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-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. """,,2024-08-14
-Eli Lilly's weight loss drug slashes the risk of developing diabetes in long-term trial,https://www.cnbc.com/2024/08/20/eli-lilly-weight-loss-drug-cuts-risk-of-developing-diabetes-in-trial.html,2024-08-20T20:31:25+0000,"In this articleEli Lilly's highly popular weight loss drug reduced the risk of developing Type 2 diabetes by 94% in obese or overweight adults with prediabetes compared with a placebo, according to initial results from a long-term study released Tuesday. The late-stage trial on tirzepatide, the active ingredient in the company's weight loss injection Zepbound and diabetes drug Mounjaro, also found that patients experienced sustained weight loss over the roughly three-year treatment period. Adults on the highest weekly dose of the drug saw a 22.9% decrease in body weight on average after 176 weeks, compared with 2.1% for those who received a placebo. Shares of the pharmaceutical giant gained 3% on Tuesday.The results suggest that Eli Lilly's treatment could meaningfully delay a potential diagnosis for people with prediabetes, or those with blood sugar levels that are higher than normal but not high enough to be classified as Type 2 diabetes. More than 1 in 3 Americans have prediabetes, according to the latest government data, which health experts say can be reversed with lifestyle changes such as diet and exercise. People who are overweight or have obesity are at a higher risk for prediabetes. The new data also shows the potential long-term health benefits of taking a buzzy class of obesity and diabetes medications called GLP-1s, which mimic hormones produced in the gut to tamp down appetite and regulate blood sugar. As Eli Lilly's Zepbound and Mounjaro and injections from rival Novo Nordisk have skyrocketed in popularity over the last two years, the companies have raced to study other clinical uses for their drugs.The results are ""another reminder of the huge investment which Lilly has made to prove not only do you lose weight but when you do on this medicine, it converts to health benefits. This is our fourth study this year that does such a thing,"" Eli Lilly CEO David Ricks told CNBC in an interview, adding that tirzepatide has shown promise as a treatment for heart failure, sleep apnea and fatty liver disease in three other clinical trials.Eli Lilly tested tirzepatide in more than 1,000 adults over 176 weeks in the phase three trial, followed by a 17-week period where patients stopped treatment. It is the longest completed study on the drug to date, according to the company. The drugmaker will submit the latest results to a peer-reviewed journal and present them at an upcoming medical conference in November. Eli Lilly published 72-week weight loss results on a larger group of patients from the same trial, called SUMOUNT-1, back in 2022. Patients in the trial who stopped taking tirzepatide during the 17 weeks began to regain weight and saw an increase in progression to diabetes. But those participants still had an 88% lower risk of developing diabetes compared with a placebo, according to the latest phase three results.""On the drug, we can keep healthy body weight down for three years and ward off diabetes,"" Ricks told CNBC. ""When you come of the drug, a percentage of people do begin to gain weight and then…begin the advance again toward diabetes."" Still, Ricks noted that patients don't ""snap all the way back as if they were never on the drug.""The safety data on tirzepatide during the trial was consistent with previous studies on the drug, according to Eli Lilly. The most common side effects were gastrointestinal, such as diarrhea, nausea, constipation and vomiting, and were generally mild to moderate in severity.Eli Lilly's Zepbound works by imitating two naturally produced gut hormones called GLP-1 and GIP. GLP helps reduce food intake and appetite. GIP, which also suppresses appetite, may also improve how the body breaks down sugar and fat.",CNBC,20/08/2024,"[""In this articleEli Lilly's highly popular weight loss drug reduced the risk of developing Type 2 diabetes by 94% in obese or overweight adults with prediabetes compared with a placebo, according to initial results from a long-term study released Tuesday."", ""The late-stage trial on tirzepatide, the active ingredient in the company's weight loss injection Zepbound and diabetes drug Mounjaro, also found that patients experienced sustained weight loss over the roughly three-year treatment period."", 'Adults on the highest weekly dose of the drug saw a 22.9% decrease in body weight on average after 176 weeks, compared with 2.1% for those who received a placebo.', 'Shares of the pharmaceutical giant gained 3% on Tuesday.', ""The results suggest that Eli Lilly's treatment could meaningfully delay a potential diagnosis for people with prediabetes, or those with blood sugar levels that are higher than normal but not high enough to be classified as Type 2 diabetes."", 'More than 1 in 3 Americans have prediabetes, according to the latest government data, which health experts say can be reversed with lifestyle changes such as diet and exercise.', 'People who are overweight or have obesity are at a higher risk for prediabetes.', 'The new data also shows the potential long-term health benefits of taking a buzzy class of obesity and diabetes medications called GLP-1s, which mimic hormones produced in the gut to tamp down appetite and regulate blood sugar.', ""As Eli Lilly's Zepbound and Mounjaro and injections from rival Novo Nordisk have skyrocketed in popularity over the last two years, the companies have raced to study other clinical uses for their drugs."", 'The results are ""another reminder of the huge investment which Lilly has made to prove not only do you lose weight but when you do on this medicine, it converts to health benefits.', 'This is our fourth study this year that does such a thing,"" Eli Lilly CEO David Ricks told CNBC in an interview, adding that tirzepatide has shown promise as a treatment for heart failure, sleep apnea and fatty liver disease in three other clinical trials.', 'Eli Lilly tested tirzepatide in more than 1,000 adults over 176 weeks in the phase three trial, followed by a 17-week period where patients stopped treatment.', 'It is the longest completed study on the drug to date, according to the company.', 'The drugmaker will submit the latest results to a peer-reviewed journal and present them at an upcoming medical conference in November.', 'Eli Lilly published 72-week weight loss results on a larger group of patients from the same trial, called SUMOUNT-1, back in 2022.Patients in the trial who stopped taking tirzepatide during the 17 weeks began to regain weight and saw an increase in progression to diabetes.', 'But those participants still had an 88% lower risk of developing diabetes compared with a placebo, according to the latest phase three results.', '""On the drug, we can keep healthy body weight down for three years and ward off diabetes,"" Ricks told CNBC. ""', 'When you come of the drug, a percentage of people do begin to gain weight and then…begin the advance again toward diabetes.', '""Still, Ricks noted that patients don\'t ""snap all the way back as if they were never on the drug.', '""The safety data on tirzepatide during the trial was consistent with previous studies on the drug, according to Eli Lilly.', 'The most common side effects were gastrointestinal, such as diarrhea, nausea, constipation and vomiting, and were generally mild to moderate in severity.', ""Eli Lilly's Zepbound works by imitating two naturally produced gut hormones called GLP-1 and GIP.GLP helps reduce food intake and appetite."", 'GIP, which also suppresses appetite, may also improve how the body breaks down sugar and fat.']",0.0574816336995719,Shares of the pharmaceutical giant gained 3% on Tuesday.,"But those participants still had an 88% lower risk of developing diabetes compared with a placebo, according to the latest phase three results.",0.8422815845562861,Shares of the pharmaceutical giant gained 3% on Tuesday.,"The results suggest that Eli Lilly's treatment could meaningfully delay a potential diagnosis for people with prediabetes, or those with blood sugar levels that are higher than normal but not high enough to be classified as Type 2 diabetes.",2024-08-14
-Lowe's cuts full-year outlook as it expects weaker home improvement sales,https://www.cnbc.com/2024/08/20/lowes-low-q2-2024-earnings.html,2024-08-20T14:05:20+0000,"In this articleLowe's on Tuesday cut its full-year forecast, as the retailer's quarterly sales declined and it projected weak home improvement spending in the second half of the year.The company said it now projects total sales of between $82.7 billion and $83.2 billion for the full year, compared with the $84 billion to $85 billion that it previously expected. It said it expects comparable sales to fall by 3.5% to 4%, compared with its prior forecast of a decline of 2% to 3%. It anticipates adjusted earnings per share will be about $11.70 to $11.90, compared with the prior outlook of between $12 and $12.30.In an interview with CNBC, CEO Marvin Ellison said consumers are waiting for the Federal Reserve to cut interest rates. He added shoppers also under pressure from the economic backdrop.""Inflation remains high,"" he said. ""And big-ticket purchases are being delayed as customers sit back and wait for interest rates to fall.""Fed Chair Jerome Powell has signaled a rate cut could come as soon as September, but Ellison said it's difficult to predict how soon home improvement activity would gain momentum again after that.About 90% of Lowe's customers are homeowners and most have a fixed 30-year mortgage rate of less than 4%, he said. That explains customers' hesitance to get a new mortgage or take out a loan for a major home project with higher interest rate, he added.He said Lowe's has not seen ""a dramatic shift one way or another in overall consumer sentiment,"" but is waiting for housing turnover to go up.Here's what the company reported for the fiscal second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:In the three-month period that ended Aug. 2, Lowe's net income fell to $2.38 billion, or $4.17 per share, compared with $2.67 billion, or $4.56 per share, in the year-ago period.Lowe's got a $43 million pretax gain from the sale of its Canadian retail business in 2022, which lifted its earnings in the second quarter. That boosted the company's earnings per share in the period by 7 cents. Excluding the gain, the company earned $4.10 per share.Net sales dropped from $24.96 billion in the prior year. Lowe's posted a year-over-year sales decline for the sixth straight quarter.Comparable sales, an industry metric that takes out one-time factors like store openings and closures, dropped 5.1%, as the company said customers took on fewer discretionary home projects and unfavorable weather hurt sales of outdoor and seasonal items.Those declines were partially offset by growth in Lowe's online business and sales to home professionals, such as contractors and electricians. For pros, comparable sales rose by mid-single digits and online sales increased by 2.9%, Ellison said.About 25% of Lowe's sales come from pros compared with about half of Home Depot's sales. Over the past five years, Lowe's has been trying to attract more home professionals, which tend to be steadier and more lucrative customers, by tailoring its merchandising assortment, delivering orders to job sites and offering a loyalty program. Ellison said that effort has paid off, with pros now ""the strongest segment of our overall business.""Lowe's shared its quarterly results and outlook at a time when investors and economists are watching consumer spending particularly closely. Recent economic data and corporate earnings have given mixed indications about American households' financial health, as the Federal Reserve weighs a much-awaited rate cut.Jobs growth in July came in much lower than expected. Yet on the other hand, Walmart's CFO, John David Rainey, told CNBC that the largest U.S. retailer does not ""see any additional fraying of consumer health."" Goldman Sachs also cut the odds of a recession to 20%.For home improvement retailers, the strain may be greater because of higher mortgage rates and elevated costs for borrowing. Lowe's rival, Home Depot, last week beat Wall Street's quarterly expectations for earnings and revenue. Yet the company said it expects the back half of the year to be weaker than anticipated as consumers continue to have a ""deferral mindset.""In an interview with CNBC, Home Depot CFO Richard McPhail said customers are not only putting off projects because of higher interest rates. He said they also have ""a sense of greater uncertainty in the economy,"" even though most of Home Depot's customers own homes and have seen sharp property value gains.Ellison told CNBC that the medium- and long-term outlook for the home improvement industry is bright. He said U.S. housing stock is aging, more millennials are forming households and Baby Boomers are choosing to adapt their current homes rather than move as they get older — all factors that will boost the segment.""We're just waiting for that inflection to happen, and when it happens, we believe that we're in a great position to take [market] share,"" he said.Shares of Lowe's closed Monday at $243.21. As of Monday's close, the company's stock is up about 9% year to date, trailing behind the nearly 18% gains of the S&P 500.Clarification: This story has been updated to clarify that the percentages for Lowe's stock and the S&P 500 are for the year to date.",CNBC,20/08/2024,"[""In this articleLowe's on Tuesday cut its full-year forecast, as the retailer's quarterly sales declined and it projected weak home improvement spending in the second half of the year."", 'The company said it now projects total sales of between $82.7 billionand$83.2 billion for the full year, compared with the $84 billion to $85 billion that it previously expected.', 'It said it expects comparable sales to fall by 3.5% to 4%, compared with its prior forecast of a decline of 2% to 3%.', 'It anticipates adjusted earnings per share will be about $11.70to$11.90,compared with the prior outlook of between $12 and$12.30.In an interview with CNBC, CEO Marvin Ellison said consumers are waiting for the Federal Reserve to cut interest rates.', 'He added shoppers also under pressure from the economic backdrop.', '""Inflation remains high,"" he said. ""', 'And big-ticket purchases are being delayed as customers sit back and wait for interest rates to fall.', '""Fed Chair Jerome Powell has signaled a rate cut could come as soon as September, but Ellison said it\'s difficult to predict how soon home improvement activity would gain momentum again after that.', ""About 90% of Lowe's customers are homeowners and most have a fixed 30-year mortgage rate of less than 4%, he said."", ""That explains customers' hesitance to get a new mortgage or take out a loan for a major home project with higher interest rate, he added."", 'He said Lowe\'s has not seen ""a dramatic shift one way or another in overall consumer sentiment,"" but is waiting for housing turnover to go up.', ""Here's what the company reported for the fiscal second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:In the three-month period that ended Aug. 2, Lowe's net income fell to $2.38 billion, or $4.17 per share, compared with $2.67 billion, or $4.56 per share, in the year-ago period."", ""Lowe's got a $43 million pretax gain from the sale of its Canadian retail business in 2022, which lifted its earnings in the second quarter."", ""That boosted the company's earnings per share in the period by 7 cents."", 'Excluding the gain, the company earned $4.10 per share.', 'Net sales dropped from $24.96 billion in the prior year.', ""Lowe's posted a year-over-year sales decline for the sixth straight quarter."", 'Comparable sales, an industry metric that takes out one-time factors like store openings and closures, dropped 5.1%, as the company said customers took on fewer discretionary home projects and unfavorable weather hurt sales of outdoor and seasonal items.', ""Those declines were partially offset by growth in Lowe's online business and sales to home professionals, such as contractors and electricians."", 'For pros, comparable sales rose by mid-single digits and online sales increased by 2.9%, Ellison said.', ""About 25% of Lowe's sales come from pros compared with about half of Home Depot's sales."", ""Over the past five years, Lowe's has been trying to attract more home professionals, which tend to be steadier and more lucrative customers, by tailoring its merchandising assortment, delivering orders to job sites and offering a loyalty program."", 'Ellison said that effort has paid off, with pros now ""the strongest segment of our overall business.', '""Lowe\'s shared its quarterly results and outlook at a time when investors and economists are watching consumer spending particularly closely.', ""Recent economic data and corporate earnings have given mixed indications about American households' financial health, as the Federal Reserve weighs a much-awaited rate cut."", 'Jobs growth in July came in much lower than expected.', 'Yet on the other hand, Walmart\'s CFO, John David Rainey, told CNBC that the largest U.S. retailer does not ""see any additional fraying of consumer health.""', 'Goldman Sachs also cut the odds of a recession to 20%.For home improvement retailers, the strain may be greater because of higher mortgage rates and elevated costs for borrowing.', ""Lowe's rival, Home Depot, last week beat Wall Street's quarterly expectations for earnings and revenue."", 'Yetthe company said it expects the back half of the year to be weaker than anticipated as consumers continue to have a ""deferral mindset.', '""In an interview with CNBC, Home Depot CFO Richard McPhail said customers are not only putting off projects because of higher interest rates.', 'He said they alsohave ""a sense of greater uncertainty in the economy,""even thoughmost of Home Depot\'s customersownhomes andhave seen sharp property value gains.', 'Ellison told CNBC that the medium- and long-term outlook for the home improvement industry is bright.', 'He said U.S. housing stock is aging, more millennials are forming households and Baby Boomers are choosing to adapt their current homes rather than move as they get older — all factors that will boost the segment.', '""We\'re just waiting for that inflection to happen, and when it happens, we believe that we\'re in a great position to take [market] share,"" he said.', ""Shares of Lowe's closed Monday at $243.21."", ""As of Monday's close, the company's stock is up about 9% year to date, trailing behind the nearly 18% gains of the S&P 500.Clarification: This story has been updated to clarify that the percentages for Lowe's stock and the S&P 500 are for the year to date.""]",0.2783190261243994,"Over the past five years, Lowe's has been trying to attract more home professionals, which tend to be steadier and more lucrative customers, by tailoring its merchandising assortment, delivering orders to job sites and offering a loyalty program.","Yetthe company said it expects the back half of the year to be weaker than anticipated as consumers continue to have a ""deferral mindset.",0.0182513613253831,"For pros, comparable sales rose by mid-single digits and online sales increased by 2.9%, Ellison said.","Comparable sales, an industry metric that takes out one-time factors like store openings and closures, dropped 5.1%, as the company said customers took on fewer discretionary home projects and unfavorable weather hurt sales of outdoor and seasonal items.",2024-08-14
-"UAW president slams Stellantis CEO over job cuts, alleged price gouging",https://www.cnbc.com/2024/08/16/uaw-president-slams-stellantis-ceo.html,2024-08-20T12:31:55+0000,"In this articleDETROIT – United Auto Workers President Shawn Fain ratcheted up criticism of Stellantis CEO Carlos Tavares in a video Friday afternoon, accusing the chief executive of price gouging consumers and failing to uphold parts of the union's labor contract with the automaker.The comments are the latest in an ongoing back-and-forth between the CEO and union leader following contentious collective bargaining talks last year between the UAW and Detroit automakers, including Stellantis.""Something is rotten at Stellantis,"" Fain said to begin the 2:30-minute video posted Friday. ""Sales are down, profits are down, and CEO pay is way, way up. The problem isn't the market at GM and Ford, auto sales are up, and the problem isn't the auto workers. The problem is this man, Carlos Tavares.""Spokespeople for the union and automaker did not immediately respond for comment regarding the accusations or video.Several of the criticisms, including those around job cuts and Tarvares' pay, aren't new. But Fain's comments Friday took the claims a step further, accusing Tavares of price gouging consumers in the name of profits. He also alleges that Stellantis is not honoring parts of the company's worker contract, citing specifically that Stellantis is halting plans to reopen an assembly plat in Illinois.""Fact, for years, Stellantis has sold fewer cars, but made more in profits. What does that tell you? They're price gouging. Now they've gone too far, and they're tanking their own sales,"" Fain said. ""Fact, Stellantis CEO Carlos Tavares is trying to go back on commitments the company made in our last contract, including putting the brakes on reopening the Belvidere Assembly.""Tavares recently criticized the UAW-Stellantis workforce, noting quality problems at a truck plant in metro Detroit producing the Ram 1500 pickup truck. The company also has announced thousands of layoffs at U.S. plants amid declining sales and product changes.""The direct run rate of some of our plans starting with SHAP, Sterling Heights, is not good,"" Tavares told reporters July 25 while discussing ongoing issues with the company. ""That is something that we need to fix with our plant management team as well with our people.""Tavares has been on a cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France's PSA Groupe in January 2021. It's part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros ($325 billion) by 2030.The cost-saving measures have included reshaping the company's supply chain and operations as well as headcount reductions for both salaried and hourly workers.Stellantis has reduced headcount by 15.5%, or roughly 47,500 employees, between December 2019 and the end of 2023, including a 14.5% reduction in North America, according to public filings. That doesn't include further headcount reductions and layoffs this year.Several executives previously described the cuts to CNBC as grueling to the point of excessiveness. Tavares last month pushed back on the idea that the company's cost-cutting efforts have led to its current problems.Correction: This story has been updated to correct the spelling of Belvidere Assembly Plant.",CNBC,20/08/2024,"[""In this articleDETROIT – United Auto Workers President Shawn Fain ratcheted up criticism of Stellantis CEO Carlos Tavares in a video Friday afternoon, accusing the chief executive of price gouging consumers and failing to uphold parts of the union's labor contract with the automaker."", 'The comments are the latest in an ongoing back-and-forth between the CEO and union leader following contentious collective bargaining talks last year between the UAW and Detroit automakers, including Stellantis.', '""Something is rotten at Stellantis,"" Fain said to begin the 2:30-minute video posted Friday. ""', 'Sales are down, profits are down, and CEO pay is way, way up.', ""The problem isn't the market at GM and Ford, auto sales are up, and the problem isn't the auto workers."", 'The problem is this man, Carlos Tavares.', '""Spokespeople for the union and automaker did not immediately respond for comment regarding the accusations or video.', ""Several of the criticisms, including those around job cuts and Tarvares' pay, aren't new."", ""But Fain's comments Friday took the claims a step further, accusing Tavares of price gouging consumers in the name of profits."", ""He also alleges that Stellantis is not honoring parts of the company's worker contract, citing specifically that Stellantis is halting plans to reopen an assembly plat in Illinois."", '""Fact, for years, Stellantis has sold fewer cars, but made more in profits.', 'What does that tell you?', ""They're price gouging."", 'Now they\'ve gone too far, and they\'re tanking their own sales,"" Fain said. ""', 'Fact, Stellantis CEO Carlos Tavares is trying to go back on commitments the company made in our last contract, including putting the brakes on reopening the Belvidere Assembly.', '""Tavares recently criticized the UAW-Stellantis workforce, noting quality problems at a truck plant in metro Detroit producing the Ram 1500 pickup truck.', 'The company also has announced thousands of layoffs at U.S. plants amid declining sales and product changes.', '""The direct run rate of some of our plans starting with SHAP, Sterling Heights, is not good,"" Tavares told reporters July 25 while discussing ongoing issues with the company. ""', 'That is something that we need to fix with our plant management team as well with our people.', '""Tavares has been on a cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France\'s PSA Groupe in January 2021.', 'It\'s part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros ($325 billion) by 2030.The cost-saving measures have included reshaping the company\'s supply chain and operations as well as headcount reductions for both salaried and hourly workers.', 'Stellantis has reduced headcount by 15.5%, or roughly 47,500 employees, between December 2019 and the end of 2023, including a 14.5% reduction in North America, according to public filings.', ""That doesn't include further headcount reductions and layoffs this year."", 'Several executives previouslydescribed the cuts to CNBCas grueling to the point of excessiveness.', ""Tavares last month pushed back on the idea that the company's cost-cutting efforts have led to its current problems."", 'Correction: This story has been updated to correct the spelling of Belvidere Assembly Plant.']",-0.118473860371526,"It's part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros ($325 billion) by 2030.The cost-saving measures have included reshaping the company's supply chain and operations as well as headcount reductions for both salaried and hourly workers.","The problem isn't the market at GM and Ford, auto sales are up, and the problem isn't the auto workers.",-0.4370242357254028,"It's part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros ($325 billion) by 2030.The cost-saving measures have included reshaping the company's supply chain and operations as well as headcount reductions for both salaried and hourly workers.","Sales are down, profits are down, and CEO pay is way, way up.",2024-08-14
-"Frequent media bidder Byron Allen draws ire with late payments to ABC, CBS and NBC",https://www.cnbc.com/2024/08/16/byron-allen-draws-abc-cbs-and-nbc-ire-with-late-payments.html,2024-08-18T20:10:43+0000,"Broadcast stations owned by Byron Allen — the media mogul who has expressed public interest in buying various media assets for billions of dollars — have been consistently late in making payments to network owners, angering media allies and creating distance between Allen and his would-be deal partners, CNBC has learned.The stations owned by Allen Media Group have been as much as 90 days past due on the payments to networks including ABC, CBS and NBC, according to people familiar with the matter. The payments total tens of millions of dollars throughout the year, and the extent of the lateness has grown worse over time, said the people, who asked not to be named because the financial transactions are private.Allen Media Group owns broadcast stations in more than 20 markets between ABC, CBS and NBC affiliates, according to the group's website.ABC, CBS and NBC have all grown increasingly frustrated after what feels like a perpetual chase for the fees — even after agreeing to payment plans at Allen's request, the people familiar said. Paying consistently late is uncommon among local broadcasters, which pay hefty sums to the larger network owners to carry the brand and some content, particularly live sports like the NFL and many postseason games across leagues, the people said.It's unclear why Allen Media Group has been repeatedly late with payments.After CNBC reached Allen Media for comment this week, the group made a payment on the outstanding fees, according to people familiar with the matter. The amount of the payment couldn't immediately be determined.Networks often collect fees from local affiliates every one to three months, depending on the contract. The funds to pay come in large part from so-called retransmission fees that cable TV operators pay to the stations, which can create a situation where money may need to go out before it comes in. Recently, broadcast station group executives have argued this structure should change as cord cutting accelerates and networks move more of their content over to streaming platforms.Various divisions of Allen's company, including stations located across markets in the Midwest, Southeast, West Coast and Hawaii, have also reportedly undergone layoffs in recent months. Another round of job cuts is expected at the end of August, one of the people familiar with the matter said.Representatives for Allen Media Group declined to address the details of this story but said in a statement: ""Mr. Allen started Allen Media Group 31 years ago from his dining room table. Allen Media Group is now one of the largest and fastest growing privately-held media companies in the world and is 100 percent Black-owned.""Like most media companies and private equity firms, we evaluate many acquisition opportunities. In the last few years, the company has successfully completed well over $1 billion in acquisitions with the continued support of the capital markets. Allen Media Group remains strong, and we continue to prudently manage our partner relationships as we have always done over our 31-year history,"" the statement says.Representatives for ABC, CBS and NBC declined to comment on the matter.Allen's late payments of tens of millions of dollars stand in stark contrast to his frequent multibillion-dollar bids for media assets. In recent years, his pursuit of deals that haven't panned out has led investment bankers and financial institutions to lose faith in Allen as a serious buyer for large assets, according to three investment bankers and a person close to the matter.Allen's recent M&A interest includes a $30 billion bid for Paramount Global earlier this year, a $10 billion offer for ABC and other Disney networks last year, and a reported $3.5 billion offer for Paramount's BET Media Group, which he resubmitted in December after the process was ended.There has also been a recent report that Allen is weighing another bid for Paramount before its ""go-shop"" period with buyer Skydance expires later this month.Allen has been vocal about his ambitions to grow his media holdings, defending his track record of failed bids and telling CNBC in January that recent acquisition attempts had fallen through because some owners ultimately decided not to sell.""We have quite a few banks that support us and stand with us and even private equity firms,"" Allen told CNBC in September about the potential deal for ABC and other Disney assets. ""I think other assets will start to become available, and I think we will eventually get them.""Allen Media Group has taken to reposting public media reports on its own website of its interest in bidding on media properties — even for unconfirmed reports of interest, such as a reported $8.5 billion offer for Tegna.Previously a comedian, Allen founded Entertainment Studios, now known as Allen Media Group, in 1993. In 2019 Allen Media Group Broadcasting was formed, and Allen has been building up his broadcast media empire since with a string of smaller deals.In addition to The Weather Channel and broadcast TV stations, Allen Media also owns a group of small TV networks like Pets.tv and Comedy.tv, as well as Black news and entertainment network TheGrio.And, in April 2021, Allen Media paid $380 million to Gray Television for seven stations as part of Gray's required divestitures for its acquisition of Quincy Media.Allen's broadcast stations generate revenue, as most other stations do, through advertising revenue and so-called retransmission fees — payment that stations receive from pay TV operators for the right to carry their feed. Broadcast station groups, however, have also suffered as millions of people have switched from traditional TV to streaming.A record uptick in political advertising is expected ahead of the presidential election, as some of the largest broadcast station owners like Nexstar Media Group and Sinclair have documented in recent earnings releases.Disclosure: Comcast's NBCUniversal is the parent company of CNBC and broadcast network NBC.Correction: Allen Media Group paid $380 million to Gray Television for seven stations in April 2021. A previous version of this article misstated the timing of the transaction.",CNBC,18/08/2024,"['Broadcast stations owned by Byron Allen — the media mogul who has expressed public interest in buying various media assets for billions of dollars — have been consistently late in making payments to network owners, angering media allies and creating distance between Allen and his would-be deal partners, CNBC has learned.', 'The stations owned by Allen Media Group have been as much as 90 days past due on the payments to networks including ABC, CBS and NBC, according to people familiar with the matter.', 'The payments total tens of millions of dollars throughout the year, and the extent of the lateness has grown worse over time, said the people, who asked not to be named because the financial transactions are private.', ""Allen Media Group owns broadcast stations in more than 20 markets between ABC, CBS and NBC affiliates, according to the group's website."", ""ABC, CBS and NBC have all grown increasingly frustrated after what feels like a perpetual chase for the fees — even after agreeing to payment plans at Allen's request, the people familiar said."", 'Paying consistently late is uncommon among local broadcasters, which pay hefty sums to the larger network owners to carry the brand and some content, particularly live sports like the NFL and many postseason games across leagues, the people said.', ""It's unclear why Allen Media Group has been repeatedly late with payments."", 'After CNBC reached Allen Media for commentthis week, the group made a payment on the outstanding fees, according to people familiar with the matter.', ""The amount of the payment couldn't immediately be determined."", 'Networks often collect fees from local affiliates every one to three months, depending on the contract.', 'The funds to pay come in large part from so-called retransmission fees that cable TV operators pay to the stations, which can create a situation where money may need to go out before it comes in.', 'Recently, broadcast station group executives have argued this structure should change as cord cutting accelerates and networks move more of their content over to streaming platforms.', ""Various divisions of Allen's company, including stations located across markets in the Midwest, Southeast, West Coast and Hawaii, have also reportedly undergone layoffs in recent months."", 'Another round of job cuts is expected at the end of August, one of the people familiar with the matter said.', 'Representatives for Allen Media Group declined to address the details of this story but said in a statement: ""Mr. Allen started Allen Media Group 31 years ago from his dining room table.', 'Allen Media Group is now one of the largest and fastest growing privately-held media companies in the world and is 100 percent Black-owned.', '""Like most media companies and private equity firms, we evaluate many acquisition opportunities.', 'In the last few years, the company has successfully completed well over $1 billion in acquisitions with the continued support of the capital markets.', 'Allen Media Group remains strong, and we continue to prudently manage our partner relationships as we have always done over our 31-year history,"" the statement says.', 'Representatives for ABC, CBS and NBC declined to comment on the matter.', ""Allen's late payments of tens of millions of dollars stand in stark contrast to his frequent multibillion-dollar bids for media assets."", ""In recent years, his pursuit of deals that haven't panned out has led investment bankers and financial institutions to lose faith in Allen as a serious buyer for large assets, according to three investment bankers and a person close to the matter."", ""Allen's recent M&A interest includes a $30 billion bid for Paramount Global earlier this year, a $10 billion offer for ABC and other Disney networks last year, and a reported $3.5 billion offer for Paramount's BET Media Group, which he resubmitted in December after the process was ended."", 'There has also been a recent report that Allen is weighing another bid for Paramount before its ""go-shop"" period with buyer Skydance expires later this month.', 'Allen has been vocal about his ambitions to grow his media holdings, defending his track record of failed bids and telling CNBC in January that recent acquisition attempts had fallen through because some owners ultimately decided not to sell.', '""We have quite a few banks that support us and stand with us and even private equity firms,"" Allen told CNBC in September about the potential deal for ABC and other Disney assets. ""', 'I think other assets will start to become available, and I think we will eventually get them.', '""Allen Media Group has taken to reposting public media reports on its own website of its interest in bidding on media properties — even for unconfirmed reports of interest, such as a reported $8.5 billion offer for Tegna.', 'Previously a comedian, Allen founded Entertainment Studios, now known as Allen Media Group, in 1993.', 'In 2019 Allen Media Group Broadcasting was formed, and Allen has been building up his broadcast media empire since with a string of smaller deals.', 'In addition to The Weather Channel and broadcast TV stations, Allen Media also owns a group of small TV networks like Pets.tv and Comedy.tv, as well as Black news and entertainment network TheGrio.', ""And, in April 2021, Allen Media paid $380 million to Gray Television for seven stations as part of Gray's required divestitures for its acquisition of Quincy Media."", ""Allen's broadcast stations generate revenue, as most other stations do, through advertising revenue and so-called retransmission fees — payment that stations receive from pay TV operators for the right to carry their feed."", 'Broadcast station groups, however, have also suffered as millions of people have switched from traditional TV to streaming.', 'A record uptick in political advertising is expected ahead of the presidential election, as some of the largest broadcast station owners like Nexstar Media Group and Sinclair have documented in recent earnings releases.', ""Disclosure: Comcast's NBCUniversal is the parent company of CNBC and broadcast network NBC.Correction: Allen Media Group paid $380 million to Gray Television for seven stations in April 2021."", 'A previous version of this article misstated the timing of the transaction.']",0.1428638733052129,"In the last few years, the company has successfully completed well over $1 billion in acquisitions with the continued support of the capital markets.","Allen has been vocal about his ambitions to grow his media holdings, defending his track record of failed bids and telling CNBC in January that recent acquisition attempts had fallen through because some owners ultimately decided not to sell.",-0.4681193878253301,"A record uptick in political advertising is expected ahead of the presidential election, as some of the largest broadcast station owners like Nexstar Media Group and Sinclair have documented in recent earnings releases.","In recent years, his pursuit of deals that haven't panned out has led investment bankers and financial institutions to lose faith in Allen as a serious buyer for large assets, according to three investment bankers and a person close to the matter.",2024-08-14
-GMC expects to outsell its electric truck competitors as it launches new Sierra pickup,https://www.cnbc.com/2024/08/20/gmc-targets-electric-truck-leadership-against-tesla-ford-rivian.html,2024-08-20T22:13:55+0000,"In this articleMILFORD, Mich. — General Motors' premium GMC brand wants to become the leader in all-electric truck sales for U.S. consumers as it launches its new electric Sierra pickup.The Sierra EV joins electric versions of the Hummer, including an SUV and pickup, in GMC's electric ""truck"" lineup. The automaker is expecting the Sierra will become GMC's top seller for its EV lineup as lower-priced variants become available next year. A roughly $100,000 ""Edition 1"" of the vehicle recently started reaching customers.""We believe this is a totally different proposition than anything that's been launched by anybody else before. So, we're confident about the demand,"" Duncan Aldred, global vice president of GMC, told CNBC at GM's proving grounds in suburban Detroit.GMC did not disclose a timeline for when the brand expects to lead retail electric truck sales. But to do so, it will have to outsell its sibling Chevrolet Silverado EV as well as competitors from Ford Motor, Rivian Automotive and Tesla, which Motor Intelligence reports led such sales with its Cybertruck in the second quarter.Aldred said he believes there will be cross-shopping between the Sierra and Cybertruck, but he doesn't necessarily believe they are primary competitors, despite the vehicles being similarly priced. Citing internal data, he said many Cybertruck buyers already own Teslas, while roughly 80% of GMC's reservation holders for the Sierra previously had non-GMC vehicles.""What we know is about 70% of Cybertruck buyers are Tesla owners,"" he said during a media event. ""So, they're not necessarily truck buyers, they're Tesla buyers.""Automakers such as GM rushed to release all-electric pickup trucks, in part because Tesla planned to build such a vehicle. That led to fears that the U.S. EV leader would dominate the truck market, which is crucial to the Detroit automakers, like it did for electric cars.But EV adoption has been slower than many expected, and the electric truck market remains in its infancy.The all-electric pickup truck market was roughly 38,500 vehicles during the first half of the year, including retail and fleet sales, according to Motor Intelligence. That compares with the more than 1 million traditional or hybrid full-size pickup trucks sold this year through June.Leading all-electric pickup truck sales through June was Ford's F-150 Lightning at 15,645 vehicles, according to Motor Intelligence. It was followed by the Tesla Cybertruck at nearly 11,600 units during that time, including a segment-leading 8,755 during the second quarter, according to the automotive data and analytics firm.GMC's Hummer pickup, which has been slow to ramp up production and sales, was last at less than 1,500 vehicles, including about 1,100 during the second quarter, according to Motor Intelligence.""This is a very infant market. This is just the baby steps. For General Motors to have confidence that they can be a leader in the space is justified in their history with trucks and their understanding of being able to make a transition to electric vehicles,"" said Stephanie Brinley, principal automotive analyst at S&P Global Mobility. ""The big question now is how quickly consumers [adopt electric trucks], more so than the product attributes.""Including all-electric SUVs from the brands, which some companies such as GM report under truck sales, Rivian is the clear leader through the first half of the year at more than 22,700 R1S SUV and R1T pickups sold. That compares with GMC's Hummer SUV and pickup models, with sales of roughly 4,600 units.  Aldred said GM expects to ramp up production of the Sierra EV — including the AT4 off-road and entry-level Elevation models coming next year — faster than the Hummer models that took years. Denali versions of the vehicle are expected to begin production during the fourth quarter, GM said.The Sierra EV is now GM's third electric pickup, including the Hummer and a new Chevrolet Silverado that began arriving in dealerships in December.The Sierra EV's closest competitor is arguably the Chevy Silverado EV. Both are built on GM's ""Ultium"" vehicle platform and share many parts, features and performance characteristics.The Detroit automaker has differentiated the vehicles through their interior and exterior designs, as well as brand personalities.""Chevrolet really focused on the fleet side. We're really focused on the retail side, same as on [GMC's internal combustion engine] trucks. When you look at it, the EV truck space is a premium space,"" Aldred said.The Silverado currently has a sporty, pricey edition for about $96,500 and a work truck, meant for fleet and commercial customers, that starts at roughly $67,000.The Sierra is more refined and luxurious than its Chevrolet counterpart: It has open pore wood, larger total screens, standard hands-free highway Super Cruise driving, GMC's ""crab mode"" with four-wheel steering and other features.""General Motors has been good with their differentiation between GMC and Chevrolet,"" S&P Global's Brinley said. ""The GMC Sierra and the Chevrolet Silverado EVs look different enough from each other, and General Motors has worked those two customers very well for decades. They understand what they need to do to make something appeal to a GMC buyer versus a Chevrolet buyer, and that they're very subtly different.""Both vehicles have an EPA-rated range of 440 miles and offer up to 754 horsepower and 785 pound-feet of torque. Important for many truck customers, they also tow up to 10,000 pounds and can charge for 100 miles in roughly 10 minutes with a DC Fast Charger.A unique feature of the Silverado and Sierra EVs compared with others is the capability of a ""midgate,"" in which the back seats of the vehicle fold down and the back glass can come out to create a nearly 11-foot-long truck bed and large cargo area.The Sierra EV, including the Denali edition, is expected to continue to assist GMC with its pricing power and reputation as a premium truck brand, according to Patrick Finnegan, senior marketing manager for GMC trucks and SUVs.GMC has grown its average transaction prices and high-end models thanks to the newer off-road AT4 vehicles as well as Denali, which is celebrating its 25th year as a GMC sub-brand.For example, GMC's traditional Sierra pickup truck has an average transaction price of roughly $60,000. That includes the Denali models at about $71,000, and a Denali ""Ultimate"" model at $78,500, according to the company.GM has not released pricing for the electric GMC Sierra Denali, AT4 and Elevation models that will follow the 2,500-unit ""Edition 1"" models. But Aldred did say the Sierra could potentially be eligible for up to $7,500 federal tax credits, which would mean it would have a price of less than $80,000.Denali models have grown from simple tweaks differentiating them from other vehicles to offering their own interiors, parts and features. The vehicles still largely share the same ""bones"" but offer more luxurious features and materials.About 34% of GMC's retail sales are Denali models, GMC said. That's up from 18% a decade ago and 30% in 2019. The sales have assisted GMC in what's expected to be seven consecutive years of growth for the brand.""This is going to continue to help protect our space in that premium average transaction price space. It's going to help us open the door to new customers,"" Finnegan said. ""We intend to be the retail leader in the electric vehicle truck space, and we're going to have a fuller breadth of product to really help us achieve that.""",CNBC,20/08/2024,"[""In this articleMILFORD, Mich. — General Motors' premium GMC brand wants to become the leader in all-electric truck sales for U.S. consumers as it launches its new electric Sierra pickup."", 'The Sierra EV joins electric versions of the Hummer, including an SUV and pickup, in GMC\'s electric ""truck"" lineup.', ""The automaker is expecting the Sierra will become GMC's top seller for its EV lineup as lower-priced variants become available next year."", 'A roughly $100,000 ""Edition 1"" of the vehicle recently started reaching customers.', '""We believe this is a totally different proposition than anything that\'s been launched by anybody else before.', 'So, we\'re confident about the demand,"" Duncan Aldred, global vice president of GMC, told CNBC at GM\'s proving grounds in suburban Detroit.', 'GMC did not disclose a timeline for when the brand expects to lead retail electric truck sales.', 'But to do so, it will have to outsell its sibling Chevrolet Silverado EV as well as competitors from Ford Motor, Rivian Automotive and Tesla, which Motor Intelligence reports led such sales with its Cybertruck in the second quarter.', ""Aldred said he believes there will be cross-shopping between the Sierra and Cybertruck, but he doesn't necessarily believe they are primary competitors, despite the vehicles being similarly priced."", ""Citing internal data, he said many Cybertruck buyers already own Teslas, while roughly 80% of GMC's reservation holders for the Sierra previously had non-GMC vehicles."", '""What we know is about 70% of Cybertruck buyers are Tesla owners,"" he said during a media event. ""', ""So, they're not necessarily truck buyers, they're Tesla buyers."", '""Automakers such as GM rushed to release all-electric pickup trucks, in part because Tesla planned to build such a vehicle.', 'That led to fears that the U.S. EV leader would dominate the truck market, which is crucial to the Detroit automakers, like it did for electric cars.', 'But EV adoption has been slower than many expected, and the electric truck market remains in its infancy.', 'The all-electric pickup truck market was roughly 38,500 vehicles during the first half of the year, including retail and fleet sales, according to Motor Intelligence.', 'That compares with the more than 1 million traditional or hybrid full-size pickup trucks sold this year through June.', ""Leading all-electric pickup truck sales through June was Ford's F-150 Lightning at 15,645 vehicles, according to Motor Intelligence."", 'It was followed by the Tesla Cybertruck at nearly 11,600 units during that time, including a segment-leading 8,755 during the second quarter, according to the automotive data and analytics firm.', ""GMC's Hummer pickup, which has been slow to ramp up production and sales, was last at less than 1,500 vehicles, including about 1,100 during the second quarter, according to Motor Intelligence."", '""This is a very infant market.', 'This is just the baby steps.', 'For General Motors to have confidence that they can be a leader in the space is justified in their history with trucks and their understanding of being able to make a transition to electric vehicles,"" said Stephanie Brinley, principal automotive analyst at S&P Global Mobility. ""', 'The big question now is how quickly consumers [adopt electric trucks], more so than the product attributes.', '""Including all-electric SUVs from the brands, which some companies such as GM report under truck sales, Rivian is the clear leader through the first half of the year at more than 22,700 R1S SUV and R1T pickups sold.', ""That compares with GMC's Hummer SUV and pickup models, with sales of roughly 4,600 units."", 'Aldred said GM expects to ramp up production of the Sierra EV — including the AT4 off-road and entry-level Elevation models coming next year — faster than the Hummer models that took years.', 'Denali versions of the vehicle are expected to begin production during the fourth quarter, GM said.', ""The Sierra EV is now GM's third electric pickup, including the Hummer and a new Chevrolet Silverado that began arriving in dealerships in December."", ""The Sierra EV's closest competitor is arguably the Chevy Silverado EV."", 'Both are built on GM\'s ""Ultium"" vehicle platform and share many parts, features and performance characteristics.', 'The Detroit automaker has differentiated the vehicles through their interior and exterior designs, as well as brand personalities.', '""Chevrolet really focused on the fleet side.', ""We're really focused on the retail side, same as on [GMC's internal combustion engine] trucks."", 'When you look at it, the EV truck space is a premium space,"" Aldred said.', 'The Silverado currently has a sporty, pricey edition for about $96,500 and a work truck, meant for fleet and commercial customers, that starts at roughly $67,000.The Sierra is more refined and luxurious than its Chevrolet counterpart: It has open pore wood, larger total screens, standard hands-free highway Super Cruise driving, GMC\'s ""crab mode"" with four-wheel steering and other features.', '""General Motors has been good with their differentiation between GMC and Chevrolet,"" S&P Global\'s Brinley said. ""', 'The GMC Sierra and the Chevrolet Silverado EVs look different enough from each other, and General Motors has worked those two customers very well for decades.', ""They understand what they need to do to make something appeal to a GMC buyer versus a Chevrolet buyer, and that they're very subtly different."", '""Both vehicles have an EPA-rated range of 440 miles and offer up to 754 horsepower and 785 pound-feet of torque.', 'Important for many truck customers, they also tow up to 10,000 pounds and can charge for 100 miles in roughly 10 minutes with a DC Fast Charger.', 'A unique feature of the Silverado and Sierra EVs compared with others is the capability of a ""midgate,"" in which the back seats of the vehicle fold down and the back glass can come out to create a nearly 11-foot-long truck bed and large cargo area.', 'The Sierra EV, including the Denali edition, is expected to continue to assist GMC with its pricing power and reputation as a premium truck brand, according to Patrick Finnegan, senior marketing manager for GMC trucks and SUVs.', 'GMC has grown its average transaction prices and high-end models thanks to the newer off-road AT4 vehicles as well as Denali, which is celebrating its 25th year as a GMC sub-brand.', ""For example, GMC's traditional Sierra pickup truck has an average transaction price of roughly $60,000."", 'That includes the Denali models at about $71,000, and a Denali ""Ultimate"" model at $78,500, according to the company.', 'GM has not released pricing for the electric GMC Sierra Denali, AT4 and Elevation models that will follow the 2,500-unit ""Edition 1"" models.', 'But Aldred did say the Sierra could potentially be eligible for up to $7,500 federal tax credits, which would mean it would have a price of less than $80,000.Denali models have grown from simple tweaks differentiating them from other vehicles to offering their own interiors, parts and features.', 'The vehicles still largely share the same ""bones"" but offer more luxurious features and materials.', ""About 34% of GMC's retail sales are Denali models, GMC said."", ""That's up from 18% a decade ago and 30% in 2019."", ""The sales have assisted GMC in what's expected to be seven consecutive years of growth for the brand."", '""This is going to continue to help protect our space in that premium average transaction price space.', 'It\'s going to help us open the door to new customers,"" Finnegan said. ""', 'We intend to be the retail leader in the electric vehicle truck space, and we\'re going to have a fuller breadth of product to really help us achieve that.""']",0.1916320636657732,"GMC has grown its average transaction prices and high-end models thanks to the newer off-road AT4 vehicles as well as Denali, which is celebrating its 25th year as a GMC sub-brand.",The Sierra EV's closest competitor is arguably the Chevy Silverado EV.,0.6607641478379568,The sales have assisted GMC in what's expected to be seven consecutive years of growth for the brand.,"But EV adoption has been slower than many expected, and the electric truck market remains in its infancy.",2024-08-14
