leaks. It argued water companies had to be profitable to attract the investment needed to improve a system overwhelmed by the increased rainfall caused by climate change. The UK's largest water company, Thames, has already seen its shareholders abandon plans to invest more money, plunging it into a financial crisis. A report to be published by consultancy Oxera on behalf of Water UK on Wednesday in response to Ofwat's draft decision said it ""would likely result in significant investability issues for the sector as a whole"".  ""In particular, there is a material risk that the sector is unable to raise the new equity investment required to finance the proposed investment programme,"" it will add. An Ofwat spokesperson told the BBC it would carefully consider all responses to its proposals. ""We expect to receive responses from many organisations, including water companies, customers, environmental and consumer organisations and investors.  ""These are likely to reflect a diverse range of views on the proposals we have made."" Critics have said water companies have historically neglected investment in favour of executive salaries and shareholder dividends. They have suggested a ban on director bonuses until leaks and sewage spills are dealt with. Water UK's comments will come as Thames, Yorkshire Water and Northumbrian Water face a £168m fine from Ofwat for a ""catalogue of failure"" over years of leaks. Raw sewage spills into England's rivers and the sea by water companies more than doubled last year. Meanwhile, a BBC investigation earlier this year revealed sewage had potentially been released illegally 6,000 times in 2022 by England's water companies in breach of their permits. ",BBC,28/08/2024,"['The proposed cap on increases to water bills would create a ""risk"" that companies would not be able to raise enough cash to stop sewage spills, firms will say later.', 'In July, regulator Ofwat proposed an average £19 a year ceiling on water bill rises, with a final decision due in December.', 'However, industry lobby group Water UK will say on Wednesday the cap would ""hamper"" companies\' ability to improve services.', 'Water firms have faced criticism from campaigners for making payouts to investors and handing bonuses to bosses while not investing enough in their businesses.', 'When Ofwat first proposed the limit as part of its draft decision on the water companies\' 2025 to 2030 business plans, Water UK said the regulator had ""got this wrong"".', 'The proposed increase is a third less than the amount requested by water firms, which have argued companies must be able to charge more in order to spend money on fixing leaks.', 'It argued water companies had to be profitable to attract the investment needed to improve a system overwhelmed by the increased rainfall caused by climate change.', ""The UK's largest water company, Thames, has already seen its shareholders abandon plans to invest more money, plunging it into a financial crisis."", 'A report to be published by consultancy Oxera on behalf of Water UK on Wednesday in response to Ofwat\'s draft decision said it ""would likely result in significant investability issues for the sector as a whole"". ""', 'In particular, there is a material risk that the sector is unable to raise the new equity investment required to finance the proposed investment programme,"" it will add.', 'An Ofwat spokesperson told the BBC it would carefully consider all responses to its proposals. ""', 'We expect to receive responses from many organisations, including water companies, customers, environmental and consumer organisations and investors. ""', 'These are likely to reflect a diverse range of views on the proposals we have made.""', 'Critics have said water companies have historically neglected investment in favour of executive salaries and shareholder dividends.', 'They have suggested a ban on director bonuses until leaks and sewage spills are dealt with.', 'Water UK\'s comments will come as Thames, Yorkshire Water and Northumbrian Water face a £168m fine from Ofwat for a ""catalogue of failure"" over years of leaks.', ""Raw sewage spills into England's rivers and the sea by water companies more than doubled last year."", ""Meanwhile, a BBC investigation earlier this year revealed sewage had potentially been released illegally 6,000 times in 2022 by England's water companies in breach of their permits.""]",-0.0387734263203161,It argued water companies had to be profitable to attract the investment needed to improve a system overwhelmed by the increased rainfall caused by climate change.,"The UK's largest water company, Thames, has already seen its shareholders abandon plans to invest more money, plunging it into a financial crisis.",-0.3792689016887119,It argued water companies had to be profitable to attract the investment needed to improve a system overwhelmed by the increased rainfall caused by climate change.,"The UK's largest water company, Thames, has already seen its shareholders abandon plans to invest more money, plunging it into a financial crisis.",2024-08-27