-Streaming is getting more expensive for consumers. Here's why,https://www.cnbc.com/2024/08/16/streaming-getting-more-expensive-for-consumers.html,2024-08-16T16:57:45+0000,"In this articleStreaming is finally starting to pay off for media companies, but there's a catch — to get there, consumers are facing higher subscription costs and increasingly frequent price hikes.Legacy media companies entered the streaming market with a focus on gaining subscribers and competing with category leader Netflix as traditional cable TV bundles lose customers. Now, looking for a return on their content investments, Disney, Warner Bros. Discovery and others are aiming for streaming profits.Their strategies include rolling out cheaper, ad-supported models; launching platform bundles; and cracking down on password sharing, but price hikes have shown more immediate results toward profitability.""The years of prioritizing user growth with low prices are over,"" said Mike Proulx, vice president and research director at Forrester.Disney said last week that its combined streaming services — Disney+, Hulu and ESPN+ — were profitable for the first time during its fiscal third quarter. Although the company added new subscribers, that milestone was largely due to price increases.CEO Bob Iger said during an earnings call that Disney has ""earned"" its pricing in the marketplace due to the company's creative contributions and product improvements. He noted that with past price increases, the company hasn't seen a ""significant"" number of customer departures.""When we look across our portfolio … we're seeing growth in consumption and the popularity of our offerings, which gives us the pricing leverage that we believe we have,"" Iger said.The major streaming services have gone through a number of price hikes and changes throughout the past few years.In just the past five months, four streamers have announced price increases: Warner Bros. Discovery's Max, Comcast's Peacock, Disney and Paramount.Ahead of earnings, Disney announced it's raising streaming prices by $1 to $2 a month for Hulu, Disney+ and ESPN+.Similar to Disney, Paramount Global said last week in its quarterly earnings conference call that its streaming business, centered on flagship service Paramount+, reached profitability.Paramount noted on the call that global average revenue per user grew 26% for Paramount+, which reflected a price increase during the third quarter of 2023. Meanwhile, additional price increases for Paramount+ go into effect this month, and the company expects to see a financial impact for that during the fourth quarter.Though Comcast's Peacock offered a limited-time annual subscription for $19.99 ahead of the Olympics, the company raised the monthly cost of the service's ad-supported tier by $2 this summer, marking its second price hike of the year. Warner Bros. Discovery also increased the cost of Max without ads by $1 per month in June.""For a decade in streaming, an enormously valuable amount of quality content has been given away well below fair market value. And I think that's in the process of being corrected,"" Warner Bros. Discovery finance chief Gunnar Wiedenfels said during an industry conference last year. ""We've seen price increases across essentially the entire competitive set.""When Disney reported a revenue increase in its most recent quarter, it was primarily driven by higher subscription prices, said Forrester's Proulx, since user growth and ad revenue alone won't sustain profitability.That puts the burden of revenue growth somewhat on consumers' shoulders, he said. And users are feeling the strain.In a survey of 3,000 consumers, 90% agreed that streaming video subscriptions are raising their prices more often than they were in the past, according to Hub Entertainment Research.Meanwhile, companies are pushing consumers toward ad-supported tiers — which are often cheaper than commercial-free streaming — in a bid to attract more advertisers, Proulx said.And many of those consumers are taking the option.""We expect meaningful growth ahead as more subscribers opt for the ad-lite tier, which represented over 40% of global gross adds last quarter,"" Warner Bros. Discovery's Wiedenfels said during last week's earnings call. Ad lite references Max's cheapest subscription tierMedia companies have noted that advertising has grown for streaming. Warner Bros. Discovery said during its second-quarter earnings conference call that streaming ad revenue doubled year over year.Similarly, revenue from advertising grew 16% in Paramount's second quarter, driven by Paramount+ and Pluto TV, according to the company.At Peacock, 75% of subscribers were on the ad-supported tier as of February of last year, according to research from Antenna. At the time it was the largest share of any of the major streamers, followed by Hulu at 57% and Paramount+ at 43%. The streaming companies don't typically disclose the breakdown of subscriptions by tier.""The advertising tier for all these companies is appealing because they can make as much off of ad revenues as they make off of the subscription fee on the ad tier,"" said Tim Nollen, senior media tech analyst at Macquarie.Netflix executives chafed against advertising for some time but pivoted in 2022 following a slowdown in subscriber growth. The company also recently nixed its cheapest, ad-free basic plan — leaving consumers with the choice of a $6.99 ad-supported option, or two ad-free plans that cost $15.49 or $22.99.Netflix co-CEO Ted Sarandos said in the company's second-quarter earnings call that the ad tier makes Netflix more accessible to users due to the low entry price. For both tiers, when it comes to raising prices, Sarandos said Netflix aims to increase value and engagement before having subscribers pay more.Generally, price-pinched streaming consumers are willing to tolerate ads in order to pay lower subscription fees, according to Forrester's research. Still, ad tiers aren't immune to price increases. Disney+ is now raising prices of its ad-supported plan, for example.Disney took a unique approach to launching its ad tier in December 2022, giving existing subscribers the option to either pay an additional $3 per month or accept ads. Nearly 95% of Disney+ premium plan subscribers paid to maintain ad-free streaming, according to Antenna.Warner Bros. Discovery said in an earnings conference call that it suffered fewer customer losses than expected in July, following its $1 price increase on ad-free streaming.""Until there's a mass exodus of users, Disney (and others) will continue to increase prices,"" Proulx said.There's one key thing that's working to streamers' advantage: Across platforms, users aren't often willing to sacrifice their desired content even when costs go up, said Hub Entertainment Research founder Jon Giegengack.However, the total cost of streaming can sometimes exceed that of cable for certain consumers because the content they're consuming is broken up across the different platforms, according to Proulx.In response, companies including Disney, Paramount and Warner Bros. Discovery have turned to bundling their services into a single, discounted offering. In cases where streaming is no longer cheaper than traditional television, bundles allow consumers to save money while accessing TV content across different services, according to Proulx.For providers, bundles are an opportunity to increase revenue because they expect fewer people to cancel their bundled subscriptions than stand-alone ones, according to Nollen.""The new world of streaming is not as lucrative as the old world of pay TV was,"" Nollen said. ""Everybody has woken up to that, and they are coming up with ways to try to at least improve its fortunes, and bundling is one."" Streamers are also growing their total users by cracking down on password sharing. Last year, Netflix alerted members that accounts can only be shared within a single household, and Disney made a similar announcement earlier this year. Warner Bros. Discovery will soon follow suit.Nonetheless, as consumers continue to face rising subscription costs, Giegengack points to a broader streaming competition. While low subscription prices initially helped other streamers grow subscribers, he said they can't afford to keep doing that.""The amount that people have been able to pay for, the volume of content they get up until now, is just an absurdly good deal, and I don't think it's sustainable,"" Giegengack said.Disclosure: Comcast owns NBCUniversal, the parent company of CNBC, and is a co-owner of Hulu. NBCUniversal also owns NBC Sports and NBC Olympics, which is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.",CNBC,16/08/2024,"[""In this articleStreaming is finally starting to pay off for media companies, but there's a catch — to get there, consumers are facing higher subscription costs and increasingly frequent price hikes."", 'Legacy media companies entered the streaming market with a focus on gaining subscribers and competing with category leader Netflix as traditional cable TV bundles lose customers.', 'Now, looking for a return on their content investments, Disney, Warner Bros. Discovery and others are aiming for streaming profits.', 'Their strategies include rolling out cheaper, ad-supported models; launching platform bundles; and cracking down on password sharing, but price hikes have shown more immediate results toward profitability.', '""The years of prioritizing user growth with low prices are over,"" said Mike Proulx, vice president and research director at Forrester.', 'Disney said last week that its combined streaming services — Disney+, Hulu and ESPN+ — were profitable for the first time during its fiscal third quarter.', 'Although the company added new subscribers, that milestone was largely due to price increases.', 'CEO Bob Iger said during an earnings call that Disney has ""earned"" its pricing in the marketplace due to the company\'s creative contributions and product improvements.', 'He noted that with past price increases, the company hasn\'t seen a ""significant"" number of customer departures.', '""When we look across our portfolio … we\'re seeing growth in consumption and the popularity of our offerings, which gives us the pricing leverage that we believe we have,"" Iger said.', 'The major streaming services have gone through a number of price hikes and changes throughout the past few years.', ""In just the past five months, four streamers have announced price increases: Warner Bros. Discovery's Max, Comcast's Peacock, Disney and Paramount."", ""Ahead of earnings, Disney announced it's raising streaming prices by $1 to $2 a month for Hulu, Disney+ and ESPN+.Similar to Disney, Paramount Global said last week in its quarterly earnings conference call that its streaming business, centered on flagship service Paramount+, reached profitability."", 'Paramount noted on the call that global average revenue per user grew 26% for Paramount+, which reflected a price increase during the third quarter of 2023.', 'Meanwhile, additional price increases for Paramount+ go into effect this month, and the company expects to see a financial impact for that during the fourth quarter.', ""Though Comcast's Peacock offered a limited-time annual subscription for $19.99 ahead of the Olympics, the company raised the monthly cost of the service's ad-supported tier by $2 this summer, marking its second price hike of the year."", 'Warner Bros. Discovery also increased the cost of Max without ads by $1 per month in June.', '""For a decade in streaming, an enormously valuable amount of quality content has been given away well below fair market value.', 'And I think that\'s in the process of being corrected,"" Warner Bros. Discovery finance chief Gunnar Wiedenfels said during an industry conference last year. ""', ""We've seen price increases across essentially the entire competitive set."", '""When Disney reported a revenue increase in its most recent quarter, it was primarily driven by higher subscription prices, said Forrester\'s Proulx, since user growth and ad revenue alone won\'t sustain profitability.', ""That puts the burden of revenue growth somewhat on consumers' shoulders, he said."", 'And users are feeling the strain.', 'In a survey of 3,000 consumers, 90% agreed that streaming video subscriptions are raising their prices more often than they were in the past, according to Hub Entertainment Research.', 'Meanwhile, companies are pushing consumers toward ad-supported tiers — which are often cheaper than commercial-free streaming — in a bid to attract more advertisers, Proulx said.', 'And many of those consumers are taking the option.', '""We expect meaningful growth ahead as more subscribers opt for the ad-lite tier, which represented over 40% of global gross adds last quarter,"" Warner Bros. Discovery\'s Wiedenfels said during last week\'s earnings call.', ""Ad lite references Max's cheapest subscription tierMedia companies have noted that advertising has grown for streaming."", 'Warner Bros. Discovery said during its second-quarter earnings conference call that streaming ad revenue doubled year over year.', ""Similarly, revenue from advertising grew 16% in Paramount's second quarter, driven by Paramount+ and Pluto TV, according to the company."", 'At Peacock, 75% of subscribers were on the ad-supported tier as of February of last year, according to research from Antenna.', 'At the time it was the largest share of any of the major streamers, followed by Hulu at 57% and Paramount+ at 43%.', ""The streaming companies don't typically disclose the breakdown of subscriptions by tier."", '""The advertising tier for all these companies is appealing because they can make as much off of ad revenues as they make off of the subscription fee on the ad tier,"" said Tim Nollen, senior media tech analyst at Macquarie.', 'Netflix executives chafed against advertising for some time but pivoted in 2022 following a slowdown in subscriber growth.', ""The company also recently nixed its cheapest, ad-free basic plan — leaving consumers with the choice of a $6.99 ad-supported option, or two ad-free plans that cost $15.49 or $22.99.Netflix co-CEO Ted Sarandos said in the company's second-quarter earnings call that the ad tier makes Netflix more accessible to users due to the low entry price."", 'For both tiers, when it comes to raising prices, Sarandos said Netflix aims to increase value and engagement before having subscribers pay more.', ""Generally, price-pinched streaming consumers are willing to tolerate ads in order to pay lower subscription fees, according to Forrester's research."", ""Still, ad tiers aren't immune to price increases."", 'Disney+ is now raising prices of its ad-supported plan, for example.', 'Disney took a unique approach to launching its ad tier in December 2022, giving existing subscribers the option to either pay an additional $3 per month or accept ads.', 'Nearly 95% of Disney+ premium plan subscribers paid to maintain ad-free streaming, according to Antenna.', 'Warner Bros. Discovery said in an earnings conference call that it suffered fewer customer losses than expected in July, following its $1 price increase on ad-free streaming.', '""Until there\'s a mass exodus of users, Disney (and others) will continue to increase prices,"" Proulx said.', ""There's one key thing that's working to streamers' advantage: Across platforms, users aren't often willing to sacrifice their desired content even when costs go up, said Hub Entertainment Research founder Jon Giegengack."", ""However, the total cost of streaming can sometimes exceed that of cable for certain consumers because the content they're consuming is broken up across the different platforms, according to Proulx."", 'In response, companies including Disney, Paramount and Warner Bros. Discovery have turned to bundling their services into a single, discounted offering.', 'In cases where streaming is no longer cheaper than traditional television, bundles allow consumers to save money while accessing TV content across different services, according to Proulx.', 'For providers, bundles are an opportunity to increase revenue because they expect fewer people to cancel their bundled subscriptions than stand-alone ones, according to Nollen.', '""The new world of streaming is not as lucrative as the old world of pay TV was,"" Nollen said. ""', 'Everybody has woken up to that, and they are coming up with ways to try to at least improve its fortunes, and bundling is one.', '""Streamers are also growing their total users by cracking down on password sharing.', 'Last year, Netflix alerted members that accounts can only be shared within a single household, and Disney made a similar announcement earlier this year.', 'Warner Bros. Discovery will soon follow suit.', 'Nonetheless, as consumers continue to face rising subscription costs, Giegengack points to a broader streaming competition.', ""While low subscription prices initially helped other streamers grow subscribers, he said they can't afford to keep doing that."", '""The amount that people have been able to pay for, the volume of content they get up until now, is just an absurdly good deal, and I don\'t think it\'s sustainable,"" Giegengack said.', 'Disclosure: Comcast owns NBCUniversal, the parent company of CNBC, and is a co-owner of Hulu.', 'NBCUniversal also owns NBC Sports and NBC Olympics, which is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.']",0.2441558592462889,"""For a decade in streaming, an enormously valuable amount of quality content has been given away well below fair market value.","Generally, price-pinched streaming consumers are willing to tolerate ads in order to pay lower subscription fees, according to Forrester's research.",0.6455951549790122,"Paramount noted on the call that global average revenue per user grew 26% for Paramount+, which reflected a price increase during the third quarter of 2023.","""For a decade in streaming, an enormously valuable amount of quality content has been given away well below fair market value.",2024-08-14
-"Mynaric stock tanks after space lasers company slashes revenue guidance, announces CFO departure",https://www.cnbc.com/2024/08/20/mynaric-myna-stock-tanks-after-slashing-revenue-guidance-cfo-exit.html,2024-08-20T20:56:45+0000,"In this articleSpace stock Mynaric tanked in trading Tuesday after the company announced heavy cuts to its previous revenue forecast and the departure of the company's chief financial officer.Germany-based Mynaric slashed its 2024 revenue guidance nearly 70% at the midpoint, cutting its previous range of 50 million euros to 70 million euros, to a range of 16 million euros to 24 million euros, or $18 million.The company had stated that revenue outlook as recently as June 20.""The guidance decrease is due to production delays of [our satellite laser communication terminal] CONDOR Mk3 caused by lower than expected production yields and component supplier shortages of key components,"" Mynaric said in a press release.At the same time, Mynaric announced ""the voluntary departure of CFO Stefan Berndt von-Bulow for personal reasons, effective last week."" Berndt von-Bulow has been with the company since 2018, serving in the CFO role for the past four years.The German space lasers company debuted on the Nasdaq in late 2021 at a market value of about $325 million. But the stock has fallen steadily since, dropping below $2 a share and trading below a market value of $50 million, according to FactSet.Mynaric shares fell 56% on Tuesday to close at $1.83, their worst single day of trading since going public.Mynaric makes optical communication terminals, devices that use a laser to send data from one point to another. Its target market is supplying companies and government organizations building satellite constellations, including for broadband and imagery uses.Mynaric has won several contracts — notably for companies building satellites for the network being built by the Space Force's Space Development Agency — and has a backlog representing orders for as many as 1,000 of its terminals.The company warned that, as of Friday, it had cash reserves totaling 6.3 million euros.""With the lower than previously expected revenue and cash-in from customers for fiscal year 2024, we will need to pursue additional capital sources to secure our on-going operations and production ramp,"" Mynaric said.",CNBC,20/08/2024,"[""In this articleSpace stock Mynaric tanked in trading Tuesday after the company announced heavy cuts to its previous revenue forecast and the departure of the company's chief financial officer."", 'Germany-based Mynaric slashed its 2024 revenue guidance nearly 70% at the midpoint, cutting its previous range of 50 million euros to 70 million euros, to a range of 16 million euros to 24 million euros, or $18 million.', 'The company had stated that revenue outlook as recently as June 20.""The guidance decrease is due to production delays of [our satellite laser communication terminal] CONDOR Mk3 caused by lower than expected production yields and component supplier shortages of key components,"" Mynaric said in a press release.', 'At the same time, Mynaric announced ""the voluntary departure of CFO Stefan Berndt von-Bulow for personal reasons, effective last week.""', 'Berndt von-Bulow has been with the company since 2018, serving in the CFO role for the past four years.', 'The German space lasers company debuted on the Nasdaq in late 2021 at a market value of about $325 million.', 'But the stock has fallen steadily since, dropping below $2 a share and trading below a market value of $50 million, according to FactSet.', 'Mynaric shares fell 56% on Tuesday to close at $1.83, their worst single day of trading since going public.', 'Mynaric makes optical communication terminals, devices that use a laser to send data from one point to another.', 'Its target market is supplying companies and government organizations building satellite constellations, including for broadband and imagery uses.', ""Mynaric has won several contracts — notably for companies building satellites for the network being built by the Space Force's Space Development Agency — and has a backlog representing orders for as many as 1,000 of its terminals."", 'The company warned that, as of Friday, it had cash reserves totaling 6.3 million euros.', '""With the lower than previously expected revenue and cash-in from customers for fiscal year 2024, we will need to pursue additional capital sources to secure our on-going operations and production ramp,"" Mynaric said.']",0.0046913181676825,"Mynaric has won several contracts — notably for companies building satellites for the network being built by the Space Force's Space Development Agency — and has a backlog representing orders for as many as 1,000 of its terminals.","Mynaric shares fell 56% on Tuesday to close at $1.83, their worst single day of trading since going public.",-0.7129226156643459,"Mynaric has won several contracts — notably for companies building satellites for the network being built by the Space Force's Space Development Agency — and has a backlog representing orders for as many as 1,000 of its terminals.","The company had stated that revenue outlook as recently as June 20.""The guidance decrease is due to production delays of [our satellite laser communication terminal] CONDOR Mk3 caused by lower than expected production yields and component supplier shortages of key components,"" Mynaric said in a press release.",2024-08-14
-Here's why Walgreens and CVS retail pharmacies are struggling — and what they're doing to fix it,https://www.cnbc.com/2024/08/18/why-walgreens-cvs-retail-pharmacies-are-struggling.html,2024-08-19T12:21:27+0000,"In this articleThe abundance of Walgreens and CVS Health stores makes them convenient for whenever Shriya Raghavan, a research associate based in Philadelphia, needs to pick up necessities like gum, deodorant and soap. But she said she often has to wait for employees to unlock cabinets or stand in lengthy lines to pick up prescriptions as pharmacists juggle tasks.Those are just some of the ways Walgreens and CVS are falling out of favor with consumers, in a trend that has hit their profits and stock prices and forced them to reconsider their strategies. They are symptoms of deeper issues plaguing retail pharmacy chains, which pivoted from years of store expansions to shuttering hundreds of locations across the U.S. to shore up profits. Among the biggest problems for the chains, reimbursement rates for prescription drugs have fallen. Inflation, softer consumer spending, theft, and competition from Amazon and grocery stores are also making it difficult for drugstores to turn a profit at the front of the store, where they sell everything from pantry staples to makeup and cleaning supplies.There's also widespread burnout among pharmacy staff, many of whom complain about understaffing and increasing workloads.Many of those issues aren't new. While CVS and Walgreens got a temporary boost from Covid vaccinations and test sales during the peak of the pandemic, they now face a harsh reality: the retail pharmacy model may be broken. ""As things have started to normalize, we're reverting back to the challenges that the retail pharmacy industry had faced even before Covid,"" Jefferies analyst Brian Tanquilut told CNBC. ""I think most of these pharmacies are realizing that fundamentally, their businesses have not really changed."" Falling retail pharmacy profit margins only add to the woes at both Walgreens and CVS. While Walgreens struggles with its push into primary care, CVS' bottom line is getting battered by higher medical costs in its insurance business. CVS earlier this month slashed its full-year profit outlook for the third consecutive quarter and announced $2 billion in new cost cuts over several years as those higher medical costs squeeze the insurance industry. It's not just those two chains: Rite Aid, once a viable competitor, declared bankruptcy last year and is closing hundreds of store locations as it restructures.Wall Street hasn't been happy. Shares of Walgreens are down nearly 60% this year and 80% over the last decade. CVS' stock is down almost 30% both for this year and the last 10 years. Meanwhile, Rite Aid's common stock was delisted from the New York Stock Exchange in October. Still, retail pharmacy chains remain an important fixture of the U.S. health-care system that tens of millions of Americans rely on. They may just need to reinvent themselves. ""The retail pharmacy industry is going through a period of soul-searching, trying to understand the best model to reach the consumer,"" said GlobalData retail managing director Neil Saunders. ""Consumer habits have changed, some of the economics of running drugstores and pharmacies have changed and the retailers in the sector are really having to reappraise how they do business to maintain profitability and maintain a viable business model.""Here are the main factors challenging the pharmacy business, and what CVS and Walgreens are doing to adapt.Much of the pain for retail pharmacies comes from lower prescription drug reimbursement rates. Pharmacies typically buy their medications from a distributor and then get reimbursed by pharmacy benefit managers, or PBMs. The powerful drug supply middlemen also negotiate discounts with manufacturers on behalf of insurers and create lists of medications covered by health plans.The three largest PBMs – CVS Health's Caremark, UnitedHealth Group's Optum Rx and Cigna's Express Scripts – handle almost 80% of all prescriptions in the U.S.Pharmacies have accused PBMs of setting lower reimbursement rates, which, in some cases, can mean pharmacies get paid less than the cost of buying and dispensing a prescription. Those middlemen are also accused of offering ""take it or leave it"" contracts when negotiating reimbursements with pharmacies, effectively forcing them to accept lower rates so they can maintain access to patients covered by PBMs. ""There's no leverage. There's no negotiating power on the side of the retail pharmacies,"" Tanquilut told CNBC. ""So we've seen a consistent pressure on margins on the pharmacy side over the last several years to the point where that's a huge challenge."" The operating margin for Walgreens' U.S. retail pharmacy unit was -5% last year, down from 3.9% in 2019 and 4.4% in 2015. Meanwhile, CVS' operating margin for its pharmacy and consumer wellness business was 4.6% last year, up from 3.3% in 2022 but down from 8.5% in 2019 and 9.9% in 2015.Walgreens CEO Tim Wentworth acknowledged those headwinds during an earnings call in June. ""We are at a point where the current pharmacy model is not sustainable and the challenges in our operating environment require, we approach the market differently,"" he said. ""For example, we are in active discussions with our PBM and payer partners to align incentives and ensure we are paid fairly.""CVS has a slight competitive advantage over Walgreens since it has its own PBM, and the margin pressure from Caremark is likely ""not as severe"" as it is for other PBMs, Tanquilut said.CVS in December also introduced a new pharmacy reimbursement model called CostVantage, which will launch at the beginning of next year and use what the company calls a ""transparent"" formula to determine a medication's price. A CVS spokesperson said it will provide more clarity and predictability for consumers.But some analysts told CNBC that it's still unclear how effective that new model will be.Meanwhile, Saunders said more consumers are using online pharmacy services such as PillPack, a subsidiary of Amazon Pharmacy, to get their prescription medications. He noted that online pharmacy fulfillment remains ""fairly small in the scheme of things,"" but said it is ""definitely growing and putting a little bit of pressure on some of the traditional pharmacy chains.""  E-commerce rivals, discounters and big-box retailers are an even bigger threat to the retail side of Walgreens' and CVS' pharmacy businesses. As competition mounts, the chains' online retail presence has also lagged behind those of Amazon and other retailers like Walmart and Target, according to Leerink Partners analyst Michael Cherny. ""It wasn't as likely that an individual pre-Covid, or even the early days of Covid, would think first and foremost of going to CVS.com or Walgreens.com for shopping,"" Cherny said. ""[CVS and Walgreens] were behind on e-commerce."" Inflation is also squeezing consumers, who have become more prudent with their purchases. A budget-conscious shopper is more likely to shop at retailers including Walmart, a dollar store or Costco, despite the convenience the retail pharmacies offer, Cherny noted.Brittainy Lynn, a 38-year-old freelancer based in Austin, Texas, said it ""seems like prices are really high"" at Walgreens and CVS compared with other stores. ""It is not my first choice,"" Lynn told CNBC. ""Walmart or Target is generally where I find things I need for the cheapest price. I do frequent Dollar Tree as well, but not really for essentials."" Walgreens and CVS have blamed weaker retail sales in part on consumers watching their spending.Earlier this month, CVS said same-store sales at the front of the store were down roughly 4% during the second quarter from the same period a year ago, which reflects a ""general softening of consumer demand."" Walgreens in June said same-store retail sales decreased 2.3% during the fiscal third quarter compared with the year-earlier period. The company said its U.S. retail pharmacy business faced ""significant challenges"" in a ""worse-than-expected consumer environment."" Walgreens and CVS have both increased their focus on their private-label products to lure in shoppers who have traded down from national brands to beat inflation. In a statement, a Walgreens spokesperson said the company is seeing ""strong success among our own brand products,"" with brand penetration ""growing quite nicely."" They added that the company is expanding its variety of products, adding 37 new items alone in the second quarter. That ""perfectly complements consumer focus on value,"" the spokesperson said.While the major chains face many of the same hurdles, Walgreens is likely more exposed to the pressures on its retail pharmacy business than CVS is, Evercore ISI analyst Elizabeth Anderson told CNBC. CVS operates a PBM and the nation's third-largest health insurer, Aetna, which could help offset issues on the retail pharmacy side. CVS' retail pharmacy unit was the second-biggest contributor to sales last year, raking in $116.76 billion. The company's health services segment, which operates Caremark and primary-care provider Oak Street Health, booked nearly $187 billion in sales. Meanwhile, Walgreens gets the vast majority of its revenue from its U.S. retail pharmacies. That business unit took in more than $109 billion last year, dwarfing the $21.83 billion from its international segment and nearly $1.8 billion from its health-care unit. Walgreens' international segment operates more than 3,000 retail stores abroad, including locations of U.K.-based health and beauty retailer Boots. The company's health-care unit offers primary care, urgent care and post-acute care services, as well as a specialty pharmacy, among other services. Even as Walgreens tries to diversify its business, the company has been ""playing catch-up"" with CVS in the health-care space, according to Jeffries' Tanquilut. Retail giants and pharmacies have been pushing to deliver medical care directly to patients, which could help them capture a larger slice of the more than $4 trillion U.S. health-care industry. But several companies, including Amazon, Walmart, CVS and Walgreens, are feeling the pain from bets on primary care. That's because building clinics requires a lot of capital, and the locations typically lose money for several years before becoming profitable, according to Tanquilut. Unlike CVS, Walgreens could potentially exit that market altogether. The company said in a securities filing last week it is considering a sale of its primary-care provider VillageMD.Walgreens invested $1 billion in VillageMD in 2020, then another $5.2 billion a year later to become its majority owner. But Walgreens started closing clinic locations last year. In March, the company recorded a hefty nearly $6 billion charge related to the decline in value of its investment in VillageMD. Retail pharmacies likely won't disappear soon, especially as the American population ages and more people need to pick up prescriptions, Evercore's Anderson said. But she said they may not need to ""exist in their current form."" That could potentially mean increasing their online presence, no longer selling certain products like greeting cards and shrinking store footprints.""I think there'll be some experimentation with models there. It's more of a question of what the new retail pharmacy model will look like,"" Anderson told CNBC. Walgreens has opened roughly 100 smaller-format stores, which have fewer front-of-store items and over-the-counter medicines and feature the company's branded products, a spokesperson said in a statement. Walgreens plans to add more ""mini drugstores"" this year.The company is also piloting a Chicago store location that focuses on ""convenience and speed through digital pickup, pharmacy and grab-and-go solutions,"" Walgreens said on its website. Most prescription or retail orders can be placed and filled at a counter, which could deter theft. Another location in Aubrey, Texas, moves the pharmacy to the front of the store in a departure from the traditional model.The company's website said it does not plan to roll out additional pilot stores until ""learnings about what works and what doesn't are better understood."" Meanwhile, a CVS spokesperson said the company is ""innovating to meet our customers' and patients' varying needs."" The spokesperson pointed to the company's private-label brands, assortment of national brands, and loyalty program that offers discounts and benefits for patients. The company has also opened Oak Street Health primary-care centers side by side with CVS pharmacies in Texas and Illinois, with plans to introduce around two dozen more by the end of the year. In the meantime, CVS and Walgreens are cutting costs. Walgreens in June announced plans to shutter a ""significant"" number of its 8,600 U.S. stores. The company's CEO, Wentworth, said only 75% of the chain's locations were profitable, and that a significant portion of the other quarter could shutter by 2027.In a statement, a Walgreens spokesperson said, ""We have recently exhibited the ability to, and will continue to make difficult decisions that benefit our business, as we identify opportunities that unlock value, validate existing pathways and lead [Walgreens] into a successful future.""In 2021, CVS announced it was shuttering 900 stores, or nearly 10% of its U.S. retail locations, over a three-year period. CVS executives earlier this month said the company is on track to meet that goal by the end of the year, with 851 stores closed to date. In a statement, a CVS spokesperson said the store closure decisions are based on population shifts, consumer spending patterns and a given community's store density, among other factors. Even after the closures, 85% of people in the U.S. will still live within 10 miles of a CVS pharmacy, the spokesperson noted.Amar Singh, senior director at retail consulting company Kantar Group, said shuttering underperforming locations could help Walgreens and CVS right-size their business and figure out ""the right equation"" for their stores that will win back shoppers and shore up profits. But store closures could make it harder for many Americans to get prescriptions, as pharmacy deserts become more common in underserved communities across the U.S. They also may do little to fix some of the deeper issues plaguing retail pharmacies, according to Saunders. For example, he said addressing declining pharmacy reimbursement rates may require legislation and lobbying, and ""getting that done is almost possible."" ""In some ways, closing stores is a reaction to the problem. It's not the solution to the problem,"" Saunders said. ""But longer term, if other things don't change, they'll probably find themselves in the same position in 10 years time where they have to close more stores.""",CNBC,19/08/2024,"['In this articleThe abundance of Walgreens and CVS Health stores makes them convenient for whenever Shriya Raghavan, a research associate based in Philadelphia, needs to pick up necessities like gum, deodorant and soap.', 'But she said she often has to wait for employees to unlock cabinets or stand in lengthy lines to pick up prescriptions as pharmacists juggle tasks.', 'Those are just some of the ways Walgreens and CVS are falling out of favor with consumers, in a trend that has hit their profits and stock prices and forced them to reconsider their strategies.', 'They are symptoms of deeper issues plaguing retail pharmacy chains, which pivoted from years of store expansions to shuttering hundreds of locations across the U.S. to shore up profits.', 'Among the biggest problems for the chains, reimbursement rates for prescription drugs have fallen.', 'Inflation, softer consumer spending, theft, and competition from Amazon and grocery stores are also making it difficult for drugstores to turn a profit at the front of the store, where they sell everything from pantry staples to makeup and cleaning supplies.', ""There's also widespread burnout among pharmacy staff, many of whom complain about understaffing and increasing workloads."", ""Many of those issues aren't new."", 'While CVS and Walgreens got a temporary boost from Covid vaccinations and test sales during the peak of the pandemic, they now face a harsh reality: the retail pharmacy model may be broken.', '""As things have started to normalize, we\'re reverting back to the challenges that the retail pharmacy industry had faced even before Covid,"" Jefferies analyst Brian Tanquilut told CNBC. ""', 'I think most of these pharmacies are realizing that fundamentally, their businesses have not really changed.', '""Falling retail pharmacy profit margins only add to the woes at both Walgreens and CVS.While Walgreens struggles with its push into primary care, CVS\' bottom line is getting battered by higher medical costs in its insurance business.', 'CVS earlier this month slashed its full-year profit outlook for the third consecutive quarter and announced $2 billion in new cost cuts over several years as those higher medical costs squeeze the insurance industry.', ""It's not just those two chains: Rite Aid, once a viable competitor, declared bankruptcy last year and is closing hundreds of store locations as it restructures."", ""Wall Street hasn't been happy."", 'Shares of Walgreens are down nearly 60% this year and 80% over the last decade.', ""CVS' stock is down almost 30% both for this year and the last 10 years."", ""Meanwhile, Rite Aid's common stock was delisted from the New York Stock Exchange in October."", 'Still, retail pharmacy chains remain an important fixture of the U.S. health-care system that tens of millions of Americans rely on.', 'They may just need to reinvent themselves.', '""The retail pharmacy industry is going through a period of soul-searching, trying to understand the best model to reach the consumer,"" said GlobalData retail managing director Neil Saunders. ""', 'Consumer habits have changed, some of the economics of running drugstores and pharmacies have changed and the retailers in the sector are really having to reappraise how they do business to maintain profitability and maintain a viable business model.', '""Here are the main factors challenging the pharmacy business, and what CVS and Walgreens are doing to adapt.', 'Much of the pain for retail pharmacies comes from lower prescription drug reimbursement rates.', 'Pharmacies typically buy their medications from a distributor and then get reimbursed by pharmacy benefit managers, or PBMs.', 'The powerful drug supply middlemen also negotiate discounts with manufacturers on behalf of insurers and create lists of medications covered by health plans.', ""The three largest PBMs – CVS Health's Caremark, UnitedHealth Group's Optum Rx and Cigna's Express Scripts – handle almost 80% of all prescriptions in the U.S.Pharmacies have accused PBMs of setting lower reimbursement rates, which, in some cases, can mean pharmacies get paid less than the cost of buying and dispensing a prescription."", 'Those middlemen are also accused of offering ""take it or leave it"" contracts when negotiating reimbursements with pharmacies, effectively forcing them to accept lower rates so they can maintain access to patients covered by PBMs.', '""There\'s no leverage.', 'There\'s no negotiating power on the side of the retail pharmacies,"" Tanquilut told CNBC. ""', ""So we've seen a consistent pressure on margins on the pharmacy side over the last several years to the point where that's a huge challenge."", '""The operating margin for Walgreens\' U.S. retail pharmacy unit was -5% last year, down from 3.9% in 2019 and 4.4% in 2015.', 'Meanwhile, CVS\' operating margin for its pharmacy and consumer wellness business was 4.6% last year, up from 3.3% in 2022 but down from 8.5% in 2019 and 9.9% in 2015.Walgreens CEO Tim Wentworth acknowledged those headwinds during an earnings call in June. ""', 'We are at a point where the current pharmacy model is not sustainable and the challenges in our operating environment require, we approach the market differently,"" he said. ""', 'For example, we are in active discussions with our PBM and payer partners to align incentives and ensure we are paid fairly.', '""CVS has a slight competitive advantage over Walgreens since it has its own PBM, and the margin pressure from Caremark is likely ""not as severe"" as it is for other PBMs, Tanquilut said.', 'CVS in December also introduced a new pharmacy reimbursement model called CostVantage, which will launch at the beginning of next year and use what the company calls a ""transparent"" formula to determine a medication\'s price.', 'A CVS spokesperson said it will provide more clarity and predictability for consumers.', ""But some analysts told CNBC that it's still unclear how effective that new model will be."", 'Meanwhile, Saunders said more consumers are using online pharmacy services such as PillPack, a subsidiary of Amazon Pharmacy, to get their prescription medications.', 'He noted that online pharmacy fulfillment remains ""fairly small in the scheme of things,"" but said it is ""definitely growing and putting a little bit of pressure on some of the traditional pharmacy chains.', '""E-commerce rivals, discounters and big-box retailers are an even bigger threat to the retail side of Walgreens\' and CVS\' pharmacy businesses.', ""As competition mounts, the chains' online retail presence has also lagged behind those of Amazon and other retailers like Walmart and Target, according to Leerink Partners analyst Michael Cherny."", '""It wasn\'t as likely that an individual pre-Covid, or even the early days of Covid, would think first and foremost of going to CVS.com or Walgreens.com for shopping,"" Cherny said. ""[', 'CVS and Walgreens] were behind on e-commerce.', '""Inflation is also squeezing consumers, who have become more prudent with their purchases.', 'A budget-conscious shopper is more likely to shop at retailers including Walmart, a dollar store or Costco, despite the convenience the retail pharmacies offer, Cherny noted.', 'Brittainy Lynn, a 38-year-old freelancer based in Austin, Texas, said it ""seems like prices are really high"" at Walgreens and CVS compared with other stores.', '""It is not my first choice,"" Lynn told CNBC. ""', 'Walmart or Target is generally where I find things I need for the cheapest price.', 'I do frequent Dollar Tree as well, but not really for essentials.', '""Walgreens and CVS have blamed weaker retail sales in part on consumers watching their spending.', 'Earlier this month, CVS said same-store sales at the front of the store were down roughly 4% during the second quarter from the same period a year ago, which reflects a ""general softening of consumer demand.', '""Walgreens in June said same-store retail sales decreased 2.3% during the fiscal third quarter compared with the year-earlier period.', 'The company said its U.S. retail pharmacy business faced ""significant challenges"" in a ""worse-than-expected consumer environment.', '""Walgreens and CVS have both increased their focus on their private-label products to lure in shoppers who have traded down from national brands to beat inflation.', 'In a statement, a Walgreens spokesperson said the company is seeing ""strong success among our own brand products,"" with brand penetration ""growing quite nicely.""', 'They added that the company is expanding its variety of products, adding 37 new items alone in the second quarter.', 'That ""perfectly complements consumer focus on value,"" the spokesperson said.', ""While the major chains face many of the same hurdles, Walgreens is likely more exposed to the pressures on its retail pharmacy business than CVS is, Evercore ISI analyst Elizabeth Anderson told CNBC.CVS operates a PBM and the nation's third-largest health insurer, Aetna, which could help offset issues on the retail pharmacy side."", ""CVS' retail pharmacy unit was the second-biggest contributor to sales last year, raking in $116.76 billion."", ""The company's health services segment, which operates Caremark and primary-care provider Oak Street Health, booked nearly $187 billion in sales."", 'Meanwhile, Walgreens gets the vast majority of its revenue from its U.S. retail pharmacies.', 'That business unit took in more than $109 billion last year, dwarfing the $21.83 billion from its international segment and nearly $1.8 billion from its health-care unit.', ""Walgreens' international segment operates more than 3,000 retail stores abroad, including locations of U.K.-based health and beauty retailer Boots."", ""The company's health-care unit offers primary care, urgent care and post-acute care services, as well as a specialty pharmacy, among other services."", 'Even as Walgreens tries to diversify its business, the company has been ""playing catch-up"" with CVS in the health-care space, according to Jeffries\' Tanquilut.', 'Retail giants and pharmacies have been pushing to deliver medical care directly to patients, which could help them capture a larger slice of the more than $4 trillion U.S. health-care industry.', 'But several companies, including Amazon, Walmart, CVS and Walgreens, are feeling the pain from bets on primary care.', ""That's because building clinics requires a lot of capital, and the locations typically lose money for several years before becoming profitable, according to Tanquilut."", 'Unlike CVS, Walgreens could potentially exit that market altogether.', 'The company said in a securities filing last week it is considering a sale of its primary-care provider VillageMD.Walgreens invested $1 billion in VillageMD in 2020, then another $5.2 billion a year later to become its majority owner.', 'But Walgreens started closing clinic locations last year.', ""In March, the company recorded a hefty nearly $6 billion charge related to the decline in value of its investment in VillageMD.Retail pharmacies likely won't disappear soon, especially as the American population ages and more people need to pick up prescriptions, Evercore's Anderson said."", 'But she said they may not need to ""exist in their current form.""', 'That could potentially mean increasing their online presence, no longer selling certain products like greeting cards and shrinking store footprints.', '""I think there\'ll be some experimentation with models there.', 'It\'s more of a question of what the new retail pharmacy model will look like,"" Anderson told CNBC.Walgreens has opened roughly 100 smaller-format stores, which have fewer front-of-store items and over-the-counter medicines and feature the company\'s branded products, a spokesperson said in a statement.', 'Walgreens plans to add more ""mini drugstores"" this year.', 'The company is also piloting a Chicago store location that focuses on ""convenience and speed through digital pickup, pharmacy and grab-and-go solutions,"" Walgreens said on its website.', 'Most prescription or retail orders can be placed and filled at a counter, which could deter theft.', 'Another location in Aubrey, Texas, moves the pharmacy to the front of the store in a departure from the traditional model.', 'The company\'s website said it does not plan to roll out additional pilot stores until ""learnings about what works and what doesn\'t are better understood.', '""Meanwhile, a CVS spokesperson said the company is ""innovating to meet our customers\' and patients\' varying needs.""', ""The spokesperson pointed to the company's private-label brands, assortment of national brands, and loyalty program that offers discounts and benefits for patients."", 'The company has also opened Oak Street Health primary-care centers side by side with CVS pharmacies in Texas and Illinois, with plans to introduce around two dozen more by the end of the year.', 'In the meantime, CVS and Walgreens are cutting costs.', 'Walgreens in June announced plans to shutter a ""significant"" number of its 8,600 U.S. stores.', 'The company\'s CEO, Wentworth, said only 75% of the chain\'s locations were profitable, and that a significant portion of the other quarter could shutter by 2027.In a statement, a Walgreens spokesperson said, ""We have recently exhibited the ability to, and will continue to make difficult decisions that benefit our business, as we identify opportunities that unlock value, validate existing pathways and lead [Walgreens] into a successful future.', '""In 2021, CVS announced it was shuttering 900 stores, or nearly 10% of its U.S. retail locations, over a three-year period.', 'CVS executives earlier this month said the company is on track to meet that goal by the end of the year, with 851 stores closed to date.', ""In a statement, a CVS spokesperson said the store closure decisions are based on population shifts, consumer spending patterns and a given community's store density, among other factors."", 'Even after the closures, 85% of people in the U.S. will still live within 10 miles of a CVS pharmacy, the spokesperson noted.', 'Amar Singh, senior director at retail consulting company Kantar Group, said shuttering underperforming locations could help Walgreens and CVS right-size their business and figure out ""the right equation"" for their stores that will win back shoppers and shore up profits.', 'But store closures could make it harder for many Americans to get prescriptions, as pharmacy deserts become more common in underserved communities across the U.S.They also may do little to fix some of the deeper issues plaguing retail pharmacies, according to Saunders.', 'For example, he said addressing declining pharmacy reimbursement rates may require legislation and lobbying, and ""getting that done is almost possible.', '""""In some ways, closing stores is a reaction to the problem.', 'It\'s not the solution to the problem,"" Saunders said. ""', 'But longer term, if other things don\'t change, they\'ll probably find themselves in the same position in 10 years time where they have to close more stores.""']",0.1420033534894789,"The company's CEO, Wentworth, said only 75% of the chain's locations were profitable, and that a significant portion of the other quarter could shutter by 2027.In a statement, a Walgreens spokesperson said, ""We have recently exhibited the ability to, and will continue to make difficult decisions that benefit our business, as we identify opportunities that unlock value, validate existing pathways and lead [Walgreens] into a successful future.","""Walgreens and CVS have blamed weaker retail sales in part on consumers watching their spending.",-0.1717767514744583,"In a statement, a Walgreens spokesperson said the company is seeing ""strong success among our own brand products,"" with brand penetration ""growing quite nicely.""","""Walgreens in June said same-store retail sales decreased 2.3% during the fiscal third quarter compared with the year-earlier period.",2024-08-14
-Boeing pauses tests of 777X aircraft after finding damage to one of the jets' structures,https://www.cnbc.com/2024/08/20/boeing-pauses-tests-of-777x-aircraft-after-finding-damage-to-one-of-the-jets-structures.html,2024-08-20T13:58:48+0000,"In this articleBoeing said Monday that it has paused flight tests of its 777X after it found damage in a structure of one of the wide-body aircraft.The company said it discovered the damage to the custom part, which it said is between the engine and the airplane structure, during scheduled maintenance. It has since grounded the three other 777-9 airplanes in its test fleet. No other flight testing was scheduled for the other aircraft, Boeing said.""Our team is replacing the part and capturing any learnings from the component and will resume flight testing when ready,"" Boeing said in a statement. It said it has informed the Federal Aviation Administration and its customers, which have ordered 481 of the 777X, according to the company's website.It wasn't immediately clear whether the grounding and issue would impact certification and delivery of the new wide-body jetliners, which are slated for 2025, about five years behind schedule. Boeing began flight tests of the aircraft with the FAA in July, a major milestone.The news, reported earlier by The Air Current, comes as Boeing's leaders, including new CEO Kelly Ortberg, are trying to move the company past a safety crisis that started with a door plug blowout at the start of the year.",CNBC,20/08/2024,"['In this articleBoeing said Monday that it has paused flight tests of its 777X after it found damage in a structure of one of the wide-body aircraft.', 'The company said it discovered the damage to the custom part, which it said is between the engine and the airplane structure, during scheduled maintenance.', 'It has since grounded the three other 777-9 airplanes in its test fleet.', 'No other flight testing was scheduled for the other aircraft, Boeing said.', '""Our team is replacing the part and capturing any learnings from the component and will resume flight testing when ready,"" Boeing said in a statement.', ""It said it has informed the Federal Aviation Administration and its customers, which have ordered 481 of the 777X, according to the company's website."", ""It wasn't immediately clear whether the grounding and issue would impact certification and delivery of the new wide-body jetliners, which are slated for 2025, about five years behind schedule."", 'Boeing began flight tests of the aircraft with the FAA in July, a major milestone.', ""The news, reported earlier by The Air Current, comes as Boeing's leaders, including new CEO Kelly Ortberg, are trying to move the company past a safety crisis that started with a door plug blowout at the start of the year.""]",-0.0954468449931902,"It wasn't immediately clear whether the grounding and issue would impact certification and delivery of the new wide-body jetliners, which are slated for 2025, about five years behind schedule.",In this articleBoeing said Monday that it has paused flight tests of its 777X after it found damage in a structure of one of the wide-body aircraft.,-0.9729455709457396,,In this articleBoeing said Monday that it has paused flight tests of its 777X after it found damage in a structure of one of the wide-body aircraft.,2024-08-14
-United CEO expresses 'renewed confidence' in Boeing after meeting with new leader Ortberg,https://www.cnbc.com/2024/08/15/united-ceo-scott-kirby-expresses-renewed-confidence-in-boeing-after-meeting-ceo-kelly-ortberg.html,2024-08-15T18:49:44+0000,"In this articleUnited Airlines CEO Scott Kirby says he is optimistic about Boeing's recovery after meeting with the manufacturer's new chief executive.It's an upbeat change of tune from the head of United, a top Boeing customer that has been among the most publicly frustrated about the plane maker's problems, which have led to delayed deliveries of dozens of aircraft.Kirby and Boeing's new CEO, Robert ""Kelly"" Ortberg, had lunch earlier this week in the Dallas area. Kirby said in a LinkedIn post on Thursday that he ""was not only encouraged by what I heard, but I also came away with a renewed confidence that Boeing is on the right path and will recover faster than most expect.""United has 484 unfilled orders with Boeing, according to the manufacturer's website.Ortberg also met with American Airlines CEO Robert Isom earlier this week, according to a person familiar with the matter who wasn't authorized to speak with the media.Ortberg, who previously ran commercial and defense supplier Rockwell Collins and has more than three decades of experience in the aerospace industry, took the reins at Boeing a week ago, spending part of his first day at Boeing's 737 factory floor in Renton, Washington. Ortberg will be based in Seattle, a shift from previous leaders.""His engineering background at Rockwell Collins, combined with an instinct to be close to his frontline teams in Seattle, makes for a winning combination,"" Kirby wrote on Thursday. ""It was clear from our discussion that he's 100% engaged, understands the cultural changes needed to turn things around and is committed to listening to his employees and customers.""United and other major customers such as Southwest Airlines have been grappling with delayed jetliners as Boeing tries to recover from its latest safety crisis in the wake of a door plug blowout on an Alaska Airlines 737 Max 9 earlier this year.No one was seriously injured in the accident — which occurred after bolts that hold the door plug in place weren't installed before the airline received the plane — but it came after a host of other manufacturing defects on Boeing planes.""In speaking with our customers and industry partners leading up to today, I can tell you that without exception, everyone wants us to succeed,"" Ortberg said in a note to staff on his first day last Thursday. ""In many cases, they NEED us to succeed.""",CNBC,15/08/2024,"[""In this articleUnited Airlines CEO Scott Kirby says he is optimistic about Boeing's recovery after meeting with the manufacturer's new chief executive."", ""It's an upbeat change of tune from the head of United, a top Boeing customer that has been among the most publicly frustrated about the plane maker's problems, which have led to delayed deliveries of dozens of aircraft."", 'Kirby and Boeing\'s new CEO, Robert ""Kelly"" Ortberg, had lunch earlier this week in the Dallas area.', 'Kirby said in a LinkedIn post on Thursday that he ""was not only encouraged by what I heard, but I also came away with a renewed confidence that Boeing is on the right path and will recover faster than most expect.', '""United has 484 unfilled orders with Boeing, according to the manufacturer\'s website.', ""Ortberg also met with American Airlines CEO Robert Isom earlier this week, according to a person familiar with the matter who wasn't authorized to speak with the media."", ""Ortberg, who previously ran commercial and defense supplier Rockwell Collins and has more than three decades of experience in the aerospace industry, took the reins at Boeing a week ago, spending part of his first day at Boeing's 737 factory floor in Renton, Washington."", 'Ortberg will be based in Seattle, a shift from previous leaders.', '""His engineering background at Rockwell Collins, combined with an instinct to be close to his frontline teams in Seattle, makes for a winning combination,"" Kirby wrote on Thursday. ""', ""It was clear from our discussion that he's 100% engaged, understands the cultural changes needed to turn things around and is committed to listening to his employees and customers."", '""United and other major customers such as Southwest Airlines have been grappling with delayed jetliners as Boeing tries to recover from its latest safety crisis in the wake of a door plug blowout on an Alaska Airlines 737 Max 9 earlier this year.', ""No one was seriously injured in the accident — which occurred after bolts that hold the door plug in place weren't installed before the airline received the plane — but it came after a host of other manufacturing defects on Boeing planes."", '""In speaking with our customers and industry partners leading up to today, I can tell you that without exception, everyone wants us to succeed,"" Ortberg said in a note to staff on his first day last Thursday. ""', 'In many cases, they NEED us to succeed.""']",0.1623792582958869,"It was clear from our discussion that he's 100% engaged, understands the cultural changes needed to turn things around and is committed to listening to his employees and customers.",No one was seriously injured in the accident — which occurred after bolts that hold the door plug in place weren't installed before the airline received the plane — but it came after a host of other manufacturing defects on Boeing planes.,0.5006574913859367,"Kirby said in a LinkedIn post on Thursday that he ""was not only encouraged by what I heard, but I also came away with a renewed confidence that Boeing is on the right path and will recover faster than most expect.","""United and other major customers such as Southwest Airlines have been grappling with delayed jetliners as Boeing tries to recover from its latest safety crisis in the wake of a door plug blowout on an Alaska Airlines 737 Max 9 earlier this year.",2024-08-14
-"Walmart beats estimates, raises outlook as it sees stable consumer health",https://www.cnbc.com/2024/08/15/walmart-reports-its-earnings-before-the-bell-heres-what-to-expect.html,2024-08-15T14:13:37+0000,"In this articleWalmart raised its forecast for the year on Thursday, as quarterly revenue grew nearly 5%, the company's stores and website drew more visits, and sales outside the grocery department improved. The discounter beat Wall Street's expectations for sales and profits, and its shares climbed 6% in morning trading.Walmart said it now expects sales to rise by 3.75% to 4.75% for the full year, and adjusted earnings to come in between $2.35 and $2.43 per share. It previously said it expected to be on the high end or slightly above its initial full-year guidance, which called for net sales growth of 3% to 4% and adjusted earnings per share of between $2.23 and $2.37.While Walmart raised its outlook, its projected second half of the year may not be as strong as Wall Street anticipated. The retailer expects adjusted earnings of 51 to 52 cents per share in the third quarter, below analysts' expectations of 54 cents. Analysts also expected adjusted earnings of $2.43 per share for the year — the highest point of Walmart's guidance.In an interview with CNBC, Chief Financial Officer John David Rainey said the company's brighter outlook reflects strength in the first half of the year. He said Walmart decided against raising expectations for the back half of the year, especially since the 2024 election, unrest in the Middle East and other dynamics may influence consumer sentiment.""In this environment, it's responsible or prudent to be a little bit guarded with the outlook, but we're not projecting a recession,"" he said.He said Walmart has not noticed a shift in consumer behavior. He said every month of the quarter was ""relatively consistent"" and the back-to-school season ""is off to a pretty good start."" ""We see, among our members and customers, that they remain choiceful, discerning, value-seeking, focusing on things like essentials rather than discretionary items, but importantly, we don't see any additional fraying of consumer health,"" Rainey said.Walmart saw another promising indicator: Sales of general merchandise, such as lawn and garden supplies, were positive for the first time in 11 quarters. He said those sales were up only slightly, but were an ""encouraging sign for us.""Here's what the discounter reported for the fiscal second quarter compared with what Wall Street expected, according to a survey of analysts by LSEG:Walmart's net income dropped to $4.5 billion, or 56 cents per share, in the three-month period that ended July 31, compared with $7.89 billion, or 97 cents per share, in the year-ago period.Revenue rose from $161.63 billion in the year-ago quarter. Comparable sales for Walmart U.S. rose 4.2% in the second quarter, excluding fuel, compared with the year-ago period, which topped analysts' expectations. The industry metric includes sales from stores and clubs open for at least a year.At Sam's Club, comparable sales rose 5.2%, excluding fuel, in line with analysts' expectations.E-commerce sales jumped 21% globally and 22% in the U.S.Walmart's customers in the U.S. visited the company's stores and website more and spent slightly more during the quarter than they did in the year-ago period. Transactions rose 3.6% and average ticket was up 0.6% compared with the year-ago quarter.Walmart provided the latest window into the health of American households and the outlook for the broader economy as investors and economists seek clarity.As the nation's largest retailer, Walmart is uniquely positioned to offer insights into where the consumer is spending and scrimping. The company's reputation for value has boosted sales over the past two years, as inflation drove more higher-income shoppers to its stores and website.Inflation has moderated and returned to historic levels, according to July data from the U.S. Department of Labor. The consumer price index, which measures prices of a broad mix of goods and services, rose 2.9% last month compared with a year earlier. That is the lowest level since March of 2021.On the campaign trail, many politicians — including presidential candidates Vice President Kamala Harris and former President Donald Trump — have spoken about how they will take on the higher prices of everyday items, including groceries. Harris, in particular, has blamed companies for ""price gouging.""Walmart, for its part, said it is pushing vendors to reduce prices. Rainey said that's long been a focus for the company.He told CNBC that inflation was flat for Walmart year over year, so its sales growth was driven by selling more units rather than higher prices. He said it had 7,200 ""rollbacks,"" or short-term deals on items, in the quarter, including a 35% increase in the number of rollbacks on food.Yet prices are hovering much higher than pre-pandemic, frustrating and stretching consumers. A jobs report from the Labor Department early this month also raised concerns and prompted a sharp stock market sell-off, as jobs growth slowed and the unemployment rate rose more than expected.Some companies' earnings reports have added to worries about the economy. Home Depot on Tuesday beat quarterly expectations for earnings and revenue, but warned of slow sales in the back half of the year and consumer caution, even among its more middle- and upper-income customer base.Along with attracting inflation-weary shoppers, Walmart has made its own moves to drive growth. It has looked outside of traditional retail channels, as it has sought to add more sellers to its third-party marketplace, sell more advertisements and attract more members to its subscription service, Walmart+. It also launched a new grocery brand, Bettergoods, with most items under $5 — including meal solutions like frozen pizzas and chicken wings.Rainey said Walmart is likely benefiting as customers look for cheaper alternatives to fast food. He referred to inflation data, which came out this week and showed that the gap in price between food at home and food away from home continues to grow.""It stands to reason that customers are shifting to prepare more meals at home versus versus eating out,"" he said.Shares of Walmart closed Wednesday at $68.66. So far this year, the company's stock is up nearly 31%, outpacing the approximately 14% gains of the S&P 500.",CNBC,15/08/2024,"[""In this articleWalmart raised its forecast for the year on Thursday, as quarterly revenue grew nearly 5%, the company's stores and website drew more visits, and sales outside the grocery department improved."", ""The discounter beat Wall Street's expectations for sales and profits, and its shares climbed 6% in morning trading."", 'Walmart said it now expects sales to rise by 3.75% to 4.75% for the full year, and adjusted earnings to come in between $2.35 and $2.43 per share.', 'It previously said it expected to be on the high end or slightly above its initial full-year guidance, which called for net sales growth of 3% to 4% and adjusted earnings per share of between $2.23 and $2.37.While Walmart raised its outlook, its projected second half of the year may not be as strong as Wall Street anticipated.', ""The retailer expects adjusted earnings of 51 to 52 cents per share in the third quarter, below analysts' expectations of 54 cents."", ""Analysts also expected adjusted earnings of $2.43 per share for the year — the highest point of Walmart's guidance."", ""In an interview with CNBC, Chief Financial Officer John David Rainey said the company's brighter outlook reflects strength in the first half of the year."", 'He said Walmart decided against raising expectations for the back half of the year, especially since the 2024 election, unrest in the Middle East and other dynamics may influence consumer sentiment.', '""In this environment, it\'s responsible or prudent to be a little bit guarded with the outlook, but we\'re not projecting a recession,"" he said.', 'He said Walmart has not noticed a shift in consumer behavior.', 'He said every month of the quarter was ""relatively consistent"" and the back-to-school season ""is off to a pretty good start.', '""""We see, among our members and customers, that they remain choiceful, discerning, value-seeking, focusing on things like essentials rather than discretionary items, but importantly, we don\'t see any additional fraying of consumer health,"" Rainey said.', 'Walmart saw another promising indicator: Sales of general merchandise, such as lawn and garden supplies, were positive for the first time in 11 quarters.', 'He said those sales were up only slightly, but were an ""encouraging sign for us.', '""Here\'s what the discounter reported for the fiscal second quarter compared with what Wall Street expected, according to a survey of analysts by LSEG:Walmart\'s net income dropped to $4.5 billion, or 56 cents per share, in the three-month period that ended July 31, compared with $7.89 billion, or 97 cents per share, in the year-ago period.', 'Revenue rose from $161.63 billion in the year-ago quarter.', ""Comparable sales for Walmart U.S. rose 4.2% in the second quarter, excluding fuel, compared with the year-ago period, which topped analysts' expectations."", 'The industry metric includes sales from stores and clubs open for at least a year.', ""At Sam's Club, comparable sales rose 5.2%, excluding fuel, in line with analysts' expectations."", ""E-commerce sales jumped 21% globally and 22% in the U.S.Walmart's customers in the U.S. visited the company's stores and website more and spent slightly more during the quarter than they did in the year-ago period."", 'Transactions rose 3.6% and average ticket was up 0.6% compared with the year-ago quarter.', 'Walmart provided the latest window into the health of American households and the outlook for the broader economy as investors and economists seek clarity.', ""As the nation's largest retailer, Walmart is uniquely positioned to offer insights into where the consumer is spending and scrimping."", ""The company's reputation for value has boosted sales over the past two years, as inflation drove more higher-income shoppers to its stores and website."", 'Inflation has moderated and returned to historic levels, according to July data from the U.S. Department of Labor.', 'The consumer price index, which measures prices of a broad mix of goods and services, rose 2.9% last month compared with a year earlier.', 'That is the lowest level since March of 2021.On the campaign trail, many politicians — including presidential candidates Vice President Kamala Harris and former President Donald Trump — have spoken about how they will take on the higher prices of everyday items, including groceries.', 'Harris, in particular, has blamed companies for ""price gouging.', '""Walmart, for its part, said it is pushing vendors to reduce prices.', ""Rainey said that's long been a focus for the company."", 'He told CNBC that inflation was flat for Walmart year over year, so its sales growth was driven by selling more units rather than higher prices.', 'He said it had 7,200 ""rollbacks,"" or short-term deals on items, in the quarter, including a 35% increase in the number of rollbacks on food.', 'Yet prices are hovering much higher than pre-pandemic, frustrating and stretching consumers.', 'A jobs report from the Labor Department early this month also raised concerns and prompted a sharp stock market sell-off, as jobs growth slowed and the unemployment rate rose more than expected.', ""Some companies' earnings reports have added to worries about the economy."", 'Home Depot on Tuesday beat quarterly expectations for earnings and revenue, but warned of slow sales in the back half of the year and consumer caution, even among its more middle- and upper-income customer base.', 'Along with attracting inflation-weary shoppers, Walmart has made its own moves to drive growth.', 'It has looked outside of traditional retail channels, as it has sought to add more sellers to its third-party marketplace, sell more advertisements and attract more members to its subscription service, Walmart+.', 'It also launched a new grocery brand, Bettergoods, with most items under $5 — including meal solutions like frozen pizzas and chicken wings.', 'Rainey said Walmart is likely benefiting as customers look for cheaper alternatives to fast food.', 'He referred to inflation data, which came out this week and showed that the gap in price between food at home and food away from home continues to grow.', '""It stands to reason that customers are shifting to prepare more meals at home versus versus eating out,"" he said.', 'Shares of Walmart closed Wednesday at $68.66.', ""So far this year, the company's stock is up nearly 31%, outpacing the approximately 14% gains of the S&P 500.""]",0.2090089147185391,"Walmart saw another promising indicator: Sales of general merchandise, such as lawn and garden supplies, were positive for the first time in 11 quarters.","Harris, in particular, has blamed companies for ""price gouging.",0.5211414340380076,"Walmart said it now expects sales to rise by 3.75% to 4.75% for the full year, and adjusted earnings to come in between $2.35 and $2.43 per share.","""Here's what the discounter reported for the fiscal second quarter compared with what Wall Street expected, according to a survey of analysts by LSEG:Walmart's net income dropped to $4.5 billion, or 56 cents per share, in the three-month period that ended July 31, compared with $7.89 billion, or 97 cents per share, in the year-ago period.",2024-08-14
-The first SpaceX spacewalk: What the Polaris Dawn commander says about the bold upcoming mission,https://www.cnbc.com/2024/08/17/first-spacex-spacewalk-polaris-dawn-mission-launch-date-details.html,2024-08-17T14:29:51+0000,"SpaceX is preparing to launch its next private mission by the end of the month, featuring the first attempt to have the astronauts step out into space.The Polaris Dawn mission — the first of three flights billionaire and Shift4 founder Jared Isaacman purchased from SpaceX in 2022 for his human spaceflight effort known as the Polaris Program — is set to launch from Florida in the early hours of Aug. 26.""We don't get the freedom of any time of day to launch but I think it'll work out to [be] pretty close to dawn, which is very appropriate given the mission,"" Isaacman told CNBC's Investing in Space during an interview last month.Isaacman will be commanding the mission, as he did while leading the historic Inspiration4 flight in 2021. He's once again leading a crew of four, with longtime colleague Scott Poteet joining him as the pilot and Anna Menon and Sarah Gillis, a pair of SpaceX employees, serving as the flight's medical officer and mission specialist, respectively.The multi-day trip isn't headed to a destination, but instead will be a free-flying mission tracing orbits that the crew hopes will go far from Earth.""We're going to a very high altitude that humans haven't gone to in 50-plus years,"" Isaacman said.But the centerpiece of Polaris Dawn is the planned spacewalk.Extravehicular activities, or EVAs, have been a regular part of NASA's astronaut missions for years, such as when the agency needs maintenance done outside the International Space Station. But no private venture has attempted an EVA before.Isaacman said he understands that going for a spacewalk means he and his crew will be ""surrounded by death,"" a moment for which they've been training extensively.""The only thing that comes close to that is the vacuum chamber, and that's where you're pretty much feeling as close as it's like to be in the vacuum conditions or space. … That definitely gives you the actual sensations of the pressure changes and the temperature changes, as well as just the psychological stressors of being in a very harsh environment,"" Isaacman said.Isaacman also detailed the day-to-day schedule for Polaris Dawn, which will be in space for up to five days.Day one is all about looking for a time when there's minimal risk from micrometeorite orbital debris, which will determine exactly when Polaris Dawn will launch. After reaching an orbit of 190 kilometers by 1,200 kilometers, Isaacman said the crew will do extensive checks of SpaceX's Dragon capsule Resilience.""It's really important to know that the vehicle has no faults before going up to 1,400 kilometers"" altitude, Isaacman said.The spacecraft will also take early passes through the high radiation zone known as the South Atlantic Anomaly.""You ideally want to take that at the lowest altitude as you can because even down at 200 kilometers, the radiation level there is substantially higher … Our two or three passes at high altitude through the South Atlantic Anomaly will be almost the entirety of the radiation load on the mission and like an equivalency of three months on the International Space Station,"" Isaacman said.Day two will focus on some of the science and research that Polaris Dawn plans to accomplish — which will total about 40 experiments. The crew will also prep for the spacewalk, testing out the EVA suits.""So we can make sure that ... there's nothing unexpected in microgravity versus what we were able to test on Earth,"" Isaacman said.Day three is the big one: The EVA.So who on the crew will perform the spacewalk?""We'd say all four of us are doing it — there's no airlock and it's being vented down to vacuum"" inside the spacecraft, Isaacman said.Two of the crew will journey outside of Dragon: Isaacman and Gillis, while Poteet and Menon stay inside as support.The EVA is expected to last two hours long from start to finish. Isaacman stressed that the spacewalk ""is really a test and development"" process.""We want to learn as much as we can about the suit and the operation as possible, but we only have so much oxygen and nitrogen to work with,"" Isaacman said.Polaris Dawn plans to livestream the spacewalk, and the mission commander emphasized that there are going to be ""a lot of cameras"" scattered inside and out of the capsule.The crucial piece of equipment intended to make the EVA possible is SpaceX's spacesuits.The company has spent the past couple years taking its minimalist-looking, black-and-white IVA suit —meaning intravehicular activity, and worn by astronauts in case of emergencies — and using it to create its EVA suit. Isaacman said the EVA suits are the results of hundreds of hours of testing different materials over years.""So our primary goal is learn as much as we can about the suit,"" Isaacman said.""Everything is about building the next generation. We're continuing to iterate on this suit design so that SpaceX can have hundreds or thousands someday for the moon, Mars, working in [low Earth orbit], what have you. Building a new EVA suit is no easy task,"" he added.Polaris Dawn aims to push the boundaries of private spaceflight and, like his first trip to orbit, Isaacman hopes the mission inspires.""This is the inspiration side of it … anything that's different than what we've seen over the last 20 or 30 years is what gets people excited, thinking: 'Well if this is what I'm seeing today, I wonder what tomorrow's gonna look like or a year after.""Read Isaacman's Q&A with CNBC's Investing in Space newsletter here.",CNBC,17/08/2024,"['SpaceX is preparing to launch its next private mission by the end of the month, featuring the first attempt to have the astronauts step out into space.', 'The Polaris Dawn mission — the first of three flights billionaire and Shift4 founder Jared Isaacman purchased from SpaceX in 2022 for his human spaceflight effort known as the Polaris Program — is set to launch from Florida in the early hours of Aug. 26.""We don\'t get the freedom of any time of day to launch but I think it\'ll work out to [be] pretty close to dawn, which is very appropriate given the mission,"" Isaacman told CNBC\'s Investing in Space during an interview last month.', 'Isaacman will be commanding the mission, as he did while leading the historic Inspiration4 flight in 2021.', ""He's once again leading a crew of four, with longtime colleague Scott Poteet joining him as the pilot and Anna Menon and Sarah Gillis, a pair of SpaceX employees, serving as the flight's medical officer and mission specialist, respectively."", ""The multi-day trip isn't headed to a destination, but instead will be a free-flying mission tracing orbits that the crew hopes will go far from Earth."", '""We\'re going to a very high altitude that humans haven\'t gone to in 50-plus years,"" Isaacman said.', 'But the centerpiece of Polaris Dawn is the planned spacewalk.', ""Extravehicular activities, or EVAs, have been a regular part of NASA's astronaut missions for years, such as when the agency needs maintenance done outside the International Space Station."", 'But no private venture has attempted an EVA before.', 'Isaacman said he understands that going for a spacewalk means he and his crew will be ""surrounded by death,"" a moment for which they\'ve been training extensively.', '""The only thing that comes close to that is the vacuum chamber, and that\'s where you\'re pretty much feeling as close as it\'s like to be in the vacuum conditions or space. …', 'That definitely gives you the actual sensations of the pressure changes and the temperature changes, as well as just the psychological stressors of being in a very harsh environment,"" Isaacman said.', 'Isaacman also detailed the day-to-day schedule for Polaris Dawn, which will be in space for up to five days.', ""Day one is all about looking for a time when there's minimal risk from micrometeorite orbital debris, which will determine exactly when Polaris Dawn will launch."", ""After reaching an orbit of 190 kilometers by 1,200 kilometers, Isaacman said the crew will do extensive checks of SpaceX's Dragon capsule Resilience."", '""It\'s really important to know that the vehicle has no faults before going up to 1,400 kilometers"" altitude, Isaacman said.', 'The spacecraft will also take early passes through the high radiation zone known as the South Atlantic Anomaly.', '""You ideally want to take that at the lowest altitude as you can because even down at 200 kilometers, the radiation level there is substantially higher … Our two or three passes at high altitude through the South Atlantic Anomaly will be almost the entirety of the radiation load on the mission and like an equivalency of three months on the International Space Station,"" Isaacman said.', 'Day two will focus on some of the science and research that Polaris Dawn plans to accomplish — which will total about 40 experiments.', 'The crew will also prep for the spacewalk, testing out the EVA suits.', '""So we can make sure that ... there\'s nothing unexpected in microgravity versus what we were able to test on Earth,"" Isaacman said.', 'Day three is the big one: The EVA.So who on the crew will perform the spacewalk?""We\'d say all four of us are doing it — there\'s no airlock and it\'s being vented down to vacuum"" inside the spacecraft, Isaacman said.', 'Two of the crew will journey outside of Dragon: Isaacman and Gillis, while Poteet and Menon stay inside as support.', 'The EVA is expected to last two hours long from start to finish.', 'Isaacman stressed that the spacewalk ""is really a test and development"" process.', '""We want to learn as much as we can about the suit and the operation as possible, but we only have so much oxygen and nitrogen to work with,"" Isaacman said.', 'Polaris Dawn plans to livestream the spacewalk, and the mission commander emphasized that there are going to be ""a lot of cameras"" scattered inside and out of the capsule.', ""The crucial piece of equipment intended to make the EVA possible is SpaceX's spacesuits."", 'The company has spent the past couple years taking its minimalist-looking, black-and-white IVA suit —meaning intravehicular activity, and worn by astronauts in case of emergencies — and using it to create its EVA suit.', 'Isaacman said the EVA suits are the results of hundreds of hours of testing different materials over years.', '""So our primary goal is learn as much as we can about the suit,"" Isaacman said.', '""Everything is about building the next generation.', ""We're continuing to iterate on this suit design so that SpaceX can have hundreds or thousands someday for the moon, Mars, working in [low Earth orbit], what have you."", 'Building a new EVA suit is no easy task,"" he added.', 'Polaris Dawn aims to push the boundaries of private spaceflight and, like his first trip to orbit, Isaacman hopes the mission inspires.', '""This is the inspiration side of it … anything that\'s different than what we\'ve seen over the last 20 or 30 years is what gets people excited, thinking: \'Well if this is what I\'m seeing today, I wonder what tomorrow\'s gonna look like or a year after.', '""Read Isaacman\'s Q&A with CNBC\'s Investing in Space newsletter here.']",0.0834501306210707,"""This is the inspiration side of it … anything that's different than what we've seen over the last 20 or 30 years is what gets people excited, thinking: 'Well if this is what I'm seeing today, I wonder what tomorrow's gonna look like or a year after.","Isaacman said he understands that going for a spacewalk means he and his crew will be ""surrounded by death,"" a moment for which they've been training extensively.",,,,2024-08-14
-"GM lays off more than 1,000 salaried software and services employees",https://www.cnbc.com/2024/08/19/gm-lays-off-more-than-1000-salaried-software-and-services-employees.html,2024-08-19T15:28:43+0000,"In this articleDETROIT — General Motors is laying off more than 1,000 salaried employees globally in its software and services division following a review to streamline the unit's operations, CNBC has learned.The layoffs, including roughly 600 jobs at GM's tech campus near Detroit, come less than six months after leadership changes overseeing the operations, including former Apple executive Mike Abbott leaving the automaker after less than a year in March due to health reasons.""As we build GM's future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact,"" a GM spokesman said in an emailed statement. ""As a result, we're reducing certain teams within the Software and Services organization. We are grateful to those who helped establish a strong foundation that positions GM to lead moving forward.""GM declined to disclose the full number of layoffs, but a source familiar with the matter, who declined to be named because the information is private, confirmed more than 1,000 salaried employees would be laid off, including 600 in Warren, Michigan. Impacted employees were notified Monday morning.The layoffs represent about 1.3% of the company's global salaried workforce of 76,000 as of the end of last year. That included about 53,000 U.S. salaried employees.The cuts come as automakers attempt to reduce costs and, in many instances, employee headcount amid fears of an industry downturn — and as they're spending billions of dollars on emerging markets such as all-electric vehicles and so-called software-defined vehicles.Software, specifically monetizing it, has been a major focus for automakers, including GM, as it eyes recurring revenue opportunities such as subscriptions to boost profits.The software and services division covers a wide variety of areas for the automaker, including infotainment, its OnStar brand, and emerging areas such as subscriptions and other vehicle features and development.Two GM executives — Baris Cetinok and Dave Richardson — succeeded Abbott, who was named GM's first executive vice president of software in May 2023. They are based at GM's Mountain View Technical Center in California.Cetinok, a veteran software executive, serves as senior vice president of software and services product management, program management, and design. He oversees the teams responsible for GM's software roadmap design and the process for software program development, launch and improvements. Richardson, GM senior vice president of software and services engineering, leads software engineering, including areas like embedded platforms, digital products, commercial solutions and advanced driver-assistance systems such as GM's Super Cruise.",CNBC,19/08/2024,"[""In this articleDETROIT — General Motors is laying off more than 1,000 salaried employees globally in its software and services division following a review to streamline the unit's operations, CNBC has learned."", ""The layoffs, including roughly 600 jobs at GM's tech campus near Detroit, come less than six months after leadership changes overseeing the operations, including former Apple executive Mike Abbott leaving the automaker after less than a year in March due to health reasons."", '""As we build GM\'s future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact,"" a GM spokesman said in an emailed statement. ""', ""As a result, we're reducing certain teams within the Software and Services organization."", 'We are grateful to those who helped establish a strong foundation that positions GM to lead moving forward.', '""GM declined to disclose the full number of layoffs, but a source familiar with the matter, who declined to be named because the information is private, confirmed more than 1,000 salaried employees would be laid off, including 600 in Warren, Michigan.', 'Impacted employees were notified Monday morning.', ""The layoffs represent about 1.3% of the company's global salaried workforce of 76,000 as of the end of last year."", 'That included about 53,000 U.S. salaried employees.', ""The cuts come as automakers attempt to reduce costs and, in many instances, employee headcount amid fears of an industry downturn — and as they're spending billions of dollars on emerging markets such as all-electric vehicles and so-called software-defined vehicles."", 'Software, specifically monetizing it, has been a major focus for automakers, including GM, as it eyes recurring revenue opportunities such as subscriptions to boost profits.', 'The software and services division covers a wide variety of areas for the automaker, including infotainment, its OnStar brand, and emerging areas such as subscriptions and other vehicle features and development.', ""Two GM executives — Baris Cetinok and Dave Richardson — succeeded Abbott, who was named GM's first executive vice president of software in May 2023."", ""They are based at GM's Mountain View Technical Center in California."", 'Cetinok, a veteran software executive, serves as senior vice president of software and services product management, program management, and design.', ""He oversees the teams responsible for GM's software roadmap design and the process for software program development, launch and improvements."", ""Richardson, GM senior vice president of software and services engineering, leads software engineering, including areas like embedded platforms, digital products, commercial solutions and advanced driver-assistance systems such as GM's Super Cruise.""]",0.2355324836580565,"""As we build GM's future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact,"" a GM spokesman said in an emailed statement. ""","The cuts come as automakers attempt to reduce costs and, in many instances, employee headcount amid fears of an industry downturn — and as they're spending billions of dollars on emerging markets such as all-electric vehicles and so-called software-defined vehicles.",0.322678804397583,"Software, specifically monetizing it, has been a major focus for automakers, including GM, as it eyes recurring revenue opportunities such as subscriptions to boost profits.","As a result, we're reducing certain teams within the Software and Services organization.",2024-08-14
-KSI and the Sidemen among UK's top richest gamers and creators,https://www.bbc.co.uk/news/articles/ceq5g9x0pxxo,2024-08-17T18:33:09.371Z,"High-profile YouTube stars KSI and the Sidemen have been named alongside the creators of Candy Crush, Minecraft and Grand Theft Auto as some of the richest gamers and creators in the UK. Taking the top spot of the Sunday Times' inaugural top 30 Gaming Rich List are co-founders of Playrix, Igor and Dmitry Bukhman. The brothers, with a combined fortune of £12.54bn, are behind titles like Township, Fishdom and Homescapes. KSI and the Sidemen are the highest placed gamers, coming in joint 21st with £50m. More than a quarter of the gamers and developers on the list are under 35, with the average age of the entries being 45. The list features just three women. KSI, whose real name is Olajide Olatunji, is one of seven members of the Sidemen, a YouTube collective who make videos of challenges, sketches and video game commentary.  Another YouTube gamer on the list is PewDiePie, a Japan-based Swedish vlogger named Felix Kjellberg who has several companies in the UK. He takes the 25th spot with a fortune of £45m.  Dan and Sam Houser, co-founders of Rockstar Games, come in at fourth with a combined fortune of £350m and are best known for the Grand Theft Auto series of games. Others in the top 10 include a trio of developers - Riccardo Zacconi, Mel Morris and Sebastian Knutsson - who created the mobile phone game Candy Crush. The game has been downloaded more than three billion times since it launched 12 years ago.   The duo who developed Minecraft for the Xbox, Paddy Burns and Chris van der Kuyl, tied in the 11th spot with £150m each.  The only woman to feature in the top 10 was Wendy Irvin-Braben, of game developer Frontier Developments, who placed 10th with husband David with a joint worth of £175m. In the 13th spot with £130m is Debbie Bestwick, former chief executive of Team17, which created cult classic Worms, kitchen simulator Overcooked and fishing game Dredge.  Tamsin O'Luanaigh, who founded virtual reality company nDreams with her husband Patrick, comes in at 28th with a joint worth of £26m. Robert Watts, compiler of the Sunday Times Gaming Rich List, said that making a fortune playing or making video games may sound like a ""dream"" for many young people, but the rich list ""tells the rags-to-riches stories of people who have done exactly that."" ",BBC,17/08/2024,"['High-profile YouTube stars KSI and the Sidemen have been named alongside the creators of Candy Crush, Minecraft and Grand Theft Auto as some of the richest gamers and creators in the UK.', ""Taking the top spot of the Sunday Times' inaugural top 30 Gaming Rich List are co-founders of Playrix, Igor and Dmitry Bukhman."", 'The brothers, with a combined fortune of £12.54bn, are behind titles like Township, Fishdom and Homescapes.', 'KSI and the Sidemen are the highest placed gamers, coming in joint 21st with £50m. More than a quarter of the gamers and developers on the list are under 35, with the average age of the entries being 45.', 'The list features just three women.', 'KSI, whose real name is Olajide Olatunji, is one of seven members of the Sidemen, a YouTube collective who make videos of challenges, sketches and video game commentary.', 'Another YouTube gamer on the list is PewDiePie, a Japan-based Swedish vlogger named Felix Kjellberg who has several companies in the UK.', 'He takes the 25th spot with a fortune of £45m. Dan and Sam Houser, co-founders of Rockstar Games, come in at fourth with a combined fortune of £350m and are best known for the Grand Theft Auto series of games.', 'Others in the top 10 include a trio of developers - Riccardo Zacconi, Mel Morris and Sebastian Knutsson - who created the mobile phone game Candy Crush.', 'The game has been downloaded more than three billion times since it launched 12 years ago.', 'The duo who developed Minecraft for the Xbox, Paddy Burns and Chris van der Kuyl, tied in the 11th spot with £150m each.', 'The only woman to feature in the top 10 was Wendy Irvin-Braben, of game developer Frontier Developments, who placed 10th with husband David with a joint worth of £175m. In the 13th spot with £130m is Debbie Bestwick, former chief executive of Team17, which created cult classic Worms, kitchen simulator Overcooked and fishing game Dredge.', 'Tamsin O\'Luanaigh, who founded virtual reality company nDreams with her husband Patrick, comes in at 28th with a joint worth of £26m. Robert Watts, compiler of the Sunday Times Gaming Rich List, said that making a fortune playing or making video games may sound like a ""dream"" for many young people, but the rich list ""tells the rags-to-riches stories of people who have done exactly that.""']",0.3549263674143058,"Tamsin O'Luanaigh, who founded virtual reality company nDreams with her husband Patrick, comes in at 28th with a joint worth of £26m. Robert Watts, compiler of the Sunday Times Gaming Rich List, said that making a fortune playing or making video games may sound like a ""dream"" for many young people, but the rich list ""tells the rags-to-riches stories of people who have done exactly that.""",,,,,2024-08-14
-Wizz Air: Is budget airline 'all you can fly' subscription too good to be true?,https://www.bbc.co.uk/news/articles/c3rdng423ydo,2024-08-16T21:35:54.994Z,"""All you can fly"" - unlimited flights for an annual subscription fee. What's not to like? A fair amount, for some passengers, it turns out.  Wizz Air's new scheme under that title has divided opinion. Some have praised the €499 (£426) scheme's ""insanely great"" value on trips as far as the Maldives, and the budget airline says it has been ""overwhelmed"" by the positive response. But others hit out at the airline's service and recalled their own experience of delays, while questioning the scheme's terms and conditions. Wizz says its new membership, effective from September, will allow frequent flyers to ""save money, visit friends and family more regularly and spontaneously visit off-the-beaten-track destinations"".  It says it sold out in most markets within 24 hours, but some customers have been pointing out what they describe as a ""catch"". Those who sign up can only book flights up to three days before departure and must pay a fee of about €10 per flight. Flights do not include ""trolley bags"" to stow in overhead compartments or checked baggage. And crucially, the scheme is limited to just 10,000 people. It's also dependent on whether there are any seats left. Wizz, which flies to 53 countries, carried 62 million passengers in the year to the end of March. Its scheme is similar to those being offered by Frontier Airlines in the US and Malaysia-based AirAsia. Rory Boland, editor of Which? Travel, advises passengers to look behind the enticing headline price to work out if this really is a good deal for them. Once booking fees, seat selection and luggage costs are added on, travellers will see costs climb, he says - particularly as multiple short-notice journeys will be required to break even on the original cost of the subscription. ""It is also ironic to see an airline which claims to be Europe's 'greenest' encouraging consumers to take unlimited flights,"" he adds. The Hungarian airline has faced a number of hurdles in the last year, which it might be hoping to overcome with the new scheme. In June, the airline was named the worst for UK flight delays for the third year in a row, based on analysis of official data by the PA news agency. And in January, it had to pay an extra £1.2m to customers in compensation, after the industry regulator intervened over the way it had handled flight disruption. Wizz Air points out that it has been working on improvements, such as investing an extra £90m in its operations and customer service last year. And it says 1.8% of its UK flights were delayed for more than three hours in the first half of this year - a 50% reduction on last year.  Talie Delemere, 34, is excited about the scheme and has already signed up. She lives near Luton airport and likes being able to travel whenever she likes.  ""I travel a lot anyway, between eight and 12 times a year and I mostly travel with hand luggage,"" she tells the BBC.  ""Wizz Air are a mixed bag but I don't find them any better or worse service-wise than any other low cost carriers and their aircraft are far nicer and more comfortable than Ryanair's."" But others are not convinced. ""You can subscribe to this scheme but you might never take off,"" says James Glenton, 36, from York, who is still hoping for compensation for a cancelled Wizz Air flight a year on.  In July 2023, Wizz cancelled Mr Glenton's flight from Leeds Bradford Airport to Wroclaw in Poland and rebooked him on one from London Luton the next day, he says. That meant he lost two days of his holiday, the parking he'd booked at Leeds Bradford, money spent on his hotel, and the petrol costs getting to Luton and back, he says. According to Mr Glenton, Wizz has blamed air traffic control restrictions for the cancellation so won't refund him. But he claims the airport denies this and has told him it was the airline that cancelled the flight directly.   ""I am not hopeful about a refund, I won’t get anything from them,"" he says. ""I am angry, I would never fly with Wizz Air again."" Mark Shatliff, 39, from Reading, also says he won't be signing up to the scheme. His Wizz Air flight from Istanbul to London was delayed by six hours last July and was so late when he landed that he had to pay an additional £120 for a taxi home, he says. Wizz initially refused to refund him but relented when he took the matter to a dispute resolution company. ""I think people who subscribe to this scheme won’t get the value out of it,"" he tells the BBC.  ""What you end up paying if things go wrong is so much more - it isn't worth it."" While Wizz said it could not comment on individual cases, it offered to look into James' and Mark's reports.  Travel expert Simon Calder thinks the scheme could be a good deal for some fliers but not others.  He believes the subscription offer is aimed at travellers such as Eastern Europeans in the UK who go home regularly to see family. Wizz already offers other discount schemes for travellers, he adds.    ""People will do their sums and I’ve done mine, it won’t really work for me,"" he tells the BBC. Some have raised concerns that the scheme could encourage frivolous flying that harms the environment, but Mr Calder thinks the impact will be minimal. He also thinks criticism of the airline's performance is overblown.  Mr Calder says: ""I fly on lots of airlines, if I want to be on time I generally go with Ryanair. In general I find Wizz and EasyJet pretty much the same.  While he says that Wizz's recovery ""when things go wrong has historically not been great"", they are still a ""perfectly reasonable choice"" for the thousands of passengers who may opt for its ""all you can fly"" option. ",BBC,16/08/2024,"['""All you can fly"" - unlimited flights for an annual subscription fee.', ""What's not to like?"", 'A fair amount, for some passengers, it turns out.', ""Wizz Air's new scheme under that title has divided opinion."", 'Some have praised the €499 (£426) scheme\'s ""insanely great"" value on trips as far as the Maldives, and the budget airline says it has been ""overwhelmed"" by the positive response.', ""But others hit out at the airline's service and recalled their own experience of delays, while questioning the scheme's terms and conditions."", 'Wizz says its new membership, effective from September, will allow frequent flyers to ""save money, visit friends and family more regularly and spontaneously visit off-the-beaten-track destinations"".', 'It says it sold out in most markets within 24 hours, but some customers have been pointing out what they describe as a ""catch"".', 'Those who sign up can only book flights up to three days before departure and must pay a fee of about €10 per flight.', 'Flights do not include ""trolley bags"" to stow in overhead compartments or checked baggage.', 'And crucially, the scheme is limited to just 10,000 people.', ""It's also dependent on whether there are any seats left."", 'Wizz, which flies to 53 countries, carried 62 million passengers in the year to the end of March.', 'Its scheme is similar to those being offered by Frontier Airlines in the US and Malaysia-based AirAsia.', 'Rory Boland, editor of Which?', 'Travel, advises passengers to look behind the enticing headline price to work out if this really is a good deal for them.', 'Once booking fees, seat selection and luggage costs are added on, travellers will see costs climb, he says - particularly as multiple short-notice journeys will be required to break even on the original cost of the subscription. ""', 'It is also ironic to see an airline which claims to be Europe\'s \'greenest\' encouraging consumers to take unlimited flights,"" he adds.', 'The Hungarian airline has faced a number of hurdles in the last year, which it might be hoping to overcome with the new scheme.', 'In June, the airline was named the worst for UK flight delays for the third year in a row, based on analysis of official data by the PA news agency.', 'And in January, it had to pay an extra £1.2m to customers in compensation, after the industry regulator intervened over the way it had handled flight disruption.', 'Wizz Air points out that it has been working on improvements, such as investing an extra £90m in its operations and customer service last year.', 'And it says 1.8% of its UK flights were delayed for more than three hours in the first half of this year - a 50% reduction on last year.', 'Talie Delemere, 34, is excited about the scheme and has already signed up.', 'She lives near Luton airport and likes being able to travel whenever she likes. ""', 'I travel a lot anyway, between eight and 12 times a year and I mostly travel with hand luggage,"" she tells the BBC. ""', 'Wizz Air are a mixed bag but I don\'t find them any better or worse service-wise than any other low cost carriers and their aircraft are far nicer and more comfortable than Ryanair\'s.""', 'But others are not convinced. ""', 'You can subscribe to this scheme but you might never take off,"" says James Glenton, 36, from York, who is still hoping for compensation for a cancelled Wizz Air flight a year on.', ""In July 2023, Wizz cancelled Mr Glenton's flight from Leeds Bradford Airport to Wroclaw in Poland and rebooked him on one from London Luton the next day, he says."", ""That meant he lost two days of his holiday, the parking he'd booked at Leeds Bradford, money spent on his hotel, and the petrol costs getting to Luton and back, he says."", ""According to Mr Glenton, Wizz has blamed air traffic control restrictions for the cancellation so won't refund him."", 'But he claims the airport denies this and has told him it was the airline that cancelled the flight directly. ""', 'I am not hopeful about a refund, I won’t get anything from them,"" he says. ""', 'I am angry, I would never fly with Wizz Air again.""', ""Mark Shatliff, 39, from Reading, also says he won't be signing up to the scheme."", 'His Wizz Air flight from Istanbul to London was delayed by six hours last July and was so late when he landed that he had to pay an additional £120 for a taxi home, he says.', 'Wizz initially refused to refund him but relented when he took the matter to a dispute resolution company. ""', 'I think people who subscribe to this scheme won’t get the value out of it,"" he tells the BBC. ""', 'What you end up paying if things go wrong is so much more - it isn\'t worth it.""', ""While Wizz said it could not comment on individual cases, it offered to look into James' and Mark's reports."", 'Travel expert Simon Calder thinks the scheme could be a good deal for some fliers but not others.', 'He believes the subscription offer is aimed at travellers such as Eastern Europeans in the UK who go home regularly to see family.', 'Wizz already offers other discount schemes for travellers, he adds. ""', 'People will do their sums and I’ve done mine, it won’t really work for me,"" he tells the BBC.', 'Some have raised concerns that the scheme could encourage frivolous flying that harms the environment, but Mr Calder thinks the impact will be minimal.', ""He also thinks criticism of the airline's performance is overblown."", 'Mr Calder says: ""I fly on lots of airlines, if I want to be on time I generally go with Ryanair.', 'In general I find Wizz and EasyJet pretty much the same.', 'While he says that Wizz\'s recovery ""when things go wrong has historically not been great"", they are still a ""perfectly reasonable choice"" for the thousands of passengers who may opt for its ""all you can fly"" option.']",0.025075363422858,"Some have praised the €499 (£426) scheme's ""insanely great"" value on trips as far as the Maldives, and the budget airline says it has been ""overwhelmed"" by the positive response.","But he claims the airport denies this and has told him it was the airline that cancelled the flight directly. """,0.0251368742722731,"Some have praised the €499 (£426) scheme's ""insanely great"" value on trips as far as the Maldives, and the budget airline says it has been ""overwhelmed"" by the positive response.","In June, the airline was named the worst for UK flight delays for the third year in a row, based on analysis of official data by the PA news agency.",2024-08-14
-Energy price cap expected to rise by 9% in October,https://www.bbc.co.uk/news/articles/cy54r9r1355o,2024-08-19T06:21:22.365Z,"Domestic energy prices are expected to rise in the run-up to winter, according to consultancy Cornwall Insight. The forecaster, which is widely regarded for its accurate predictions, said a household using a typical amount of gas and electricity would pay £1,714 a year from October. That would be a £146 a year rise compared with a current typical annual bill - the lowest for two years - of £1,568. Energy regulator Ofgem will announce the next official quarterly price cap on Friday, with charities concerned about the prospect of prices rising again. Although the price cap is changed every three months, it is illustrated by Ofgem in terms of an annual bill for a household using a typical amount of gas and electricity. People in larger properties will tend to pay more overall owing to higher energy usage, and those in smaller properties will pay less. That is because the cap limits the maximum price that can be charged for each unit of gas and electricity, rather than the total bill.  It affects 28 million households in England, Wales and Scotland. The sector is regulated separately in Northern Ireland.  Cornwall Insight said prices paid by households, although protected to some degree by the price cap, were affected by volatility in the fragile global energy market. Wholesale costs, paid by suppliers, had risen by about 20% in the last few months, it said. These are reflected in consumer bills, accounting for about half of what customers pay.  With prices set to rise, some billpayers might look at the options available to fix their energy tariff. Cornwall Insight said that the average saving from the top 10 cheapest tariffs on the market in August was only £5 a year, compared with a default tariff set by the price cap.  That may change in the coming weeks, and Richard Neudegg, from price comparison website Uswitch, said there were options for those who wanted certainty. ""Just because it is a fix, it doesn't mean it is a good price fix,"" he said. ""The question for consumers is, if they want that level of certainty, how cheaply can they get it.""  Cornwall Insight also said it expected costs to rise again during the winter, when the January price cap is announced.   It said a ""modest"" rise was anticipated. However, recent tensions in the Russia-Ukraine war could see prices rise further, it added. ""While we don't expect a return to the extreme prices of recent years, it's unlikely that bills will return to what was once considered normal. Without significant intervention, this may well be the new normal,"" said Craig Lowrey, principal consultant at the forecaster. Charity National Energy Action said any increases in prices, alongside less support from the government, could stretch some households' finances ""beyond breaking point"". Standing charges, a fixed daily fee covering the costs of connecting to a supply, currently stand at at 60p a day for electricity and 31p a day for gas, although they vary by region. Ofgem is currently considering whether to change the standing charge billing system. Energy bills are considerably lower than the peak after Russia's invasion of Ukraine, when the government stepped in to limit bill rises, but are much higher than before the pandemic. Experts have shared three tips to keep on top of energy use during the warmer months: Read more here if you are struggling to pay energy bills ",BBC,19/08/2024,"['Domestic energy prices are expected to rise in the run-up to winter, according to consultancy Cornwall Insight.', 'The forecaster, which is widely regarded for its accurate predictions, said a household using a typical amount of gas and electricity would pay £1,714 a year from October.', 'That would be a £146 a year rise compared with a current typical annual bill - the lowest for two years - of £1,568.', 'Energy regulator Ofgem will announce the next official quarterly price cap on Friday, with charities concerned about the prospect of prices rising again.', 'Although the price cap is changed every three months, it is illustrated by Ofgem in terms of an annual bill for a household using a typical amount of gas and electricity.', 'People in larger properties will tend to pay more overall owing to higher energy usage, and those in smaller properties will pay less.', 'That is because the cap limits the maximum price that can be charged for each unit of gas and electricity, rather than the total bill.', 'It affects 28 million households in England, Wales and Scotland.', 'The sector is regulated separately in Northern Ireland.', 'Cornwall Insight said prices paid by households, although protected to some degree by the price cap, were affected by volatility in the fragile global energy market.', 'Wholesale costs, paid by suppliers, had risen by about 20% in the last few months, it said.', 'These are reflected in consumer bills, accounting for about half of what customers pay.', 'With prices set to rise, some billpayers might look at the options available to fix their energy tariff.', 'Cornwall Insight said that the average saving from the top 10 cheapest tariffs on the market in August was only £5 a year, compared with a default tariff set by the price cap.', 'That may change in the coming weeks, and Richard Neudegg, from price comparison website Uswitch, said there were options for those who wanted certainty. ""', 'Just because it is a fix, it doesn\'t mean it is a good price fix,"" he said. ""', 'The question for consumers is, if they want that level of certainty, how cheaply can they get it.""', 'Cornwall Insight also said it expected costs to rise again during the winter, when the January price cap is announced.', 'It said a ""modest"" rise was anticipated.', 'However, recent tensions in the Russia-Ukraine war could see prices rise further, it added. ""', ""While we don't expect a return to the extreme prices of recent years, it's unlikely that bills will return to what was once considered normal."", 'Without significant intervention, this may well be the new normal,"" said Craig Lowrey, principal consultant at the forecaster.', 'Charity National Energy Action said any increases in prices, alongside less support from the government, could stretch some households\' finances ""beyond breaking point"".', 'Standing charges, a fixed daily fee covering the costs of connecting to a supply, currently stand at at 60p a day for electricity and 31p a day for gas, although they vary by region.', 'Ofgem is currently considering whether to change the standing charge billing system.', ""Energy bills are considerably lower than the peak after Russia's invasion of Ukraine, when the government stepped in to limit bill rises, but are much higher than before the pandemic."", 'Experts have shared three tips to keep on top of energy use during the warmer months: Read more here if you are struggling to pay energy bills']",0.102748036595514,"Energy regulator Ofgem will announce the next official quarterly price cap on Friday, with charities concerned about the prospect of prices rising again.","However, recent tensions in the Russia-Ukraine war could see prices rise further, it added. """,0.149156249486483,"It said a ""modest"" rise was anticipated.","Charity National Energy Action said any increases in prices, alongside less support from the government, could stretch some households' finances ""beyond breaking point"".",2024-08-14
-"Alaska Airlines and Hawaiian Airlines merger clears Justice Department hurdle, now faces DOT",https://www.cnbc.com/2024/08/20/alaska-airlines-hawaiian-airlines-merger.html,2024-08-20T16:22:44+0000,"In this articleAlaska Airlines said its plan to acquire Hawaiian Airlines has cleared the U.S. Justice Department after the period for antitrust regulators to finish an investigation of the deal ended without a lawsuit to block the transaction, eight months after the two carriers announced a $1.9 billion agreement to combine.The two airlines now have to win approval from the U.S. Transportation Department before the deal closes. It wasn't immediately clear how long that process will take.The combination would become the biggest U.S. airline merger since Alaska combined with Virgin America in 2016, according to Mergermarket.""The time period for the U.S. Department of Justice to complete its regulatory investigation of the proposed combination of Alaska Airlines and Hawaiian Airlines under the [Hart-Scott-Rodino Antitrust Improvements] Act has expired,"" Alaska Airlines said in a statement. ""This is a significant milestone in the process to join our airlines.""The development comes after the DOJ won a court ruling in January that blocked JetBlue Airways' acquisition of Spirit Airlines. Last year, the DOJ won another suit that undid a partnership in the Northeast between JetBlue and American Airlines.Hawaiian had faced a host of challenges in the months leading up to the deal — which the two carriers announced last December — including the Maui wildfires, increased competition from Southwest Airlines, and the slower recovery of travel to and from Asia after the Covid-19 pandemic.Hawaiian has posted net losses in all but one quarter since the start of 2020, but executives have recently said booking trends are improving. Hawaiian's shares surged more than 11% on Tuesday after Alaska's announcement. The stock has nearly doubled over the past year, while rivals' shares have dropped.The two airlines said in December when they announced the deal that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet covering over 130 destinations.The Transportation Department said Tuesday it ""is reviewing the application and can only approve a transfer if it is in the public interest.""The Justice Department didn't immediately comment.Correction: Hawaiian's stock has nearly doubled over the past year, while rivals' shares have dropped. An earlier version misstated the time period.",CNBC,20/08/2024,"['In this articleAlaska Airlines said its plan to acquire Hawaiian Airlines has cleared the U.S. Justice Department after the period for antitrust regulators to finish an investigation of the deal ended without a lawsuit to block the transaction, eight months after the two carriers announced a $1.9 billion agreement to combine.', 'The two airlines now have to win approval from the U.S. Transportation Department before the deal closes.', ""It wasn't immediately clear how long that process will take."", 'The combination would become the biggest U.S. airline merger since Alaska combined with Virgin America in 2016, according to Mergermarket.', '""The time period for the U.S. Department of Justice to complete its regulatory investigation of the proposed combination of Alaska Airlines and Hawaiian Airlines under the [Hart-Scott-Rodino Antitrust Improvements] Act has expired,"" Alaska Airlines said in a statement. ""', 'This is a significant milestone in the process to join our airlines.', '""The development comes after the DOJ won a court ruling in January that blocked JetBlue Airways\' acquisition of Spirit Airlines.', 'Last year, the DOJ won another suit that undid a partnership in the Northeast between JetBlue and American Airlines.', 'Hawaiian had faced a host of challenges in the months leading up to the deal — which the two carriers announced last December — including theMaui wildfires, increased competition fromSouthwest Airlines, and the slower recovery of travel to and from Asia after the Covid-19 pandemic.', 'Hawaiian has posted net losses in all but one quarter since the start of 2020, but executives have recently said booking trends are improving.', ""Hawaiian's shares surged more than 11% on Tuesday after Alaska's announcement."", ""The stock has nearly doubled over the past year, while rivals' shares have dropped."", ""The two airlines said in December when they announced the deal that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet covering over 130 destinations."", 'The Transportation Department said Tuesday it ""is reviewing the application and can only approve a transfer if it is in the public interest.', '""The Justice Department didn\'t immediately comment.', ""Correction: Hawaiian's stock has nearly doubled over the past year, while rivals' shares have dropped."", 'An earlier version misstated the time period.']",0.3964704643276605,The two airlines now have to win approval from the U.S. Transportation Department before the deal closes.,,0.5233165754212273,Hawaiian's shares surged more than 11% on Tuesday after Alaska's announcement.,"Hawaiian had faced a host of challenges in the months leading up to the deal — which the two carriers announced last December — including theMaui wildfires, increased competition fromSouthwest Airlines, and the slower recovery of travel to and from Asia after the Covid-19 pandemic.",2024-08-14