MV Sounion: US says tanker attacked by Houthis could be leaking oil,https://www.bbc.co.uk/news/articles/c9wjx5ndnvdo,2024-08-27T23:01:47.904Z,"An oil tanker which was attacked by Yemen's Houthi rebels in the Red Sea last week is still on fire and may be leaking oil, the US Pentagon says. Attempts to salvage the Greek-owned and flagged MV Sounion have been thwarted by the Houthis, who have threatened more attacks, the Pentagon adds. The ship is carrying more than 150,000 tonnes - or one million barrels - of crude oil, and a major spill has the potential to be among the largest from a ship in recorded history. The Iran-backed Houthis, who control much of Yemen, say they have been attacking ships in the Red Sea for 10 months in support of the Palestinians in the war between Israel and Hamas in the Gaza Strip.  They have reportedly sunk two ships and killed at least two crew members in that time. They have claimed - often falsely - that they are targeting ships only linked to Israel, the US or the UK. The Sounion was first hit by gunfire from two small boats last Wednesday, then struck by three unidentified projectiles, which sparked a fire and left it without engine power, the UK Maritime Trade Operations (UKMTO) office said. Its 25 crew members were rescued by a European warship a day later and transported to Djibouti. The oil tanker was later attacked again - the Houthis posted a video purportedly showing them setting it on fire. A US State Department statement on Saturday expressed concern about the attacks on the Sounion. It warned of a possible spill of oil four times the size of the 1989 Exxon Valdez disaster, which released 257,000 barrels off the coast of Alaska. On Tuesday Pentagon spokesman Maj-Gen Patrick Ryder said two tugs had been sent to salvage the stricken vessel but the Houthis had threatened to attack them as well. He said the US was working with partners in the region to try to mitigate any potential environmental impact. ",BBC,27/08/2024,"[""An oil tanker which was attacked by Yemen's Houthi rebels in the Red Sea last week is still on fire and may be leaking oil, the US Pentagon says."", 'Attempts to salvage the Greek-owned and flagged MV Sounion have been thwarted by the Houthis, who have threatened more attacks, the Pentagon adds.', 'The ship is carrying more than 150,000 tonnes - or one million barrels - of crude oil, and a major spill has the potential to be among the largest from a ship in recorded history.', 'The Iran-backed Houthis, who control much of Yemen, say they have been attacking ships in the Red Sea for 10 months in support of the Palestinians in the war between Israel and Hamas in the Gaza Strip.', 'They have reportedly sunk two ships and killed at least two crew members in that time.', 'They have claimed - often falsely - that they are targeting ships only linked to Israel, the US or the UK.', 'The Sounion was first hit by gunfire from two small boats last Wednesday, then struck by three unidentified projectiles, which sparked a fire and left it without engine power, the UK Maritime Trade Operations (UKMTO) office said.', 'Its 25 crew members were rescued by a European warship a day later and transported to Djibouti.', 'The oil tanker was later attacked again - the Houthis posted a video purportedly showing them setting it on fire.', 'A US State Department statement on Saturday expressed concern about the attacks on the Sounion.', 'It warned of a possible spill of oil four times the size of the 1989 Exxon Valdez disaster, which released 257,000 barrels off the coast of Alaska.', 'On Tuesday Pentagon spokesman Maj-Gen Patrick Ryder said two tugs had been sent to salvage the stricken vessel but the Houthis had threatened to attack them as well.', 'He said the US was working with partners in the region to try to mitigate any potential environmental impact.']",-0.4814272144105468,Its 25 crew members were rescued by a European warship a day later and transported to Djibouti.,On Tuesday Pentagon spokesman Maj-Gen Patrick Ryder said two tugs had been sent to salvage the stricken vessel but the Houthis had threatened to attack them as well.,-0.8715637922286987,,"Attempts to salvage the Greek-owned and flagged MV Sounion have been thwarted by the Houthis, who have threatened more attacks, the Pentagon adds.",2024-08-27