-TikTok and fast-food rivalry fuel Chili's sales as parent Brinker says turnaround is taking hold,https://www.cnbc.com/2024/08/15/brinker-earnings-chilis-sales-boosted-by-tiktok-fast-food-rivalry.html,2024-08-15T17:32:01+0000,"In this articleAn ad campaign targeting fast-food chains and a TikTok-viral appetizer helped Chili's same-store sales climb nearly 15% in its latest quarter.But Kevin Hochman, CEO of parent company Brinker International, told CNBC that the chain's strong performance is just a sign that customers are finally catching onto the chain's two-year turnaround.Shares of Brinker have climbed 53% this year, bringing its market value up to $2.99 billion. However, the stock closed 10.7% lower Wednesday after the company disappointed analysts with weaker-than-expected earnings and a conservative outlook for its fiscal 2025.Shares were up 7% in afternoon trading on Thursday, rebounding from what BMO Capital Markets called an ""overreaction"" from investors. KeyBanc Capital Markets also upgraded the stock on Thursday, saying that its quarterly results were misunderstood.Forecast aside, Chili's made even StreetAccount's same-store sales estimates of 8.6% growth look cautious. Its 14.8% same-store sales growth puts it in rare company, joining Chipotle and Wingstop as the few public restaurants reporting strong traffic and same-store sales growth at a time when many consumers are pulling back their spending, putting pressure on the industry. Chili's casual-dining rivals like Applebee's, owned by Dine Brands, and Bloomin' Brands' Outback Steakhouse, reported same-store sales declines for their latest quarters.""This is just a whole 'nother step change in the business,"" Hochman said. ""I think sky's the limit for this brand.""About 60% of Chili's growth in its latest quarter came from its $10.99 Big Smasher meal, according to Hochman. The chain promoted the deal by taking aim at fast-food rivals in TV ads.""We had tapped into this insight that we were seeing in social media months prior, that customers were upset about where fast-food prices were going,"" Hochman said. ""The advertising clearly touched a nerve on that.""Another successful menu item for Chili's this quarter was its Triple Dipper, which lets diners select three appetizers and dips. The item went viral on TikTok in May. Hochman estimates that the Triple Dipper accounted for about 40% of the chain's sales growth.But the popularity of both the Triple Dipper and the Big Smasher created new problems for Chili's. Its restaurants have to be prepared to serve the influx of customers, many of whom were trying Chili's for the first time or returning after a long time away. Hochman said Chili's has been investing in labor for the last two years — from hiring bussers to adding more cooks — but those steps pressured its bottom line this quarter.Chili's turnaround has touched more than just its workforce, according to Hochman.Under his leadership, the company has spent the last two years trying to grow sales profitably. Chili's has culled its menu, shedding about 22% of items.Brinker has also ended some less profitable strategies to attract customers. Chili's doesn't offer as many coupons as it once did, and Brinker pulled the plug on its Maggiano's Italian Classics virtual brand.At the same time, Chili's also leaned into value ahead of the competition, who are now rolling out their own deals. But Hochman is confident that Chili's can hold onto its lead — and the new customers that TikTok and TV ads have brought.""We've been advertising our value for almost 18 months, and a lot of folks are coming late to the game, and sometimes it's more aggressive value, and they just don't have the awareness that we have, because we've been at it a while,"" he said.But as Brinker heads into a new fiscal year, holding onto its new customers could prove to be difficult. A plethora of restaurants, from McDonald's to Outback Steakhouse, have unveiled value meals meant to appeal to diners seeking discounts. And customers could keep cutting back their restaurant visits to save money. Prices for food away from home, which have risen 4.1% over the last 12 months, have stayed relatively sticky.For Brinker's fiscal 2025, which kicked off in July, the company is anticipating earnings per share of $4.35 to $4.75 and revenue growth of 3% to 4.6%. Investors were expecting a stronger outlook for growth, given Chili's recent success. But Brinker is playing it safe in case the economy worsens.""It's important for our team to set goals that we think are achievable,"" Hochman said.""[The economy] certainly has taken a turn for the worse in the past three to four months,"" he added.",CNBC,15/08/2024,"[""In this articleAn ad campaign targeting fast-food chains and a TikTok-viral appetizer helped Chili's same-store sales climb nearly 15% in its latest quarter."", ""But Kevin Hochman, CEO of parent company Brinker International, told CNBC that the chain's strong performance is just a sign that customers are finally catching onto the chain's two-year turnaround."", 'Shares of Brinker have climbed 53% this year, bringing its market value up to $2.99 billion.', 'However, the stock closed 10.7% lower Wednesday after the company disappointed analysts with weaker-than-expected earnings and a conservative outlook for its fiscal 2025.Shares were up 7% in afternoon trading on Thursday, rebounding from what BMO Capital Markets called an ""overreaction"" from investors.', 'KeyBanc Capital Markets also upgraded the stock on Thursday, saying that its quarterly results were misunderstood.', ""Forecast aside, Chili's made even StreetAccount's same-store sales estimates of 8.6% growth look cautious."", 'Its 14.8% same-store sales growth puts it in rare company, joining Chipotle and Wingstop as the few public restaurants reporting strong traffic and same-store sales growth at a time when many consumers are pulling back their spending, putting pressure on the industry.', ""Chili's casual-dining rivals like Applebee's, owned by Dine Brands, and Bloomin' Brands' Outback Steakhouse, reported same-store sales declines for their latest quarters."", '""This is just a whole \'nother step change in the business,"" Hochman said. ""', ""I think sky's the limit for this brand."", '""About 60% of Chili\'s growth in its latest quarter came from its $10.99 Big Smasher meal, according to Hochman.', 'The chain promoted the deal by taking aim at fast-food rivals in TV ads.', '""We had tapped into this insight that we were seeing in social media months prior, that customers were upset about where fast-food prices were going,"" Hochman said. ""', 'The advertising clearly touched a nerve on that.', '""Another successful menu item for Chili\'s this quarter was its Triple Dipper, which lets diners select three appetizers and dips.', 'The item went viral on TikTok in May.', ""Hochman estimates that the Triple Dipper accounted for about 40% of the chain's sales growth."", ""But the popularity of both the Triple Dipper and the Big Smasher created new problems for Chili's."", ""Its restaurants have to be prepared to serve the influx of customers, many of whom were trying Chili's for the first time or returning after a long time away."", ""Hochman said Chili's has been investing in labor for the last two years — from hiring bussers to adding more cooks — but those steps pressured its bottom line this quarter."", ""Chili's turnaround has touched more than just its workforce, according to Hochman."", 'Under his leadership, the company has spent the last two years trying to grow sales profitably.', ""Chili's has culled its menu, shedding about 22% of items."", 'Brinker has also ended some less profitable strategies to attract customers.', ""Chili's doesn't offer as many coupons as it once did, and Brinker pulled the plug on its Maggiano's Italian Classics virtual brand."", ""At the same time, Chili's also leaned into value ahead of the competition, who are now rolling out their own deals."", ""But Hochman is confident that Chili's can hold onto its lead — and the new customers that TikTok and TV ads have brought."", '""We\'ve been advertising our value for almost 18 months, and a lot of folks are coming late to the game, and sometimes it\'s more aggressive value, and they just don\'t have the awareness that we have, because we\'ve been at it a while,"" he said.', 'But as Brinker heads into a new fiscal year, holding onto its new customers could prove to be difficult.', ""A plethora of restaurants, from McDonald's to Outback Steakhouse, have unveiled value meals meant to appeal to diners seeking discounts."", 'And customers could keep cutting back their restaurant visits to save money.', 'Prices for food away from home, which have risen 4.1% over the last 12 months, have stayed relatively sticky.', ""For Brinker's fiscal 2025, which kicked off in July, the company is anticipating earnings per share of $4.35 to $4.75 and revenue growth of 3% to 4.6%."", ""Investors were expecting a stronger outlook for growth, given Chili's recent success."", 'But Brinker is playing it safe in case the economy worsens.', '""It\'s important for our team to set goals that we think are achievable,"" Hochman said.', '""[The economy] certainly has taken a turn for the worse in the past three to four months,"" he added.']",0.227978345702455,"Investors were expecting a stronger outlook for growth, given Chili's recent success.","However, the stock closed 10.7% lower Wednesday after the company disappointed analysts with weaker-than-expected earnings and a conservative outlook for its fiscal 2025.Shares were up 7% in afternoon trading on Thursday, rebounding from what BMO Capital Markets called an ""overreaction"" from investors.",0.2644471057823726,"Shares of Brinker have climbed 53% this year, bringing its market value up to $2.99 billion.","Chili's casual-dining rivals like Applebee's, owned by Dine Brands, and Bloomin' Brands' Outback Steakhouse, reported same-store sales declines for their latest quarters.",2024-08-14
-Disney's 'Deadpool & Wolverine' becomes the highest-grossing R-rated film of all time,https://www.cnbc.com/2024/08/16/deadpool-wolverine-is-the-highest-grossing-r-rated-film-of-all-time.html,2024-08-16T18:35:22+0000,"In this articleThe trio of Ryan Reynolds, Hugh Jackman and Shawn Levy has captured lightning in a bottle with ""Deadpool & Wolverine.""As of Thursday, the Disney and Marvel film is the highest-grossing R-rated title of all time, surpassing Warner Bros.' ""Joker.""With $516.8 million in domestic ticket sales and $568.8 million from international audiences, ""Deadpool & Wolverine"" has exceeded $1.085 billion globally. Of note, a sequel to ""Joker"" arrives in theaters this October.The feat not only showcases the Marvel Cinematic Universe's durability at the box office after a series of recent misfires, but it also suggests that Marvel Studios can delve into darker content in the future without alienating moviegoers.""The success of their first R-rated film opens up a lot of opportunities for Disney and Marvel,"" said Shawn Robbins, founder and owner of Box Office Theory. ""It's important to remember that the rating was organic and necessary for the characters. That's helped audiences and fans respond so favorably. They knew going in that this wouldn't be a watered-down translation of a formula which has already proven itself.""The previous Deadpool films were produced through 20th Century Fox and held R-ratings as well. When the Merc with a Mouth transitioned to Disney's ownership in 2019, it was unclear if the company would embrace his fourth wall-breaking crudeness or leave him on the shelf while producing other Marvel projects.So when Marvel head Kevin Feige revealed in 2021 that a third Deadpool feature would retain its R-rating, there was a collective sigh of relief from the MCU fan community. Additionally, Marvel gave Reynolds and Levy leeway to poke fun at company executives, the franchise as a whole and even use the iconic ""Frozen"" line, ""Do you want to build a snowman?"" to make a drug reference.""Disney will probably be very selective in deciding what future films they're comfortable with distributing under the more mature rating because they still have to consider their enormous family audience, as does Marvel, but this at least offers a blueprint of how and when it's appropriate to do so,"" Robbins said.""Deadpool & Wolverine"" arrived in theaters late July on the back of a string of hits and misses from one of Disney's most bulletproof franchises. The last film released by the studio was ""The Marvels,"" which arrived in November and had the lowest opening and lowest overall box office haul for an MCU film ever.Now there is renewed confidence in the MCU, especially as Marvel used San Diego Comic-Con and Disney's biannual D23 Expo to tout its upcoming slate of features and share exclusive footage.Going forward, the studio appears to be limiting the number of series it is producing for its streaming platform, Disney+, and keeping its focus on the big screen. Previously, Marvel had produced nearly a dozen shows for the streaming platform, flooding the market and estranging some fans.Marvel has six theatrical titles coming in the next three years and three television series set for release in 2025 — ""Agatha All Along,"" ""Ironheart"" and ""Daredevil: Born Again.""Both Comic Con and D23 audiences cheered the announcements to Marvel's slate, a sign that interest has not waned for the superhero genre. That is good news for the MCU, which has generated more than $30 billion at the box office since ""Iron Man"" was released in 2008.",CNBC,16/08/2024,"['In this articleThe trio of Ryan Reynolds, Hugh Jackman and Shawn Levy has captured lightning in a bottle with ""Deadpool & Wolverine.', '""As of Thursday, the Disney and Marvel film is the highest-grossing R-rated title of all time, surpassing Warner Bros.\' ""Joker.', '""With $516.8 million in domestic ticket sales and $568.8 million from international audiences, ""Deadpool & Wolverine"" has exceeded $1.085 billion globally.', 'Of note, a sequel to ""Joker"" arrives in theaters this October.', ""The feat not only showcases the Marvel Cinematic Universe's durability at the box office after a series of recent misfires, but it also suggests that Marvel Studios can delve into darker content in the future without alienating moviegoers."", '""The success of their first R-rated film opens up a lot of opportunities for Disney and Marvel,"" said Shawn Robbins, founder and owner of Box Office Theory. ""', ""It's important to remember that the rating was organic and necessary for the characters."", ""That's helped audiences and fans respond so favorably."", ""They knew going in that this wouldn't be a watered-down translation of a formula which has already proven itself."", '""The previous Deadpool films were produced through 20th Century Fox and held R-ratings as well.', ""When the Merc with a Mouth transitioned to Disney's ownership in 2019, it was unclear if the company would embrace his fourth wall-breaking crudeness or leave him on the shelf while producing other Marvel projects."", 'So when Marvel head Kevin Feige revealed in 2021 that a third Deadpool feature would retain its R-rating, there was a collective sigh of relief from the MCU fan community.', 'Additionally, Marvel gave Reynolds and Levy leeway to poke fun at company executives, the franchise as a whole and even use the iconic ""Frozen"" line, ""Do you want to build a snowman?""', 'to make a drug reference.', '""Disney will probably be very selective in deciding what future films they\'re comfortable with distributing under the more mature rating because they still have to consider their enormous family audience, as does Marvel, but this at least offers a blueprint of how and when it\'s appropriate to do so,"" Robbins said.', '""Deadpool & Wolverine"" arrived in theaters late July on the back of a string of hits and misses from one of Disney\'s most bulletproof franchises.', 'The last film released by the studio was ""The Marvels,"" which arrived in November and had the lowest opening and lowest overall box office haul for an MCU film ever.', ""Now there is renewed confidence in the MCU, especially as Marvel used San Diego Comic-Con and Disney's biannual D23 Expo to tout its upcoming slate of features and share exclusive footage."", 'Going forward, the studio appears to be limiting the number of series it is producing for its streaming platform, Disney+, and keeping its focus on the big screen.', 'Previously, Marvel had produced nearly a dozen shows for the streaming platform, flooding the market and estranging some fans.', 'Marvel has six theatrical titles coming in the next three years and three television series set for release in 2025 — ""Agatha All Along,"" ""Ironheart"" and ""Daredevil: Born Again.', '""Both Comic Con and D23 audiences cheered the announcements to Marvel\'s slate, a sign that interest has not waned for the superhero genre.', 'That is good news for the MCU, which has generated more than $30 billion at the box office since ""Iron Man"" was released in 2008.']",0.3380992557401993,"""Both Comic Con and D23 audiences cheered the announcements to Marvel's slate, a sign that interest has not waned for the superhero genre.","The last film released by the studio was ""The Marvels,"" which arrived in November and had the lowest opening and lowest overall box office haul for an MCU film ever.",0.6377383904023604,"That is good news for the MCU, which has generated more than $30 billion at the box office since ""Iron Man"" was released in 2008.","The last film released by the studio was ""The Marvels,"" which arrived in November and had the lowest opening and lowest overall box office haul for an MCU film ever.",2024-08-14
-Walmart says prices are coming down — except in one key area,https://www.cnbc.com/2024/08/15/walmart-says-prices-are-coming-down-except-in-one-key-area-.html,2024-08-16T12:33:52+0000,"In this articlePrices of many groceries and other items have fallen at Walmart, according to CEO Doug McMillon.Yet the leader of the nation's largest retailer said Thursday that inflation ""has been more stubborn"" in one particular part of the store: The aisles that carry dry groceries and processed foods. Those include items like carbonated soft drinks.On a call after the discounter posted fiscal second-quarter earnings, he said Walmart has pressured suppliers that stock its shelves to cut prices. But he called on those companies to do more.""We have less upward pressure, but there are some that are still talking about cost increases, and we're fighting back on that aggressively because we think prices need to come down,"" he said.Walmart's overall inflation was flat for the quarter, and revenue growth came from selling more units, not charging higher prices, Chief Financial Officer John David Rainey told CNBC. But price dynamics weren't consistent across products: prices continued to go up for dairy, eggs, sugar and meat, and leveled off or dropped for items including pet food, apples, potatoes, strawberries, sporting goods, and lawn and garden items.Walmart's quarterly results sparked a rally in other retail stocks, including Target, Best Buy and Macy's on Thursday. Both the big-box discounter's results and better-than-expected retail sales numbers defied concerns of a consumer slowdown.Walmart beat on the top and bottom line and raised its forecast to reflect a stronger first half of the year. Rainey told CNBC consumers have continued to be ""choiceful, discerning [and] value-seeking,"" but the company's leaders ""don't see any additional fraying of consumer health.""All consumer brands, including Walmart, have been under more scrutiny from shoppers and even politicians as frustration with pricier goods persists — and McMillon's comments about Walmart's suppliers underscore how much pressure grocers have faced. Walmart drew criticism on TikTok for rolling out electronic price labels for store shelves, with some users contending the company will use the technology to hike prices when demand spikes. (Walmart, for its part, has said it has no plans to change its approach to pricing and added the new price tags to save store workers' time.)Many brands have taken pains to emphasize value or roll out new deals, particularly as consumers get more selective about where they spend their dollars.McDonald's, for example, launched a $5 value meal in late June and decided to extend the offer in most markets. Target in late May said it would cut prices on about 5,000 frequently shopped items throughout the summer, such as peanut butter, milk and meat.Walmart is also touting discounts. The retailer said it had 7,200 ""rollbacks,"" its term for short-term deals, across categories in the quarter that ended July 31. That number included a 35% year-over-year increase in the number of rollbacks for food.While Walmart's profits are growing faster than sales, McMillon said that's because of growth outside of retail in higher-margin businesses like advertising — not higher prices on goods.""We're not raising prices. We're lowering prices,"" McMillon said. ""We don't want product margins to go up. When we talk about margin improvement in our company, it's business mix.""",CNBC,16/08/2024,"['In this articlePrices of many groceries and other items have fallen at Walmart, according to CEO Doug McMillon.', 'Yet the leader of the nation\'s largest retailer said Thursday that inflation ""has been more stubborn"" in one particular part of the store: The aisles that carry dry groceries and processed foods.', 'Those include items like carbonated soft drinks.', 'On a call after the discounter posted fiscal second-quarter earnings, he said Walmart has pressured suppliers that stock its shelves to cut prices.', 'But he called on those companies to do more.', '""We have less upward pressure, but there are some that are still talking about cost increases, and we\'re fighting back on that aggressively because we think prices need to come down,"" he said.', ""Walmart's overall inflation was flat for the quarter, and revenue growth came from selling more units, not charging higher prices, Chief Financial Officer John David Rainey told CNBC."", ""But price dynamics weren't consistent across products: prices continued to go up for dairy, eggs, sugar and meat, and leveled off or dropped for items including pet food, apples, potatoes, strawberries, sporting goods, and lawn and garden items."", ""Walmart's quarterly results sparked a rally in other retail stocks, including Target, Best Buy and Macy's on Thursday."", ""Both the big-box discounter's results and better-than-expected retail sales numbers defied concerns of a consumer slowdown."", 'Walmart beat on the top and bottom line and raised its forecast to reflect a stronger first half of the year.', 'Rainey told CNBC consumers have continued to be ""choiceful, discerning [and] value-seeking,"" but the company\'s leaders ""don\'t see any additional fraying of consumer health.', '""All consumer brands, including Walmart, have been under more scrutiny from shoppers and even politicians as frustration with pricier goods persists — and McMillon\'s comments about Walmart\'s suppliers underscore how much pressure grocers have faced.', 'Walmart drew criticism on TikTok for rolling out electronic price labels for store shelves, with some users contending the company will use the technology to hike prices when demand spikes. (', ""Walmart, for its part, has said it has no plans to change its approach to pricing and added the new price tags to save store workers' time.)Many brands have taken pains to emphasize value or roll out new deals, particularly as consumers get more selective about where they spend their dollars."", ""McDonald's, for example, launched a $5 value meal in late June and decided to extend the offer in most markets."", 'Target in late May said it would cut prices on about 5,000 frequently shopped items throughout the summer, such as peanut butter, milk and meat.', 'Walmart is also touting discounts.', 'The retailer said it had 7,200 ""rollbacks,"" its term for short-term deals, across categories in the quarter that ended July 31.', 'That number included a 35% year-over-year increase in the number of rollbacks for food.', ""While Walmart's profits are growing faster than sales, McMillon said that's because of growth outside of retail in higher-margin businesses like advertising — not higher prices on goods."", '""We\'re not raising prices.', 'We\'re lowering prices,"" McMillon said. ""', ""We don't want product margins to go up."", 'When we talk about margin improvement in our company, it\'s business mix.""']",0.0603180683401313,"While Walmart's profits are growing faster than sales, McMillon said that's because of growth outside of retail in higher-margin businesses like advertising — not higher prices on goods.","""We have less upward pressure, but there are some that are still talking about cost increases, and we're fighting back on that aggressively because we think prices need to come down,"" he said.",0.3686928184408891,"While Walmart's profits are growing faster than sales, McMillon said that's because of growth outside of retail in higher-margin businesses like advertising — not higher prices on goods.","In this articlePrices of many groceries and other items have fallen at Walmart, according to CEO Doug McMillon.",2024-08-14
-"Judge temporarily blocks sports streaming service Venu, siding with Fubo on antitrust concerns",https://www.cnbc.com/2024/08/16/judge-temporarily-blocks-sports-streaming-service-venu-ruling-in-favor-of-fubo-tv-on-antitrust-concerns.html,2024-08-16T21:08:49+0000,"In this articleA U.S. judge temporarily blocked media companies Disney, Warner Bros. Discovery and Fox from launching their sports streaming service, Venu, according to court filings.The temporary injunction, granted in response to a lawsuit brought by Fubo TV, comes just weeks ahead of the start of the National Football League season. The companies had planned to launch their service by that date.Fubo, an internet TV bundle akin to the traditional pay TV package, alleged in its lawsuit that Venu was anticompetitive and would upend its business. Fubo's stock gained 16% Friday on the news of the injunction.""Today's ruling is a victory not only for Fubo but also for consumers. This decision will help ensure that consumers have access to a more competitive marketplace with multiple sports streaming options,"" said Fubo CEO David Gandler in a press release after the court decision.Warner Bros. Discovery, Fox and Disney's ESPN announced the formation of the joint venture streaming service in February. Soon after, Fubo filed an antitrust lawsuit against the venture.On Friday, Fubo said it intends to move forward with its antitrust lawsuit against the companies for their anticompetitive practices. In recent months, lawmakers, including Sen. Elizabeth Warren, D-Mass.; Sen. Bernie Sanders, I-Vt.; and Rep. Joaquin Castro, D-Texas, sent a letter pushing to scrutinize Venu.""We respectfully disagree with the court's ruling and are appealing it,"" Warner Bros. Discovery, Fox and Disney's ESPN said in a joint statement on Friday.""We believe that Fubo's arguments are wrong on the facts and the law, and that Fubo has failed to prove it is legally entitled to a preliminary injunction. Venu Sports is a pro-competitive option that aims to enhance consumer choice by reaching a segment of viewers who currently are not served by existing subscription options.""Earlier this month, Venu announced pricing of $42.99 per month.The service would offer the complete suite of live sports rights owned by the parent companies, which includes the National Basketball Association, National Hockey League, Major League Baseball, college football and basketball, among others. Venu subscribers would also have access to 14 traditional TV sports networks of its parent companies, including ESPN, ABC, Fox, TNT and TBS, as well as the streaming service ESPN+.The expensive price point is common when it comes to streaming live sports so it doesn't shake up any carriage agreements with traditional pay TV distributors.In court documents, U.S. Judge Margaret Garnett noted that the three companies control about 54% of all U.S. sports rights, and at least 60% of all nationally broadcast U.S. sports rights.""There is significant evidence in the record that the true figures may be even larger,"" Garnett said in court papers.""This means that alone, Disney, Fox, and [Warner Bros. Discovery] are each significant players in live sports licensing, who otherwise compete against each other both to secure sports telecast rights and to attract viewers to their live sports programming. But together, they are dominant,"" Garnett said in her decision.Outside of these companies, Paramount Global's CBS and Comcast's NBC are the other largest holders of U.S. sports rights. Streaming services, such as Amazon's Prime Video, have also begun offering live sports exclusively.Traditional pay TV distributors have been losing customers at a fast clip as they opt for streaming services and out of the notoriously expensive bundle. Meanwhile, companies such as Fubo — a streaming option of the bundle — have seen their prices rise due to the high programming costs related to the networks they carry.The marketing around Venu so far had been that it would target sports fans outside of the traditional pay TV bundle.But Fubo's lawsuit alleged that the sports streaming service violates antitrust law, and is the latest example of anticompetitive behavior from the three media companies.A multiday hearing took place in the last week, in which representatives for Fubo, as well as satellite TV bundle providers DirecTV and EchoStar's Dish — which also offer competing internet TV bundles and supported Fubo in the suit — argued the streaming bundle would be detrimental to their businesses.During the hearing, an attorney for Warner Bros. Discovery told the judge an injunction would ""terminate"" Venu, Front Office Sports reported.""This ruling is a major victory for consumers and competition in the video marketplace,"" Jeff Blum, executive vice president of external and government affairs at EchoStar, said in a statement.""We are pleased with the court decision and believe that it appropriately recognizes the potential harms of allowing major programmers to license their content to an affiliated distributor on more favorable terms than they license their content to third parties,"" DirecTV said in a statement Friday.Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.",CNBC,16/08/2024,"['In this articleA U.S. judge temporarily blocked media companies Disney, Warner Bros. Discovery and Fox from launching their sports streaming service, Venu, according to court filings.', 'The temporary injunction, granted in response to a lawsuit brought by Fubo TV, comes just weeks ahead of the start of the National Football League season.', 'The companies had planned to launch their service by that date.', 'Fubo, an internet TV bundle akin to the traditional pay TV package, alleged in its lawsuit that Venu was anticompetitive and would upend its business.', ""Fubo's stock gained 16% Friday on the news of the injunction."", '""Today\'s ruling is a victory not only for Fubo but also for consumers.', 'This decision will help ensure that consumers have access to a more competitive marketplace with multiple sports streaming options,"" said Fubo CEO David Gandler in a press release after the court decision.', ""Warner Bros. Discovery, Fox and Disney's ESPN announced the formation of the joint venture streaming service in February."", 'Soon after, Fubo filed an antitrust lawsuit against the venture.', 'On Friday, Fubo said it intends to move forward with its antitrust lawsuit against the companies for their anticompetitive practices.', 'In recent months, lawmakers, including Sen. Elizabeth Warren, D-Mass.; Sen. Bernie Sanders, I-Vt.;', 'and Rep. Joaquin Castro, D-Texas, sent a letter pushing to scrutinize Venu.', '""We respectfully disagree with the court\'s ruling and are appealing it,"" Warner Bros. Discovery, Fox and Disney\'s ESPN said in a joint statement on Friday.', '""We believe that Fubo\'s arguments are wrong on the facts and the law, and that Fubo has failed to prove it is legally entitled to a preliminary injunction.', 'Venu Sports is a pro-competitive option that aims to enhance consumer choice by reaching a segment of viewers who currently are not served by existing subscription options.', '""Earlier this month, Venu announced pricing of $42.99 per month.', 'The service would offer the complete suite of live sports rights owned by the parent companies, which includes the National Basketball Association, National Hockey League, Major League Baseball, college football and basketball, among others.', ""Venu subscribers would also have access to 14 traditional TV sports networks of its parent companies, including ESPN, ABC, Fox, TNT and TBS, as well as the streaming service ESPN+.The expensive price point is common when it comes to streaming live sports so it doesn't shake up any carriage agreements with traditional pay TV distributors."", 'In court documents, U.S. Judge Margaret Garnett noted that the three companies control about 54% of all U.S. sports rights, and at least 60% of all nationally broadcast U.S. sports rights.', '""There is significant evidence in the record that the true figures may be even larger,"" Garnett said in court papers.', '""This means that alone, Disney, Fox, and [Warner Bros. Discovery] are each significant players in live sports licensing, who otherwise compete against each other both to secure sports telecast rights and to attract viewers to their live sports programming.', 'But together, they are dominant,"" Garnett said in her decision.', ""Outside of these companies, Paramount Global's CBS and Comcast's NBC are the other largest holders of U.S. sports rights."", ""Streaming services, such as Amazon's Prime Video, have also begun offering live sports exclusively."", 'Traditional pay TV distributors have been losing customers at a fast clip as they opt for streaming services and out of the notoriously expensive bundle.', 'Meanwhile, companies such as Fubo — a streaming option of the bundle — have seen their prices rise due to the high programming costs related to the networks they carry.', 'The marketing around Venu so far had been that it would target sports fans outside of the traditional pay TV bundle.', ""But Fubo's lawsuit alleged that the sports streaming service violates antitrust law, and is the latest example of anticompetitive behavior from the three media companies."", ""A multiday hearing took place in the last week, in which representatives for Fubo, as well as satellite TV bundle providers DirecTV and EchoStar's Dish — which also offer competing internet TV bundles and supported Fubo in the suit — argued the streaming bundle would be detrimental to their businesses."", 'During the hearing, an attorney for Warner Bros. Discovery told the judge an injunction would ""terminate"" Venu, Front Office Sports reported.', '""This ruling is a major victory for consumers and competition in the video marketplace,"" Jeff Blum, executive vice president of external and government affairs at EchoStar, said in a statement.', '""We are pleased with the court decision and believe that it appropriately recognizes the potential harms of allowing major programmers to license their content to an affiliated distributor on more favorable terms than they license their content to third parties,"" DirecTV said in a statement Friday.', 'Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.']",0.0271076714137857,"This decision will help ensure that consumers have access to a more competitive marketplace with multiple sports streaming options,"" said Fubo CEO David Gandler in a press release after the court decision.","But Fubo's lawsuit alleged that the sports streaming service violates antitrust law, and is the latest example of anticompetitive behavior from the three media companies.",0.019161398921694,Fubo's stock gained 16% Friday on the news of the injunction.,Traditional pay TV distributors have been losing customers at a fast clip as they opt for streaming services and out of the notoriously expensive bundle.,2024-08-14
-"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,2024-08-20T18:50:51+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.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. Temu did not immediately respond to CNBC's request for comment.",CNBC,20/08/2024,"['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.', '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."", ""Temu did not immediately respond to CNBC's request for comment.""]",-0.1375122216036201,"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.",2024-08-14
-"GM reveals GMC Yukon 'AT4 Ultimate' to expand reach, profits of high-end SUVs",https://www.cnbc.com/2024/08/19/gm-gmc-yukon-at4-suv.html,2024-08-19T15:17:13+0000,"In this articleDETROIT — General Motors is expanding its high-end GMC Yukon lineup to include a new ""AT4 Ultimate"" model as part of updates to the large SUV for the 2025 model year.The new model will slate in between the luxury ""Denali"" and ""Denali Ultimate"" models. The automaker declined to discuss pricing for the new AT4 Ultimate, but the Denali models currently start at roughly $77,300 and just under $100,000, respectively. The current AT4 model starts at $73,500.Denali models, now in their 25th year, have become a cash machine for GMC. In recent years, the automaker added ""Ultimate"" and ""AT4"" models, with off-road styling and some unique parts, to further expand the reach and pricing of the high-end models.""We're raising the bar on what our customers expect from GMC's flagship and the addition of the AT4 Ultimate trim fuses ruggedness and capability with craftsmanship and refinement,"" Duncan Aldred, global vice president of GMC, said in a release.AT4 sales represent about 17% of Yukon's overall sales. That compares with the Denali models at more than 50% of sales for the large SUVs.The new AT4 Ultimate models include a front skid plate and 20-inch wheels with all-terrain tires; four-corner adaptive air suspension that can raise the vehicle up to 2 inches; and other features.The higher-trim models have helped GMC reach an average transaction price of roughly $80,000 for Yukon, according to GM.Aside from the AT4 Ultimate, the 2025 Yukon will get updates including new styling, larger screens, second-row executive seating, and expanded availability of a 3.0-liter diesel engine to assist range and fuel economy compared with gas-powered models.The 2025 GMC Yukon will be produced at GM's Arlington Assembly plant in Texas and is expected to be available by the end of 2024.",CNBC,19/08/2024,"['In this articleDETROIT — General Motors is expanding its high-end GMC Yukon lineup to include a new ""AT4 Ultimate"" model as part of updates to the large SUV for the 2025 model year.', 'The new model will slate in between the luxury ""Denali"" and ""Denali Ultimate"" models.', 'The automaker declined to discuss pricing for the new AT4 Ultimate, but the Denali models currently start at roughly $77,300 and just under $100,000, respectively.', 'The current AT4 model starts at $73,500.Denali models, now in their 25th year, have become a cash machine for GMC.', 'In recent years, the automaker added ""Ultimate"" and ""AT4"" models, with off-road styling and some unique parts, to further expand the reach and pricing of the high-end models.', '""We\'re raising the bar on what our customers expect from GMC\'s flagship and the addition of the AT4 Ultimate trim fuses ruggedness and capability with craftsmanship and refinement,"" Duncan Aldred, global vice president of GMC, said in a release.', ""AT4 sales represent about 17% of Yukon's overall sales."", 'That compares with the Denali models at more than 50% of sales for the large SUVs.', 'The new AT4 Ultimate models include a front skid plate and 20-inch wheels with all-terrain tires; four-corner adaptive air suspension that can raise the vehicle up to 2 inches; and other features.', 'The higher-trim models have helped GMC reach an average transaction price of roughly $80,000 for Yukon, according to GM.Aside from the AT4 Ultimate, the 2025 Yukon will get updates including new styling, larger screens, second-row executive seating, and expanded availability of a 3.0-liter diesel engine to assist range and fuel economy compared with gas-powered models.', ""The 2025 GMC Yukon will be produced at GM's Arlington Assembly plant in Texas and is expected to be available by the end of 2024.""]",0.085922913039373,"The automaker declined to discuss pricing for the new AT4 Ultimate, but the Denali models currently start at roughly $77,300 and just under $100,000, respectively.",,0.8957941651344299,"""We're raising the bar on what our customers expect from GMC's flagship and the addition of the AT4 Ultimate trim fuses ruggedness and capability with craftsmanship and refinement,"" Duncan Aldred, global vice president of GMC, said in a release.",,2024-08-14
-"Tata Steel: No false hopes on jobs, says prime minister",https://www.bbc.co.uk/news/articles/cvg48y48570o,2024-08-20T11:09:40.721Z,"Sir Keir Starmer has said he cannot give ""false hope"" to Port Talbot steel workers ahead of the planned closure of the town's last blast furnace next month. The Labour UK government is in discussions to save jobs at Tata Steel, where thousands face redundancy. The prime minister said his ministers will do ""everything we can"" but added: ""I'm not going to pretend it's [anything] other than tough."" Welsh Conservative Senedd leader Andrew RT Davies claimed Labour ministers had led Port Talbot ""up the garden path"". Plaid Cymru said Labour was on the ""backfoot"" in responding to Tata. The UK Labour leader was speaking to journalists at the 57.4-megawatt Brechfa Forest West windfarm in Carmarthenshire, as part of a two day trip to Wales. Sir Keir met Eluned Morgan in Cathays Park, in Cardiff, on Monday for his first meeting with her since she became first minister. The Labour leader claimed to have ""turbocharged"" the party's action on steel since he has been in power. Asked if he was risking giving false hope to Port Talbot steel workers, he said: ""No. ""We're working really hard on this, both the first minister and myself jointly on this, because it's so important we do everything we can to preserve those jobs."" He later added: ""I don't want to give anybody false hope. I'm not going to give up on trying to preserve as many jobs as we can.  ""I'm not going to give up on making sure that those in the supply chains have the money they need to diversify, where they need to diversify, which is why we put money behind this just seven days ago. ""It is very important that we have steel production here in south Wales, very important that the government is committed to that. ""This is a tough time, there's no doubt about that but we will do everything we can to preserve those jobs."" By Huw Thomas, BBC Wales business correspondent  In opposition Labour had been accused by the Conservative government of giving false hope to Tata Steel workers, and it’s a charge Sir Keir Starmer continues to resist as Prime Minister. While it is true that the new Labour government has announced funding for supply chain businesses, this was formed at the cross-party transition board whose remit and budget was set by the previous Westminster administration. Tata Steel, meanwhile, is pressing ahead with its plans. It has already invited workers to volunteer for redundancy, and will close the second of two blast furnaces in September. Since the steelmaker announced its original proposals at the beginning of this year, barely any changes have been made to the overall plan to cut 2,800 jobs and shut the heavy end of Port Talbot’s operation by the autumn. That’s despite industrial action and political pressure. With just weeks remaining, the blueprint for Tata Steel’s restructure seems unlikely to change. Any additional investment or job creation is likely to be secondary, and small in scale, compared with what’s being lost. Eluned Morgan told BBC Wales: ""We're all very aware that there's a Damocles sword hanging over the Tata situation."" ""The situation is difficult, and you know, we have to be prepared for all options."" The first tranche of cash from a £100m fund to help workers and firms affected by restructuring plans was announced last week. The £13.5m announced was to support local firms whose main customer is Tata Steel find new markets and to help workers find new jobs, access training and gain skills and qualifications in areas where there are vacancies. No.10 has promised to reset the relationship between the Welsh and UK governments, with the same party now running both. Asked whether there will be extra cash for the Welsh government to bring down waiting lists, Ms Morgan said: ""There's a whole array of issues that we discussed yesterday. ""Because they will be putting some money on the table in England to bring those waiting lists down, we will get some money as a result of that, we'll decide to spend that how we want. ""I'm very keen to make sure that we use that money to bring waiting lists down."" She said the UK government can learn things from the Welsh government. ""We've changed the rules, for example, around around GPs and how they should see patients. We've changed their contracts. They haven't done that in England yet,"" she said. Ms Morgan added: ""We will work together on things that we agree on, but they need to understand that there some things are devolved."" On the visit to the hillside windfarm seven miles north of Carmarthen on Tuesday, Sir Keir said renewable energy was a ""massive opportunity"" for the country. ""There's a huge opportunity here for Wales, which has got the resources, it's got the natural resources, it's got the shallow seas, and it's got the skilled people here in Wales that can operate this,"" he said. He and  Eluned Morgan saw inside one of the turbines, which are up to 100m tall, after a technician stopped it for safety reasons. Andrew RT Davies criticised Sir Keir's comments on Tata. He said: ""Clearly now the realisation is coming that what the Conservatives did in government offered real hope to maintain steel production in Port Talbot with arc furnaces."" He added: ""The steel workers and communities in Port Talbot have been misled by Labour and led up the garden path"". Ann Davies, Plaid Cymru MP for Caerfyrddin, said: ""Labour has known about Tata's plans and associated job losses in Port Talbot for months. But it has constantly found itself on the back foot in responding to them. ‘We were told by Labour Welsh government to wait for a UK Labour government - with its £3bn plan for steel - to deliver new hope and a new plan for primary steel-making in Wales. It is clearer now than ever that there was no plan."" Additional reporting by PA Media. ",BBC,20/08/2024,"['Sir Keir Starmer has said he cannot give ""false hope"" to Port Talbot steel workers ahead of the planned closure of the town\'s last blast furnace next month.', 'The Labour UK government is in discussions to save jobs at Tata Steel, where thousands face redundancy.', 'The prime minister said his ministers will do ""everything we can"" but added: ""I\'m not going to pretend it\'s [anything] other than tough.""', 'Welsh Conservative Senedd leader Andrew RT Davies claimed Labour ministers had led Port Talbot ""up the garden path"".', 'Plaid Cymru said Labour was on the ""backfoot"" in responding to Tata.', 'The UK Labour leader was speaking to journalists at the 57.4-megawatt Brechfa Forest West windfarm in Carmarthenshire, as part of a two day trip to Wales.', 'Sir Keir met Eluned Morgan in Cathays Park, in Cardiff, on Monday for his first meeting with her since she became first minister.', 'The Labour leader claimed to have ""turbocharged"" the party\'s action on steel since he has been in power.', 'Asked if he was risking giving false hope to Port Talbot steel workers, he said: ""No. ""', 'We\'re working really hard on this, both the first minister and myself jointly on this, because it\'s so important we do everything we can to preserve those jobs.""', 'He later added: ""I don\'t want to give anybody false hope.', 'I\'m not going to give up on trying to preserve as many jobs as we can. ""', 'I\'m not going to give up on making sure that those in the supply chains have the money they need to diversify, where they need to diversify, which is why we put money behind this just seven days ago. ""', 'It is very important that we have steel production here in south Wales, very important that the government is committed to that. ""', 'This is a tough time, there\'s no doubt about that but we will do everything we can to preserve those jobs.""', 'By Huw Thomas, BBC Wales business correspondent In opposition Labour had been accused by the Conservative government of giving false hope to Tata Steel workers, and it’s a charge Sir Keir Starmer continues to resist as Prime Minister.', 'While it is true that the new Labour government has announced funding for supply chain businesses, this was formed at the cross-party transition board whose remit and budget was set by the previous Westminster administration.', 'Tata Steel, meanwhile, is pressing ahead with its plans.', 'It has already invited workers to volunteer for redundancy, and will close the second of two blast furnaces in September.', 'Since the steelmaker announced its original proposals at the beginning of this year, barely any changes have been made to the overall plan to cut 2,800 jobs and shut the heavy end of Port Talbot’s operation by the autumn.', 'That’s despite industrial action and political pressure.', 'With just weeks remaining, the blueprint for Tata Steel’s restructure seems unlikely to change.', 'Any additional investment or job creation is likely to be secondary, and small in scale, compared with what’s being lost.', 'Eluned Morgan told BBC Wales: ""We\'re all very aware that there\'s a Damocles sword hanging over the Tata situation."" ""', 'The situation is difficult, and you know, we have to be prepared for all options.""', 'The first tranche of cash from a £100m fund to help workers and firms affected by restructuring plans was announced last week.', 'The £13.5m announced was to support local firms whose main customer is Tata Steel find new markets and to help workers find new jobs, access training and gain skills and qualifications in areas where there are vacancies.', 'No.10 has promised to reset the relationship between the Welsh and UK governments, with the same party now running both.', 'Asked whether there will be extra cash for the Welsh government to bring down waiting lists, Ms Morgan said: ""There\'s a whole array of issues that we discussed yesterday. ""', 'Because they will be putting some money on the table in England to bring those waiting lists down, we will get some money as a result of that, we\'ll decide to spend that how we want. ""', 'I\'m very keen to make sure that we use that money to bring waiting lists down.""', 'She said the UK government can learn things from the Welsh government. ""', ""We've changed the rules, for example, around around GPs and how they should see patients."", ""We've changed their contracts."", 'They haven\'t done that in England yet,"" she said.', 'Ms Morgan added: ""We will work together on things that we agree on, but they need to understand that there some things are devolved.""', 'On the visit to the hillside windfarm seven miles north of Carmarthen on Tuesday, Sir Keir said renewable energy was a ""massive opportunity"" for the country. ""', 'There\'s a huge opportunity here for Wales, which has got the resources, it\'s got the natural resources, it\'s got the shallow seas, and it\'s got the skilled people here in Wales that can operate this,"" he said.', 'He and Eluned Morgan saw inside one of the turbines, which are up to 100m tall, after a technician stopped it for safety reasons.', ""Andrew RT Davies criticised Sir Keir's comments on Tata."", 'He said: ""Clearly now the realisation is coming that what the Conservatives did in government offered real hope to maintain steel production in Port Talbot with arc furnaces.""', 'He added: ""The steel workers and communities in Port Talbot have been misled by Labour and led up the garden path"".', 'Ann Davies, Plaid Cymru MP for Caerfyrddin, said: ""Labour has known about Tata\'s plans and associated job losses in Port Talbot for months.', 'But it has constantly found itself on the back foot in responding to them. ‘', 'We were told by Labour Welsh government to wait for a UK Labour government - with its £3bn plan for steel - to deliver new hope and a new plan for primary steel-making in Wales.', 'It is clearer now than ever that there was no plan.""', 'Additional reporting by PA Media.']",0.1609287782200049,"The £13.5m announced was to support local firms whose main customer is Tata Steel find new markets and to help workers find new jobs, access training and gain skills and qualifications in areas where there are vacancies.",Andrew RT Davies criticised Sir Keir's comments on Tata.,0.067912682890892,"He said: ""Clearly now the realisation is coming that what the Conservatives did in government offered real hope to maintain steel production in Port Talbot with arc furnaces.""","Ann Davies, Plaid Cymru MP for Caerfyrddin, said: ""Labour has known about Tata's plans and associated job losses in Port Talbot for months.",2024-08-14
-Lockheed Martin to take struggling spacecraft manufacturer Terran Orbital private in $450 million deal,https://www.cnbc.com/2024/08/15/lockheed-martin-take-terran-orbital-private.html,2024-08-15T12:59:48+0000,"In this articleLockheed Martin is buying Terran Orbital, the company announced Thursday, with the defense giant reaching a deal to take the struggling spacecraft manufacturer private.The agreement will see Lockheed acquire Terran at an enterprise valuation of nearly $450 million, below Lockheeed's previous bid of nearly $600 million in March.Lockheed would acquire Terran Orbital's outstanding common stock at 25 cents a share in cash. Additionally, Lockheed will pay off Terran's debt and established a $30 million capital facility to keep the company going while the deal closes.Terran's stock closed at 40 cents a share on Wednesday.Expected to close in the fourth quarter, the deal would help Terran dodge a cash-and-debt cliff that the company is staring down. Terran's cash reserves were less than $15 million at the end of July, it reported in a filing on Monday, and it also has about $300 million in debt.The small spacecraft maker went public via a special purpose acquisition company in early 2022 at a $1.8 billion valuation. Like several other space stocks that debuted in the past few years, the yet-unprofitable company has been hit hard by the shifting risk environment in the market.Lockheed Martin is already a significant stakeholder in Terran Orbital, having bought in during the company's SPAC process and again in late 2022. Lockheed Martin is also an important customer for Terran, making up 70% of Terran's $30.4 million in revenue during the second quarter.Terran signed a blockbuster spacecraft production contract 18 months ago from prospective satellite communications operator Rivada Space Networks, worth $2.4 billion for 300 satellites. But the deal has yet to drive meaningful funds for Terran, which reported that it recognized just $6.2 million from the Rivada agreement in the first half of this year.On Monday, Terran said it was removing the Rivada deal from its total contract backlog — which reduced the backlog of orders by 88%, from $2.7 billion to $312.7 million. Of its non-Rivada orders, 91% of Terran's contracts are ""programs associated with Lockheed Martin.""",CNBC,15/08/2024,"['In this articleLockheed Martin is buying Terran Orbital, the company announced Thursday, with the defense giant reaching a deal to take the struggling spacecraft manufacturer private.', ""The agreement will see Lockheed acquire Terran at an enterprise valuation of nearly $450 million, below Lockheeed's previous bid of nearly $600 million in March."", ""Lockheed would acquire Terran Orbital's outstanding common stock at 25 cents a share in cash."", ""Additionally, Lockheed will pay off Terran's debt and established a $30 million capital facility to keep the company going while the deal closes."", ""Terran's stock closed at 40 cents a share on Wednesday."", 'Expected to close in the fourth quarter, the deal would help Terran dodge a cash-and-debt cliff that the company is staring down.', ""Terran's cash reserves were less than $15 million at the end of July, it reported in a filing on Monday, and it also has about $300 million in debt."", 'The small spacecraft maker went public via a special purpose acquisition company in early 2022 at a $1.8 billion valuation.', 'Like several other space stocks that debuted in the past few years, the yet-unprofitable company has been hit hard by the shifting risk environment in the market.', ""Lockheed Martin is already a significant stakeholder in Terran Orbital, having bought in during the company's SPAC process and again in late 2022."", ""Lockheed Martin is also an important customer for Terran, making up 70% of Terran's $30.4 million in revenue during the second quarter."", 'Terran signed a blockbuster spacecraft production contract 18 months ago from prospective satellite communications operator Rivada Space Networks, worth $2.4 billion for 300 satellites.', 'But the deal has yet to drive meaningful funds for Terran, which reported that it recognized just $6.2 million from the Rivada agreement in the first half of this year.', 'On Monday, Terran said it was removing the Rivada deal from its total contract backlog — which reduced the backlog of orders by 88%, from $2.7 billion to $312.7 million.', 'Of its non-Rivada orders, 91% of Terran\'s contracts are ""programs associated with Lockheed Martin.""']",0.1972356737797929,"But the deal has yet to drive meaningful funds for Terran, which reported that it recognized just $6.2 million from the Rivada agreement in the first half of this year.","Additionally, Lockheed will pay off Terran's debt and established a $30 million capital facility to keep the company going while the deal closes.",0.3940870265165965,"Terran signed a blockbuster spacecraft production contract 18 months ago from prospective satellite communications operator Rivada Space Networks, worth $2.4 billion for 300 satellites.","Like several other space stocks that debuted in the past few years, the yet-unprofitable company has been hit hard by the shifting risk environment in the market.",2024-08-14