Paramount special committee extends Skydance 'go shop' period as it reviews Bronfman offer,https://www.cnbc.com/2024/08/22/paramount-skydance-go-shop-period-extended-to-review-bronfman-offer.html,2024-08-22T00:45:32+0000,"In this articleThe future of Paramount Global is still uncertain.Paramount's special committee on Wednesday said it would extend by 15 days an agreed-upon ""go shop"" period of its merger agreement with Skydance as it reviews a competing offer from Edgar Bronfman Jr.Bronfman initially offered $4.3 billion late Monday for Shari Redstone's National Amusements, the controlling shareholder of Paramount, according to a person familiar with the bid. As part of the bid, Bronfman would acquire a minority stake in Paramount. However, after placing the bid, Bronfman raised more funds to support a higher bid, said the person, who asked to remain anonymous to speak about specifics of the offer.On Wednesday, Bronfman upped the bid and submitted a revised offer of $6 billion, the person said.The offer looks to supersede Paramount's merger agreement with Skydance Media, which came in early July and capped off a monthslong negotiation process. The agreement included a 45-day ""go shop"" period during which Paramount could solicit other offers.A representative for Bronfman declined to comment.The special committee on Wednesday confirmed ""the receipt of an acquisition proposal from Edgar Bronfman, Jr., on behalf of a consortium of investors.""""As a result, the 'go shop' period is extended for the Bronfman Consortium until September 5, 2024, pursuant to the transaction agreement to which the Company remains subject,"" the committee said in a statement. ""There can be no assurance this process will result in a Superior Proposal. The Company does not intend to disclose further developments unless and until it determines such disclosure is appropriate or is otherwise required.""The committee added that during the initial ""go shop"" period it contacted more than 50 third parties to gauge potential acquisition interest. The go-shop period will still expire before midnight Wednesday for all other parties, the committee said.The Skydance buying consortium, which also includes private equity firms RedBird Capital Partners and KKR, agreed to invest more than $8 billion into Paramount and to acquire National Amusements. The deal gives National Amusements an enterprise value of $2.4 billion, including $1.75 billion in equity.As part of the Skydance deal, Paramount's class A shareholders would receive $23 apiece in cash or stock, and class B shareholders would receive $15 per share, equating to a cash consideration totaling $4.5 billion available to public shareholders. Skydance also agreed to inject $1.5 billion of capital into Paramount's balance sheet.National Amusements owns 77% of Paramount's class A shares, and 5% of class B shares. If the Skydance transaction were to close, it would wholly own class A Paramount shares, and 69% of the outstanding class B shares.Bronfman's initial bid proposed buying National Amusements in an equity deal valued at $1.75 billion. That offer included a $1.5 billion investment into Paramount's balance sheet, like the Skydance deal, and also included covering the $400 million breakup fee that Paramount would owe Skydance if it walked away from the deal, according to the person familiar.The sweetened bid made on Wednesday now includes $1.7 billion for a tender offer that would give non-Redstone, nonvoting Paramount shareholders the option to receive $16 a share, the person added.Bronfman previously ran Warner Music and liquor company Seagram and has also served as executive chairman of Fubo TV since 2020. Details of his bid were first reported by The Wall Street Journal.The merger agreement between Paramount and Skydance has drawn scrutiny from shareholders. Money manager Mario Gabelli reportedly filed a lawsuit looking for Paramount to turn over its books related to the Skydance deal — a possible first step toward a lawsuit challenging the deal. Investor Scott Baker reportedly sued to block the deal, arguing it would cost shareholders $1.65 billion.",CNBC,22/08/2024,"['In this articleThe future of Paramount Global is still uncertain.', 'Paramount\'s special committee on Wednesday said it would extend by 15 days an agreed-upon ""go shop"" period of its merger agreement with Skydance as it reviews a competing offer from Edgar Bronfman Jr.Bronfman initially offered $4.3 billion late Monday for Shari Redstone\'s National Amusements, the controlling shareholder of Paramount, according to a person familiar with the bid.', 'As part of the bid, Bronfman would acquire a minority stake in Paramount.', 'However, after placing the bid, Bronfman raised more funds to support a higher bid, said the person, who asked to remain anonymous to speak about specifics of the offer.', 'On Wednesday, Bronfman upped the bid and submitted a revised offer of $6 billion, the person said.', ""The offer looks to supersede Paramount's merger agreement with Skydance Media, which came in early July and capped off a monthslong negotiation process."", 'The agreement included a 45-day ""go shop"" period during which Paramount could solicit other offers.', 'A representative for Bronfman declined to comment.', 'The special committee on Wednesday confirmed ""the receipt of an acquisition proposal fromEdgar Bronfman, Jr., on behalf of a consortium of investors.', '""""As a result, the \'go shop\' period is extended for the Bronfman Consortium untilSeptember 5, 2024, pursuant to the transaction agreement to which the Company remains subject,"" the committee said in a statement. ""', 'There can be no assurance this process will result in a Superior Proposal.', 'The Company does not intend to disclose further developments unless and until it determines such disclosure is appropriate or is otherwise required.', '""The committee added that during the initial ""go shop"" period it contacted more than 50 third parties to gauge potential acquisition interest.', 'The go-shop period will still expire before midnight Wednesday for all other parties, the committee said.', 'The Skydance buying consortium, which also includes private equity firms RedBird Capital Partners and KKR, agreed to invest more than $8 billion into Paramount and to acquire National Amusements.', 'The deal gives National Amusements an enterprise value of $2.4 billion, including $1.75 billion in equity.', ""As part of the Skydance deal, Paramount's class A shareholders would receive $23 apiece in cash or stock, and class B shareholders would receive $15 per share, equating to a cash consideration totaling $4.5 billion available to public shareholders."", ""Skydance also agreed to inject $1.5 billion of capital into Paramount's balance sheet."", ""National Amusements owns 77% of Paramount's class A shares, and 5% of class B shares."", 'If the Skydance transaction were to close, it would wholly own class A Paramount shares, and 69% of the outstanding class B shares.', ""Bronfman's initial bid proposed buying National Amusements in an equity deal valued at $1.75 billion."", ""That offer included a $1.5 billion investment into Paramount's balance sheet, like the Skydance deal, and also included covering the $400 million breakup fee that Paramount would owe Skydance if it walked away from the deal, according to the person familiar."", 'The sweetened bid made on Wednesday now includes $1.7 billion for a tender offer that would give non-Redstone, nonvoting Paramount shareholders the option to receive $16 a share, the person added.', 'Bronfman previously ran Warner Music and liquor company Seagram and has also served as executive chairman of Fubo TV since 2020.', 'Details of his bid were first reported by The Wall Street Journal.', 'The merger agreement between Paramount and Skydance has drawn scrutiny from shareholders.', 'Money manager Mario Gabelli reportedly filed a lawsuit looking for Paramount to turn over its books related to the Skydance deal — a possible first step toward a lawsuit challenging the deal.', 'Investor Scott Baker reportedly sued to block the deal, arguing it would cost shareholders $1.65 billion.']",0.3085179853061787,"Paramount's special committee on Wednesday said it would extend by 15 days an agreed-upon ""go shop"" period of its merger agreement with Skydance as it reviews a competing offer from Edgar Bronfman Jr.Bronfman initially offered $4.3 billion late Monday for Shari Redstone's National Amusements, the controlling shareholder of Paramount, according to a person familiar with the bid.","Investor Scott Baker reportedly sued to block the deal, arguing it would cost shareholders $1.65 billion.",0.258874237537384,"The Skydance buying consortium, which also includes private equity firms RedBird Capital Partners and KKR, agreed to invest more than $8 billion into Paramount and to acquire National Amusements.","Investor Scott Baker reportedly sued to block the deal, arguing it would cost shareholders $1.65 billion.",2024-08-27
UK government to spend £10.5m on new EU border checks,https://www.bbc.co.uk/news/articles/c4gz9n06rxdo,2024-08-27T11:51:36.625Z,"The government is to provide £10.5m worth of funding to prepare for new EU border checks this autumn. The Port of Dover, Eurotunnel at Folkestone and Eurostar at St Pancras will receive financial aid to help reduce queues for travellers. From the autumn, travellers from the UK and other non-EU countries will have to go through a new digital border system called the Entry/Exit System (EES), which is being brought in by the EU. This will involve having your photograph and fingerprints taken. The government money will be spent on providing ports with the necessary technology to complete these checks. The scheme applies to British people and other non-EU nationals entering a European country using the EES for a short stay. They will need to register fingerprints and a photo with their passport details to proceed with travel. Every time those travellers enter or exit a participating European country, this will be recorded. Once they have given their fingerprints and details, that registration will be valid for three years. During that time it must be validated every time someone crosses the border. This will replace passport-stamping. In most cases the EES checks will happen when you arrive at an international airport but if you're travelling via the Port of Dover or an international train then the checks will take place in the UK. The technology that ports will use to take biometric data of travellers has not yet been confirmed. It was previously suggested that a gadget similar to an iPad could be used to take fingerprints.  