-Mike Lynch: Who is the missing tech tycoon?,https://www.bbc.co.uk/news/articles/cdxl5kpvrg9o,2024-08-19T16:15:46.791Z,"Mike Lynch, a British tech entrepreneur, and his daughter Hannah are missing after a luxury yacht sank off the coast of the Italian island of Sicily. After co-founding British tech firm Autonomy in 1996, and backing several successful tech firms, the businessman was regarded by some as the UK's answer to Microsoft founder Bill Gates. One person is dead and six are missing after a 56m superyacht called Bayesian, which has been linked to Mr Lynch's family, sank following bad weather. His wife, Angela Bacares, has been rescued. The British tech tycoon made his riches by selling his company Autonomy to US computing giant Hewlett-Packard (HP) in 2011 for $11bn (£8.6bn). But an intense legal battle following the high-profile acquisition loomed over Mr Lynch for more than a decade. He was acquitted in the US in June on multiple fraud charges, over which he had been facing two decades in jail. In an interview on BBC Radio 4 in August, Mr Lynch said that he believed he had only been able to prove his innocence in a US court due to his wealth. The sinking of the yacht came on the same day that Mr Lynch's co-defendant in the fraud case, Stephen Chamberlain, was confirmed by his lawyer as having died after being hit by a car in Cambridgeshire on Saturday. Born on 16 June 1965, Mr Lynch is the son of a nurse and a fireman, and was raised near Chelmsford in Essex.  He studied Natural Sciences at the University of Cambridge, where he earned a PhD in mathematical computing, and later undertook a research fellowship. In 1991, Mr Lynch helped establish Cambridge Neurodynamics - a firm which specialised in using computer-based detection and recognition of fingerprints. His tech firm Autonomy was created five years later, using a statistical method known as ""Bayesian inference"" at the core of its software. The company's fast-paced growth and success throughout the late 1990s and early 2000s saw Mr Lynch earn a number of awards and accolades. In 2006 he was awarded an OBE in recognition of his service to UK enterprise. He served on the board of the BBC as a non-executive director, and in 2011 was appointed to the government's council for science and technology - advising then-Prime Minister David Cameron on the risks and possibilities of AI development. After Autonomy's sale to HP in 2011 - from which Mr Lynch is believed to have netted £500m - he went on to establish tech investment firm Invoke Capital. The venture capital fund invested in the creation of British cyber security company Darktrace in 2013. Mr Lynch, a shareholder in the firm, held a seat on its board until earlier this year. Mr Lynch and his wife Angela Bacares have two daughters, and live at the Loudham Hall estate in Suffolk. His daughter Hannah, 18, was also on the yacht which sank. The director general of Sicily's civil protection agency, Salvatore Cocina, told the BBC that Mr Lynch, his daughter and the yacht's chef were among the missing. BBC Verify looked at corporate records and found the Bayesian's ownership is tied to the family. Sources close to the matter have confirmed to the BBC that Ms Bacares has been rescued. Meanwhile, Stephen Chamberlain, Mr Lynch's co-defendant in the Autonomy trial, has also died, after being hit by a car. Mr Chamberlain was out running in Cambridgeshire on Saturday when he was fatally struck by the vehicle. Autonomy became successful for its software's ability to extract useful information from data such as phone calls, emails and video. It would then use this data to do things like suggest answers to a call-centre operator or monitor TV channels for words or subjects. Prior to its purchase by HP in 2011, Autonomy had headquarters in San Francisco and Cambridge. But the price tag came under scrutiny following the sale and Autonomy's value was written down by billions just a year later. In 2018, US prosecutors brought charges against Mr Lynch - accusing him of artificially inflating the company's value. They said he had concealed the firm's loss-making business reselling hardware, and also accused him of intimidating or paying off people who raised concerns. Mr Lynch told BBC Radio 4 at the start of August that while convinced of his innocence throughout the lengthy trial, he felt he was only able to prove his this in US court due to his wealth. ""You shouldn't need to have funds to protect yourself as a British citizen,"" he said. ""The reason I'm sitting here, let's be honest, is not only because I was innocent... but because I had enough money not to be swept away by a process that's set up to sweep you away."" He added that following the lengthy legal saga, he wanted ""to get back to what I love doing, which is innovating"". ",BBC,19/08/2024,"['Mike Lynch, a British tech entrepreneur, and his daughter Hannah are missing after a luxury yacht sank off the coast of the Italian island of Sicily.', ""After co-founding British tech firm Autonomy in 1996, and backing several successful tech firms, the businessman was regarded by some as the UK's answer to Microsoft founder Bill Gates."", ""One person is dead and six are missing after a 56m superyacht called Bayesian, which has been linked to Mr Lynch's family, sank following bad weather."", 'His wife, Angela Bacares, has been rescued.', 'The British tech tycoon made his riches by selling his company Autonomy to US computing giant Hewlett-Packard (HP) in 2011 for $11bn (£8.6bn).', 'But an intense legal battle following the high-profile acquisition loomed over Mr Lynch for more than a decade.', 'He was acquitted in the US in June on multiple fraud charges, over which he had been facing two decades in jail.', 'In an interview on BBC Radio 4 in August, Mr Lynch said that he believed he had only been able to prove his innocence in a US court due to his wealth.', ""The sinking of the yacht came on the same day that Mr Lynch's co-defendant in the fraud case, Stephen Chamberlain, was confirmed by his lawyer as having died after being hit by a car in Cambridgeshire on Saturday."", 'Born on 16 June 1965, Mr Lynch is the son of a nurse and a fireman, and was raised near Chelmsford in Essex.', 'He studied Natural Sciences at the University of Cambridge, where he earned a PhD in mathematical computing, and later undertook a research fellowship.', 'In 1991, Mr Lynch helped establish Cambridge Neurodynamics - a firm which specialised in using computer-based detection and recognition of fingerprints.', 'His tech firm Autonomy was created five years later, using a statistical method known as ""Bayesian inference"" at the core of its software.', ""The company's fast-paced growth and success throughout the late 1990s and early 2000s saw Mr Lynch earn a number of awards and accolades."", 'In 2006 he was awarded an OBE in recognition of his service to UK enterprise.', ""He served on the board of the BBC as a non-executive director, and in 2011 was appointed to the government's council for science and technology - advising then-Prime Minister David Cameron on the risks and possibilities of AI development."", ""After Autonomy's sale to HP in 2011 - from which Mr Lynch is believed to have netted £500m - he went on to establish tech investment firm Invoke Capital."", 'The venture capital fund invested in the creation of British cyber security company Darktrace in 2013.', 'Mr Lynch, a shareholder in the firm, held a seat on its board until earlier this year.', 'Mr Lynch and his wife Angela Bacares have two daughters, and live at the Loudham Hall estate in Suffolk.', 'His daughter Hannah, 18, was also on the yacht which sank.', ""The director general of Sicily's civil protection agency, Salvatore Cocina, told the BBC that Mr Lynch, his daughter and the yacht's chef were among the missing."", ""BBC Verify looked at corporate records and found the Bayesian's ownership is tied to the family."", 'Sources close to the matter have confirmed to the BBC that Ms Bacares has been rescued.', ""Meanwhile, Stephen Chamberlain, Mr Lynch's co-defendant in the Autonomy trial, has also died, after being hit by a car."", 'Mr Chamberlain was out running in Cambridgeshire on Saturday when he was fatally struck by the vehicle.', ""Autonomy became successful for its software's ability to extract useful information from data such as phone calls, emails and video."", 'It would then use this data to do things like suggest answers to a call-centre operator or monitor TV channels for words or subjects.', 'Prior to its purchase by HP in 2011, Autonomy had headquarters in San Francisco and Cambridge.', ""But the price tag came under scrutiny following the sale and Autonomy's value was written down by billions just a year later."", ""In 2018, US prosecutors brought charges against Mr Lynch - accusing him of artificially inflating the company's value."", ""They said he had concealed the firm's loss-making business reselling hardware, and also accused him of intimidating or paying off people who raised concerns."", 'Mr Lynch told BBC Radio 4 at the start of August that while convinced of his innocence throughout the lengthy trial, he felt he was only able to prove his this in US court due to his wealth. ""', 'You shouldn\'t need to have funds to protect yourself as a British citizen,"" he said. ""', 'The reason I\'m sitting here, let\'s be honest, is not only because I was innocent... but because I had enough money not to be swept away by a process that\'s set up to sweep you away.""', 'He added that following the lengthy legal saga, he wanted ""to get back to what I love doing, which is innovating"".']",0.0892994625773302,The company's fast-paced growth and success throughout the late 1990s and early 2000s saw Mr Lynch earn a number of awards and accolades.,"One person is dead and six are missing after a 56m superyacht called Bayesian, which has been linked to Mr Lynch's family, sank following bad weather.",0.3229077339172363,The company's fast-paced growth and success throughout the late 1990s and early 2000s saw Mr Lynch earn a number of awards and accolades.,"One person is dead and six are missing after a 56m superyacht called Bayesian, which has been linked to Mr Lynch's family, sank following bad weather.",2024-08-14
-Rail prosecutions: The six minute train journey that became a long legal nightmare,https://www.bbc.co.uk/news/articles/cn7lxjz3ek3o,2024-08-18T08:54:43.047Z,"It should have been a quick, simple rail journey. Nearly two years ago, Sarah Cook hopped on a train at Wombwell Station, just outside her pet shop in South Yorkshire, to travel one stop to Barnsley. A mere six minutes.  ""I tried to buy a ticket on the platform and the machine wouldn’t accept my bank card,""  she told the BBC. ""I thought: 'It doesn’t matter, the train is here, I’ll buy one on the train.'"" Unfortunately, she could not see a guard on the train and when Ms Cook reached the station, everyone's tickets were being scanned. When she tried to buy a ticket she was told it was ""too late"". So she was fined. ""The [penalty fare] I appealed 'cause it was £20 which seemed a lot for a couple-of-pound journey and I never heard anything back."" But that wasn't the end of the story. Nearly a year to the day later in 2023, Ms Cook received a letter telling her she was being fined £500. ""That escalated to going to court,"" she says. ""Filling out a lot of forms, pleading guilty, pleading not guilty, the threat of a criminal record, the threat of a bigger [penalty fare], the threat of jail time, up to two years."" In the end, she did have to fork out some money. ""After the threat of everything else, it was a ginormous £4,"" she says. It turns out Ms Cook wasn't the only one caught out. Last week, a ruling by the chief magistrate for England and Wales found the prosecutions by rail companies against Ms Cook and five other people were ""unlawful"" and declared them void. As a result, an estimated 74,000 other cases will be re-examined. If rail companies are found to have acted unlawfully in those instances, prosecutions could be quashed and monies could be refunded. For Ms Cook the ruling ""feels good"". ""It’s a good win for all involved,"" she says. ""I’m just sad it took this long to get it sorted."" So who could be in line to have their convictions quashed and get a refund? The ruling applies to prosecutions for alleged fare evasion made by several rail companies: Arriva Rail North (which ceased to exist in 2020 when its franchise was terminated), Avanti West Coast, Greater Anglia, Great Western Railway, Merseyrail, Northern and Transpennine. The prosecutions took place between 2018 and 2023, and one of the key issues is that they used something called a single justice procedure (SJP).  Under this procedure, a case is dealt with by a single magistrate and a legal adviser behind closed doors. This is in contrast to an open court where you might have three magistrates hearing a case and the public can attend. SJPs were introduced in 2015 as a speedier way to prosecute ""minor"" criminal offences. The following year, rail companies were allowed to start using SJPs to privately prosecute people who they claimed had dodged fares.  The problem is that rail companies used the procedure to prosecute offences listed in the Regulation of Railways Act 1889.  They are not allowed to do this.  Rail companies can only use certain by-laws to pursue people they claim have not paid a rail fare - not the Regulation of Railways Act.  That depends - and it is very specific. In short, if you were prosecuted for alleged fare evasion through the single justice procedure for offences under the Regulation of Railways Act 1889 you may be entitled to a refund for penalties you have paid. The way to find out if you might be due a refund is to go back to your paperwork. Nathan Seymour-Hyde, a partner at Reed Solicitors, says that the original court summons will say ""single justice procedure"" on it.  Then check the charges. He says to see if there are any Regulation of Railways Act offences listed on there.   But what if you don't have the documents? Mr Seymour-Hyde says: “Sometimes people just didn’t get that paperwork. They’ve moved addresses and then they eventually get chased by the court.""  If you do not have the relevant papers, you can contact the court and the rail company that prosecuted you. They should send you the documents. Or you could wait until HM Courts and Tribunals Service contacts you to find out if you have been affected. You should wait - but don't expect a quick decision. Mr Seymour-Hyde reckons it is a ""big mess to untangle"". ""There are costs, compensation and the [financial penalties] that were paid by each person that need to be returned. ""Many people will have moved address. So it's going to be a very challenging process to just pinpoint where people are and then try to return the money to them."" Before all of that, the court services, the Department for Transport and the train companies have to agree a list of all the cases that could potentially be declared void. The Department for Transport says that the courts services will use court records and case information held by rail companies ""to contact those affected over the coming weeks about the hearing and decision"".   The government advises that people will be contacted directly and told what will happen next ""including if you have paid some or all of a financial penalty"". For those who haven't paid anything, they will also be contacted if their conviction is declared invalid and to confirm that the court record is corrected. ",BBC,18/08/2024,"['It should have been a quick, simple rail journey.', 'Nearly two years ago, Sarah Cook hopped on a train at Wombwell Station, just outside her pet shop in South Yorkshire, to travel one stop to Barnsley.', 'A mere six minutes. ""', 'I tried to buy a ticket on the platform and the machine wouldn’t accept my bank card,"" she told the BBC. ""', 'I thought: \'It doesn’t matter, the train is here, I’ll buy one on the train.\'""', ""Unfortunately, she could not see a guard on the train and when Ms Cook reached the station, everyone's tickets were being scanned."", 'When she tried to buy a ticket she was told it was ""too late"".', 'So she was fined. ""', 'The [penalty fare] I appealed \'cause it was £20 which seemed a lot for a couple-of-pound journey and I never heard anything back.""', ""But that wasn't the end of the story."", 'Nearly a year to the day later in 2023, Ms Cook received a letter telling her she was being fined £500. ""', 'That escalated to going to court,"" she says. ""', 'Filling out a lot of forms, pleading guilty, pleading not guilty, the threat of a criminal record, the threat of a bigger [penalty fare], the threat of jail time, up to two years.""', 'In the end, she did have to fork out some money. ""', 'After the threat of everything else, it was a ginormous £4,"" she says.', ""It turns out Ms Cook wasn't the only one caught out."", 'Last week, a ruling by the chief magistrate for England and Wales found the prosecutions by rail companies against Ms Cook and five other people were ""unlawful"" and declared them void.', 'As a result, an estimated 74,000 other cases will be re-examined.', 'If rail companies are found to have acted unlawfully in those instances, prosecutions could be quashed and monies could be refunded.', 'For Ms Cook the ruling ""feels good"". ""', 'It’s a good win for all involved,"" she says. ""', 'I’m just sad it took this long to get it sorted.""', 'So who could be in line to have their convictions quashed and get a refund?', 'The ruling applies to prosecutions for alleged fare evasion made by several rail companies: Arriva Rail North (which ceased to exist in 2020 when its franchise was terminated), Avanti West Coast, Greater Anglia, Great Western Railway, Merseyrail, Northern and Transpennine.', 'The prosecutions took place between 2018 and 2023, and one of the key issues is that they used something called a single justice procedure (SJP).', 'Under this procedure, a case is dealt with by a single magistrate and a legal adviser behind closed doors.', 'This is in contrast to an open court where you might have three magistrates hearing a case and the public can attend.', 'SJPs were introduced in 2015 as a speedier way to prosecute ""minor"" criminal offences.', 'The following year, rail companies were allowed to start using SJPs to privately prosecute people who they claimed had dodged fares.', 'The problem is that rail companies used the procedure to prosecute offences listed in the Regulation of Railways Act 1889.', 'They are not allowed to do this.', 'Rail companies can only use certain by-laws to pursue people they claim have not paid a rail fare - not the Regulation of Railways Act.', 'That depends - and it is very specific.', 'In short, if you were prosecuted for alleged fare evasion through the single justice procedure for offences under the Regulation of Railways Act 1889 you may be entitled to a refund for penalties you have paid.', 'The way to find out if you might be due a refund is to go back to your paperwork.', 'Nathan Seymour-Hyde, a partner at Reed Solicitors, says that the original court summons will say ""single justice procedure"" on it.', 'Then check the charges.', 'He says to see if there are any Regulation of Railways Act offences listed on there.', ""But what if you don't have the documents?"", 'Mr Seymour-Hyde says: “Sometimes people just didn’t get that paperwork.', 'They’ve moved addresses and then they eventually get chased by the court.""', 'If you do not have the relevant papers, you can contact the court and the rail company that prosecuted you.', 'They should send you the documents.', 'Or you could wait until HM Courts and Tribunals Service contacts you to find out if you have been affected.', ""You should wait - but don't expect a quick decision."", 'Mr Seymour-Hyde reckons it is a ""big mess to untangle"". ""', 'There are costs, compensation and the [financial penalties] that were paid by each person that need to be returned. ""', 'Many people will have moved address.', 'So it\'s going to be a very challenging process to just pinpoint where people are and then try to return the money to them.""', 'Before all of that, the court services, the Department for Transport and the train companies have to agree a list of all the cases that could potentially be declared void.', 'The Department for Transport says that the courts services will use court records and case information held by rail companies ""to contact those affected over the coming weeks about the hearing and decision"".', 'The government advises that people will be contacted directly and told what will happen next ""including if you have paid some or all of a financial penalty"".', ""For those who haven't paid anything, they will also be contacted if their conviction is declared invalid and to confirm that the court record is corrected.""]",-0.0445642753505201,"It’s a good win for all involved,"" she says. ""","Filling out a lot of forms, pleading guilty, pleading not guilty, the threat of a criminal record, the threat of a bigger [penalty fare], the threat of jail time, up to two years.""",0.0343923866748809,"It’s a good win for all involved,"" she says. ""","Last week, a ruling by the chief magistrate for England and Wales found the prosecutions by rail companies against Ms Cook and five other people were ""unlawful"" and declared them void.",2024-08-14
-"Biden administration releases prices of 10 drugs in Medicare negotiations, says U.S. will save $6 billion in first year",https://www.cnbc.com/2024/08/15/medicare-releases-prices-for-first-10-drugs-subject-to-negotiations.html,2024-08-15T15:46:44+0000,"The Biden administration on Thursday released prices for the first 10 prescription drugs that were subject to landmark negotiations between drugmakers and Medicare, a milestone in a controversial process that aims to make costly medications more affordable for older Americans. The government estimates that the new negotiated prices for the medications will lead to around $6 billion in net savings for the Medicare program in 2026 alone when they officially go into effect, or 22% net savings overall. That is based on the estimated savings the prices would have produced if they were in effect in 2023, senior administration officials told reporters Wednesday.The Biden administration also expects the new prices to save Medicare enrollees $1.5 billion in out-of-pocket costs in 2026 alone.""For so many people, being able to afford these drugs will mean the difference between debilitating illness and living full lives,"" Chiquita Brooks-LaSure, administrator for the Centers for Medicare & Medicaid Services, told reporters. ""These negotiated prices. They're not just about costs. They are about helping to make sure that your father, your grandfather or you can live longer, healthier.""It comes one day before the second anniversary of President Joe Biden's signature Inflation Reduction Act, which gave Medicare the power to directly hash out drug prices with manufacturers for the first time in the federal program's nearly 60-year history.Here are the negotiated prices for a 30-day supply of the 10 drugs, along with their list prices based on 2023 prescription fills, according to a Biden administration fact sheet Thursday.What Medicare and beneficiaries pay for a drug is often much less than the list price, which is what a wholesaler, distributor or other direct purchaser paid a manufacturer for a medication before any discounts.Notably, it is difficult to compare the new negotiated price of a drug with its current list price. That's because most of the 10 medications are already subject to significant rebates after private negotiations with Medicare Part D plans.But the heavily rebated net price that Part D plans pay for a given drug is unknown since those talks are confidential, according to Leigh Purvis, a prescription drug policy principal with the AARP Public Policy Institute. AARP, the influential lobby group that represents people older than 50, has advocated for Medicare's new negotiation powers.""So that's I think what people are going to be trying to get to – are these negotiated prices lower than the net prices that Medicare Part D were already paying?"" Purvis told CNBC. ""And so that's the comparison that people are looking for. Now, recognizing that rebates are confidential, it's going to be a tough ask.""A senior administration official confirmed that a direct comparison between the negotiated prices and net prices paid by Medicare is ""commercially confidential information.""The administration unveiled the first set of medications selected for the price talks in August 2023, kicking off a nearly yearlong negotiation period that ended at the beginning of the month.The final prices give drugmakers, which fiercely oppose the policy, a glimpse of how much revenue they could expect to lose over the next few years. It also sets a precedent for the additional rounds of Medicare drug price negotiations, which will kick off in 2025 and beyond. In a statement Thursday, Biden called the new negotiated prices a ""historic milestone"" made possible because of the Inflation Reduction Act. He specifically touted Vice President Kamala Harris' tiebreaking vote for the law in the Senate in 2022.Harris, the Democratic presidential nominee, said in a statement that she was proud to cast that deciding vote, adding there is more work to be done to lower health-care costs for Americans.""Today's announcement will be lifechanging for so many of our loved ones across the nation, and we are not stopping here,"" Harris said in a statement Thursday, noting that additional prescription drugs will be selected for future rounds of negotiations.But Steve Ubl, CEO of the pharmaceutical industry's biggest lobbying group, PhRMA, said in a statement Thursday there are ""no assurances patients will see lower out-of-pocket costs because the law did nothing to rein in abuses by insurance companies and [drug supply chain middlemen] who ultimately decide what medicines are covered and what patients pay at the pharmacy.""He added that the price talks could result in fewer treatments for cancer, mental health, rare diseases and other conditions because it ""fundamentally alters"" the incentives for drug development.The Biden administration released the so-called maximum fair price of each drug, the highest price that a Medicare Part D plan sponsor or beneficiary can pay for the treatment. Medicare Part D plans, which are administered by private insurers, cover prescription medications that older Americans fill at retail pharmacies.The lengthy negotiation process involved months of back-and-forth price offers between companies and Medicare, which determined its initial offer for each medication using sales volume data, federal financial support for the drug's development, and data on pending or approved patent applications and exclusivities, among other information.The negotiations are the centerpiece of the Biden administration's efforts to rein in the rising cost of medications in the U.S. Some congressional Democrats and consumer advocates have long pushed for the change, as many seniors around the country struggle to afford care.The price talks are expected to save money for people enrolled in Medicare, who take an average of four to five prescription drugs a month. Almost 10% of Medicare enrollees ages 65 and older, and 20% of those under 65, report challenges in affording drugs, a senior administration official told reporters last year. But the pharmaceutical industry views the process as a threat to its revenue growth, profits and drug innovation. Several drugmakers and trade groups filed lawsuits last year seeking to derail the negotiations and declare them unconstitutional. Suits brought by Merck and Novartis against the price talks are awaiting decisions from district courts. Each case brings claims that overlap with suits from Novo Nordisk, AstraZeneca, Boehringer Ingelheim, Bristol Myers Squibb and J&J that have been rejected in recent months.Drugmakers said they still strongly oppose what many of them called ""government price setting"" through the Inflation Reduction Act. ""The price setting provision of the Inflation Reduction Act does nothing to benefit patients and will only harm the scientific innovation that makes the development of life-changing treatments possible,"" a spokesperson for AbbVie said in a statement Thursday.But the spokesperson said the price that was set for Imbruvica is within the range the company had expected. A spokesperson for J&J similarly contended that U.S. patients will see higher costs, restricted access and fewer medicines as a result of the negotiations. Bristol Myers Squibb is the only company so far to release specific information on the expected financial impact of the new negotiated prices. In a release on its website, the company said it expects Eliquis revenue in 2026 to come in between $8.5 billion and 10.5 billion in the U.S., and between $10.5 billion to $12.5 billion worldwide. Bristol Myers anticipates Eliquis sales in 2027 will be between $8 billion and $10 billion in the U.S. and $8.5 billion to $11 billion worldwide. In 2023, Eliquis booked $8.59 billion in revenue in the U.S. and $12.21 billion in sales worldwide, according to a company release.The company noted that Eliquis is slated to lose patent exclusivity and face competition from cheaper generic drugs in the U.S. starting on April 1, 2028. The blood thinner also faces patent expirations in certain EU markets in 2026.A spokesperson for Novo Nordisk said that while its lawsuit against the price talks progresses, the company will make sure the new negotiated price is available to Medicare beneficiaries in 2026. The spokesperson also noted that rejecting the new prices would have resulted in steep penalties for the Danish drugmaker. If a drugmaker declines to negotiate with Medicare, it must either pay an excise tax of up to 95% of its medication's U.S. sales or pull all of its products from the Medicare and Medicaid markets.An AstraZeneca spokesperson similarly said, ""walking away is not an option."" The company accepted the negotiated price because it believes ""that everyone who needs our medicines should have access to them.""The companies' 10 drugs are among the top 50 with the highest spending for Medicare Part D.The 10 medicines accounted for $50.5 billion, or about 20%, of total Part D prescription drug costs from June 1, 2022, to May 31, 2023, according to CMS. In 2022, 9 million seniors spent $3.4 billion out of pocket on the 10 drugs, and some paid more than $6,000 per year for just one of the medications on the list, according to the Biden administration.The medications have been on the market for at least seven years without generic competitors, or 11 years in the case of biological products such as vaccines. Medicare covers roughly 66 million people in the U.S., and 50.5 million patients are enrolled in Part D plans, according to 2023 data from health policy research organization KFF.CMS has until March next year to publish an explanation for the negotiated prices for each drug. Those new prices will go into effect on Jan. 1, 2026. By February 2025, the Biden administration will also unveil up to 15 more drugs that will be subject to the next round of price talks, with agreed-upon prices going into effect in 2027. Drugmakers will have until the end of that month to decide whether to participate in the program. After that second round, CMS can negotiate prices for another 15 drugs that will go into effect in 2028. The number rises to 20 negotiated medications a year starting in 2029.""Sometimes I think people get caught up in the fact that their drug isn't on the list, but it will be on the list at some point in the future if they're taking a drug that's resulting in high costs,"" Purvis said. CMS will only select Medicare Part D drugs for the medicines covered by the first two years of negotiations. It will add more specialized drugs covered by Medicare Part B, which are typically administered by doctors, in 2028. Notably, Harris would likely try to expand the scope of negotiations if elected president, experts told CNBC. Purvis emphasized that Medicare is ""only going to get better at this process as it moves forward.""""We do expect billions of dollars in savings to taxpayers to start flowing as this negotiation program gets off the ground and Medicare gets better at the drug negotiation process,"" she told CNBC.",CNBC,15/08/2024,"['The Biden administration on Thursday released prices for the first 10 prescription drugs that were subject to landmark negotiations between drugmakers and Medicare, a milestone in a controversial process that aims to make costly medications more affordable for older Americans.', 'The government estimates that the new negotiated prices for the medications will lead to around $6 billion in net savings for the Medicare program in 2026 alone when they officially go into effect, or 22% net savings overall.', 'That is based on the estimated savings the prices would have produced if they were in effect in 2023, senior administration officials told reporters Wednesday.', 'The Biden administration also expects the new prices to save Medicare enrollees $1.5 billion in out-of-pocket costs in 2026 alone.', '""For so many people, being able to afford these drugs will mean the difference between debilitating illness and living full lives,"" Chiquita Brooks-LaSure, administrator for the Centers for Medicare & Medicaid Services, told reporters. ""', 'These negotiated prices.', ""They're not just about costs."", 'They are about helping to make sure that your father, your grandfather or you can live longer, healthier.', '""It comes one day before the second anniversary of President Joe Biden\'s signature Inflation Reduction Act, which gave Medicare the power to directly hash out drug prices with manufacturers for the first time in the federal program\'s nearly 60-year history.', 'Here are the negotiated prices for a 30-day supply of the 10 drugs, along with their list prices based on 2023 prescription fills, according to a Biden administration fact sheet Thursday.', 'What Medicare and beneficiaries pay for a drug is often much less than the list price, which is what a wholesaler, distributor or other direct purchaser paid a manufacturer for a medication before any discounts.', 'Notably, it is difficult to compare the new negotiated price of a drug with its current list price.', ""That's because most of the 10 medications are already subject to significant rebates after private negotiations with Medicare Part D plans."", 'But the heavily rebated net price that Part D plans pay for a given drug is unknown since those talks are confidential, according to Leigh Purvis, a prescription drug policy principal with the AARP Public Policy Institute.', ""AARP, the influential lobby group that represents people older than 50, has advocated for Medicare's new negotiation powers."", '""So that\'s I think what people are going to be trying to get to – are these negotiated prices lower than the net prices that Medicare Part D were already paying?""', 'Purvis told CNBC. ""', ""And so that's the comparison that people are looking for."", ""Now, recognizing that rebates are confidential, it's going to be a tough ask."", '""A senior administration official confirmed that a direct comparison between the negotiated prices and net prices paid by Medicare is ""commercially confidential information.', '""The administration unveiled the first set of medications selected for the price talks in August 2023, kicking off a nearly yearlong negotiation period that ended at the beginning of the month.', 'The final prices give drugmakers, which fiercely oppose the policy, a glimpse of how much revenue they could expect to lose over the next few years.', 'It also sets a precedent for the additional rounds of Medicare drug price negotiations, which will kick off in 2025 and beyond.', 'In a statement Thursday, Biden called the new negotiated prices a ""historic milestone"" made possible because of the Inflation Reduction Act.', ""He specifically touted Vice President Kamala Harris' tiebreaking vote for the law in the Senate in 2022.Harris, the Democratic presidential nominee, said in a statement that she was proud to cast that deciding vote, adding there is more work to be done to lower health-care costs for Americans."", '""Today\'s announcement will be lifechanging for so many of our loved ones across the nation, and we are not stopping here,"" Harris said in a statement Thursday, noting that additional prescription drugs will be selected for future rounds of negotiations.', 'But Steve Ubl, CEO of the pharmaceutical industry\'s biggest lobbying group, PhRMA, said in a statement Thursday there are ""no assurances patients will see lower out-of-pocket costs because the law did nothing to rein in abuses by insurance companies and [drug supply chain middlemen] who ultimately decide what medicines are covered and what patients pay at the pharmacy.', '""He added that the price talks could result in fewer treatments for cancer, mental health, rare diseases and other conditions because it ""fundamentally alters"" the incentives for drug development.', 'The Biden administration released the so-called maximum fair price of each drug, the highest price that a Medicare Part D plan sponsor or beneficiary can pay for the treatment.', 'Medicare Part D plans, which are administered by private insurers, cover prescription medications that older Americans fill at retail pharmacies.', ""The lengthy negotiation process involved months of back-and-forth price offers between companies and Medicare, which determined its initial offer for each medication using sales volume data, federal financial support for the drug's development, and data on pending or approved patent applications and exclusivities, among other information."", ""The negotiations are the centerpiece of the Biden administration's efforts to rein in the rising cost of medications in the U.S. Some congressional Democrats and consumer advocates have long pushed for the change, as many seniors around the country struggle to afford care."", 'The price talks are expected to save money for people enrolled in Medicare, who take an average of four to five prescription drugs a month.', 'Almost 10% of Medicare enrollees ages 65 and older, and 20% of those under 65, report challenges in affording drugs, a senior administration official told reporters last year.', 'But the pharmaceutical industry views the process as a threat to its revenue growth, profits and drug innovation.', 'Several drugmakers and trade groups filed lawsuits last year seeking to derail the negotiations and declare them unconstitutional.', 'Suits brought by Merck and Novartis against the price talks are awaiting decisions from district courts.', 'Each case brings claims that overlap with suits from Novo Nordisk, AstraZeneca, Boehringer Ingelheim, Bristol Myers Squibb and J&J that have been rejected in recent months.', 'Drugmakers said they still strongly oppose what many of them called ""government price setting"" through the Inflation Reduction Act.', '""The price setting provision of the Inflation Reduction Act does nothing to benefit patients and will only harm the scientific innovation that makes the development of life-changing treatments possible,"" a spokesperson for AbbVie said in a statement Thursday.', 'But the spokesperson said the price that was set for Imbruvica is within the range the company had expected.', 'A spokesperson for J&J similarly contended that U.S. patients will see higher costs, restricted access and fewer medicines as a result of the negotiations.', 'Bristol Myers Squibb is the only company so far to release specific information on the expected financial impact of the new negotiated prices.', 'In a release on its website, the company said it expects Eliquis revenue in 2026 to come in between $8.5 billion and 10.5 billion in the U.S., and between $10.5 billion to $12.5 billion worldwide.', 'Bristol Myers anticipates Eliquis sales in 2027 will be between $8 billion and $10 billion in the U.S. and $8.5 billion to $11 billion worldwide.', 'In 2023, Eliquis booked $8.59 billion in revenue in the U.S. and $12.21 billion in sales worldwide, according to a companyrelease.', 'The company noted that Eliquis is slated to lose patent exclusivity and face competition from cheaper generic drugs in the U.S. starting on April 1, 2028.', 'The blood thinner also faces patent expirations in certain EU markets in 2026.A spokesperson for Novo Nordisk said that while its lawsuit against the price talks progresses, the company will make sure the new negotiated price is available to Medicare beneficiaries in 2026.', 'The spokesperson also noted that rejecting the new prices would have resulted in steep penalties for the Danish drugmaker.', ""If a drugmaker declines to negotiate with Medicare, it must either pay an excise tax of up to 95% of its medication's U.S. sales or pull all of its products from the Medicare and Medicaid markets."", 'An AstraZeneca spokesperson similarly said, ""walking away is not an option.""', 'The company accepted the negotiated price because it believes ""that everyone who needs our medicines should have access to them.', '""The companies\' 10 drugs are among the top 50 with the highest spending for Medicare Part D.The 10 medicines accounted for $50.5 billion, or about 20%, of total Part D prescription drug costs from June 1, 2022, to May 31, 2023, according to CMS.In 2022, 9 million seniors spent$3.4 billionout of pocket on the 10 drugs, and some paid more than $6,000 per year for just one of the medications on the list, according to the Biden administration.', 'The medications have been on the market for at least seven years without generic competitors, or 11 years in the case of biological products such as vaccines.', 'Medicare covers roughly 66 million people in the U.S., and 50.5 million patients are enrolled in Part D plans, according to 2023 data from health policy research organization KFF.CMS has until March next year to publish an explanation for the negotiated prices for each drug.', 'Those new prices will go into effect on Jan. 1, 2026.By February 2025, the Biden administration will also unveil up to 15 more drugs that will be subject to the next round of price talks, with agreed-upon prices going into effect in 2027.', 'Drugmakers will have until the end of that month to decide whether to participate in the program.', 'After that second round, CMS can negotiate prices for another 15 drugs that will go into effect in 2028.', 'The number rises to 20 negotiated medications a year starting in 2029.""Sometimes I think people get caught up in the fact that their drug isn\'t on the list, but it will be on the list at some point in the future if they\'re taking a drug that\'s resulting in high costs,"" Purvis said.', 'CMS will only select Medicare Part D drugs for the medicines covered by the first two years of negotiations.', 'It will add more specialized drugs covered by Medicare Part B, which are typically administered by doctors, in 2028.Notably, Harris would likely try to expand the scope of negotiations if elected president, experts told CNBC.Purvis emphasized that Medicare is ""only going to get better at this process as it moves forward.', '""""We do expect billions of dollars in savings to taxpayers to start flowing as this negotiation program gets off the ground and Medicare gets better at the drug negotiation process,"" she told CNBC.']",0.0393964873251267,"The lengthy negotiation process involved months of back-and-forth price offers between companies and Medicare, which determined its initial offer for each medication using sales volume data, federal financial support for the drug's development, and data on pending or approved patent applications and exclusivities, among other information.","But Steve Ubl, CEO of the pharmaceutical industry's biggest lobbying group, PhRMA, said in a statement Thursday there are ""no assurances patients will see lower out-of-pocket costs because the law did nothing to rein in abuses by insurance companies and [drug supply chain middlemen] who ultimately decide what medicines are covered and what patients pay at the pharmacy.",0.2740648010602364,"""""We do expect billions of dollars in savings to taxpayers to start flowing as this negotiation program gets off the ground and Medicare gets better at the drug negotiation process,"" she told CNBC.","But the pharmaceutical industry views the process as a threat to its revenue growth, profits and drug innovation.",2024-08-14
-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.",2024-08-14
-Flights cancelled in Japan after scissors go missing,https://www.bbc.co.uk/news/articles/cd9d7gg2599o,2024-08-20T03:30:32.681Z,"Thirty-six flights were cancelled and 201 delayed at a Japanese airport on the weekend after a pair of scissors went missing in a store near the boarding gates. Security checks at Hokkaido’s New Chitose Airport domestic terminal were suspended for about two hours on Saturday morning, leaving hundreds of travellers temporarily stranded. There were huge bottlenecks and queues as passengers in the departure lounge were forced to retake security checks.  Authorities tried to locate the missing scissors, which were found at the same store the following day.  Although the scissors weren’t located on Saturday, the day they went missing, security checks and flights eventually resumed that day. Hokkaido Airport, the operator of New Chitose airport, announced on Monday that the scissors had been found by a worker at the store on Sunday.  Authorities explained that they held off on making the announcement until they had confirmed that the scissors were the same as the ones that were lost. Many travellers affected by the cancellations and delays were flying home after Japan’s annual Bon holiday. “I don't think we have any choice (but to wait),” one traveller told local media at the time. “But I do hope they are bit more careful about it.” Another traveller said there were “So many things to worry about these days… it never ends. And I don't feel safe until I get home.” The Ministry of Land, Infrastructure, Transport and Tourism has asked Hokkaido Airports to investigate the cause and prevent it from happening again. ""We recognise that this occurred as a result of insufficient storage and management systems at the store,” Hokkaido Airport said. “We are aware that this is also an incident that could be linked to hijacking or terrorism, and will once again work to ensure thorough management awareness."" Social media users on X praised the airport's response to the incident, with several saying it reaffirmed their confidence in Japanese air safety. ""This incident showcased the safety of Japanese aviation and the thoroughness of its manuals!"" one user wrote. Another said it ""made me realise once again that New Chitose Airport is a safe airport to use."" New Chitose is one of Japan’s busiest airports, serving the world's second-most travelled domestic air route – between Tokyo and Sapporo – according to aviation analytics company OAG. More than 15 million travellers used the airport in 2022. Additional reporting by Chika Nakayama in Tokyo   ",BBC,20/08/2024,"['Thirty-six flights were cancelled and 201 delayed at a Japanese airport on the weekend after a pair of scissors went missing in a store near the boarding gates.', 'Security checks at Hokkaido’s New Chitose Airport domestic terminal were suspended for about two hours on Saturday morning, leaving hundreds of travellers temporarily stranded.', 'There were huge bottlenecks and queues as passengers in the departure lounge were forced to retake security checks.', 'Authorities tried to locate the missing scissors, which were found at the same store the following day.', 'Although the scissors weren’t located on Saturday, the day they went missing, security checks and flights eventually resumed that day.', 'Hokkaido Airport, the operator of New Chitose airport, announced on Monday that the scissors had been found by a worker at the store on Sunday.', 'Authorities explained that they held off on making the announcement until they had confirmed that the scissors were the same as the ones that were lost.', 'Many travellers affected by the cancellations and delays were flying home after Japan’s annual Bon holiday. “', ""I don't think we have any choice (but to wait),” one traveller told local media at the time. “"", 'But I do hope they are bit more careful about it.”', 'Another traveller said there were “So many things to worry about these days… it never ends.', ""And I don't feel safe until I get home.”"", 'The Ministry of Land, Infrastructure, Transport and Tourism has asked Hokkaido Airports to investigate the cause and prevent it from happening again. ""', 'We recognise that this occurred as a result of insufficient storage and management systems at the store,” Hokkaido Airport said. “', 'We are aware that this is also an incident that could be linked to hijacking or terrorism, and will once again work to ensure thorough management awareness.""', 'Social media users on X praised the airport\'s response to the incident, with several saying it reaffirmed their confidence in Japanese air safety. ""', 'This incident showcased the safety of Japanese aviation and the thoroughness of its manuals!""', 'one user wrote.', 'Another said it ""made me realise once again that New Chitose Airport is a safe airport to use.""', ""New Chitose is one of Japan’s busiest airports, serving the world's second-most travelled domestic air route – between Tokyo and Sapporo – according to aviation analytics company OAG."", 'More than 15 million travellers used the airport in 2022.', 'Additional reporting by Chika Nakayama in Tokyo']",0.0524810948187078,"Social media users on X praised the airport's response to the incident, with several saying it reaffirmed their confidence in Japanese air safety. """,Thirty-six flights were cancelled and 201 delayed at a Japanese airport on the weekend after a pair of scissors went missing in a store near the boarding gates.,-0.3048679331938426,"Social media users on X praised the airport's response to the incident, with several saying it reaffirmed their confidence in Japanese air safety. ""","We recognise that this occurred as a result of insufficient storage and management systems at the store,” Hokkaido Airport said. “",2024-08-14
-7-Eleven: Canadian retail giant makes £29.2bn takeover bid,https://www.bbc.co.uk/news/articles/cjdk2nyngx9o,2024-08-19T06:46:48.268Z,"A Canadian convenience store giant has made a bid worth $38bn (£29.2bn) for the Japanese-owned 7-Eleven in what could be the country's record foreign takeover. Circle K owner Alimentation Couche-Tard (ACT) made the approach for the chain - a staple across Asia and North America - on Monday. ACT's footprint in the US and Canada would more than double to more than 20,000 sites if the deal goes ahead. The news comes after the Japanese stock market was rocked by record swings earlier this month. The offer of 5.6 trillion Japanese yen valued 7-Eleven at a fifth more than its pre-bid price on the Japanese stock market. ACT said it had ""submitted a friendly, non-binding proposal"" to buy the retail chain but that there was no guarantee it would go ahead. ""The company is focused on reaching a mutually agreeable transaction that benefits both companies’ customers, employees, franchisees and shareholders,"" ACT said. Meanwhile, Tokyo-based Seven & i Holdings, which owns 7-Eleven, said it has formed a special committee to consider the offer. It said it had ""received a confidential, non-binding and preliminary proposal by ACT to acquire all [of its] outstanding shares"". ""[The] special committee intends to conduct a prompt, careful and comprehensive review of the proposal,"" it added. If a deal is agreed it could face challenges from competition watchdogs in North America. The 7-Eleven chain runs more than 13,000 stores in the US and Canada, while Couche-Tard has more than 9,000. In recent years, activist investors have pressed Seven & i to sell some of its assets to focus the company on the 7-Eleven brand. The takeover offer also comes after the Japanese stock market had a record slump and then a record spike following the central bank's decision to raise borrowing costs. 7-Eleven was first brought to Japan from the US in 1974 by retail tycoon Masatoshi Ito. Ito, who died in 2023 aged 98, is credited with turning the convenience store chain into a global business empire. Today, 7-Eleven has 85,000 shops worldwide in 20 countries and territories and has a large footprint in Asia. Quebec-based ACT is listed on the Toronto Stock Exchange and runs around 17,000 shops in more than 30 countries and territories across North America Europe and Asia under the Circle K and Couche-Tard brands. It has a stock market valuation of about 80bn Canadian dollars ($58.2bn; £45bn). ",BBC,19/08/2024,"[""A Canadian convenience store giant has made a bid worth $38bn (£29.2bn) for the Japanese-owned 7-Eleven in what could be the country's record foreign takeover."", 'Circle K owner Alimentation Couche-Tard (ACT) made the approach for the chain - a staple across Asia and North America - on Monday.', ""ACT's footprint in the US and Canada would more than double to more than 20,000 sites if the deal goes ahead."", 'The news comes after the Japanese stock market was rocked by record swings earlier this month.', 'The offer of 5.6 trillion Japanese yen valued 7-Eleven at a fifth more than its pre-bid price on the Japanese stock market.', 'ACT said it had ""submitted a friendly, non-binding proposal"" to buy the retail chain but that there was no guarantee it would go ahead. ""', 'The company is focused on reaching a mutually agreeable transaction that benefits both companies’ customers, employees, franchisees and shareholders,"" ACT said.', 'Meanwhile, Tokyo-based Seven & i Holdings, which owns 7-Eleven, said it has formed a special committee to consider the offer.', 'It said it had ""received a confidential, non-binding and preliminary proposal by ACT to acquire all [of its] outstanding shares"". ""[', 'The] special committee intends to conduct a prompt, careful and comprehensive review of the proposal,"" it added.', 'If a deal is agreed it could face challenges from competition watchdogs in North America.', 'The 7-Eleven chain runs more than 13,000 stores in the US and Canada, while Couche-Tard has more than 9,000.', 'In recent years, activist investors have pressed Seven & i to sell some of its assets to focus the company on the 7-Eleven brand.', ""The takeover offer also comes after the Japanese stock market had a record slump and then a record spike following the central bank's decision to raise borrowing costs."", '7-Eleven was first brought to Japan from the US in 1974 by retail tycoon Masatoshi Ito.', 'Ito, who died in 2023 aged 98, is credited with turning the convenience store chain into a global business empire.', 'Today, 7-Eleven has 85,000 shops worldwide in 20 countries and territories and has a large footprint in Asia.', 'Quebec-based ACT is listed on the Toronto Stock Exchange and runs around 17,000 shops in more than 30 countries and territories across North America Europe and Asia under the Circle K and Couche-Tard brands.', 'It has a stock market valuation of about 80bn Canadian dollars ($58.2bn; £45bn).']",0.1107340034371501,"The company is focused on reaching a mutually agreeable transaction that benefits both companies’ customers, employees, franchisees and shareholders,"" ACT said.",Circle K owner Alimentation Couche-Tard (ACT) made the approach for the chain - a staple across Asia and North America - on Monday.,0.1453426650592259,"ACT's footprint in the US and Canada would more than double to more than 20,000 sites if the deal goes ahead.",The takeover offer also comes after the Japanese stock market had a record slump and then a record spike following the central bank's decision to raise borrowing costs.,2024-08-14
-California cracks down on organized retail crime with new package of laws,https://www.cnbc.com/2024/08/19/california-retail-crime-laws-crack-down-on-organized-rings.html,2024-08-19T21:10:34+0000,"California Democratic Gov. Gavin Newsom has signed 10 new bills into law that aim to combat retail crime in the state.The package, announced Friday, includes new laws that crack down on shoplifting, theft from a vehicle, organized theft, and online marketplaces where these stolen goods are sometimes resold. The new laws come after retailers have called on both local and federal governments to do more to combat retail theft, citing it as a growing challenge that's impacted profits, customers and staff.One of the bills in the package, SB 1416, establishes tougher penalties for middlemen in organized retail crime rings and was introduced in response to a CNBC investigation published in March, according to the office of state Sen. Josh Newman, a Democrat, who introduced the bill.""As author of the bill, I used examples of your reporting in each of the policy committee hearings at which I presented the bill, and I think it made real for my colleagues something that otherwise seemed kind of abstract. And it also, I think, encapsulated just how powerful the incentives are,"" Newman told CNBC.The law Newman authored establishes additional prison time and fines for the sale, exchange or return of stolen property — the bread and butter of retail resale crime rings. Prior to the law's passage, those charged with being involved in organized retail crime rings could face up to three years in prison. Critics said that sentence and penalty were not enough of a deterrence.Newman said the law was designed to go after middlemen like Michelle Mack — the organized retail crime ""queenpin"" who was exposed in CNBC's investigation. Police say she made millions reselling stolen goods on Amazon at a fraction of their typical retail price. ""It's necessary to account for just how easy it is to recruit people to go steal for you, and then just how easy and profitable it is to then clean this stuff up and sell it,"" Newman said.Mack was arrested in December and received a delayed sentence of five years and four months in state prison. Mack's husband, Kenneth, received the same sentence and is already incarcerated. The couple was ordered to pay about $3 million in restitution to beauty retailer Ulta and another $13,000 to Sephora, a court official previously told CNBC.Theft and organized retail crime rings like that of Mack's ""California Girls"" have been cited by retailers as a reason for lower profits, difficulty in hiring and retaining staff, and the degradation of the in-store experience. Others have countered these claims, saying that retailers are overstating the impact of theft and downplaying the operational issues behind lower profits.Commercial burglary and commercial robbery rates in California have been steadily rising over the past few years, according to data from the Public Policy Institute of California. Shoplifting, although still well below pre-pandemic levels, is seeing an increase as well.Since January, the California Highway Patrol's Organized Retail Crime Task Force has made 884 arrests and recovered more than 250,000 stolen items valued collectively at over $7.2 million, according to the press release announcing the new legislation.Retailers have been urging Congress to crack down on organized retail crime nationally, with the retail lobby group National Retail Federation pushing to make it easier to prosecute theft as a federal felony.With the 2024 presidential election looming, Democrats are also looking to appear tough on crime to address Republican criticism of the nation's rising crime rates. However, critics of the push to combat retail crime fear the measures may disproportionately harm marginalized groups.Another bill, SB 1144, also passed in the new package of laws aims to prevent the trafficking of stolen goods on online marketplaces like Amazon. The bill, introduced by state Sen. Nancy Skinner, a Democrat, builds on a previous California law by updating compliance criteria for high-volume, third-party sellers and making it easier for civil charges to be filed against online marketplaces selling stolen goods, among other measures.— CNBC's Gabrielle Fonrouge, Scott Zamost and Courtney Reagan contributed to this report.",CNBC,19/08/2024,"['California Democratic Gov. Gavin Newsom has signed 10 new bills into law that aim to combat retail crime in the state.', 'The package, announced Friday, includes new laws that crack down on shoplifting, theft from a vehicle, organized theft, and online marketplaces where these stolen goods are sometimes resold.', ""The new laws come after retailers have called on both local and federal governments to do more to combat retail theft, citing it as a growing challenge that's impacted profits, customers and staff."", 'One of the bills in the package, SB 1416, establishes tougher penalties for middlemen in organized retail crime rings and was introduced in response to a CNBC investigation published in March, according to the office of state Sen. Josh Newman, a Democrat, who introduced the bill.', '""As author of the bill, I used examples of your reporting in each of the policy committee hearings at which I presented the bill, and I think it made real for my colleagues something that otherwise seemed kind of abstract.', 'And it also, I think, encapsulated just how powerful the incentives are,"" Newman told CNBC.The law Newman authored establishes additional prison time and fines for the sale, exchange or return of stolen property — the bread and butter of retail resale crime rings.', ""Prior to the law's passage, those charged with being involved in organized retail crime rings could face up to three years in prison."", 'Critics said that sentence and penalty were not enough of a deterrence.', 'Newman said the law was designed to go after middlemen like Michelle Mack — the organized retail crime ""queenpin"" who was exposed in CNBC\'s investigation.', 'Police say she made millions reselling stolen goods on Amazon at a fraction of their typical retail price. ""', 'It\'s necessary to account for just how easy it is to recruit people to go steal for you, and then just how easy and profitable it is to then clean this stuff up and sell it,"" Newman said.', 'Mack was arrested in December and received a delayed sentence of five years and four months in state prison.', ""Mack's husband, Kenneth, received the same sentence and is already incarcerated."", 'The couple was ordered to pay about $3 million in restitution to beauty retailer Ulta and another $13,000 to Sephora, a court official previously told CNBC.Theft and organized retail crime rings like that of Mack\'s ""California Girls"" have been cited by retailers as a reason for lower profits, difficulty in hiring and retaining staff, and the degradation of the in-store experience.', 'Others have countered these claims, saying that retailers are overstating the impact of theft and downplaying the operational issues behind lower profits.', 'Commercial burglary and commercial robbery rates in California have been steadily rising over the past few years, according to data from the Public Policy Institute of California.', 'Shoplifting, although still well below pre-pandemic levels, is seeing an increase as well.', ""Since January, the California Highway Patrol's Organized Retail Crime Task Force has made 884 arrests and recovered more than 250,000 stolen items valued collectively at over $7.2 million, according to the press release announcing the new legislation."", 'Retailers have been urging Congress to crack down on organized retail crime nationally, with the retail lobby group National Retail Federation pushing to make it easier to prosecute theft as a federal felony.', ""With the 2024 presidential election looming, Democrats are also looking to appear tough on crime to address Republican criticism of the nation's rising crime rates."", 'However, critics of the push to combat retail crime fear the measures may disproportionately harm marginalized groups.', 'Another bill, SB 1144, also passed in the new package of laws aims to prevent the trafficking of stolen goods on online marketplaces like Amazon.', 'The bill, introduced by state Sen. Nancy Skinner, a Democrat, builds on a previous California law by updating compliance criteria for high-volume, third-party sellers and making it easier for civil charges to be filed against online marketplaces selling stolen goods, among other measures.—', ""CNBC's Gabrielle Fonrouge, Scott Zamost and Courtney Reagan contributed to this report.""]",-0.2662607653161937,"It's necessary to account for just how easy it is to recruit people to go steal for you, and then just how easy and profitable it is to then clean this stuff up and sell it,"" Newman said.","However, critics of the push to combat retail crime fear the measures may disproportionately harm marginalized groups.",-0.0002859458327293,"Shoplifting, although still well below pre-pandemic levels, is seeing an increase as well.","The couple was ordered to pay about $3 million in restitution to beauty retailer Ulta and another $13,000 to Sephora, a court official previously told CNBC.Theft and organized retail crime rings like that of Mack's ""California Girls"" have been cited by retailers as a reason for lower profits, difficulty in hiring and retaining staff, and the degradation of the in-store experience.",2024-08-14
-Scottish government spending constraints unavoidable - Robison,https://www.bbc.co.uk/news/articles/c3w6d1vl58lo,2024-08-18T16:55:13.283Z,"Finance Secretary Shona Robison has defended spending constraints as the only option available to her in the current climate. Last week the Scottish government confirmed it would follow the UK government in no longer providing winter fuel payments to all pensioners. Ms Robison told BBC Radio Scotland's The Sunday Show that the devolved nations need more ""fiscal flexibility"". Chancellor Rachel Reeves previously said the new Labour government had to make “difficult decisions” due to a £22bn hole in public finances as a result of overspend from the previous Conservative administration. The finance secretary accepted the Barnett Formula allocated more public spending to Scotland to deal with issues such as poverty and rurality. But she added: ""We have the same spending challenges in the devolved administrations without the levers to be able to address them. ""This is not just exceptional to Scotland."" Ms Robison said ministers have had to deal with ""huge fiscal headwinds"" in recent years due to the Covid pandemic, the cost of living crisis and soaring inflation. She added: ""All of these things impact on devolved administrations and the only lever we have, in-year, are spending controls."" The minister defended the SNP administration's record since 2007 and said the country's finances were being run ""efficiently"". She also recognised that many pensioners would miss out on a winter fuel payment but added: ""It has been an incredibly difficult decision for us to make."" The UK benefit is due to be replaced by a Holyrood-run alternative - but ministers have confirmed it will be means tested, while the roll out has been delayed. News of it being scrapped came as ministers were ordered to ""constrain all but essential"" spending to help pay for public sector pay deals. Ms Robison has written to cabinet colleagues advising of stricter rules on discretionary spending, including a recruitment freeze on ""all but essential"" posts. She said the government would have to make ""difficult"" choices to fund pay increases for public sector staff after Ms Reeves signalled cuts in the next UK budget. The chancellor announced last month that those not on pension credit or other means-tested benefits in England and Wales would no longer get annual winter fuel payments, worth between £100 and £300. Responsibility for the winter fuel payment was set to be transferred to the Scottish government in September and replaced with a Holyrood-managed equivalent - the Pension Age Winter Heating Payment (PAWHP).  That has now been pushed back to winter 2025. Holyrood ministers had previously said the benefit would not be means tested, with universal entitlement based on reaching state pension age. The development came as Gers figures revealed Scotland's public spending deficit increased by £3.6bn to £22.7bn in 2023-24 due to lower oil and gas revenues. SNP ministers recently provided additional funds to Cosla to help avert bin strikes. First Minister John Swinney said funding the new offer would mean tough choices ahead for the government. NHS staff in Scotland are expected to push for a pay rise in line with increases south of the border. Last week a UK government spokesperson said: ""We are working closely with the Scottish government to make this as smooth a transition as possible, and more importantly ensure eligible pensioners continue to receive support. “The UK government has protected the poorest pensioners by ensuring people on pension credit or certain other income-related benefits will continue to receive the payment.” Meanwhile, Ms Robison warned reports suggesting Scottish Secretary Ian Murray might bypass Holyrood to fund anti-poverty measures could jeopardise positive devolution steps. The Sunday Mail newspaper reported the Westminster Government could introduce new legislation to allow the Scotland Office to allocate £150m for local authority measures to combat poverty. But Ms Robison said such a move would be ""out of kilter"" with the ""positive"" relationship being built between the Scottish and UK governments. And Ms Robison said Mr Murray would be bypassing Holyrood if the plan went ahead. She said: ""If that is new money, there is definitely a question mark about why that money is not coming to the Scottish government, given all of these funding pressures that we have."" But Ms Robison added there had a been a ""far more open and collaborative"" relationship between both governments since Labour was elected in July. Prime Minister Sir Keir Starmer met First Minister John Swinney in an effort to improve intergovernmental relations following the General Election. A UK Government spokeswoman stressed that the Westminster Government wanted to work with the Scottish Government and not go around them. The spokeswoman added: ""The Scotland Office is at the heart of delivering the UK Government's missions in Scotland, working with the Scottish Government to grow our economy, create jobs and reduce poverty."" ",BBC,18/08/2024,"['Finance Secretary Shona Robison has defended spending constraints as the only option available to her in the current climate.', 'Last week the Scottish government confirmed it would follow the UK government in no longer providing winter fuel payments to all pensioners.', 'Ms Robison told BBC Radio Scotland\'s The Sunday Show that the devolved nations need more ""fiscal flexibility"".', 'Chancellor Rachel Reeves previously said the new Labour government had to make “difficult decisions” due to a £22bn hole in public finances as a result of overspend from the previous Conservative administration.', 'The finance secretary accepted the Barnett Formula allocated more public spending to Scotland to deal with issues such as poverty and rurality.', 'But she added: ""We have the same spending challenges in the devolved administrations without the levers to be able to address them. ""', 'This is not just exceptional to Scotland.""', 'Ms Robison said ministers have had to deal with ""huge fiscal headwinds"" in recent years due to the Covid pandemic, the cost of living crisis and soaring inflation.', 'She added: ""All of these things impact on devolved administrations and the only lever we have, in-year, are spending controls.""', 'The minister defended the SNP administration\'s record since 2007 and said the country\'s finances were being run ""efficiently"".', 'She also recognised that many pensioners would miss out on a winter fuel payment but added: ""It has been an incredibly difficult decision for us to make.""', 'The UK benefit is due to be replaced by a Holyrood-run alternative - but ministers have confirmed it will be means tested, while the roll out has been delayed.', 'News of it being scrapped came as ministers were ordered to ""constrain all but essential"" spending to help pay for public sector pay deals.', 'Ms Robison has written to cabinet colleagues advising of stricter rules on discretionary spending, including a recruitment freeze on ""all but essential"" posts.', 'She said the government would have to make ""difficult"" choices to fund pay increases for public sector staff after Ms Reeves signalled cuts in the next UK budget.', 'The chancellor announced last month that those not on pension credit or other means-tested benefits in England and Wales would no longer get annual winter fuel payments, worth between £100 and £300.', 'Responsibility for the winter fuel payment was set to be transferred to the Scottish government in September and replaced with a Holyrood-managed equivalent - the Pension Age Winter Heating Payment (PAWHP).', 'That has now been pushed back to winter 2025.', 'Holyrood ministers had previously said the benefit would not be means tested, with universal entitlement based on reaching state pension age.', ""The development came as Gers figures revealed Scotland's public spending deficit increased by £3.6bn to £22.7bn in 2023-24 due to lower oil and gas revenues."", 'SNP ministers recently provided additional funds to Cosla to help avert bin strikes.', 'First Minister John Swinney said funding the new offer would mean tough choices ahead for the government.', 'NHS staff in Scotland are expected to push for a pay rise in line with increases south of the border.', 'Last week a UK government spokesperson said: ""We are working closely with the Scottish government to make this as smooth a transition as possible, and more importantly ensure eligible pensioners continue to receive support. “', 'The UK government has protected the poorest pensioners by ensuring people on pension credit or certain other income-related benefits will continue to receive the payment.”', 'Meanwhile, Ms Robison warned reports suggesting Scottish Secretary Ian Murray might bypass Holyrood to fund anti-poverty measures could jeopardise positive devolution steps.', 'The Sunday Mail newspaper reported the Westminster Government could introduce new legislation to allow the Scotland Office to allocate £150m for local authority measures to combat poverty.', 'But Ms Robison said such a move would be ""out of kilter"" with the ""positive"" relationship being built between the Scottish and UK governments.', 'And Ms Robison said Mr Murray would be bypassing Holyrood if the plan went ahead.', 'She said: ""If that is new money, there is definitely a question mark about why that money is not coming to the Scottish government, given all of these funding pressures that we have.""', 'But Ms Robison added there had a been a ""far more open and collaborative"" relationship between both governments since Labour was elected in July.', 'Prime Minister Sir Keir Starmer met First Minister John Swinney in an effort to improve intergovernmental relations following the General Election.', 'A UK Government spokeswoman stressed that the Westminster Government wanted to work with the Scottish Government and not go around them.', 'The spokeswoman added: ""The Scotland Office is at the heart of delivering the UK Government\'s missions in Scotland, working with the Scottish Government to grow our economy, create jobs and reduce poverty.""']",-0.0123950374131499,"Last week a UK government spokesperson said: ""We are working closely with the Scottish government to make this as smooth a transition as possible, and more importantly ensure eligible pensioners continue to receive support. “","She said the government would have to make ""difficult"" choices to fund pay increases for public sector staff after Ms Reeves signalled cuts in the next UK budget.",0.0068111585246192,"But Ms Robison added there had a been a ""far more open and collaborative"" relationship between both governments since Labour was elected in July.",Chancellor Rachel Reeves previously said the new Labour government had to make “difficult decisions” due to a £22bn hole in public finances as a result of overspend from the previous Conservative administration.,2024-08-14
-"Ford upgrades Lincoln Navigator to include spa mode, 48-inch display for videos and gaming",https://www.cnbc.com/2024/08/15/ford-2025-lincoln-navigator-spa-mode-48-inch-display-for-gaming.html,2024-08-16T14:46:10+0000,"In this articleFord Motor is updating its Lincoln Navigator to include a 48-inch front display that can be used as a ""sanctuary"" for spa lovers and gamers alike.The new feature comes as the automaker has redesigned the exterior and interior of the vehicle for the 2025 model year — and as the Ford luxury brand attempts to differentiate Navigator amid declining sales of the large SUV.""The all-new Navigator is more than just a vehicle; it can become a home away from home and a third space that rejuvenates clients in an entirely new way on and off the road,"" Lincoln president Dianne Craig said in a release.The ""sanctuary"" mode is part of the ""Lincoln Rejuvenate"" feature, which is meant to create a calming environment for the driver. Once initiated when parked, the driver's seat automatically slides backward, reclines, warms slightly and makes massaging motions.The mode — in five- or 10-minute increments — also changes the vehicle's climate, releases refreshing scents and plays relaxing videos and sounds such as a waterfall. Scent choices are mystic forest, ozonic azure and violet cashmere.The vehicle comes preloaded with a ""waterfall meditation"" experience in partnership with meditation and sleep app company Calm; two other themes — ""aurora borealis"" and ""elements"" — are included with purchase.""Navigator is the flagship of the Lincoln brand and represents our ultimate expression of sanctuary,"" Craig said.The large, horizontal screen and rejuvenate modes initially debuted on the 2024 Lincoln Nautilus, but the Navigator's bigger interior allowed for further enhancements.If a driver prefers to turn to media for relaxation instead of having a spa experience, the front display can be split to play video and gaming apps while the vehicle is parked. Games currently include Asphalt Nitro 2, Angry Birds and Beach Buggy Racing 2.The up-to-eight passenger SUV will continue to be powered by a twin-turbocharged 3.5-liter V6 engine with 440 horsepower and 510 pound-feet of torque. It also comes standard with the BlueCruise advanced driver-assistance system, which allows for hands-free driving on highways.Ford said pricing for the 2025 Navigator will start under $100,000, but more detailed pricing will be released closer to the vehicle going on sale in spring 2025. The starting pricing for current models ranges from $83,000 to more than $114,000.The Navigator's current average transaction price is more than $101,300, according to Lincoln.Lincoln's sales were up 23.4% year over year through July, however, sales of the Navigator were off roughly 21% during that time.The redesigned Navigator was revealed in connection to Monterey Car Week and the Pebble Beach Concours d'Elegance car show in California.",CNBC,16/08/2024,"['In this articleFord Motor is updating its Lincoln Navigator to include a 48-inch front display that can be used as a ""sanctuary"" for spa lovers and gamers alike.', 'The new feature comes as the automaker has redesigned the exterior and interior of the vehicle for the 2025 model year — and as the Ford luxury brand attempts to differentiate Navigator amid declining sales of the large SUV.""The all-new Navigator is more than just a vehicle; it can become a home away from home and a third space that rejuvenates clients in an entirely new way on and off the road,"" Lincoln president Dianne Craig said in a release.', 'The ""sanctuary"" mode is part of the ""Lincoln Rejuvenate"" feature, which is meant to create a calming environment for the driver.', ""Once initiated when parked, the driver's seat automatically slides backward, reclines, warms slightly and makes massaging motions."", ""The mode — in five- or 10-minute increments — also changes the vehicle's climate, releases refreshing scents and plays relaxing videos and sounds such as a waterfall."", 'Scent choices are mystic forest, ozonic azure and violet cashmere.', 'The vehicle comes preloaded with a ""waterfall meditation"" experience in partnership with meditation and sleep app company Calm; two other themes — ""aurora borealis"" and ""elements"" — are included with purchase.', '""Navigator is the flagship of the Lincoln brand and represents our ultimate expression of sanctuary,"" Craig said.', ""The large, horizontal screen and rejuvenate modes initially debuted on the 2024 Lincoln Nautilus, but the Navigator's bigger interior allowed for further enhancements."", 'If a driver prefers to turn to media for relaxation instead of having a spa experience, the front display can be split to play video and gaming apps while the vehicle is parked.', 'Games currently include Asphalt Nitro 2, Angry Birds and Beach Buggy Racing 2.The up-to-eight passenger SUV will continue to be powered by a twin-turbocharged 3.5-liter V6 engine with 440 horsepower and 510 pound-feet of torque.', 'It also comes standard with the BlueCruise advanced driver-assistance system, which allows for hands-free driving on highways.', 'Ford said pricing for the 2025 Navigator will start under $100,000, but more detailed pricing will be released closer to the vehicle going on sale in spring 2025.', ""The starting pricing for current models ranges from $83,000 to more than $114,000.The Navigator's current average transaction price is more than $101,300, according to Lincoln."", ""Lincoln's sales were up 23.4% year over year through July, however, sales of the Navigator were off roughly 21% during that time."", ""The redesigned Navigator was revealed in connection to Monterey Car Week and the Pebble Beach Concours d'Elegance car show in California.""]",0.2051268193359368,"If a driver prefers to turn to media for relaxation instead of having a spa experience, the front display can be split to play video and gaming apps while the vehicle is parked.","Games currently include Asphalt Nitro 2, Angry Birds and Beach Buggy Racing 2.The up-to-eight passenger SUV will continue to be powered by a twin-turbocharged 3.5-liter V6 engine with 440 horsepower and 510 pound-feet of torque.",0.0636908710002899,"Lincoln's sales were up 23.4% year over year through July, however, sales of the Navigator were off roughly 21% during that time.","The new feature comes as the automaker has redesigned the exterior and interior of the vehicle for the 2025 model year — and as the Ford luxury brand attempts to differentiate Navigator amid declining sales of the large SUV.""The all-new Navigator is more than just a vehicle; it can become a home away from home and a third space that rejuvenates clients in an entirely new way on and off the road,"" Lincoln president Dianne Craig said in a release.",2024-08-14
-"Right to switch off from work can boost productivity, says No 10",https://www.bbc.co.uk/news/articles/cn4711jg34vo,2024-08-19T17:27:04.570Z,"The right to switch off when outside work is key to productivity and could boost the UK's economic growth, Downing Street has said. The government has promised to introduce a ""right to switch off"" so people's homes do not become ""24/7 offices"".  Ministers are exploring models in other countries, particularly Ireland and Belgium, where workers already have the ""right to disconnect"" and not routinely be contacted by their employer or required to work outside of their normal hours.  ""This is about ensuring people have some time to rest,"" the prime minister’s deputy spokesperson said. ""Good employers understand that for workers to stay motivated and productive they do need to be able to switch off, and a culture presenteeism can be damaging to productivity."" Productivity is an economic measure for the amount of work achieved in a given time, which experts see as essential for wages and living standards to increase. The PM’s deputy spokesperson said the aim was to ensure ""we’re not inadvertently blurring the lines between work and home life"". ""It's obviously one of the central missions of the government to support growth, and we know that productivity is vital to growth,"" she said. ""It's about making sure we have the right balance between making the most of the flexible working practices that we saw following the pandemic with also having appropriate arrangements in place to ensure that people can stay productive in light of that."" The plans were not a ""one size fits all"" and would recognise companies vary and people have different roles,"" she added.  In Ireland a Code of Practice was introduced, requiring employers to engage with employees and unions on a ""right to disconnect"" company policy, setting out the circumstances when employees can be contacted out of normal working hours.  In Belgium, companies with at least 20 employees must have agreements in place on the right to disconnect.  The idea of a right to switch off is part of a package of reforms to workers' rights proposed by Labour in its ""New Deal for Working People"". It is possible employees could be able to take their employers to a tribunal if conditions of employment are breached. That could involve different aggravating factors – including consistently contacting an employee after agreed working hours. But government sources pointed out different sectors have different needs and this is likely to be reflected in contracts. ",BBC,19/08/2024,"[""The right to switch off when outside work is key to productivity and could boost the UK's economic growth, Downing Street has said."", 'The government has promised to introduce a ""right to switch off"" so people\'s homes do not become ""24/7 offices"".', 'Ministers are exploring models in other countries, particularly Ireland and Belgium, where workers already have the ""right to disconnect"" and not routinely be contacted by their employer or required to work outside of their normal hours. ""', 'This is about ensuring people have some time to rest,"" the prime minister’s deputy spokesperson said. ""', 'Good employers understand that for workers to stay motivated and productive they do need to be able to switch off, and a culture presenteeism can be damaging to productivity.""', 'Productivity is an economic measure for the amount of work achieved in a given time, which experts see as essential for wages and living standards to increase.', 'The PM’s deputy spokesperson said the aim was to ensure ""we’re not inadvertently blurring the lines between work and home life"". ""', 'It\'s obviously one of the central missions of the government to support growth, and we know that productivity is vital to growth,"" she said. ""', 'It\'s about making sure we have the right balance between making the most of the flexible working practices that we saw following the pandemic with also having appropriate arrangements in place to ensure that people can stay productive in light of that.""', 'The plans were not a ""one size fits all"" and would recognise companies vary and people have different roles,"" she added.', 'In Ireland a Code of Practice was introduced, requiring employers to engage with employees and unions on a ""right to disconnect"" company policy, setting out the circumstances when employees can be contacted out of normal working hours.', 'In Belgium, companies with at least 20 employees must have agreements in place on the right to disconnect.', 'The idea of a right to switch off is part of a package of reforms to workers\' rights proposed by Labour in its ""New Deal for Working People"".', 'It is possible employees could be able to take their employers to a tribunal if conditions of employment are breached.', 'That could involve different aggravating factors – including consistently contacting an employee after agreed working hours.', 'But government sources pointed out different sectors have different needs and this is likely to be reflected in contracts.']",0.2825145219914958,"It's obviously one of the central missions of the government to support growth, and we know that productivity is vital to growth,"" she said. """,,0.4793231338262558,"The right to switch off when outside work is key to productivity and could boost the UK's economic growth, Downing Street has said.","Good employers understand that for workers to stay motivated and productive they do need to be able to switch off, and a culture presenteeism can be damaging to productivity.""",2024-08-14
-LNER train drivers to stage weekend strikes across three months,https://www.bbc.co.uk/news/articles/cj9le7vdw91o,2024-08-16T10:25:29.714Z,"Train drivers at London North Eastern Railway (LNER) are set to strike every weekend in September, October and two in November, union bosses have announced. Aslef, which represents train drivers, said the walkouts at LNER were due to a breakdown in industrial relations and agreements. The fresh strikes are separate to an ongoing pay dispute with all train companies, which edged closer to being resolved in England this week after a new pay offer. Separately, Border Force officers at Heathrow Airport have announced more industrial action in a row over changes to terms and conditions. The Public and Commercial Services union said 650 Border Force officers will strike from 31 August to 3 September, before they begin a period of working-to-rule and refusing to work overtime until 22 September. The union said officers were being told to ""choose between caring responsibilities and their job"" due to what it called ""inflexible rosters"". Aslef said its member drivers at LNER would walk out every Saturday between 31 August and 9 November and on every Sunday from 1 September to 10 November. LNER, which operates services on the East Coast Mainline between London and Edinburgh and is run by the government, said it was ""surprised and disappointed"" by the announcement following recent talks. Its trains run to and from London King's Cross station and pass through major cities including Newcastle, York and Durham. Various railway strikes have led to cancelled services and disruption for passengers for more than two years. The fresh walkouts, which total 22 days, are separate to the long-running row over train driver wages at 16 train companies, which looks set to be resolved in England following a new pay offer made this week. Mick Whelan, general secretary of Aslef, claimed the union had been ""forced"" into taking strike action at LNER.  He accused the train operator of ""repeatedly"" breaking agreements, acting in ""bad faith"", and of ""boorish behaviour and bullying tactics"". LNER said it would continue to work with the union to ""find a way to end this long running dispute which only damages the rail industry"". ""Our priority focus will be on minimising disruption to customers during the forthcoming Aslef strikes, which sadly will continue to cause disruption and delays,"" a statement added. A spokesperson said the company took ""any accusations of bullying very seriously, and this is not something tolerated anywhere in the business"". The Department for Transport said the strikes were ""extremely disappointing for passengers"", adding that transport secretary Louise Haigh had called on both Aslef and LNER to ""round the table and work in good faith to resolve this dispute and as quickly as possible"". But Conservative shadow transport minister Kieran Mullan said following the new pay deal offered, ""it should shock nobody that more strikes are on the cards"". ""All Labour are doing is encouraging the unions into more of this anti-passenger action, putting our rail network at the beck and call of unions, whilst passengers pay the price,"" he added. Nigel Roebuck, who has led Aslef's negotiations with LNER, said members had complained about being consistently ""badgered for favours"" by managers ""outside of rostering agreements and being contacted remotely"". ""The bottom line is that LNER does not employ enough drivers to deliver the services it has promised passengers, and the government, it will run,"" he suggested. The Aslef union says it has more than 21,000 members and represents 96% of all the train drivers in England, Scotland, and Wales, where it is organised. Its leadership team has recommended members accept the newly-tabled offer for train drivers in England, which includes a backdated 5% pay increase for 2019 to 2022, 4.75% for 2022 to 2024, and 4.5% for 2024 to 2025. Shadow transport minister Kieran Mullan said: ""After a no-strings-attached offer to throw cash at a Labour-backing union, it should shock nobody that more strikes are on the cards. ""It's a taste of what is to come, a nationalised train service seeing Labour-backing unions staging walkouts despite a bumper pay deal."" In another separate dispute, those working for publicly-run Scotrail are currently being balloted for strike action over pay. On Friday, it emerged that the RMT union, which had resolved its pay offer with the previous Conservative government, would expect the same terms as those offered to train drivers to be put forward to rail workers, such as guards and signalling staff. Mick Lynch told the Times that he expected a ""parallel, synchronised offer"", adding there could be “problems” if this is not the case. The RMT has confirmed it will enter pay talks next week with the Department for Transport, which will negotiate on behalf of the train operating companies and Network Rail. ",BBC,16/08/2024,"['Train drivers at London North Eastern Railway (LNER) are set to strike every weekend in September, October and two in November, union bosses have announced.', 'Aslef, which represents train drivers, said the walkouts at LNER were due to a breakdown in industrial relations and agreements.', 'The fresh strikes are separate to an ongoing pay dispute with all train companies, which edged closer to being resolved in England this week after a new pay offer.', 'Separately, Border Force officers at Heathrow Airport have announced more industrial action in a row over changes to terms and conditions.', 'The Public and Commercial Services union said 650 Border Force officers will strike from 31 August to 3 September, before they begin a period of working-to-rule and refusing to work overtime until 22 September.', 'The union said officers were being told to ""choose between caring responsibilities and their job"" due to what it called ""inflexible rosters"".', 'Aslef said its member drivers at LNER would walk out every Saturday between 31 August and 9 November and on every Sunday from 1 September to 10 November.', 'LNER, which operates services on the East Coast Mainline between London and Edinburgh and is run by the government, said it was ""surprised and disappointed"" by the announcement following recent talks.', ""Its trains run to and from London King's Cross station and pass through major cities including Newcastle, York and Durham."", 'Various railway strikes have led to cancelled services and disruption for passengers for more than two years.', 'The fresh walkouts, which total 22 days, are separate to the long-running row over train driver wages at 16 train companies, which looks set to be resolved in England following a new pay offer made this week.', 'Mick Whelan, general secretary of Aslef, claimed the union had been ""forced"" into taking strike action at LNER.', 'He accused the train operator of ""repeatedly"" breaking agreements, acting in ""bad faith"", and of ""boorish behaviour and bullying tactics"".', 'LNER said it would continue to work with the union to ""find a way to end this long running dispute which only damages the rail industry"". ""', 'Our priority focus will be on minimising disruption to customers during the forthcoming Aslef strikes, which sadly will continue to cause disruption and delays,"" a statement added.', 'A spokesperson said the company took ""any accusations of bullying very seriously, and this is not something tolerated anywhere in the business"".', 'The Department for Transport said the strikes were ""extremely disappointing for passengers"", adding that transport secretary Louise Haigh had called on both Aslef and LNER to ""round the table and work in good faith to resolve this dispute and as quickly as possible"".', 'But Conservative shadow transport minister Kieran Mullan said following the new pay deal offered, ""it should shock nobody that more strikes are on the cards"". ""', 'All Labour are doing is encouraging the unions into more of this anti-passenger action, putting our rail network at the beck and call of unions, whilst passengers pay the price,"" he added.', 'Nigel Roebuck, who has led Aslef\'s negotiations with LNER, said members had complained about being consistently ""badgered for favours"" by managers ""outside of rostering agreements and being contacted remotely"". ""', 'The bottom line is that LNER does not employ enough drivers to deliver the services it has promised passengers, and the government, it will run,"" he suggested.', 'The Aslef union says it has more than 21,000 members and represents 96% of all the train drivers in England, Scotland, and Wales, where it is organised.', 'Its leadership team has recommended members accept the newly-tabled offer for train drivers in England, which includes a backdated 5% pay increase for 2019 to 2022, 4.75% for 2022 to 2024, and 4.5% for 2024 to 2025.', 'Shadow transport minister Kieran Mullan said: ""After a no-strings-attached offer to throw cash at a Labour-backing union, it should shock nobody that more strikes are on the cards. ""', 'It\'s a taste of what is to come, a nationalised train service seeing Labour-backing unions staging walkouts despite a bumper pay deal.""', 'In another separate dispute, those working for publicly-run Scotrail are currently being balloted for strike action over pay.', 'On Friday, it emerged that the RMT union, which had resolved its pay offer with the previous Conservative government, would expect the same terms as those offered to train drivers to be put forward to rail workers, such as guards and signalling staff.', 'Mick Lynch told the Times that he expected a ""parallel, synchronised offer"", adding there could be “problems” if this is not the case.', 'The RMT has confirmed it will enter pay talks next week with the Department for Transport, which will negotiate on behalf of the train operating companies and Network Rail.']",-0.2127609044597667,"Its leadership team has recommended members accept the newly-tabled offer for train drivers in England, which includes a backdated 5% pay increase for 2019 to 2022, 4.75% for 2022 to 2024, and 4.5% for 2024 to 2025.","Our priority focus will be on minimising disruption to customers during the forthcoming Aslef strikes, which sadly will continue to cause disruption and delays,"" a statement added.",-0.4973317934916569,"Its leadership team has recommended members accept the newly-tabled offer for train drivers in England, which includes a backdated 5% pay increase for 2019 to 2022, 4.75% for 2022 to 2024, and 4.5% for 2024 to 2025.","LNER, which operates services on the East Coast Mainline between London and Edinburgh and is run by the government, said it was ""surprised and disappointed"" by the announcement following recent talks.",2024-08-14
-Ted Baker closes final stores putting 500 jobs at risk,https://www.bbc.co.uk/news/articles/c0l8nyyjlglo,2024-08-18T14:52:39.383Z,"The remaining 31 Ted Baker stores in the UK and Republic of Ireland are to close this week, putting more than 500 jobs at risk. All of the fashion brand's stores are expected to have shut by the end of Tuesday.  The firm behind Ted Baker's UK shops, No Ordinary Designer Label (NODL), fell into administration in March this year.  In April, its administrators closed 15 shops and cut 245 jobs. One analyst called the brand's demise a ""long running corporate car crash"". ""Ted Baker is a rags to riches to rags story of the British rag-trade, a great shame"",  Shore Capital's Clive Black told the BBC, adding that it was a ""dark time"" for those who were losing their jobs. Before it fell into administration, Ted Baker had about 975 employees in the UK and ran 46 shops, plus an e-commerce platform and department store concessions. NODL currently employs 513 staff in the UK across the Ted Baker stores and head office. In Ireland it has 78 employees. US firm Authentic Brands Group owns the intellectual property to Ted Baker, while NODL was the holding company for the brand in the UK. When NODL fell into administration in March, Authentic said the ""damage done"" during a tie-up with another firm was ""too much to overcome"". In April, administrators said that Authentic was continuing ""discussions with potential UK and European operating partners for the Ted Baker brand"". However, Sky News, which first reported the latest store closures, said on Sunday that talks over a potential future licensing partnership had stalled. Ted Baker began as a menswear brand in Glasgow in 1988 and grew to have shops across the UK and in the United States, with licensing agreements in place for stores in cities in Asia and the Middle East. But it has suffered in the past few years from instability, starting in 2019 when  founder Ray Kelvin resigned after allegations of misconduct, which he denied. His successor Lindsay Page and chairman David Bernstein resigned the following year following a profit warning. ""From a modern, aspirational and distinctly British snazzy brand, Ted Baker never recovered from allegations of inappropriate behaviour, leading to a prolonged period of withering on the vine"", Mr Black said. Retail analyst Catherine Shuttleworth told the BBC that despite the long term strength of the brand, a ""lack of investment combined with disappointing sales"" meant shoppers found inspiration elsewhere, making the brand's ""ongoing survival difficult"". The 31 stores that are closing are in:  Ashford, Bath, Belfast, the Bluewater shopping centre in Kent, Braintree, Brent Cross (London), Bridgend, Cannock, Cheshire Oaks, Dublin, Grafton Street, Gatwick north, Gatwick South, Glasgow Buchanan Street, Gloucester Quays, Heathrow T2, T3, T4 and T5, Kildare, Livingston, Luton, Manchester Shambles, O2 Outlet, Portsmouth, Regent Street (London), Sheffield, St Pancras (London), Stansted, Swindon, White City (London) and York. Ted Baker also has licensing agreements in place for stores in cities in Asia and the Middle East, which remain unaffected. On Sunday, its UK retail website read ""Goodbye for now"", allowing customers 14 days for returns, adding that it was ""not taking orders right now"". ",BBC,18/08/2024,"['The remaining 31 Ted Baker stores in the UK and Republic of Ireland are to close this week, putting more than 500 jobs at risk.', ""All of the fashion brand's stores are expected to have shut by the end of Tuesday."", ""The firm behind Ted Baker's UK shops, No Ordinary Designer Label (NODL), fell into administration in March this year."", 'In April, its administrators closed 15 shops and cut 245 jobs.', 'One analyst called the brand\'s demise a ""long running corporate car crash"". ""', 'Ted Baker is a rags to riches to rags story of the British rag-trade, a great shame"", Shore Capital\'s Clive Black told the BBC, adding that it was a ""dark time"" for those who were losing their jobs.', 'Before it fell into administration, Ted Baker had about 975 employees in the UK and ran 46 shops, plus an e-commerce platform and department store concessions.', 'NODL currently employs 513 staff in the UK across the Ted Baker stores and head office.', 'In Ireland it has 78 employees.', 'US firm Authentic Brands Group owns the intellectual property to Ted Baker, while NODL was the holding company for the brand in the UK.', 'When NODL fell into administration in March, Authentic said the ""damage done"" during a tie-up with another firm was ""too much to overcome"".', 'In April, administrators said that Authentic was continuing ""discussions with potential UK and European operating partners for the Ted Baker brand"".', 'However, Sky News, which first reported the latest store closures, said on Sunday that talks over a potential future licensing partnership had stalled.', 'Ted Baker began as a menswear brand in Glasgow in 1988 and grew to have shops across the UK and in the United States, with licensing agreements in place for stores in cities in Asia and the Middle East.', 'But it has suffered in the past few years from instability, starting in 2019 when founder Ray Kelvin resigned after allegations of misconduct, which he denied.', 'His successor Lindsay Page and chairman David Bernstein resigned the following year following a profit warning. ""', 'From a modern, aspirational and distinctly British snazzy brand, Ted Baker never recovered from allegations of inappropriate behaviour, leading to a prolonged period of withering on the vine"", Mr Black said.', 'Retail analyst Catherine Shuttleworth told the BBC that despite the long term strength of the brand, a ""lack of investment combined with disappointing sales"" meant shoppers found inspiration elsewhere, making the brand\'s ""ongoing survival difficult"".', 'The 31 stores that are closing are in: Ashford, Bath, Belfast, the Bluewater shopping centre in Kent, Braintree, Brent Cross (London), Bridgend, Cannock, Cheshire Oaks, Dublin, Grafton Street, Gatwick north, Gatwick South, Glasgow Buchanan Street, Gloucester Quays, Heathrow T2, T3, T4 and T5, Kildare, Livingston, Luton, Manchester Shambles, O2 Outlet, Portsmouth, Regent Street (London), Sheffield, St Pancras (London), Stansted, Swindon, White City (London) and York.', 'Ted Baker also has licensing agreements in place for stores in cities in Asia and the Middle East, which remain unaffected.', 'On Sunday, its UK retail website read ""Goodbye for now"", allowing customers 14 days for returns, adding that it was ""not taking orders right now"".']",-0.0489539000965203,"Ted Baker began as a menswear brand in Glasgow in 1988 and grew to have shops across the UK and in the United States, with licensing agreements in place for stores in cities in Asia and the Middle East.","But it has suffered in the past few years from instability, starting in 2019 when founder Ray Kelvin resigned after allegations of misconduct, which he denied.",-0.9898422539234162,,"Retail analyst Catherine Shuttleworth told the BBC that despite the long term strength of the brand, a ""lack of investment combined with disappointing sales"" meant shoppers found inspiration elsewhere, making the brand's ""ongoing survival difficult"".",2024-08-14
-Disney axes bid to stop wrongful death lawsuit over Disney+ terms,https://www.bbc.co.uk/news/articles/cr7r9djxj0do,2024-08-20T11:41:39.429Z,"Disney has withdrawn its claim that a man could not sue it over the death of his wife because of terms he signed up to in a free trial of Disney+. Jeffrey Piccolo filed a wrongful death lawsuit against Disney and the owners of a restaurant after his wife died in 2023 from a severe allergic reaction following a meal at Disney World, in Florida. Disney had argued the case should instead go to arbitration because of a clause in the terms and conditions of its Disney+ streaming service, which Mr Piccolo had briefly signed up for in 2019. But, following a backlash, it has decided the matter can now be heard in court. ""We believe this situation warrants a sensitive approach to expedite a resolution for the family who have experienced such a painful loss,"" Disney's Josh D'Amaro told the BBC in a statement. ""As such, we've decided to waive our right to arbitration and have the matter proceed in court."" Lawyers for Mr Piccolo said: ""Attempts by corporations like Disney to avoid jury trials should be looked at with skepticism"", adding that Mr Piccolo will ""continue to pursue justice on behalf of his beloved wife at the trial court level"". ""He also hopes these recent events have raised awareness of the millions of people of all ages and walks of life who suffer with food allergies"", his lawyers said. In arbitration, a dispute is overseen by a neutral third party. It benefits those wanting to avoid a lengthy trial, but means evidence would not be put in front of a jury. Jamie Cartwright, partner at the law firm Charles Russell Speechlys, suggested Disney's change of heart was motivated by the ""adverse publicity"" its initial approach had generated. ""In attempting to push the claim into a confidential setting on what were very tenuous grounds, it succeeded only in creating the very publicity and attention it likely wanted to avoid,"" he told the BBC. Mr Piccolo and his wife, Dr Kanokporn Tangsuan, ate a meal at Raglan Road, an Ireland-themed pub located at the Disney Springs site, in Orlando, but operated by an independent company.  He alleges that the restaurant did not take enough care over his wife's severe allergies to dairy and nuts, despite being repeatedly told about them. She died in hospital later that day. According to the legal filing, her death was confirmed by a medical examiner ""as a result of anaphylaxis due to elevated levels of dairy and nut in her system."" Mr Piccolo is suing Disney for a sum in excess of $50,000 (£38,400), in addition to other damages relating to suffering, loss of income, and medical and legal costs. Disney has argued it had no control over the management and operation of the restaurant. Lawyers for Mr Piccolo had said Disney's argument that the lawsuit should not be heard in court ""borders on the surreal.""  It is not known whether Disney would have been successful had a judge ruled on its arbitration claim.  Disney had argued that the legal circumstances surrounding the case were unique. But legal experts told the BBC they had been ""pushing the envelope of contract law"". ""Disney’s argument that accepting their terms and conditions for one product covers all interactions with that company is novel and potentially far-reaching,"" Ernest Aduwa, partner at Stokoe Partnership Solicitors, who are not involved in the proceedings, said. Meanwhile, Jibreel Tramboo, barrister at Church Court Chambers, said the terms in the Disney+ trial were a ""weak argument for Disney to rely on"". Disney says it is in the process of submitting a filing to the court to withdraw its call for arbitration. Additional reporting by Graham Fraser ",BBC,20/08/2024,"['Disney has withdrawn its claim that a man could not sue it over the death of his wife because of terms he signed up to in a free trial of Disney+.', 'Jeffrey Piccolo filed a wrongful death lawsuit against Disney and the owners of a restaurant after his wife died in 2023 from a severe allergic reaction following a meal at Disney World, in Florida.', 'Disney had argued the case should instead go to arbitration because of a clause in the terms and conditions of its Disney+ streaming service, which Mr Piccolo had briefly signed up for in 2019.', 'But, following a backlash, it has decided the matter can now be heard in court. ""', 'We believe this situation warrants a sensitive approach to expedite a resolution for the family who have experienced such a painful loss,"" Disney\'s Josh D\'Amaro told the BBC in a statement. ""', 'As such, we\'ve decided to waive our right to arbitration and have the matter proceed in court.""', 'Lawyers for Mr Piccolo said: ""Attempts by corporations like Disney to avoid jury trials should be looked at with skepticism"", adding that Mr Piccolo will ""continue to pursue justice on behalf of his beloved wife at the trial court level"". ""', 'He also hopes these recent events have raised awareness of the millions of people of all ages and walks of life who suffer with food allergies"", his lawyers said.', 'In arbitration, a dispute is overseen by a neutral third party.', 'It benefits those wanting to avoid a lengthy trial, but means evidence would not be put in front of a jury.', 'Jamie Cartwright, partner at the law firm Charles Russell Speechlys, suggested Disney\'s change of heart was motivated by the ""adverse publicity"" its initial approach had generated. ""', 'In attempting to push the claim into a confidential setting on what were very tenuous grounds, it succeeded only in creating the very publicity and attention it likely wanted to avoid,"" he told the BBC.', 'Mr Piccolo and his wife, Dr Kanokporn Tangsuan, ate a meal at Raglan Road, an Ireland-themed pub located at the Disney Springs site, in Orlando, but operated by an independent company.', ""He alleges that the restaurant did not take enough care over his wife's severe allergies to dairy and nuts, despite being repeatedly told about them."", 'She died in hospital later that day.', 'According to the legal filing, her death was confirmed by a medical examiner ""as a result of anaphylaxis due to elevated levels of dairy and nut in her system.""', 'Mr Piccolo is suing Disney for a sum in excess of $50,000 (£38,400), in addition to other damages relating to suffering, loss of income, and medical and legal costs.', 'Disney has argued it had no control over the management and operation of the restaurant.', 'Lawyers for Mr Piccolo had said Disney\'s argument that the lawsuit should not be heard in court ""borders on the surreal.""', 'It is not known whether Disney would have been successful had a judge ruled on its arbitration claim.', 'Disney had argued that the legal circumstances surrounding the case were unique.', 'But legal experts told the BBC they had been ""pushing the envelope of contract law"". ""', 'Disney’s argument that accepting their terms and conditions for one product covers all interactions with that company is novel and potentially far-reaching,"" Ernest Aduwa, partner at Stokoe Partnership Solicitors, who are not involved in the proceedings, said.', 'Meanwhile, Jibreel Tramboo, barrister at Church Court Chambers, said the terms in the Disney+ trial were a ""weak argument for Disney to rely on"".', 'Disney says it is in the process of submitting a filing to the court to withdraw its call for arbitration.', 'Additional reporting by Graham Fraser']",-0.1648144357065449,"Lawyers for Mr Piccolo said: ""Attempts by corporations like Disney to avoid jury trials should be looked at with skepticism"", adding that Mr Piccolo will ""continue to pursue justice on behalf of his beloved wife at the trial court level"". ""","Jeffrey Piccolo filed a wrongful death lawsuit against Disney and the owners of a restaurant after his wife died in 2023 from a severe allergic reaction following a meal at Disney World, in Florida.",0.0734307542443275,"He also hopes these recent events have raised awareness of the millions of people of all ages and walks of life who suffer with food allergies"", his lawyers said.","Meanwhile, Jibreel Tramboo, barrister at Church Court Chambers, said the terms in the Disney+ trial were a ""weak argument for Disney to rely on"".",2024-08-14