The EES was originally meant to begin in 2022 but it has faced many setbacks. It had previously been rescheduled for May 2023, then the end of 2023, and now is expected to come into force in November 2024. Lilian Greenwood, Future of Roads Minister, said the government had been reviewing the EES plans to ensure ""registration can be smooth and queue times kept to a minimum"". ""Nobody wants to see excessive queues at our ports, which is why we’re providing this funding to ensure our borders are as prepared as possible for the upcoming change – despite EES being an EU initiative,"" she added. Eurostar chief safety and stations officer Simon Lejeune said the government had supported an upgrade of its technology and facilities to meet the requirements.  “Eurostar will be fully prepared and compliant by November, ensuring a smooth transition for all our passengers,"" he added. Emma Ward, chief operations officer for the Port of Dover, said the port was doing all it could to be ""ready with the facilities that will be used by French border officials operating the new system"". Each port is set to receive £3.5m of the funding, which is the first of its kind aimed at preventing EES-related delays. The government money will be used by Dover to help pay for a marina to be filled in, in order to provide extra space for coach passengers to be processed.  Eurostar and Eurotunnel will use their share to pay for technology and staff training. Eurotunnel will add more kiosks if needed. All three have already invested tens of millions of pounds of their own money on preparing for the new system. Getlink, which manages Eurotunnel, started work two years ago to adapt to EES changes. ""The focus has always been on customer satisfaction, delivering the most competitive crossing time and experience at the border for non-EU travellers,"" Yann Leriche, chief executive of Getlink, said. ",BBC,27/08/2024,"['The government is to provide £10.5m worth of funding to prepare for new EU border checks this autumn.', 'The Port of Dover, Eurotunnel at Folkestone and Eurostar at St Pancras will receive financial aid to help reduce queues for travellers.', 'From the autumn, travellers from the UK and other non-EU countries will have to go through a new digital border system called the Entry/Exit System (EES), which is being brought in by the EU.', 'This will involve having your photograph and fingerprints taken.', 'The government money will be spent on providing ports with the necessary technology to complete these checks.', 'The scheme applies to British people and other non-EU nationals entering a European country using the EES for a short stay.', 'They will need to register fingerprints and a photo with their passport details to proceed with travel.', 'Every time those travellers enter or exit a participating European country, this will be recorded.', 'Once they have given their fingerprints and details, that registration will be valid for three years.', 'During that time it must be validated every time someone crosses the border.', 'This will replace passport-stamping.', ""In most cases the EES checks will happen when you arrive at an international airport but if you're travelling via the Port of Dover or an international train then the checks will take place in the UK."", 'The technology that ports will use to take biometric data of travellers has not yet been confirmed.', 'It was previously suggested that a gadget similar to an iPad could be used to take fingerprints.', 'The EES was originally meant to begin in 2022 but it has faced many setbacks.', 'It had previously been rescheduled for May 2023, then the end of 2023, and now is expected to come into force in November 2024.', 'Lilian Greenwood, Future of Roads Minister, said the government had been reviewing the EES plans to ensure ""registration can be smooth and queue times kept to a minimum"". ""', 'Nobody wants to see excessive queues at our ports, which is why we’re providing this funding to ensure our borders are as prepared as possible for the upcoming change – despite EES being an EU initiative,"" she added.', 'Eurostar chief safety and stations officer Simon Lejeune said the government had supported an upgrade of its technology and facilities to meet the requirements. “', 'Eurostar will be fully prepared and compliant by November, ensuring a smooth transition for all our passengers,"" he added.', 'Emma Ward, chief operations officer for the Port of Dover, said the port was doing all it could to be ""ready with the facilities that will be used by French border officials operating the new system"".', 'Each port is set to receive £3.5m of the funding, which is the first of its kind aimed at preventing EES-related delays.', 'The government money will be used by Dover to help pay for a marina to