-Mohammed bin Salman: Spies and diplomats reveal inside story of the Saudi crown prince,https://www.bbc.co.uk/news/articles/c4gz8934wrro,2024-08-19T05:02:04.306Z,"In January 2015, Abdullah, the 90-year-old king of Saudi Arabia, was dying in hospital. His half-brother, Salman, was about to become king – and Salman’s favourite son, Mohammed bin Salman, was preparing for power. The prince, known simply by his initials MBS and then just 29 years old, had big plans for his kingdom, the biggest plans in its history; but he feared that plotters within his own Saudi royal family could eventually move against him. So at midnight one evening that month, he summoned a senior security official to the palace, determined to win his loyalty. The official, Saad al-Jabri, was told to leave his mobile phone on a table outside. MBS did the same. The two men were now alone. The young prince was so fearful of palace spies that he pulled the socket out of the wall, disconnecting the only landline telephone. According to Jabri, MBS then talked about how he would wake his kingdom up from its deep slumber, allowing it to take its rightful place on the global stage. By selling a stake in the state oil producer Aramco, the world’s most profitable company, he would begin to wean his economy off its dependency on oil. He would invest billions in Silicon Valley tech startups including the taxi firm, Uber. Then, by giving Saudi women the freedom to join the workforce, he would create six million new jobs. Astonished, Jabri asked the prince about the extent of his ambition. “Have you heard of Alexander the Great?” came the simple reply. MBS ended the conversation there. A midnight meeting that was scheduled to last half-an-hour had gone on for three. Jabri left the room to find several missed calls on his mobile from government colleagues worried about his long disappearance. The Kingdom: The World’s Most Powerful Prince The story of the extraordinary rise to power of the man who runs Saudi Arabia and whose control of oil affects everyone, starting with how he outwitted hundreds of rivals to become crown prince. Watch on BBC iPlayer  For the past year, our documentary team has been talking to both Saudi friends and opponents of MBS, as well as senior Western spies and diplomats. The Saudi government was given the opportunity to respond to the claims made in the BBC’s films and in this article. They chose not to do so. Saad al-Jabri was so high up in the Saudi security apparatus that he was friends with the heads of the CIA and MI6. While the Saudi government has called Jabri a discredited former official, he’s also the most well-informed Saudi dissident to have dared speak about how the crown prince rules Saudi Arabia – and the rare interview he has given us is astonishing in its detail.  By gaining access to many who know the prince personally, we shed new light on the events that have made MBS notorious – including the 2018 murder of Saudi journalist Jamal Khashoggi and the launch of a devastating war in Yemen. With his father increasingly frail, the 38-year-old MBS is now de facto in charge of the birthplace of Islam and the world’s biggest exporter of oil. He’s begun to carry out many of the groundbreaking plans he described to Saad al-Jabri – while also being accused of human rights violations including the suppression of free speech, widespread use of the death penalty and jailing of women's rights activists. The first king of Saudi Arabia fathered at least 42 sons, including MBS’s father, Salman. The crown has traditionally been passed down between these sons. It was  when two of them suddenly died in 2011 and 2012 that Salman was elevated into the line of succession. Western spy agencies make it their business to study the Saudi equivalent of Kremlinology – working out who will be the next king. At this stage, MBS was so young and unknown that he wasn’t even on their radar. “He grew up in relative obscurity,” says Sir John Sawers, chief of MI6 until 2014. “He wasn’t earmarked to rise to power.” The crown prince also grew up in a palace in which bad behaviour had few, if any, consequences; and that may help explain his notorious habit of not thinking through the impact of his decisions until he had already made them. MBS first achieved notoriety in Riyadh in his late teens, when he was nicknamed “Abu Rasasa” or “Father of the Bullet”, after allegedly sending a bullet in the post to a judge who had overruled him in a property dispute. “He has had a certain ruthlessness,” observes Sir John Sawers. “He doesn’t like to be crossed. But that also means he’s been able to drive through changes that no other Saudi leader has been able to do.” Among the most welcome changes, the former MI6 chief says, has been cutting off Saudi funding to overseas mosques and religious schools that became breeding grounds for Islamist jihadism – at huge benefit to the safety of the West. MBS’s mother, Fahda, is a Bedouin tribeswoman and seen as the favourite of his father’s four wives. Western diplomats believe the king has suffered for many years from a slow-onset form of vascular dementia; and MBS was the son he turned to for help. Several diplomats recalled for us their meetings with MBS and his father. The prince would write notes on an iPad, then send them to his father’s iPad, as a way of prompting what he would say next. “Inevitably I wondered whether MBS was typing out his lines for him,” recalls Lord Kim Darroch, National Security Adviser to David Cameron when he was British prime minister. The prince was apparently so impatient for his father to become king that in 2014, he reportedly suggested killing the then-monarch – Abdullah, his uncle – with a poisoned ring, obtained from Russia. “I don’t know for sure if he was just bragging, but we took it seriously,” says Jabri. The former senior security official says he has seen a secretly recorded surveillance video of MBS talking about the idea. “He was banned from court, from shaking hands with the king, for a considerable amount of time.” In the event, the king died of natural causes, allowing his brother, Salman, to assume the throne in 2015. MBS was appointed Defence Minister and lost no time in going to war. Two months later, the prince led a Gulf coalition into war against the Houthi movement, which had seized control of much of western Yemen and which he saw as a proxy of Saudi Arabia’s regional rival Iran. It triggered a humanitarian disaster, with millions on the brink of famine. “It wasn’t a clever decision,” says Sir John Jenkins, who was British ambassador just before the war began. “One senior American military commander told me they had been given 12 hours’ notice of the campaign, which is unheard of.” The military campaign helped turn a little-known prince into a Saudi national hero. However, it was also the first of what even his friends believe have been several major mistakes. A recurring pattern of behaviour was emerging: MBS’s tendency to jettison the traditionally slow and collegiate system of Saudi decision-making, preferring to act unpredictably or upon impulse; and refusing to kowtow to the US, or be treated as head of a backward client state. Jabri goes much further, accusing MBS of forging his father the king’s signature on a royal decree committing ground troops. Jabri says he discussed the Yemen war in the White House before it started; and that Susan Rice, President Obama’s National Security Advisor, warned him that the US would only support an air campaign. However, Jabri claims MBS was so determined to press ahead in Yemen that he ignored the Americans. “We were surprised that there was a royal decree to allow the ground interventions,” Jabri says. “He forged the signature of his dad for that royal decree. The king’s mental capacity was deteriorating.” Jabri says his source for this allegation was “credible, reliable” and linked to the Ministry of Interior where he was chief of staff. Jabri recalls the CIA station chief in Riyadh telling him how angry he was that MBS had ignored the Americans, adding that the invasion of Yemen should never have happened. The former MI6 chief Sir John Sawers says that while he doesn’t know if MBS forged the documents, “it is clear that this was MBS’s decision to intervene militarily in Yemen. It wasn’t his father’s decision, although his father was carried along with it.” We’ve discovered that MBS saw himself as an outsider from the very beginning - a young man with much to prove and a refusal to obey anybody’s rules other than his own. Kirsten Fontenrose, who served on President Donald Trump’s National Security Council, says that when she read the CIA’s in-house psychological profile of the prince, she felt it missed the point. “There were no prototypes to base him on,” she says. “He has had unlimited resources. He has never been told ‘no’. He is the first young leader to reflect a generation that, frankly, most of us in government are too old to understand.” MBS’s purchase of a famous painting in 2017 tells us much about how he thinks, and his willingness to be a risk-taker, unafraid to be out of step with the religiously conservative society that he governs. And above all, determined to outplay the West in conspicuous displays of power. In 2017, a Saudi prince reportedly acting for MBS spent $450m (£350m) on the Salvator Mundi, which remains the world’s most expensive work of art ever sold. The portrait, reputed to have been painted by Leonardo da Vinci, depicts Jesus Christ as master of heaven and Earth, the saviour of the world. For almost seven years, ever since the auction, it has completely disappeared. Bernard Haykel, a friend of the crown prince and Professor of Near Eastern Studies at Princeton University, says that despite rumours that it hangs in the prince's yacht or palace, the painting is actually in storage in Geneva and that MBS intends to hang it in a museum in the Saudi capital that has not yet been built.  “I want to build a very large museum in Riyadh,” Haykel quotes MBS as saying. “And I want an anchor object that will attract people, just like the Mona Lisa does.” Similarly, his plans for sport reflect someone who is both hugely ambitious and unafraid to disrupt the status quo. Saudi Arabia’s incredible spending spree on world-class sport – it is the sole bidder to host the FIFA World Cup in 2034, and has made multimillion-dollar investments in staging tournaments for tennis and golf – has been called “sportswashing”. But what we found is a leader who cares less about what the West thinks of him than he does about demonstrating the opposite: that he will do whatever he wants in the name of making himself and Saudi Arabia great. “MBS is interested in building his own power as a leader,” says Sir John Sawers, the former Chief of MI6, who has met him. “And the only way he can do that is by building his country’s power. That’s what’s driving him.” Jabri’s 40-year career as a Saudi official did not survive MBS’s consolidation of power. Chief of staff for the former Crown Prince Muhammed bin Nayef, he fled the kingdom as MBS was taking over, after being tipped off by a foreign intelligence service that he could be in danger. But Jabri says MBS texted him out of the blue, offering him his old job back. “It was bait – and I didn’t bite,” Jabri says, convinced he would have been tortured, imprisoned or killed if he returned. As it was, his teenage children, Omar and Sarah, were detained and later jailed for money laundering and for trying to escape – charges that they deny. The United Nations Working Group on Arbitrary Detention has called for their release. “He planned for my assassination,” Jabri says. “He will not rest until he sees me dead, I have no doubt about that.” Saudi officials have issued Interpol notices for Jabri’s extradition from Canada, without success. They claim he is wanted for corruption involving billions of dollars during his time at the interior ministry. However, he was given the rank of major-general and credited by the CIA and MI6 with helping to prevent al-Qaeda terrorist attacks. The killing of Jamal Khashoggi at the Saudi consulate in Istanbul in 2018 implicates MBS in ways that are very hard to refute. The 15-strong hit squad was travelling on diplomatic passports and included several of MBS’s own bodyguards. Khashoggi’s body has never been found and is believed to have been hacked into pieces with a bone saw. Professor Haykel exchanged WhatsApp messages with MBS not long after the murder. “I was asking, ‘how could this happen?’,” Haykel recalls. “I think he was in deep shock. He didn’t realise the reaction to this was going to be as deep.” Dennis Ross met MBS shortly afterwards. “He said he didn’t do it and that it was a colossal blunder,” says Ross. “I certainly wanted to believe him, because I couldn’t believe that he could authorise something [like] that.” MBS has always denied knowledge of the plot, although in 2019 he said he took “responsibility"" because the crime happened on his watch. A declassified US intelligence report released in February 2021 asserted that he was complicit in the killing of Khashoggi. I asked those who know MBS personally whether he had learned from his mistakes; or whether having survived the Khashoggi affair, it had in fact emboldened him. “He’s learned lessons the hard way,” says Professor Haykel, who says MBS resents the case being used as cudgel against him and his country, but that a killing like Khashoggi’s would not happen again. Sir John Sawers cautiously agrees that the murder was a turning point. “I think he has learned some lessons. The personality, though, remains the same.” His father, King Salman, is now aged 88. When he dies, MBS could rule Saudi Arabia for the next 50 years. However, he has recently admitted he fears being assassinated, possibly as a consequence of his attempts to normalise Saudi-Israeli ties. “I think there are lots of people who want to kill him,” says Professor Haykel, “and he knows it.” Eternal vigilance is what keeps a man like MBS safe. It was what Saad al-Jabri observed at the beginning of the prince’s rise to power, when he pulled the telephone socket out of the wall before speaking to him in his palace. MBS is still a man on a mission to modernise his country, in ways his predecessors would never have dared. But he’s also not the first autocrat who runs the risk of being so ruthless that nobody around him dares prevent him from making more mistakes. Jonathan Rugman is consultant producer on The Kingdom: The world’s most powerful prince Top picture: Getty Images BBC InDepth is the new home on the website and app for the best analysis and expertise from our top journalists. Under a distinctive new brand, we’ll bring you fresh perspectives that challenge assumptions, and deep reporting on the biggest issues to help you make sense of a complex world. And we’ll be showcasing thought-provoking content from across BBC Sounds and iPlayer too. We’re starting small but thinking big, and we want to know what you think - you can send us your feedback by clicking on the button below. ",BBC,19/08/2024,"['In January 2015, Abdullah, the 90-year-old king of Saudi Arabia, was dying in hospital.', 'His half-brother, Salman, was about to become king – and Salman’s favourite son, Mohammed bin Salman, was preparing for power.', 'The prince, known simply by his initials MBS and then just 29 years old, had big plans for his kingdom, the biggest plans in its history; but he feared that plotters within his own Saudi royal family could eventually move against him.', 'So at midnight one evening that month, he summoned a senior security official to the palace, determined to win his loyalty.', 'The official, Saad al-Jabri, was told to leave his mobile phone on a table outside.', 'MBS did the same.', 'The two men were now alone.', 'The young prince was so fearful of palace spies that he pulled the socket out of the wall, disconnecting the only landline telephone.', 'According to Jabri, MBS then talked about how he would wake his kingdom up from its deep slumber, allowing it to take its rightful place on the global stage.', 'By selling a stake in the state oil producer Aramco, the world’s most profitable company, he would begin to wean his economy off its dependency on oil.', 'He would invest billions in Silicon Valley tech startups including the taxi firm, Uber.', 'Then, by giving Saudi women the freedom to join the workforce, he would create six million new jobs.', 'Astonished, Jabri asked the prince about the extent of his ambition. “', 'Have you heard of Alexander the Great?”', 'came the simple reply.', 'MBS ended the conversation there.', 'A midnight meeting that was scheduled to last half-an-hour had gone on for three.', 'Jabri left the room to find several missed calls on his mobile from government colleagues worried about his long disappearance.', 'The Kingdom: The World’s Most Powerful Prince The story of the extraordinary rise to power of the man who runs Saudi Arabia and whose control of oil affects everyone, starting with how he outwitted hundreds of rivals to become crown prince.', 'Watch on BBC iPlayer For the past year, our documentary team has been talking to both Saudi friends and opponents of MBS, as well as senior Western spies and diplomats.', 'The Saudi government was given the opportunity to respond to the claims made in the BBC’s films and in this article.', 'They chose not to do so.', 'Saad al-Jabri was so high up in the Saudi security apparatus that he was friends with the heads of the CIA and MI6.', 'While the Saudi government has called Jabri a discredited former official, he’s also the most well-informed Saudi dissident to have dared speak about how the crown prince rules Saudi Arabia – and the rare interview he has given us is astonishing in its detail.', 'By gaining access to many who know the prince personally, we shed new light on the events that have made MBS notorious – including the 2018 murder of Saudi journalist Jamal Khashoggi and the launch of a devastating war in Yemen.', 'With his father increasingly frail, the 38-year-old MBS is now de facto in charge of the birthplace of Islam and the world’s biggest exporter of oil.', ""He’s begun to carry out many of the groundbreaking plans he described to Saad al-Jabri – while also being accused of human rights violations including the suppression of free speech, widespread use of the death penalty and jailing of women's rights activists."", 'The first king of Saudi Arabia fathered at least 42 sons, including MBS’s father, Salman.', 'The crown has traditionally been passed down between these sons.', 'It was when two of them suddenly died in 2011 and 2012 that Salman was elevated into the line of succession.', 'Western spy agencies make it their business to study the Saudi equivalent of Kremlinology – working out who will be the next king.', 'At this stage, MBS was so young and unknown that he wasn’t even on their radar. “', 'He grew up in relative obscurity,” says Sir John Sawers, chief of MI6 until 2014. “', 'He wasn’t earmarked to rise to power.”', 'The crown prince also grew up in a palace in which bad behaviour had few, if any, consequences; and that may help explain his notorious habit of not thinking through the impact of his decisions until he had already made them.', 'MBS first achieved notoriety in Riyadh in his late teens, when he was nicknamed “Abu Rasasa” or “Father of the Bullet”, after allegedly sending a bullet in the post to a judge who had overruled him in a property dispute. “', 'He has had a certain ruthlessness,” observes Sir John Sawers. “', 'He doesn’t like to be crossed.', 'But that also means he’s been able to drive through changes that no other Saudi leader has been able to do.”', 'Among the most welcome changes, the former MI6 chief says, has been cutting off Saudi funding to overseas mosques and religious schools that became breeding grounds for Islamist jihadism – at huge benefit to the safety of the West.', 'MBS’s mother, Fahda, is a Bedouin tribeswoman and seen as the favourite of his father’s four wives.', 'Western diplomats believe the king has suffered for many years from a slow-onset form of vascular dementia; and MBS was the son he turned to for help.', 'Several diplomats recalled for us their meetings with MBS and his father.', 'The prince would write notes on an iPad, then send them to his father’s iPad, as a way of prompting what he would say next. “', 'Inevitably I wondered whether MBS was typing out his lines for him,” recalls Lord Kim Darroch, National Security Adviser to David Cameron when he was British prime minister.', 'The prince was apparently so impatient for his father to become king that in 2014, he reportedly suggested killing the then-monarch – Abdullah, his uncle – with a poisoned ring, obtained from Russia. “', 'I don’t know for sure if he was just bragging, but we took it seriously,” says Jabri.', 'The former senior security official says he has seen a secretly recorded surveillance video of MBS talking about the idea. “', 'He was banned from court, from shaking hands with the king, for a considerable amount of time.”', 'In the event, the king died of natural causes, allowing his brother, Salman, to assume the throne in 2015.', 'MBS was appointed Defence Minister and lost no time in going to war.', 'Two months later, the prince led a Gulf coalition into war against the Houthi movement, which had seized control of much of western Yemen and which he saw as a proxy of Saudi Arabia’s regional rival Iran.', 'It triggered a humanitarian disaster, with millions on the brink of famine. “', 'It wasn’t a clever decision,” says Sir John Jenkins, who was British ambassador just before the war began. “', 'One senior American military commander told me they had been given 12 hours’ notice of the campaign, which is unheard of.”', 'The military campaign helped turn a little-known prince into a Saudi national hero.', 'However, it was also the first of what even his friends believe have been several major mistakes.', 'A recurring pattern of behaviour was emerging: MBS’s tendency to jettison the traditionally slow and collegiate system of Saudi decision-making, preferring to act unpredictably or upon impulse; and refusing to kowtow to the US, or be treated as head of a backward client state.', 'Jabri goes much further, accusing MBS of forging his father the king’s signature on a royal decree committing ground troops.', 'Jabri says he discussed the Yemen war in the White House before it started; and that Susan Rice, President Obama’s National Security Advisor, warned him that the US would only support an air campaign.', 'However, Jabri claims MBS was so determined to press ahead in Yemen that he ignored the Americans. “', 'We were surprised that there was a royal decree to allow the ground interventions,” Jabri says. “', 'He forged the signature of his dad for that royal decree.', 'The king’s mental capacity was deteriorating.”', 'Jabri says his source for this allegation was “credible, reliable” and linked to the Ministry of Interior where he was chief of staff.', 'Jabri recalls the CIA station chief in Riyadh telling him how angry he was that MBS had ignored the Americans, adding that the invasion of Yemen should never have happened.', 'The former MI6 chief Sir John Sawers says that while he doesn’t know if MBS forged the documents, “it is clear that this was MBS’s decision to intervene militarily in Yemen.', 'It wasn’t his father’s decision, although his father was carried along with it.”', 'We’ve discovered that MBS saw himself as an outsider from the very beginning - a young man with much to prove and a refusal to obey anybody’s rules other than his own.', 'Kirsten Fontenrose, who served on President Donald Trump’s National Security Council, says that when she read the CIA’s in-house psychological profile of the prince, she felt it missed the point. “', 'There were no prototypes to base him on,” she says. “', 'He has had unlimited resources.', 'He has never been told ‘no’.', 'He is the first young leader to reflect a generation that, frankly, most of us in government are too old to understand.”', 'MBS’s purchase of a famous painting in 2017 tells us much about how he thinks, and his willingness to be a risk-taker, unafraid to be out of step with the religiously conservative society that he governs.', 'And above all, determined to outplay the West in conspicuous displays of power.', 'In 2017, a Saudi prince reportedly acting for MBS spent $450m (£350m) on the Salvator Mundi, which remains the world’s most expensive work of art ever sold.', 'The portrait, reputed to have been painted by Leonardo da Vinci, depicts Jesus Christ as master of heaven and Earth, the saviour of the world.', 'For almost seven years, ever since the auction, it has completely disappeared.', ""Bernard Haykel, a friend of the crown prince and Professor of Near Eastern Studies at Princeton University, says that despite rumours that it hangs in the prince's yacht or palace, the painting is actually in storage in Geneva and that MBS intends to hang it in a museum in the Saudi capital that has not yet been built. “"", 'I want to build a very large museum in Riyadh,” Haykel quotes MBS as saying. “', 'And I want an anchor object that will attract people, just like the Mona Lisa does.”', 'Similarly, his plans for sport reflect someone who is both hugely ambitious and unafraid to disrupt the status quo.', 'Saudi Arabia’s incredible spending spree on world-class sport – it is the sole bidder to host the FIFA World Cup in 2034, and has made multimillion-dollar investments in staging tournaments for tennis and golf – has been called “sportswashing”.', 'But what we found is a leader who cares less about what the West thinks of him than he does about demonstrating the opposite: that he will do whatever he wants in the name of making himself and Saudi Arabia great. “', 'MBS is interested in building his own power as a leader,” says Sir John Sawers, the former Chief of MI6, who has met him. “', 'And the only way he can do that is by building his country’s power.', 'That’s what’s driving him.”', 'Jabri’s 40-year career as a Saudi official did not survive MBS’s consolidation of power.', 'Chief of staff for the former Crown Prince Muhammed bin Nayef, he fled the kingdom as MBS was taking over, after being tipped off by a foreign intelligence service that he could be in danger.', 'But Jabri says MBS texted him out of the blue, offering him his old job back. “', 'It was bait – and I didn’t bite,” Jabri says, convinced he would have been tortured, imprisoned or killed if he returned.', 'As it was, his teenage children, Omar and Sarah, were detained and later jailed for money laundering and for trying to escape – charges that they deny.', 'The United Nations Working Group on Arbitrary Detention has called for their release. “', 'He planned for my assassination,” Jabri says. “', 'He will not rest until he sees me dead, I have no doubt about that.”', 'Saudi officials have issued Interpol notices for Jabri’s extradition from Canada, without success.', 'They claim he is wanted for corruption involving billions of dollars during his time at the interior ministry.', 'However, he was given the rank of major-general and credited by the CIA and MI6 with helping to prevent al-Qaeda terrorist attacks.', 'The killing of Jamal Khashoggi at the Saudi consulate in Istanbul in 2018 implicates MBS in ways that are very hard to refute.', 'The 15-strong hit squad was travelling on diplomatic passports and included several of MBS’s own bodyguards.', 'Khashoggi’s body has never been found and is believed to have been hacked into pieces with a bone saw.', 'Professor Haykel exchanged WhatsApp messages with MBS not long after the murder. “', 'I was asking, ‘how could this happen?’,”', 'Haykel recalls. “', 'I think he was in deep shock.', 'He didn’t realise the reaction to this was going to be as deep.”', 'Dennis Ross met MBS shortly afterwards. “', 'He said he didn’t do it and that it was a colossal blunder,” says Ross. “', 'I certainly wanted to believe him, because I couldn’t believe that he could authorise something [like] that.”', 'MBS has always denied knowledge of the plot, although in 2019 he said he took “responsibility"" because the crime happened on his watch.', 'A declassified US intelligence report released in February 2021 asserted that he was complicit in the killing of Khashoggi.', 'I asked those who know MBS personally whether he had learned from his mistakes; or whether having survived the Khashoggi affair, it had in fact emboldened him. “', 'He’s learned lessons the hard way,” says Professor Haykel, who says MBS resents the case being used as cudgel against him and his country, but that a killing like Khashoggi’s would not happen again.', 'Sir John Sawers cautiously agrees that the murder was a turning point. “', 'I think he has learned some lessons.', 'The personality, though, remains the same.”', 'His father, King Salman, is now aged 88.', 'When he dies, MBS could rule Saudi Arabia for the next 50 years.', 'However, he has recently admitted he fears being assassinated, possibly as a consequence of his attempts to normalise Saudi-Israeli ties. “', 'I think there are lots of people who want to kill him,” says Professor Haykel, “and he knows it.”', 'Eternal vigilance is what keeps a man like MBS safe.', 'It was what Saad al-Jabri observed at the beginning of the prince’s rise to power, when he pulled the telephone socket out of the wall before speaking to him in his palace.', 'MBS is still a man on a mission to modernise his country, in ways his predecessors would never have dared.', 'But he’s also not the first autocrat who runs the risk of being so ruthless that nobody around him dares prevent him from making more mistakes.', 'Jonathan Rugman is consultant producer on The Kingdom: The world’s most powerful prince Top picture: Getty Images BBC InDepth is the new home on the website and app for the best analysis and expertise from our top journalists.', 'Under a distinctive new brand, we’ll bring you fresh perspectives that challenge assumptions, and deep reporting on the biggest issues to help you make sense of a complex world.', 'And we’ll be showcasing thought-provoking content from across BBC Sounds and iPlayer too.', 'We’re starting small but thinking big, and we want to know what you think - you can send us your feedback by clicking on the button below.']",-0.0475523582680045,"So at midnight one evening that month, he summoned a senior security official to the palace, determined to win his loyalty.","By gaining access to many who know the prince personally, we shed new light on the events that have made MBS notorious – including the 2018 murder of Saudi journalist Jamal Khashoggi and the launch of a devastating war in Yemen.",0.3382909425667354,"Saudi Arabia’s incredible spending spree on world-class sport – it is the sole bidder to host the FIFA World Cup in 2034, and has made multimillion-dollar investments in staging tournaments for tennis and golf – has been called “sportswashing”.",The king’s mental capacity was deteriorating.”,2024-08-14
-Workers 'treated like slaves' on Scottish fishing boats,https://www.bbc.co.uk/news/articles/cd9dnk34k41o,2024-08-18T23:02:08.843Z,"Dozens of workers from around the world may have been trafficked into the UK to work for a small family-owned Scottish fishing firm, a BBC investigation has revealed. Thirty-five men from the Philippines, Ghana, India and Sri Lanka were recognised as victims of modern slavery by the Home Office after being referred to it between 2012 and 2020. The workers were employed by TN Trawlers and its sister companies, owned by the Nicholson family, based in the small town of Annan on the southern coast of Scotland. The TN Group denied any allegation of modern slavery or human trafficking and said its workers were well treated and well paid. The company was the focus of two long-running criminal investigations but no cases of human trafficking or modern slavery have come to trial, although some of the men waited years to give evidence. While TN Trawlers’ lead director, Thomas Nicholson, was under active investigation, TN Group companies continued recruiting new employees from across the world. Experienced fisherman Joel Quince was 28 when he landed at Heathrow Airport in 2012, thrilled to have secured a job as a deckhand with TN trawlers. Joel had a young family back home in the Philippines, thousands of miles away. He had been expecting to earn a good income working in the UK. He was to be paid $1,012 (£660) a month for a 48-hour week. He caught a bus from London to Carlisle, where, he says, he was picked up by the owner’s son, Tom Nicholson Jr. “On our way to go to the boat he told us: 'You have to give me your documents' - so without hesitation I gave all my documents to them,” he said. Joel says he was then taken straight to the fishing ground to start working. But he was surprised to find that his boat was the Philomena rather than the Mattanja, which was the only vessel he was authorised to work on under the terms of his visa. “This was already something fishy for me,” he said He claims that instead of the 48-hour week he had been told about, he was working 18 hours a day, seven days a week while the Philomena was out fishing.  On his monthly wage of £660, it meant Joel was earning less than the UK minimum wage – although at that time there was no legal requirement to pay it to fishermen like him. Joel was one of about 30 seafarers who arrived in the UK to join TN Trawlers between 2011 and 2013, mostly from the Philippines. They joined dredgers trawling for scallops along the UK coastline. These dredgers, built in the 1970s and 80s, work by towing metal nets along the seabed. They scrape up shellfish, as well as stones and bycatch – the other marine life which gets caught in the nets. Deckhands throw back the stones and pack the scallops in ice below deck. Several of the men the BBC spoke to had little or no fishing experience.  All describe working shift patterns as gruelling as Joel’s or worse. Joel said he struggled to get up to go to work because he was so exhausted – but he didn’t complain because his colleagues were also suffering. “If I stop working, there’s three people suffering, not getting their rest, because the operation keeps continuing. They won’t stop.” He said there was not enough drinking water on board the vessels, and the crew were reduced to eating tomatoes from the stores to wet their throats. He also said that on one occasion a skipper threw an empty Coke can at the crew. All the men the BBC spoke to described shortages of proper clothing, food and water. Jaype Rubi was a young Filipino when he worked on board the TN dredger Sea Lady in 2012. “Picking up and throwing out rocks is really tiring,” he said. “The boat had CCTV, so the skipper could watch us. If we stop, he'd pull down the window and say: ‘Why are you resting’?” Jaype said it was “super cold” and there was not enough food. When he spoke to his mum on the phone, he started crying. “I said: 'I want to go home because it's a nightmare working on that boat'.” Jaype said he was subjected to verbal abuse and was treated “like a slave"". Other men said that, despite arriving in the UK on 48-hour transit visa, they were told to work onshore in the TN yard at Annan, in breach of their visa entitlement. One man, Jovito Abiero, told the BBC he was sometimes sent to the home of the company owner Tom Nicholson to do gardening. On 22 August 2012, Joel was aboard the Philomena off the coast of Northern Ireland during rough weather. He was fixing a broken link in the metal nets when the towing bar swung up. He leapt out of the way - but fell and hit his head on the deck. His crew mates estimated he was unconscious for up to 15 minutes. When Joel woke up with a bandage on his head, he asked his skipper - Tom Nicholson Jr – if they were going to hospital. “He said: 'No, we're not going to the hospital. We continue fishing',” said Joel. Joel was given paracetamol by the skipper and his head was bandaged. The Philomena didn’t turn around and head for the port of Troon in Ayrshire until 11 hours after the accident. Joel got off the Philomena, never to return. He found support at the Fishermen’s Mission, a harbourside charity that supports seafarers. At that time the mission was run by two sisters, Paula Daly and Karen Burston, who helped Joel get medical help.  They had been hearing rumours about TN boats for some time. “In 2012, it became really quite abundantly clear that we were getting the same message from quite a few different crew,” said Paula. “There were so many things that were so wrong,” added Karen. Police forces on several UK coasts had long been aware of allegations about TN Trawlers. The company had been prosecuted in 2007 for illegal catches worth hundreds of thousands of pounds. Tom Nicholson and TN Trawlers were ordered to pay £473,000 under proceeds of crime laws. They were also ordered to pay almost £150,000 in fines and costs after the Maritime and Coastguard Agency found a string of defects and safety breaches on vessels between 2009 and 2011. A 2012 police briefing, seen by the BBC, also noted six Filipino fishermen swam ashore from TN boats and complained of mistreatment. That year, police in Dumfries and Galloway launched Operation Alto, an investigation into human trafficking and labour abuse at TN Trawlers. Eighteen former TN Trawlers employees – including Joel – passed into the Home Office’s National Referral Mechanism, a system which identifies and supports victims of human trafficking. File on 4: Invisible Souls Fishermen from the Philippines, Ghana and Sri Lanka speak out for the first time about how badly they say they were treated by a Scottish fishing company. Listen on BBC Radio 4 at 20:00 on Tuesday 20 August or on BBC Sounds. Modern slavery is a term that can encompass human trafficking and slavery, servitude and forced or compulsory labour. The Home Office defines the essence of human trafficking as a situation where a person is “coerced or deceived into a situation where they are exploited”. Under this guidance, the men were all given recognition by the Home Office that they had been trafficked. They were taken to a safe house somewhere in Scotland, then police asked them to stay in the UK to help with further enquiries and act as witnesses when the case came to court. TN Trawlers continued to recruit, switching its main recruitment operation from East Asia to West Africa. In June 2013, Gideon Mensah from Ghana signed up to work on the TN scalop dredger Noordzee. He said he soon found himself in the same situation as the Filipinos – overworked and undernourished. Gideon told the BBC his wages were diverted to his recruitment agent back home, leaving him with £50 cash in hand each month – just £1.66 per day. He was later recognised as a victim of modern slavery by the Home Office and spent several years on file as a witness for forthcoming prosecutions. In 2017, five years after Joel Quince stepped off the Philomena at Troon harbour, 25-year old Vishal Sharma left India and arrived in London on a transit visa. He’d signed a contract with a different company to work in the engine room of a Belgian tanker for 15 months. But his agent in India then told him to travel to a different meeting point in the south of England, and he was taken to the Noordzee. “I asked: ‘Why am I working there? It’s not my ship… I am not a fisherman'.” Vishal claims he was threatened with deportation if he didn’t comply.  He spent three weeks on the trawler and says he was never paid. He claims he worked 22-hour days, had little food, and that his boots began to fall apart in the seawater. Men continued to arrive from Ghana, including Augustus Mensah and Gershon Norvivor. They both described being put to work in the Nicholsons’ compound before being shipped out, and both ended up working on a vessel called on the Sea Lady. The BBC has seen payment schedules given to both men upon employment. Both were to earn £850 per month, with an additional cash payment of £50. Based on a 48-hour working week, they would receive £4.68 an hour. The conditions they alleged were similar to those described to the BBC by the workers from 2012. “We were short of food and short of water,” says Gershon. He claimed deckhands would drink washing water from the ship’s rusty tank. When the tank was empty, they’d melt the ice used to pack the scallops. “We went to the fish room with a bucket or a sack and you put an ice block in… you put it on the stove… and the guys would make coffee with it.” On 6 December 2017, a dredge net full of scallops swung and crashed into Augustus’ head and knocked him out. Gershon did what he could to help his friend, rinsing away the blood. The crew managed to get word to the police onshore in Portsmouth. “When we were rescued by the police we were very happy,” said Augustus. Augustus, Gershon and Vishal, along with six other crew members from Ghana, India and Sri Lanka, were taken into the National Referral Mechanism system and recognised by the Home Office as victims of modern slavery. They were asked to stay in the UK as potential witnesses in the ongoing investigation into Thomas Nicholson Snr and TN Trawlers. After a five-year wait, the case was dropped after some of the men failed to identify suspects during an identity parade. In a letter from the Crown Office and Procurator Fiscal Service (COPFS) this year, Vishal was told that, while prosecutors said there was evidence a crime had been committed, there was not enough evidence to prove the identity of the perpetrator. Disclosure: Slavery at Sea A three-year investigation uncovers allegations of modern slavery aboard UK fishing vessels. Watch on BBC iPlayer or on BBC Scotland at 21:00 on Monday. The Filipinos’ case finally reached Hamilton Sheriff Court in October 2022, some 10 years after the men were removed from the boats. Thomas Nicholson Snr and TN Trawlers pleaded guilty to failing to get adequate care for Joel Quince. The Crown accepted his not guilty plea to withholding some of the Filipino crewmen’s passports without reasonable excuse. Despite the Home Office’s conclusion that the men were trafficking victims, the case did not involve charges of trafficking or modern slavery. Thomas Nicholson Snr was fined £13,500 and ordered to pay Joel £3,000 in compensation. Text message exchanges between Nicholson Snr and the vessel’s skipper Tom Nicholson Jr on the day of the accident were read out in court, in which the father instructed his son not to take Joel ashore for medical treatment. After hearing the messages, Joel told the BBC: “He was a devil with a human image. He doesn’t see me as a person... he doesn’t see us.” Thomas Nicholson Snr was the director of TN Trawlers, TN Enterprises, Sea Lady Trawlers, and  Olivia Jean. The companies owned at least six scallop dredgers. A spokesman for TN Group said it disputed suggestions that workers were mistreated. It said it always provided food and accommodation to workers and that they were “always free to come and go when ashore”. He said: “The overwhelming experience of our workers was that they were well treated and well remunerated. We dispute many of the accounts put to us, in some cases over a decade on. “We absolutely refute any allegation of modern slavery or human trafficking and our many testimonials and long-term employees are testament to that."" He said the company regretted the delay in bringing Joel Quince ashore for medical treatment. “We fell short on that occasion. We have accepted responsibility, compensated and we apologise to that individual,” said the spokesman. “Working conditions on the high seas, sometimes in dangerous waters and in a confined environment, are extremely difficult."" The Crown Office said it was fully committed to tackling human trafficking. “We recognise that the time taken in dealing with these complex and challenging matters has been difficult for those affected,” said a spokesperson. “COPFS deal with every case on its own individual facts and circumstances and takes action where it assesses there is sufficient admissible evidence that a crime has been committed and it is in the public interest to do so.” Life after TN Trawlers has seen mixed fortunes for its former crewmen. Many of those involved in Operation Alto have had their permission to remain in the UK extended, some indefinitely. This enables them to work in the UK and support their families – something they had always wanted. The men from Ghana interviewed by the BBC have seen their leave to remain expire, meaning they face the possibility of leaving the UK. However, all the men spoke of their bitterness at working for the company – and their experience of the justice system in the UK. Joel Quince said his eyes had been opened. “I see now how it works,” he said. “This is how your UK law is done... You favour the wealthy people, and you don’t care about the poor.” Additional reporting by Rachel Coburn and Anton Ferrie ",BBC,18/08/2024,"['Dozens of workers from around the world may have been trafficked into the UK to work for a small family-owned Scottish fishing firm, a BBC investigation has revealed.', 'Thirty-five men from the Philippines, Ghana, India and Sri Lanka were recognised as victims of modern slavery by the Home Office after being referred to it between 2012 and 2020.', 'The workers were employed by TN Trawlers and its sister companies, owned by the Nicholson family, based in the small town of Annan on the southern coast of Scotland.', 'The TN Group denied any allegation of modern slavery or human trafficking and said its workers were well treated and well paid.', 'The company was the focus of two long-running criminal investigations but no cases of human trafficking or modern slavery have come to trial, although some of the men waited years to give evidence.', 'While TN Trawlers’ lead director, Thomas Nicholson, was under active investigation, TN Group companies continued recruiting new employees from across the world.', 'Experienced fisherman Joel Quince was 28 when he landed at Heathrow Airport in 2012, thrilled to have secured a job as a deckhand with TN trawlers.', 'Joel had a young family back home in the Philippines, thousands of miles away.', 'He had been expecting to earn a good income working in the UK.', 'He was to be paid $1,012 (£660) a month for a 48-hour week.', ""He caught a bus from London to Carlisle, where, he says, he was picked up by the owner’s son, Tom Nicholson Jr. “On our way to go to the boat he told us: 'You have to give me your documents' - so without hesitation I gave all my documents to them,” he said."", 'Joel says he was then taken straight to the fishing ground to start working.', 'But he was surprised to find that his boat was the Philomena rather than the Mattanja, which was the only vessel he was authorised to work on under the terms of his visa. “', 'This was already something fishy for me,” he said He claims that instead of the 48-hour week he had been told about, he was working 18 hours a day, seven days a week while the Philomena was out fishing.', 'On his monthly wage of £660, it meant Joel was earning less than the UK minimum wage – although at that time there was no legal requirement to pay it to fishermen like him.', 'Joel was one of about 30 seafarers who arrived in the UK to join TN Trawlers between 2011 and 2013, mostly from the Philippines.', 'They joined dredgers trawling for scallops along the UK coastline.', 'These dredgers, built in the 1970s and 80s, work by towing metal nets along the seabed.', 'They scrape up shellfish, as well as stones and bycatch – the other marine life which gets caught in the nets.', 'Deckhands throw back the stones and pack the scallops in ice below deck.', 'Several of the men the BBC spoke to had little or no fishing experience.', 'All describe working shift patterns as gruelling as Joel’s or worse.', 'Joel said he struggled to get up to go to work because he was so exhausted – but he didn’t complain because his colleagues were also suffering. “', 'If I stop working, there’s three people suffering, not getting their rest, because the operation keeps continuing.', 'They won’t stop.”', 'He said there was not enough drinking water on board the vessels, and the crew were reduced to eating tomatoes from the stores to wet their throats.', 'He also said that on one occasion a skipper threw an empty Coke can at the crew.', 'All the men the BBC spoke to described shortages of proper clothing, food and water.', 'Jaype Rubi was a young Filipino when he worked on board the TN dredger Sea Lady in 2012. “', 'Picking up and throwing out rocks is really tiring,” he said. “', 'The boat had CCTV, so the skipper could watch us.', ""If we stop, he'd pull down the window and say: ‘Why are you resting’?”"", 'Jaype said it was “super cold” and there was not enough food.', 'When he spoke to his mum on the phone, he started crying. “', ""I said: 'I want to go home because it's a nightmare working on that boat'.”"", 'Jaype said he was subjected to verbal abuse and was treated “like a slave"".', 'Other men said that, despite arriving in the UK on 48-hour transit visa, they were told to work onshore in the TN yard at Annan, in breach of their visa entitlement.', 'One man, Jovito Abiero, told the BBC he was sometimes sent to the home of the company owner Tom Nicholson to do gardening.', 'On 22 August 2012, Joel was aboard the Philomena off the coast of Northern Ireland during rough weather.', 'He was fixing a broken link in the metal nets when the towing bar swung up.', 'He leapt out of the way - but fell and hit his head on the deck.', 'His crew mates estimated he was unconscious for up to 15 minutes.', 'When Joel woke up with a bandage on his head, he asked his skipper - Tom Nicholson Jr – if they were going to hospital. “', ""He said: 'No, we're not going to the hospital."", ""We continue fishing',” said Joel."", 'Joel was given paracetamol by the skipper and his head was bandaged.', 'The Philomena didn’t turn around and head for the port of Troon in Ayrshire until 11 hours after the accident.', 'Joel got off the Philomena, never to return.', 'He found support at the Fishermen’s Mission, a harbourside charity that supports seafarers.', 'At that time the mission was run by two sisters, Paula Daly and Karen Burston, who helped Joel get medical help.', 'They had been hearing rumours about TN boats for some time. “', 'In 2012, it became really quite abundantly clear that we were getting the same message from quite a few different crew,” said Paula. “', 'There were so many things that were so wrong,” added Karen.', 'Police forces on several UK coasts had long been aware of allegations about TN Trawlers.', 'The company had been prosecuted in 2007 for illegal catches worth hundreds of thousands of pounds.', 'Tom Nicholson and TN Trawlers were ordered to pay £473,000 under proceeds of crime laws.', 'They were also ordered to pay almost £150,000 in fines and costs after the Maritime and Coastguard Agency found a string of defects and safety breaches on vessels between 2009 and 2011.', 'A 2012 police briefing, seen by the BBC, also noted six Filipino fishermen swam ashore from TN boats and complained of mistreatment.', 'That year, police in Dumfries and Galloway launched Operation Alto, an investigation into human trafficking and labour abuse at TN Trawlers.', 'Eighteen former TN Trawlers employees – including Joel – passed into the Home Office’s National Referral Mechanism, a system which identifies and supports victims of human trafficking.', 'File on 4: Invisible Souls Fishermen from the Philippines, Ghana and Sri Lanka speak out for the first time about how badly they say they were treated by a Scottish fishing company.', 'Listen on BBC Radio 4 at 20:00 on Tuesday 20 August or on BBC Sounds.', 'Modern slavery is a term that can encompass human trafficking and slavery, servitude and forced or compulsory labour.', 'The Home Office defines the essence of human trafficking as a situation where a person is “coerced or deceived into a situation where they are exploited”.', 'Under this guidance, the men were all given recognition by the Home Office that they had been trafficked.', 'They were taken to a safe house somewhere in Scotland, then police asked them to stay in the UK to help with further enquiries and act as witnesses when the case came to court.', 'TN Trawlers continued to recruit, switching its main recruitment operation from East Asia to West Africa.', 'In June 2013, Gideon Mensah from Ghana signed up to work on the TN scalop dredger Noordzee.', 'He said he soon found himself in the same situation as the Filipinos – overworked and undernourished.', 'Gideon told the BBC his wages were diverted to his recruitment agent back home, leaving him with £50 cash in hand each month – just £1.66 per day.', 'He was later recognised as a victim of modern slavery by the Home Office and spent several years on file as a witness for forthcoming prosecutions.', 'In 2017, five years after Joel Quince stepped off the Philomena at Troon harbour, 25-year old Vishal Sharma left India and arrived in London on a transit visa.', 'He’d signed a contract with a different company to work in the engine room of a Belgian tanker for 15 months.', 'But his agent in India then told him to travel to a different meeting point in the south of England, and he was taken to the Noordzee. “', 'I asked: ‘Why am I working there?', ""It’s not my ship… I am not a fisherman'.”"", 'Vishal claims he was threatened with deportation if he didn’t comply.', 'He spent three weeks on the trawler and says he was never paid.', 'He claims he worked 22-hour days, had little food, and that his boots began to fall apart in the seawater.', 'Men continued to arrive from Ghana, including Augustus Mensah and Gershon Norvivor.', 'They both described being put to work in the Nicholsons’ compound before being shipped out, and both ended up working on a vessel called on the Sea Lady.', 'The BBC has seen payment schedules given to both men upon employment.', 'Both were to earn £850 per month, with an additional cash payment of £50.', 'Based on a 48-hour working week, they would receive £4.68 an hour.', 'The conditions they alleged were similar to those described to the BBC by the workers from 2012. “', 'We were short of food and short of water,” says Gershon.', 'He claimed deckhands would drink washing water from the ship’s rusty tank.', 'When the tank was empty, they’d melt the ice used to pack the scallops. “', 'We went to the fish room with a bucket or a sack and you put an ice block in… you put it on the stove… and the guys would make coffee with it.”', 'On 6 December 2017, a dredge net full of scallops swung and crashed into Augustus’ head and knocked him out.', 'Gershon did what he could to help his friend, rinsing away the blood.', 'The crew managed to get word to the police onshore in Portsmouth. “', 'When we were rescued by the police we were very happy,” said Augustus.', 'Augustus, Gershon and Vishal, along with six other crew members from Ghana, India and Sri Lanka, were taken into the National Referral Mechanism system and recognised by the Home Office as victims of modern slavery.', 'They were asked to stay in the UK as potential witnesses in the ongoing investigation into Thomas Nicholson Snr and TN Trawlers.', 'After a five-year wait, the case was dropped after some of the men failed to identify suspects during an identity parade.', 'In a letter from the Crown Office and Procurator Fiscal Service (COPFS) this year, Vishal was told that, while prosecutors said there was evidence a crime had been committed, there was not enough evidence to prove the identity of the perpetrator.', 'Disclosure: Slavery at Sea A three-year investigation uncovers allegations of modern slavery aboard UK fishing vessels.', 'Watch on BBC iPlayer or on BBC Scotland at 21:00 on Monday.', 'The Filipinos’ case finally reached Hamilton Sheriff Court in October 2022, some 10 years after the men were removed from the boats.', 'Thomas Nicholson Snr and TN Trawlers pleaded guilty to failing to get adequate care for Joel Quince.', 'The Crown accepted his not guilty plea to withholding some of the Filipino crewmen’s passports without reasonable excuse.', 'Despite the Home Office’s conclusion that the men were trafficking victims, the case did not involve charges of trafficking or modern slavery.', 'Thomas Nicholson Snr was fined £13,500 and ordered to pay Joel £3,000 in compensation.', 'Text message exchanges between Nicholson Snr and the vessel’s skipper Tom Nicholson Jr on the day of the accident were read out in court, in which the father instructed his son not to take Joel ashore for medical treatment.', 'After hearing the messages, Joel told the BBC: “He was a devil with a human image.', 'He doesn’t see me as a person... he doesn’t see us.”', 'Thomas Nicholson Snr was the director of TN Trawlers, TN Enterprises, Sea Lady Trawlers, and Olivia Jean.', 'The companies owned at least six scallop dredgers.', 'A spokesman for TN Group said it disputed suggestions that workers were mistreated.', 'It said it always provided food and accommodation to workers and that they were “always free to come and go when ashore”.', 'He said: “The overwhelming experience of our workers was that they were well treated and well remunerated.', 'We dispute many of the accounts put to us, in some cases over a decade on. “', 'We absolutely refute any allegation of modern slavery or human trafficking and our many testimonials and long-term employees are testament to that.""', 'He said the company regretted the delay in bringing Joel Quince ashore for medical treatment. “', 'We fell short on that occasion.', 'We have accepted responsibility, compensated and we apologise to that individual,” said the spokesman. “', 'Working conditions on the high seas, sometimes in dangerous waters and in a confined environment, are extremely difficult.""', 'The Crown Office said it was fully committed to tackling human trafficking. “', 'We recognise that the time taken in dealing with these complex and challenging matters has been difficult for those affected,” said a spokesperson. “', 'COPFS deal with every case on its own individual facts and circumstances and takes action where it assesses there is sufficient admissible evidence that a crime has been committed and it is in the public interest to do so.”', 'Life after TN Trawlers has seen mixed fortunes for its former crewmen.', 'Many of those involved in Operation Alto have had their permission to remain in the UK extended, some indefinitely.', 'This enables them to work in the UK and support their families – something they had always wanted.', 'The men from Ghana interviewed by the BBC have seen their leave to remain expire, meaning they face the possibility of leaving the UK.', 'However, all the men spoke of their bitterness at working for the company – and their experience of the justice system in the UK.', 'Joel Quince said his eyes had been opened. “', 'I see now how it works,” he said. “', 'This is how your UK law is done... You favour the wealthy people, and you don’t care about the poor.”', 'Additional reporting by Rachel Coburn and Anton Ferrie']",-0.0848444466485507,"He found support at the Fishermen’s Mission, a harbourside charity that supports seafarers.","Modern slavery is a term that can encompass human trafficking and slavery, servitude and forced or compulsory labour.",-0.251591940720876,"Experienced fisherman Joel Quince was 28 when he landed at Heathrow Airport in 2012, thrilled to have secured a job as a deckhand with TN trawlers.",We fell short on that occasion.,2024-08-14
-Pensioners urged to claim help as winter fuel payments cut,https://www.bbc.co.uk/news/articles/c9v8r9x17pzo,2024-08-20T11:42:59.338Z,"Hundreds of thousands of pensioners have been urged to claim a pension top-up that will enable them to beat government cuts in energy bill support. An estimated 880,000 low-income pensioner households eligible for pension credit currently fail to claim it and a deadline is approaching. The government says it is worth an average of £3,900 a year, but it also a gateway to other financial support such as winter fuel payments. Ministers will cut this help with fuel bills for 10 million pensioners in England and Wales this autumn, but not for those on pension credit or other means-tested benefits. The policy is expected to reduce the number of pensioners who receive the winter fuel payment from 11.4 million to 1.5 million, saving the Treasury £1.4bn this financial year. The payment is a devolved matter in Scotland and Northern Ireland. Work and Pensions Secretary Liz Kendall said the new Labour government had been forced to take ""difficult decisions"". ""But I am determined to ensure low-income pensioners are supported,"" she said. However, Conservative Laura Trott, shadow chief secretary to the Treasury, claimed the government was ""absurdly trying to claim it is committed to pensioners"". ""Instead of desperately trying to mitigate the impact of their own decisions, the chancellor should come clean and publish the internal impact assessment so the public can truly see the damage of this policy,"" she added. In July, Chancellor Rachel Reeves claimed a public spending audit she commissioned from Treasury officials revealed an ""unforgivable"" economic legacy she had been left.  That prompted a series of decisions designed to reduce spending, including the scaling back of the winter fuel payment which is worth between £100 and £300 for pensioner households each winter. Pensioners whose weekly income is below £218.15 for a single person or £332.95 for a couple should check to see if they could be eligible for pension credit.  On top of the benefit, it is a gateway to support with housing costs, council tax, the TV licence, and the winter fuel payment worth up to £300. The government’s new pension credit awareness drive will help identify households not claiming the benefit, and encourage them to apply by 21 December. That is the final date for making a backdated claim for pension credit, in order to receive the winter fuel payment. About 1.4 million pensioners already receive pension credit but up to an estimated 880,000 households eligible for the support fail to claim. Many incorrectly believe they are not entitled, have been ruled out owing to savings, or say they do not like to accept what they regard as handouts. You can check your eligibility for pension credit via the government's online calculator. Information is also available on how to make a claim. There is also a phone line available on weekdays - 0800 99 1234. Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government. Benefits calculators are also run by Policy in Practice, and charities Entitledto, and Turn2us. ",BBC,20/08/2024,"['Hundreds of thousands of pensioners have been urged to claim a pension top-up that will enable them to beat government cuts in energy bill support.', 'An estimated 880,000 low-income pensioner households eligible for pension credit currently fail to claim it and a deadline is approaching.', 'The government says it is worth an average of £3,900 a year, but it also a gateway to other financial support such as winter fuel payments.', 'Ministers will cut this help with fuel bills for 10 million pensioners in England and Wales this autumn, but not for those on pension credit or other means-tested benefits.', 'The policy is expected to reduce the number of pensioners who receive the winter fuel payment from 11.4 million to 1.5 million, saving the Treasury £1.4bn this financial year.', 'The payment is a devolved matter in Scotland and Northern Ireland.', 'Work and Pensions Secretary Liz Kendall said the new Labour government had been forced to take ""difficult decisions"". ""', 'But I am determined to ensure low-income pensioners are supported,"" she said.', 'However, Conservative Laura Trott, shadow chief secretary to the Treasury, claimed the government was ""absurdly trying to claim it is committed to pensioners"". ""', 'Instead of desperately trying to mitigate the impact of their own decisions, the chancellor should come clean and publish the internal impact assessment so the public can truly see the damage of this policy,"" she added.', 'In July, Chancellor Rachel Reeves claimed a public spending audit she commissioned from Treasury officials revealed an ""unforgivable"" economic legacy she had been left.', 'That prompted a series of decisions designed to reduce spending, including the scaling back of the winter fuel payment which is worth between £100 and £300 for pensioner households each winter.', 'Pensioners whose weekly income is below £218.15 for a single person or £332.95 for a couple should check to see if they could be eligible for pension credit.', 'On top of the benefit, it is a gateway to support with housing costs, council tax, the TV licence, and the winter fuel payment worth up to £300.', 'The government’s new pension credit awareness drive will help identify households not claiming the benefit, and encourage them to apply by 21 December.', 'That is the final date for making a backdated claim for pension credit, in order to receive the winter fuel payment.', 'About 1.4 million pensioners already receive pension credit but up to an estimated 880,000 households eligible for the support fail to claim.', 'Many incorrectly believe they are not entitled, have been ruled out owing to savings, or say they do not like to accept what they regard as handouts.', ""You can check your eligibility for pension credit via the government's online calculator."", 'Information is also available on how to make a claim.', 'There is also a phone line available on weekdays - 0800 99 1234.', 'Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government.', 'Benefits calculators are also run by Policy in Practice, and charities Entitledto, and Turn2us.']",0.228550072565136,"On top of the benefit, it is a gateway to support with housing costs, council tax, the TV licence, and the winter fuel payment worth up to £300.","Work and Pensions Secretary Liz Kendall said the new Labour government had been forced to take ""difficult decisions"". """,-0.0515241771936416,Hundreds of thousands of pensioners have been urged to claim a pension top-up that will enable them to beat government cuts in energy bill support.,"In July, Chancellor Rachel Reeves claimed a public spending audit she commissioned from Treasury officials revealed an ""unforgivable"" economic legacy she had been left.",2024-08-14