be filled in, in order to provide extra space for coach passengers to be processed.', 'Eurostar and Eurotunnel will use their share to pay for technology and staff training.', 'Eurotunnel will add more kiosks if needed.', 'All three have already invested tens of millions of pounds of their own money on preparing for the new system.', 'Getlink, which manages Eurotunnel, started work two years ago to adapt to EES changes. ""', 'The focus has always been on customer satisfaction, delivering the most competitive crossing time and experience at the border for non-EU travellers,"" Yann Leriche, chief executive of Getlink, said.']",0.1751365875002042,Eurostar chief safety and stations officer Simon Lejeune said the government had supported an upgrade of its technology and facilities to meet the requirements. “,,0.6673502425352732,Eurostar chief safety and stations officer Simon Lejeune said the government had supported an upgrade of its technology and facilities to meet the requirements. “,The EES was originally meant to begin in 2022 but it has faced many setbacks.,2024-08-27
Cava earnings beat estimates as restaurant traffic climbs nearly 10%,https://www.cnbc.com/2024/08/22/cava-group-cava-earnings-q2-2024.html,2024-08-23T11:28:50+0000,"In this articleCava on Thursday raised its full-year outlook as its restaurants reported strong traffic, fueling better-than-expected quarterly earnings and revenue.Shares of the company rose 9% in extended trading. The stock has more than doubled its value this year, bringing Cava's market cap up to about $11.6 billion, as of Thursday's close.Here is what the company reported for the quarter that ended July 14 compared to what Wall Street was expecting, based on a survey of analysts by LSEG:The Mediterranean restaurant chain reported fiscal second-quarter net income of $19.7 million, or 17 cents per share, up from $6.5 million, or 21 cents per share, a year earlier.Net sales climbed 35% to $233 million. The company's same-store sales rose 14.4%, topping StreetAccount estimates of 7.9%.While many other restaurant companies have reported declines in visits as consumers pull back their spending, Cava said its traffic grew 9.5% in the quarter. Cava CEO and co-founder Brett Schulman credited the chain's new grilled steak option as one reason customers kept coming to its restaurants during the quarter.Cava opened 18 net new locations during the quarter, bringing its total footprint up to 341 restaurants.For fiscal 2024, Cava now expects same-store sales growth of 8.5% to 9.5%, up from its prior range of 4.5% to 6.5%. The company is also projecting that it will open 54 to 57 new locations this year, up from its previous forecast of 50 to 54 restaurants.Cava also expects to report adjusted earnings before interest, taxes, depreciation and amortization of $109 million to $114 million. Previously, it was projecting adjusted EBITDA of $100 million to $105 million for the fiscal year.",CNBC,23/08/2024,"['In this articleCava on Thursday raised its full-year outlook as its restaurants reported strong traffic, fueling better-than-expected quarterly earnings and revenue.', 'Shares of the company rose 9% in extended trading.', ""The stock has more than doubled its value this year, bringing Cava's market cap up to about $11.6 billion, as of Thursday's close."", 'Here is what the company reported for the quarter that ended July 14 compared to what Wall Street was expecting, based on a survey of analysts by LSEG:The Mediterranean restaurant chain reported fiscal second-quarter net income of $19.7 million, or 17 cents per share, up from $6.5 million, or 21 cents per share, a year earlier.', 'Net salesclimbed 35% to $233 million.', ""The company's same-store sales rose 14.4%, topping StreetAccount estimates of 7.9%.While many other restaurant companies have reported declines in visits as consumers pull back their spending, Cava said its traffic grew 9.5% in the quarter."", ""Cava CEO and co-founder Brett Schulman credited the chain's new grilled steak option as one reason customers kept coming to its restaurants during the quarter."", 'Cava opened 18 net new locations during the quarter, bringing its total footprint up to 341 restaurants.', 'For fiscal 2024, Cava now expects same-store sales growth of 8.5% to 9.5%, up from its prior range of 4.5% to 6.5%.', 'The company is also projecting that it will open 54 to 57 new locations this year, up from its previous forecast of 50 to 54 restaurants.', 'Cava also expects to report adjusted earnings before interest, taxes, depreciation and amortization of $109 million to $114 million.', 'Previously, it was projecting adjusted EBITDA of $100 million to $105 million for the fiscal year.']",0.2665119947167048,"In this articleCava on Thursday raised its full-year outlook as its restaurants reported strong traffic, fueling better-than-expected quarterly earnings and revenue.",,0.9992665383550856,Shares of the company rose 9% in extended trading.,,2024-08-27