-Peak-time ScotRail fare scheme scrapped over passenger numbers,https://www.bbc.co.uk/news/articles/cvge98qj0e5o,2024-08-20T10:07:54.638Z,"A pilot scheme scrapping peak-time ScotRail fares will end in September following “limited success”. Transport Scotland said the project, which saw ticket prices subsidised by the Scottish government and standardised across the day, “did not achieve its aims” of persuading more people to swap car journeys for rail travel. Analysis by the body recommended ending the scheme due to financial pressures, while also increasing fares on popular peak-time routes including those between Edinburgh and Glasgow. Critics have described the decision to terminate the scheme from 27 September as a “hammer blow” for commuters and the climate. Transport Secretary Fiona Hyslop said there had been an increase in passenger levels of about 6.8% during the pilot but it would need to be 10% in order for the policy to be self-financing. She said the pilot ""primarily benefitted existing train passengers and those with medium to higher incomes"". She added: “The pilot will have been welcome in saving many passengers hundreds and in some cases thousands of pounds during the cost of living crisis but this level of subsidy cannot continue in the current financial climate on that measure alone."" First Minister John Swinney announced the extension of the scheme, introduced in October 2023, until the end of September on a visit to Edinburgh’s Waverley Station in May. It had initially been due to last six months and saw the cost of a rush hour ticket between the capital and Glasgow nearly halved from £28.90 to £14.90. When the scheme ends, the price of the top ticket on that route will rise by 8.6% to £31.40. However, super off-peak returns will also be reintroduced on certain routes, including Inverness to Elgin and Glasgow to Stirling. A 12-month discount on ScotRail season tickets and new “flexipasses” – allowing commuters to book 12 single journeys for the price of 10 – will also be rolled out. The move has been described as “derailing” Scotland’s climate targets by the Scottish Greens. The party’s transport spokesman, Mark Ruskell, described the impact on passengers as “deeply disappointing"". “Behavioural change doesn’t happen overnight and by making the move permanent we could have encouraged more people to change the way they travel,"" he said. Scottish Conservative transport spokesman Graham Simpson said the government should have done more to promote the peak fare removal.  ""In the end, it should never have been mere numbers but having a rail system and fare system that is fair and affordable. We have gone backwards,"" he said. Labour transport spokesman Alex Rowley accused the SNP of ""forcing workers back into cars"". He said: ""Peak fares exist purely as a tax on workers trying to travel to work in a more sustainable way – this is simply another way that working Scots are paying the price for the SNP’s financial mismanagement. “An affordable and reliable rail service can unlock huge environmental and economic benefits, but it is clear that the SNP are incapable of taking the bold action required to do this as they keep squandering the opportunities of public ownership.” ScotRail staff are already working to rule, resulting in a reduced, temporary timetable amid a pay dispute. The publicly-owned rail firm cut 600 services and introduced an emergency timetable after four unions turned down a pay offer earlier this month. Aslef, Unite, RMT and TSSA all rejected the three-year deal backdated from April this year until 2027 which would see workers receive a 2% rise each April and a 1% increase the following January. Jim Baxter, executive council member for train drivers' union Aslef, said the decision was a ""disaster for workers"". He said: ""If Scotland is to meet its climate targets it has to properly invest in transport and make fares affordable. ""This does the opposite and will take money out the pockets of Scotland's already hard pressed workers, encouraging many back into their cars and damaging the environment as a consequence."" Linda Somerville, STUC deputy general secretary, said: ""This is a short-sighted, regressive decision from the Scottish government which makes a mockery of their sustainable travel and net-zero targets. “Peak fares are a stealth tax on workers which is bad for the climate, bad for our communities and bad for people’s wallets. Fares have increased an eye-watering 9% during the trial alone with commuters now facing a double whammy of increased and peak fares next time they board."" The return of peak time fares will be a huge disappointment to commuters. The cost of a daily journey between Glasgow and Edinburgh will almost double. The initial pilot project to scrap peak time fares was due to last for six months and was extended twice. But there had been a genuine hope that passenger numbers would increase by enough to allow the scheme to pay for itself and become permanent at no ongoing cost to the taxpayer. The Scottish government argues that those who benefited most were existing train travellers and people on medium to high incomes. It’s facing tough spending decisions and believes it cannot continue with the subsidy in the current financial climate. The risk is that the increase will go down like a lead balloon with some commuters. It is worth noting that the fare they will be paying from the end of September will be no higher than it would have been anyway had the pilot project not taken place. But some will have got used to the lower fares and feel the impact of such a significant rise. Scotrail will be hoping season ticket discounts and the return of super off-peak tickets can soften the blow. ",BBC,20/08/2024,"['A pilot scheme scrapping peak-time ScotRail fares will end in September following “limited success”.', 'Transport Scotland said the project, which saw ticket prices subsidised by the Scottish government and standardised across the day, “did not achieve its aims” of persuading more people to swap car journeys for rail travel.', 'Analysis by the body recommended ending the scheme due to financial pressures, while also increasing fares on popular peak-time routes including those between Edinburgh and Glasgow.', 'Critics have described the decision to terminate the scheme from 27 September as a “hammer blow” for commuters and the climate.', 'Transport Secretary Fiona Hyslop said there had been an increase in passenger levels of about 6.8% during the pilot but it would need to be 10% in order for the policy to be self-financing.', 'She said the pilot ""primarily benefitted existing train passengers and those with medium to higher incomes"".', 'She added: “The pilot will have been welcome in saving many passengers hundreds and in some cases thousands of pounds during the cost of living crisis but this level of subsidy cannot continue in the current financial climate on that measure alone.""', 'First Minister John Swinney announced the extension of the scheme, introduced in October 2023, until the end of September on a visit to Edinburgh’s Waverley Station in May.', 'It had initially been due to last six months and saw the cost of a rush hour ticket between the capital and Glasgow nearly halved from £28.90 to £14.90.', 'When the scheme ends, the price of the top ticket on that route will rise by 8.6% to £31.40.', 'However, super off-peak returns will also be reintroduced on certain routes, including Inverness to Elgin and Glasgow to Stirling.', 'A 12-month discount on ScotRail season tickets and new “flexipasses” – allowing commuters to book 12 single journeys for the price of 10 – will also be rolled out.', 'The move has been described as “derailing” Scotland’s climate targets by the Scottish Greens.', 'The party’s transport spokesman, Mark Ruskell, described the impact on passengers as “deeply disappointing"". “', 'Behavioural change doesn’t happen overnight and by making the move permanent we could have encouraged more people to change the way they travel,"" he said.', 'Scottish Conservative transport spokesman Graham Simpson said the government should have done more to promote the peak fare removal. ""', 'In the end, it should never have been mere numbers but having a rail system and fare system that is fair and affordable.', 'We have gone backwards,"" he said.', 'Labour transport spokesman Alex Rowley accused the SNP of ""forcing workers back into cars"".', 'He said: ""Peak fares exist purely as a tax on workers trying to travel to work in a more sustainable way – this is simply another way that working Scots are paying the price for the SNP’s financial mismanagement. “', 'An affordable and reliable rail service can unlock huge environmental and economic benefits, but it is clear that the SNP are incapable of taking the bold action required to do this as they keep squandering the opportunities of public ownership.”', 'ScotRail staff are already working to rule, resulting in a reduced, temporary timetable amid a pay dispute.', 'The publicly-owned rail firm cut 600 services and introduced an emergency timetable after four unions turned down a pay offer earlier this month.', 'Aslef, Unite, RMT and TSSA all rejected the three-year deal backdated from April this year until 2027 which would see workers receive a 2% rise each April and a 1% increase the following January.', 'Jim Baxter, executive council member for train drivers\' union Aslef, said the decision was a ""disaster for workers"".', 'He said: ""If Scotland is to meet its climate targets it has to properly invest in transport and make fares affordable. ""', 'This does the opposite and will take money out the pockets of Scotland\'s already hard pressed workers, encouraging many back into their cars and damaging the environment as a consequence.""', 'Linda Somerville, STUC deputy general secretary, said: ""This is a short-sighted, regressive decision from the Scottish government which makes a mockery of their sustainable travel and net-zero targets. “', 'Peak fares are a stealth tax on workers which is bad for the climate, bad for our communities and bad for people’s wallets.', 'Fares have increased an eye-watering 9% during the trial alone with commuters now facing a double whammy of increased and peak fares next time they board.""', 'The return of peak time fares will be a huge disappointment to commuters.', 'The cost of a daily journey between Glasgow and Edinburgh will almost double.', 'The initial pilot project to scrap peak time fares was due to last for six months and was extended twice.', 'But there had been a genuine hope that passenger numbers would increase by enough to allow the scheme to pay for itself and become permanent at no ongoing cost to the taxpayer.', 'The Scottish government argues that those who benefited most were existing train travellers and people on medium to high incomes.', 'It’s facing tough spending decisions and believes it cannot continue with the subsidy in the current financial climate.', 'The risk is that the increase will go down like a lead balloon with some commuters.', 'It is worth noting that the fare they will be paying from the end of September will be no higher than it would have been anyway had the pilot project not taken place.', 'But some will have got used to the lower fares and feel the impact of such a significant rise.', 'Scotrail will be hoping season ticket discounts and the return of super off-peak tickets can soften the blow.']",0.0243066094828966,"An affordable and reliable rail service can unlock huge environmental and economic benefits, but it is clear that the SNP are incapable of taking the bold action required to do this as they keep squandering the opportunities of public ownership.”","Peak fares are a stealth tax on workers which is bad for the climate, bad for our communities and bad for people’s wallets.",-0.054955905675888,But there had been a genuine hope that passenger numbers would increase by enough to allow the scheme to pay for itself and become permanent at no ongoing cost to the taxpayer.,The return of peak time fares will be a huge disappointment to commuters.,2024-08-14
-X suspends business in Brazil over censorship row,https://www.bbc.co.uk/news/articles/cgjv857plevo,2024-08-17T18:29:54.721Z,"X, formerly known as Twitter, has closed its office in Brazil over a censorship row.  The social media platform said a Brazilian Supreme Court judge, Alexandre de Moraes, threatened its legal representative in Brazil with arrest if it did not comply with his ""censorship orders"".  Brazil's Supreme Court has not commented.  People in Brazil are still able to use X, billionaire Elon Musk's platform said on Saturday.  Mr Moraes had ordered X accounts he has accused of spreading disinformation - many supporters of the former right-wing president Jair Bolsanaro - must be blocked while they are under investigation. After X owner Musk criticised Mr Moraes, the judge ordered 100,000 reais ($19,774; £15,670) fines a day for any account that X reactivated, and stressed the possible liability of the company's legal representatives in Brazil if this were to happen. He also put Mr Musk under investigation for charges including the obstruction of justice. X said in a statement that Brazilian staff had no responsibility or control over whether content is blocked but Mr Moraes has chosen to threaten staff in Brazil rather than respect the law.  ""As a result, to protect the safety of our staff, we have made the decision to close our operation in Brazil, effective immediately,"" X said.  ""The responsibility lies solely with Alexandre de Moraes. ""His actions are incompatible with democratic government."" Musk posted on X that there was ""no question that Moraes needs to leave"".  He added that the decision to close the office in Brazil was ""difficult"", but if the company agreed to Mr Moraes' ""demands, there was no way we could explain our actions without being ashamed"".  Mr Moraes is disliked by fans of the former president Mr Bolsonaro. During his presidency, he ordered investigations into some of the president’s allies. ",BBC,17/08/2024,"['X, formerly known as Twitter, has closed its office in Brazil over a censorship row.', 'The social media platform said a Brazilian Supreme Court judge, Alexandre de Moraes, threatened its legal representative in Brazil with arrest if it did not comply with his ""censorship orders"".', ""Brazil's Supreme Court has not commented."", ""People in Brazil are still able to use X, billionaire Elon Musk's platform said on Saturday."", 'Mr Moraes had ordered X accounts he has accused of spreading disinformation - many supporters of the former right-wing president Jair Bolsanaro - must be blocked while they are under investigation.', ""After X owner Musk criticised Mr Moraes, the judge ordered 100,000 reais ($19,774; £15,670) fines a day for any account that X reactivated, and stressed the possible liability of the company's legal representatives in Brazil if this were to happen."", 'He also put Mr Musk under investigation for charges including the obstruction of justice.', 'X said in a statement that Brazilian staff had no responsibility or control over whether content is blocked but Mr Moraes has chosen to threaten staff in Brazil rather than respect the law. ""', 'As a result, to protect the safety of our staff, we have made the decision to close our operation in Brazil, effective immediately,"" X said. ""', 'The responsibility lies solely with Alexandre de Moraes. ""', 'His actions are incompatible with democratic government.""', 'Musk posted on X that there was ""no question that Moraes needs to leave"".', 'He added that the decision to close the office in Brazil was ""difficult"", but if the company agreed to Mr Moraes\' ""demands, there was no way we could explain our actions without being ashamed"".', 'Mr Moraes is disliked by fans of the former president Mr Bolsonaro.', 'During his presidency, he ordered investigations into some of the president’s allies.']",-0.0051148996551039,"As a result, to protect the safety of our staff, we have made the decision to close our operation in Brazil, effective immediately,"" X said. ""","After X owner Musk criticised Mr Moraes, the judge ordered 100,000 reais ($19,774; £15,670) fines a day for any account that X reactivated, and stressed the possible liability of the company's legal representatives in Brazil if this were to happen.",-0.5858204662799835,,"The social media platform said a Brazilian Supreme Court judge, Alexandre de Moraes, threatened its legal representative in Brazil with arrest if it did not comply with his ""censorship orders"".",2024-08-14
-UK tech tycoon Mike Lynch among six missing after yacht sinks,https://www.bbc.co.uk/news/articles/c0k4751jrm8o,2024-08-19T08:35:36.547Z,"British tech tycoon Mike Lynch and his 18-year-old daughter are among the six people missing after a luxury yacht sank off the coast of the Italian island of Sicily in the early hours of Monday morning.  The 56m (183ft) vessel was carrying 22 people including British, American and Canadian nationals. Fifteen people were rescued, including a one-year-old British girl, and authorities are continuing their search into the night.  Local media reported the yacht, named Bayesian, capsized at about 05:00 local time after encountering a heavy storm overnight that caused waterspouts, or rotating columns of air, to appear over the sea. Mr Lynch, known by some as ""the British Bill Gates"", co-founded software company Autonomy, which was later bought by tech giant Hewlett-Packard for $11bn (£8.6bn).  Witnesses told Italian news agency Ansa that the Bayesian’s anchor was down when the storm struck, causing the mast to break and the ship to lose its balance and sink off the coast of village Porticello, near Sicilian capital Palermo.  A waterspout is similar to a tornado and can form over oceans, seas or large lakes.  Divers have identified a wreckage 50m below the water's surface and are searching for those missing.  The director general of Sicily's civil protection agency, Salvatore Cocina, told the BBC Mr Lynch, his daughter Hannah Lynch and the yacht's chef were among the missing. He said the search, involving caving and rescue diving teams, would continue overnight.   The body of one man was found outside of the wreckage. His nationality has not been confirmed.  BBC Verify looked at corporate records and found the Bayesian's ownership is tied to Mr Lynch's wife, Angela Bacares.  Sources close to the matter have confirmed to the BBC Ms Bacares has been rescued.   Fifteen people managed to get to safety after the storm hit.  Ansa news agency reported a 35-year-old mother held her one-year-old daughter in her arms in the sea.  The woman, named as locally as Charlotte Golunski, said: ""For two seconds I lost the little girl in the sea, then I immediately hugged her again amidst the fury of the waves. ""I held her tightly, close to me, while the sea was stormy. Many were screaming. ""Luckily the lifeboat inflated and 11 of us managed to get on board."" The baby is fine and the mother was treated with stitches, the agency said.  She added she had been on the boat with her husband, who is also safe, and colleagues from a London company.  A doctor based at the Di Cristina Hospital in Palermo, where some of the survivors were taken, said they were ""very tired"" and ""constantly asking about the missing people"".  Dr Domenico Cipolla told Reuters news agency: ""We have given the survivors this information, but they are talking and crying all the time because they have realised that there is little hope of finding their friends alive."" Survivors said the trip has been organised by Mr Lynch for his work colleagues.  In the initial aftermath, a nearby Dutch-flagged vessel rescued survivors from the waves, tending to them until emergency services arrived. Captain Karsten Borner said after the storm had passed, the crew noticed that the yacht that had been behind them had disappeared. ""We saw a red flare, so my first mate and I went to the position, and we found this life raft drifting,"" he told Reuters. That life raft was carrying 15 survivors, three of whom were ""heavily injured"", he said. A local fisherman told Reuters news agency he had seen people being rescued by an inflatable boat dispatched from another yacht.  The captain of a local fishing trawler said he saw debris, including cushions from the deck, floating in the sea. Footage from the wreckage site showed helicopters circling over several coastguard vessels as divers wearing bright orange descended into the water. Eight of those rescued are receiving treatment in hospital, the Italian coastguard said.  The western half of the Mediterranean has experienced severe storms since the middle of last week. Through Sunday night and into Monday morning, a clutch of bad weather passed by the north coast of Sicily.  BBC Weather forecaster Matt Taylor said: ""A waterspout is a tornado that has occurred over water rather than land. ""They can form during intense storms, on the base of cumulonimbus/thunder clouds.  ""Turbulence, and the wind blowing in slightly different directions around the cloud, can cause rotation under the base of the cloud and the spout to form. ""Like tornadoes, they bring powerful winds, but instead of picking up dust and debris they cause a water mist around the column of rotating air."" The UK Foreign Office said it is supporting a number of British nationals and their families following an incident in Sicily. Britain's Marine Accident Investigation Branch is also sending a team of inspectors to conduct a ""preliminary assessment"" into the sinking of the UK registered-boat. The Bayesian's registered owner is listed as Revtom Ltd. The superyacht can accommodate up to 12 guests in six suites.  The yacht's name is understood to be based on the Bayesian theory, which Mr Lynch's PhD thesis was based on. Mr Lynch's wife Ms Bacares is named as the sole legal owner of Revtom registered in the Isle of Man.  A spokesperson for Camper and Nicholsons International, the firm that manages the 2008-built boat, told BBC Verify: ""Our priority is assisting with the ongoing search and providing all necessary support to the rescued passengers and crew."" Mr Lynch sold his company Autonomy to American computing giant Hewlett-Packard (HP) in 2011 for $11bn (£8.6bn). But an intense legal battle following the high-profile acquisition loomed over Mr Lynch for over a decade. He was acquitted in the US in June on multiple fraud charges, for which he had been facing two decades in jail. The sinking of the yacht came on the same day that Mr Lynch's co-defendant in the fraud case, Stephen Chamberlain, was confirmed by his lawyer as having died after being hit by a car in Cambridgeshire on Saturday.  Additional reporting by BBC Verify's Joshua Cheetham ",BBC,19/08/2024,"['British tech tycoon Mike Lynch and his 18-year-old daughter are among the six people missing after a luxury yacht sank off the coast of the Italian island of Sicily in the early hours of Monday morning.', 'The 56m (183ft) vessel was carrying 22 people including British, American and Canadian nationals.', 'Fifteen people were rescued, including a one-year-old British girl, and authorities are continuing their search into the night.', 'Local media reported the yacht, named Bayesian, capsized at about 05:00 local time after encountering a heavy storm overnight that caused waterspouts, or rotating columns of air, to appear over the sea.', 'Mr Lynch, known by some as ""the British Bill Gates"", co-founded software company Autonomy, which was later bought by tech giant Hewlett-Packard for $11bn (£8.6bn).', 'Witnesses told Italian news agency Ansa that the Bayesian’s anchor was down when the storm struck, causing the mast to break and the ship to lose its balance and sink off the coast of village Porticello, near Sicilian capital Palermo.', 'A waterspout is similar to a tornado and can form over oceans, seas or large lakes.', ""Divers have identified a wreckage 50m below the water's surface and are searching for those missing."", ""The director general of Sicily's civil protection agency, Salvatore Cocina, told the BBC Mr Lynch, his daughter Hannah Lynch and the yacht's chef were among the missing."", 'He said the search, involving caving and rescue diving teams, would continue overnight.', 'The body of one man was found outside of the wreckage.', 'His nationality has not been confirmed.', ""BBC Verify looked at corporate records and found the Bayesian's ownership is tied to Mr Lynch's wife, Angela Bacares."", 'Sources close to the matter have confirmed to the BBC Ms Bacares has been rescued.', 'Fifteen people managed to get to safety after the storm hit.', 'Ansa news agency reported a 35-year-old mother held her one-year-old daughter in her arms in the sea.', 'The woman, named as locally as Charlotte Golunski, said: ""For two seconds I lost the little girl in the sea, then I immediately hugged her again amidst the fury of the waves. ""', 'I held her tightly, close to me, while the sea was stormy.', 'Many were screaming. ""', 'Luckily the lifeboat inflated and 11 of us managed to get on board.""', 'The baby is fine and the mother was treated with stitches, the agency said.', 'She added she had been on the boat with her husband, who is also safe, and colleagues from a London company.', 'A doctor based at the Di Cristina Hospital in Palermo, where some of the survivors were taken, said they were ""very tired"" and ""constantly asking about the missing people"".', 'Dr Domenico Cipolla told Reuters news agency: ""We have given the survivors this information, but they are talking and crying all the time because they have realised that there is little hope of finding their friends alive.""', 'Survivors said the trip has been organised by Mr Lynch for his work colleagues.', 'In the initial aftermath, a nearby Dutch-flagged vessel rescued survivors from the waves, tending to them until emergency services arrived.', 'Captain Karsten Borner said after the storm had passed, the crew noticed that the yacht that had been behind them had disappeared. ""', 'We saw a red flare, so my first mate and I went to the position, and we found this life raft drifting,"" he told Reuters.', 'That life raft was carrying 15 survivors, three of whom were ""heavily injured"", he said.', 'A local fisherman told Reuters news agency he had seen people being rescued by an inflatable boat dispatched from another yacht.', 'The captain of a local fishing trawler said he saw debris, including cushions from the deck, floating in the sea.', 'Footage from the wreckage site showed helicopters circling over several coastguard vessels as divers wearing bright orange descended into the water.', 'Eight of those rescued are receiving treatment in hospital, the Italian coastguard said.', 'The western half of the Mediterranean has experienced severe storms since the middle of last week.', 'Through Sunday night and into Monday morning, a clutch of bad weather passed by the north coast of Sicily.', 'BBC Weather forecaster Matt Taylor said: ""A waterspout is a tornado that has occurred over water rather than land. ""', 'They can form during intense storms, on the base of cumulonimbus/thunder clouds. ""', 'Turbulence, and the wind blowing in slightly different directions around the cloud, can cause rotation under the base of the cloud and the spout to form. ""', 'Like tornadoes, they bring powerful winds, but instead of picking up dust and debris they cause a water mist around the column of rotating air.""', 'The UK Foreign Office said it is supporting a number of British nationals and their families following an incident in Sicily.', 'Britain\'s Marine Accident Investigation Branch is also sending a team of inspectors to conduct a ""preliminary assessment"" into the sinking of the UK registered-boat.', ""The Bayesian's registered owner is listed as Revtom Ltd. The superyacht can accommodate up to 12 guests in six suites."", ""The yacht's name is understood to be based on the Bayesian theory, which Mr Lynch's PhD thesis was based on."", ""Mr Lynch's wife Ms Bacares is named as the sole legal owner of Revtom registered in the Isle of Man."", 'A spokesperson for Camper and Nicholsons International, the firm that manages the 2008-built boat, told BBC Verify: ""Our priority is assisting with the ongoing search and providing all necessary support to the rescued passengers and crew.""', 'Mr Lynch sold his company Autonomy to American computing giant Hewlett-Packard (HP) in 2011 for $11bn (£8.6bn).', 'But an intense legal battle following the high-profile acquisition loomed over Mr Lynch for over a decade.', 'He was acquitted in the US in June on multiple fraud charges, for which he had been facing two decades in jail.', ""The sinking of the yacht came on the same day that Mr Lynch's co-defendant in the fraud case, Stephen Chamberlain, was confirmed by his lawyer as having died after being hit by a car in Cambridgeshire on Saturday."", ""Additional reporting by BBC Verify's Joshua Cheetham""]",-0.0035074446418244,"Dr Domenico Cipolla told Reuters news agency: ""We have given the survivors this information, but they are talking and crying all the time because they have realised that there is little hope of finding their friends alive.""","The sinking of the yacht came on the same day that Mr Lynch's co-defendant in the fraud case, Stephen Chamberlain, was confirmed by his lawyer as having died after being hit by a car in Cambridgeshire on Saturday.",-0.5661106109619141,"Luckily the lifeboat inflated and 11 of us managed to get on board.""","Witnesses told Italian news agency Ansa that the Bayesian’s anchor was down when the storm struck, causing the mast to break and the ship to lose its balance and sink off the coast of village Porticello, near Sicilian capital Palermo.",2024-08-14
-King Charles III £1 coin enters circulation,https://www.bbc.co.uk/news/articles/c3ejnv74dwno,2024-08-20T03:30:12.732Z,"The first £1 coins featuring King Charles III are entering circulation this week. Almost three million coins have been issued to post offices and banks across the country. The coins mark the King's new reign and celebrate his love of the natural world, with the reverse side featuring a pair of bees. Even as the King becomes a familiar sight on coins, those featuring Queen Elizabeth II will remain in circulation. New sets of coins are struck in response to demand. ""It is an honour to reveal that King Charles III’s £1 coin is now in circulation,"" said Rebecca Morgan, director at the Royal Mint. ""We know there’ll be a buzz of excitement amongst collectors and the public to get this special piece of history in their change."" The bees are one of eight new designs that will appear on the nation’s coins, from the 1p to the £2. The new designs of the coins were revealed back in October.  The tails side of every coin will feature the country's flora and fauna. Animals ranging from the red squirrel to the capercaillie grouse are also depicted, as part of an effort to show the importance, and precariousness, of the natural world. Ms Morgan said she hoped the designs across all denominations would spark ""important conversations about the conservation of these important species”. Each coin has been created with the support of the Royal Horticultural Society and the Royal Society for the Protection of Birds. The size and shape of the coins remain unchanged, which is key because of the still widespread use of coins in vending machines, supermarket self-checkouts and parking meters. But the numbers on the coins have been enlarged, to help children identify figures and learn to count. The Royal Mint, based in Llantrisant, Rhondda Cynon Taf, has made the circulating coinage of each of Britain’s monarchs since Alfred the Great, Ms Morgan said. Although there have been commemorative coins circulating featuring King Charles, these new designs - officially known as definitives - mark the transition on to coinage that will be used daily. Definitive coins feature the standard designs seen on the majority of official currency. These designs stay the same for years or even decades. The previous set featured a shield formation and was introduced under Queen Elizabeth II in 2008, and will still dominate the 29 billion coins in circulation in the UK for some time yet. ",BBC,20/08/2024,"['The first £1 coins featuring King Charles III are entering circulation this week.', 'Almost three million coins have been issued to post offices and banks across the country.', ""The coins mark the King's new reign and celebrate his love of the natural world, with the reverse side featuring a pair of bees."", 'Even as the King becomes a familiar sight on coins, those featuring Queen Elizabeth II will remain in circulation.', 'New sets of coins are struck in response to demand. ""', 'It is an honour to reveal that King Charles III’s £1 coin is now in circulation,"" said Rebecca Morgan, director at the Royal Mint. ""', 'We know there’ll be a buzz of excitement amongst collectors and the public to get this special piece of history in their change.""', 'The bees are one of eight new designs that will appear on the nation’s coins, from the 1p to the £2.', 'The new designs of the coins were revealed back in October.', ""The tails side of every coin will feature the country's flora and fauna."", 'Animals ranging from the red squirrel to the capercaillie grouse are also depicted, as part of an effort to show the importance, and precariousness, of the natural world.', 'Ms Morgan said she hoped the designs across all denominations would spark ""important conversations about the conservation of these important species”.', 'Each coin has been created with the support of the Royal Horticultural Society and the Royal Society for the Protection of Birds.', 'The size and shape of the coins remain unchanged, which is key because of the still widespread use of coins in vending machines, supermarket self-checkouts and parking meters.', 'But the numbers on the coins have been enlarged, to help children identify figures and learn to count.', 'The Royal Mint, based in Llantrisant, Rhondda Cynon Taf, has made the circulating coinage of each of Britain’s monarchs since Alfred the Great, Ms Morgan said.', 'Although there have been commemorative coins circulating featuring King Charles, these new designs - officially known as definitives - mark the transition on to coinage that will be used daily.', 'Definitive coins feature the standard designs seen on the majority of official currency.', 'These designs stay the same for years or even decades.', 'The previous set featured a shield formation and was introduced under Queen Elizabeth II in 2008, and will still dominate the 29 billion coins in circulation in the UK for some time yet.']",0.2382125926436159,"The coins mark the King's new reign and celebrate his love of the natural world, with the reverse side featuring a pair of bees.","New sets of coins are struck in response to demand. """,0.980395644903183,"Ms Morgan said she hoped the designs across all denominations would spark ""important conversations about the conservation of these important species”.",,2024-08-14
-Ted Baker: What went wrong for the British fashion label?,https://www.bbc.co.uk/news/articles/czxle8zyzgxo,2024-08-19T12:14:00.968Z,"Ted Baker - a fixture on UK High Streets since the late 1980s - is the latest casualty in the battle facing brick-and-mortar shops. Known for its quirky advertising and signature floral prints, the brand has long been synonymous with British fashion and heritage. But in recent years, it has faced huge challenges such as fierce competition, the shift to online shopping and the departure of its founder Ray Kelvin. It is now set to close its remaining stores this week, putting more than 500 jobs at risk in the UK. ""This is an iconic brand with a signature design,"" Diane Wehrle, retail expert and chief executive at Rendle Intelligence and Insights told the BBC.  During the brand's 36-year history, it has been forced to compete with other, higher-end, High Street fashion outfits such as Reiss, Whistles, Mango and Massimo Dutti, ""all of which have eaten away at its market share"", she noted. It has had to fend off competition while facing huge overheads with some 1,000 employees across 46 stores, concessions and the online business, she said. But its fatal error? A failure to evolve with consumer tastes. ""Over the last three decades their signature floral design, whilst iconic, simply became too tired for current consumers,"" Ms Wehrle said. According to Ms Wehrle, the brand's ""instability and poor media profile"" has also been exacerbated by allegations of misconduct against its founder, further impacting sales. Founder Ray Kelvin stepped down as chief executive in March 2019 after allegations of inappropriate behaviour, which he denied.  His successor Lindsay Page and chairman David Bernstein then resigned in late 2019 after the firm issued a profit warning. Ted Baker started out as a menswear brand in Glasgow in 1988. Eventually, it had set up shops all across the UK and in the United States, with licensing agreements in place for stores in cities in Asia and the Middle East. Danni Hewson, head of financial analysis at AJ Bell, told the BBC that Ted Baker achieved massive success in the nineties and noughties, by creating highly sought-after product for special occasions.  ""Teenage boys bought their first suits for prom, twenty-something women picked up signature florals to wear at friend’s wedding and Christmas stockings were packed full of branded fragrances and lotions,"" she said. But she suggests its charm began to fade as its footprint expanded, and once consumers recognised in lockdown that they could opt for athleisure instead of being ""suited and booted"", it struggled to stand out. “Retail is brutal and fashion retail particularly so,"" she said.  ""What strikes a chord with shoppers one season might be off key the next and social media has made being 'on trend' even more important"". Plenty of other names have seen similar struggles. Although the likes of Karen Millen and Coast still exist as part of bigger online stables, they don’t have the same brand recognition they once did. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said that while bigger operations like Next and M&S were able to ""switch focus"" to establish digital channels and more laid-back ranges, ""Ted Baker floundered as the company failed to shift gears"". She said that when Authentic Brands Group snapped up Ted Baker in 2022, there were ""high hopes of a revival, but the investment needed to rejuvenate the brand didn’t materialise"". The cost-of-living squeeze has also squeezed customers' budgets in another blow for brands positioning themselves in the middle of the market.  The firm which ran Ted Baker's UK stores, No Ordinary Designer Label (NODL), fell into administration in March this year. US firm Authentic Brands Group owns the intellectual property for Ted Baker, while NODL was the holding company for the brand in the UK. When NODL collapsed, Authentic said the ""damage done"" during a tie-up with another firm was ""too much to overcome"". Authentic has been in talks with other retailers about a possible licensing partnership for the brand. However, reports suggest these talks have stalled and so for now the future of the Ted Baker brand remains in the balance. ",BBC,19/08/2024,"['Ted Baker - a fixture on UK High Streets since the late 1980s - is the latest casualty in the battle facing brick-and-mortar shops.', 'Known for its quirky advertising and signature floral prints, the brand has long been synonymous with British fashion and heritage.', 'But in recent years, it has faced huge challenges such as fierce competition, the shift to online shopping and the departure of its founder Ray Kelvin.', 'It is now set to close its remaining stores this week, putting more than 500 jobs at risk in the UK. ""', 'This is an iconic brand with a signature design,"" Diane Wehrle, retail expert and chief executive at Rendle Intelligence and Insights told the BBC.', 'During the brand\'s 36-year history, it has been forced to compete with other, higher-end, High Street fashion outfits such as Reiss, Whistles, Mango and Massimo Dutti, ""all of which have eaten away at its market share"", she noted.', 'It has had to fend off competition while facing huge overheads with some 1,000 employees across 46 stores, concessions and the online business, she said.', 'But its fatal error?', 'A failure to evolve with consumer tastes. ""', 'Over the last three decades their signature floral design, whilst iconic, simply became too tired for current consumers,"" Ms Wehrle said.', 'According to Ms Wehrle, the brand\'s ""instability and poor media profile"" has also been exacerbated by allegations of misconduct against its founder, further impacting sales.', 'Founder Ray Kelvin stepped down as chief executive in March 2019 after allegations of inappropriate behaviour, which he denied.', 'His successor Lindsay Page and chairman David Bernstein then resigned in late 2019 after the firm issued a profit warning.', 'Ted Baker started out as a menswear brand in Glasgow in 1988.', 'Eventually, it had set up shops all across the UK and in the United States, with licensing agreements in place for stores in cities in Asia and the Middle East.', 'Danni Hewson, head of financial analysis at AJ Bell, told the BBC that Ted Baker achieved massive success in the nineties and noughties, by creating highly sought-after product for special occasions. ""', 'Teenage boys bought their first suits for prom, twenty-something women picked up signature florals to wear at friend’s wedding and Christmas stockings were packed full of branded fragrances and lotions,"" she said.', 'But she suggests its charm began to fade as its footprint expanded, and once consumers recognised in lockdown that they could opt for athleisure instead of being ""suited and booted"", it struggled to stand out. “', 'Retail is brutal and fashion retail particularly so,"" she said. ""', 'What strikes a chord with shoppers one season might be off key the next and social media has made being \'on trend\' even more important"".', 'Plenty of other names have seen similar struggles.', 'Although the likes of Karen Millen and Coast still exist as part of bigger online stables, they don’t have the same brand recognition they once did.', 'Susannah Streeter, head of money and markets at Hargreaves Lansdown, said that while bigger operations like Next and M&S were able to ""switch focus"" to establish digital channels and more laid-back ranges, ""Ted Baker floundered as the company failed to shift gears"".', 'She said that when Authentic Brands Group snapped up Ted Baker in 2022, there were ""high hopes of a revival, but the investment needed to rejuvenate the brand didn’t materialise"".', ""The cost-of-living squeeze has also squeezed customers' budgets in another blow for brands positioning themselves in the middle of the market."", ""The firm which ran Ted Baker's UK stores, No Ordinary Designer Label (NODL), fell into administration in March this year."", 'US firm Authentic Brands Group owns the intellectual property for Ted Baker, while NODL was the holding company for the brand in the UK.', 'When NODL collapsed, Authentic said the ""damage done"" during a tie-up with another firm was ""too much to overcome"".', 'Authentic has been in talks with other retailers about a possible licensing partnership for the brand.', 'However, reports suggest these talks have stalled and so for now the future of the Ted Baker brand remains in the balance.']",-0.0579893197182967,"Danni Hewson, head of financial analysis at AJ Bell, told the BBC that Ted Baker achieved massive success in the nineties and noughties, by creating highly sought-after product for special occasions. """,But its fatal error?,-0.7498895839640969,"Danni Hewson, head of financial analysis at AJ Bell, told the BBC that Ted Baker achieved massive success in the nineties and noughties, by creating highly sought-after product for special occasions. ""","According to Ms Wehrle, the brand's ""instability and poor media profile"" has also been exacerbated by allegations of misconduct against its founder, further impacting sales.",2024-08-14
-Kamala Harris and Donald Trump battle over US election’s biggest issue,https://www.bbc.co.uk/news/articles/cgl2xjxlz3xo,2024-08-16T23:41:30.994Z,"After almost a year off the platform, Donald Trump returned to X this week and asked his 89 million followers: “Are you better off now than you were when I was president?” It was a clear echo of the famous quote from Ronald Reagan during his victorious 1980 presidential campaign, when he asked: “Are you better off today than you were four years ago?” This messaging isn’t surprising. It seems like an obvious strategy for Trump to focus on the economy. That’s because polls consistently suggest it’s the issue American voters care about the most. One such poll conducted by The Economist and YouGov in recent days listed “inflation/prices” and “jobs and the economy” among voters’ top concerns.  Perhaps more importantly, polls also indicate voters are deeply unhappy with the current state of affairs. That seems like a perfect situation for any presidential challenger. But in an election that’s been transformed by Kamala Harris taking over from Joe Biden as the Democratic candidate, Trump seems to be struggling to land his simple message on the economy. It is less than a month since he was on stage at the Republican National Convention looking unbeatable, having survived an assassination attempt and riding high in the opinion polls. Now, he has lost that lead and seems to have lost his way. Meanwhile, in the opposition corner, Ms Harris is riding a wave of excitement and enthusiasm that he is finding difficult to counter. The easiest way to burst her bubble would be to remind voters how unhappy they are about high prices and blame her for the inflation that has pushed up the cost of living during the time she has been beside President Biden in the White House. One of the reasons Trump is failing to land that message is the Harris campaign’s strategy of putting proposals to try to lower the cost of living at the heart of her pitch. In a speech in North Carolina on Friday, Ms Harris promised to expand child tax credits, help people to purchase their first homes, and to encourage the building of more affordable housing. She also said she hoped to tackle the persistently high price of food and groceries by banning “price gouging” or excessive corporate profiteering.  ""By any measure, our economy is the strongest in the world,” she said. “Many Americans don't yet feel that progress in their daily lives."" Joe Biden and Kamala Harris ought to be able to boast about some very good economic indicators. There is strong growth, record levels of job creation, and this week the inflation rate fell below 3% for the first time during Mr Biden’s presidency. But because prices are still high, voters don’t feel any better off. Voters don’t care about the rate of inflation – they care about the level of prices. “A central banker wants inflation to get back to target. A shopper wants his or her old price back,"" Jared Bernstein, the chair of President Biden’s Council of Economic Advisers, said in a July speech. When it comes to the economy, “the vibes are off”. “Vibes matter,” Mr Bernstein said. So will the bad economic vibes hurt the Harris campaign? That is what I asked voters over lunch at a crab shack on the Chesapeake Bay in Maryland. Jeff Tester, who works in a nearby marina, said high prices are really hurting him.  “I get paid by the hour. I get up to go to work every day. I think you have to do that to get the American dream,” he said. “But I just know it's getting harder.” And he is very clear about who he sees as responsible. “I blame the Democrats. I believe their policies are hurting the working man,” he said. Every diner I met complained about inflation, but not everyone held Mr Biden or Ms Harris responsible. Dan Nardo, a retired boat broker, said he believed the pandemic, oil prices, foreign wars and supply chain issues have more to do with price rises than the US president. His friend Randy Turk, a retired lawyer, told me that he felt a new administration is likely to follow a similar path to try to reduce inflation, regardless of who wins.  “It's not like a different president can really make that much of a difference,” he said. Ms Harris struggled for prominence and media coverage during most of her time as vice-president. Previously that was seen as a weakness. But if it means she can emerge untainted by “Bidenomics”, it could be one of her greatest strengths. Ruth Igielnik, polling editor at the New York Times, says the latest data she has collected suggests “voters very much tied their negative feelings about the economy to Joe Biden”. Talking to me on the BBC’s Americast podcast,  she explained that in her polling Trump is still favoured on the economy, but where he once had an 18-point lead over Mr Biden he now leads Ms Harris by only about 8 points. “That makes me think voters aren’t necessarily attaching their feelings about the economy to her,” she said. A separate poll this week conducted for the Financial Times and the University of Michigan Ross School of Business indicated Ms Harris holds a narrow lead over Trump on who Americans trust to handle the economy. No wonder Republicans are publicly begging Trump to focus on the issues, the economy in particular, and stop launching personal attacks against Ms Harris. In a speech this week, Trump told supporters he was going to talk about the economy but struggled to stay on topic. “They say it’s the most important subject,” he said, ""they"" referring to his advisers and strategists who believe this is his strongest line of attack. “I’m not sure it is. But they say it’s the most important,” he added, before going on to list immigration, crime and the way Ms Harris laughs as top issues. You could practically hear his campaign managers pulling their hair out. “Voters don’t care about personalities or who is drawing larger crowd sizes,” said Matt Terrill, former chief of staff for Marco Rubio’s presidential campaign. “Independent, undecided, swing voters in key states care about the economy and inflation so just focus on those core issues,” he said.  “Stay focused on talking about how you are going to make the lives of Americans better over the next four years.” It was back in 1992 that the Democrat Jim Carville coined the slogan “It’s the economy, stupid” while he was working on Bill Clinton’s presidential campaign. It’s advice that every campaign since has clung to. But Trump, this time around, seems to be finding it uncommonly difficult to stick with. It ought to be a winner for him. After all, according to the Financial Times poll, in answer to his question “Are you better off now than you were when I was president?” only 19% of voters say they are. ",BBC,16/08/2024,"['After almost a year off the platform, Donald Trump returned to X this week and asked his 89 million followers: “Are you better off now than you were when I was president?”', 'It was a clear echo of the famous quote from Ronald Reagan during his victorious 1980 presidential campaign, when he asked: “Are you better off today than you were four years ago?”', 'This messaging isn’t surprising.', 'It seems like an obvious strategy for Trump to focus on the economy.', 'That’s because polls consistently suggest it’s the issue American voters care about the most.', 'One such poll conducted by The Economist and YouGov in recent days listed “inflation/prices” and “jobs and the economy” among voters’ top concerns.', 'Perhaps more importantly, polls also indicate voters are deeply unhappy with the current state of affairs.', 'That seems like a perfect situation for any presidential challenger.', 'But in an election that’s been transformed by Kamala Harris taking over from Joe Biden as the Democratic candidate, Trump seems to be struggling to land his simple message on the economy.', 'It is less than a month since he was on stage at the Republican National Convention looking unbeatable, having survived an assassination attempt and riding high in the opinion polls.', 'Now, he has lost that lead and seems to have lost his way.', 'Meanwhile, in the opposition corner, Ms Harris is riding a wave of excitement and enthusiasm that he is finding difficult to counter.', 'The easiest way to burst her bubble would be to remind voters how unhappy they are about high prices and blame her for the inflation that has pushed up the cost of living during the time she has been beside President Biden in the White House.', 'One of the reasons Trump is failing to land that message is the Harris campaign’s strategy of putting proposals to try to lower the cost of living at the heart of her pitch.', 'In a speech in North Carolina on Friday, Ms Harris promised to expand child tax credits, help people to purchase their first homes, and to encourage the building of more affordable housing.', 'She also said she hoped to tackle the persistently high price of food and groceries by banning “price gouging” or excessive corporate profiteering. ""', 'By any measure, our economy is the strongest in the world,” she said. “', 'Many Americans don\'t yet feel that progress in their daily lives.""', 'Joe Biden and Kamala Harris ought to be able to boast about some very good economic indicators.', 'There is strong growth, record levels of job creation, and this week the inflation rate fell below 3% for the first time during Mr Biden’s presidency.', 'But because prices are still high, voters don’t feel any better off.', 'Voters don’t care about the rate of inflation – they care about the level of prices. “', 'A central banker wants inflation to get back to target.', 'A shopper wants his or her old price back,"" Jared Bernstein, the chair of President Biden’s Council of Economic Advisers, said in a July speech.', 'When it comes to the economy, “the vibes are off”. “', 'Vibes matter,” Mr Bernstein said.', 'So will the bad economic vibes hurt the Harris campaign?', 'That is what I asked voters over lunch at a crab shack on the Chesapeake Bay in Maryland.', 'Jeff Tester, who works in a nearby marina, said high prices are really hurting him. “', 'I get paid by the hour.', 'I get up to go to work every day.', 'I think you have to do that to get the American dream,” he said. “', ""But I just know it's getting harder.”"", 'And he is very clear about who he sees as responsible. “', 'I blame the Democrats.', 'I believe their policies are hurting the working man,” he said.', 'Every diner I met complained about inflation, but not everyone held Mr Biden or Ms Harris responsible.', 'Dan Nardo, a retired boat broker, said he believed the pandemic, oil prices, foreign wars and supply chain issues have more to do with price rises than the US president.', 'His friend Randy Turk, a retired lawyer, told me that he felt a new administration is likely to follow a similar path to try to reduce inflation, regardless of who wins. “', ""It's not like a different president can really make that much of a difference,” he said."", 'Ms Harris struggled for prominence and media coverage during most of her time as vice-president.', 'Previously that was seen as a weakness.', 'But if it means she can emerge untainted by “Bidenomics”, it could be one of her greatest strengths.', 'Ruth Igielnik, polling editor at the New York Times, says the latest data she has collected suggests “voters very much tied their negative feelings about the economy to Joe Biden”.', 'Talking to me on the BBC’s Americast podcast, she explained that in her polling Trump is still favoured on the economy, but where he once had an 18-point lead over Mr Biden he now leads Ms Harris by only about 8 points. “', 'That makes me think voters aren’t necessarily attaching their feelings about the economy to her,” she said.', 'A separate poll this week conducted for the Financial Times and the University of Michigan Ross School of Business indicated Ms Harris holds a narrow lead over Trump on who Americans trust to handle the economy.', 'No wonder Republicans are publicly begging Trump to focus on the issues, the economy in particular, and stop launching personal attacks against Ms Harris.', 'In a speech this week, Trump told supporters he was going to talk about the economy but struggled to stay on topic. “', 'They say it’s the most important subject,” he said, ""they"" referring to his advisers and strategists who believe this is his strongest line of attack. “', 'I’m not sure it is.', 'But they say it’s the most important,” he added, before going on to list immigration, crime and the way Ms Harris laughs as top issues.', 'You could practically hear his campaign managers pulling their hair out. “', 'Voters don’t care about personalities or who is drawing larger crowd sizes,” said Matt Terrill, former chief of staff for Marco Rubio’s presidential campaign. “', 'Independent, undecided, swing voters in key states care about the economy and inflation so just focus on those core issues,” he said. “', 'Stay focused on talking about how you are going to make the lives of Americans better over the next four years.”', 'It was back in 1992 that the Democrat Jim Carville coined the slogan “It’s the economy, stupid” while he was working on Bill Clinton’s presidential campaign.', 'It’s advice that every campaign since has clung to.', 'But Trump, this time around, seems to be finding it uncommonly difficult to stick with.', 'It ought to be a winner for him.', 'After all, according to the Financial Times poll, in answer to his question “Are you better off now than you were when I was president?”', 'only 19% of voters say they are.']",0.1031696417450736,"In a speech in North Carolina on Friday, Ms Harris promised to expand child tax credits, help people to purchase their first homes, and to encourage the building of more affordable housing.",So will the bad economic vibes hurt the Harris campaign?,-0.1016853470956125,"By any measure, our economy is the strongest in the world,” she said. “",So will the bad economic vibes hurt the Harris campaign?,2024-08-14
-Libya central bank reopens after kidnapped official freed,https://www.bbc.co.uk/news/articles/c8er628kx63o,2024-08-18T16:48:46.362Z,"Libya's central bank (CBL) says it has resumed operations following the release of a bank official who had been abducted from his home.  CBL confirmed the release of Musaab Muslamm, head of the bank's information technology department, who was taken on Sunday by an ""unidentified party."" It said Mr Msallem had been taken from the capital, Tripoli, and that other bank employees had been threatened with kidnapping too. CBL had halted all work, refusing to reopen until Mr Msallem was freed.  In a brief statement on Monday afternoon, the bank said it was back running as normal as Mr Msallem had returned and was ""safe"". The central bank, which is independent but owned by the Libyan state, is the only internationally recognised depository for Libyan oil revenues - a vital economic income for a country torn for years between two rival governments in Tripoli and Benghazi. Mr Msallem's abduction comes a week after the central bank suffered a siege by armed men, according to AFP news agency.  According to local media cited by AFP, the armed men did so to force the resignation of the bank's governor Seddik al-Kabir. In office since 2012, Mr Kabir has faced criticism over the management of oil resources and the state budget. On Monday, Mr Kabir discussed ""the increasing threats to the security and safety of the central bank, its employees and its systems"" with British ambassador to Libya Martin Longden, CBL said in a statement on Monday. Since the ousting and killing of Libyan leader Muammar Gaddafi in 2011, the country has suffered from chronic insecurity. The country has been divided by power struggles and currently has two governments - a UN-recognised one based in Tripoli, and another in the country's east backed by warlord Gen Khalifa Haftar. 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,18/08/2024,"[""Libya's central bank (CBL) says it has resumed operations following the release of a bank official who had been abducted from his home."", 'CBL confirmed the release of Musaab Muslamm, head of the bank\'s information technology department, who was taken on Sunday by an ""unidentified party.""', 'It said Mr Msallem had been taken from the capital, Tripoli, and that other bank employees had been threatened with kidnapping too.', 'CBL had halted all work, refusing to reopen until Mr Msallem was freed.', 'In a brief statement on Monday afternoon, the bank said it was back running as normal as Mr Msallem had returned and was ""safe"".', 'The central bank, which is independent but owned by the Libyan state, is the only internationally recognised depository for Libyan oil revenues - a vital economic income for a country torn for years between two rival governments in Tripoli and Benghazi.', ""Mr Msallem's abduction comes a week after the central bank suffered a siege by armed men, according to AFP news agency."", ""According to local media cited by AFP, the armed men did so to force the resignation of the bank's governor Seddik al-Kabir."", 'In office since 2012, Mr Kabir has faced criticism over the management of oil resources and the state budget.', 'On Monday, Mr Kabir discussed ""the increasing threats to the security and safety of the central bank, its employees and its systems"" with British ambassador to Libya Martin Longden, CBL said in a statement on Monday.', 'Since the ousting and killing of Libyan leader Muammar Gaddafi in 2011, the country has suffered from chronic insecurity.', ""The country has been divided by power struggles and currently has two governments - a UN-recognised one based in Tripoli, and another in the country's east backed by warlord Gen Khalifa Haftar."", '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']",-0.1759145195538733,"In a brief statement on Monday afternoon, the bank said it was back running as normal as Mr Msallem had returned and was ""safe"".","Since the ousting and killing of Libyan leader Muammar Gaddafi in 2011, the country has suffered from chronic insecurity.",-0.3248292207717895,"In a brief statement on Monday afternoon, the bank said it was back running as normal as Mr Msallem had returned and was ""safe"".","Since the ousting and killing of Libyan leader Muammar Gaddafi in 2011, the country has suffered from chronic insecurity.",2024-08-14
-Crypto magnate buys SpaceX mission for private polar spaceflight expedition,https://www.cnbc.com/2024/08/13/crypto-magnate-chun-wang-buys-spacex-polar-spaceflight-fram2.html,2024-08-13T15:04:27+0000,"Private polar expeditions are reaching a new level: Space.Cryptocurrency speculator Chun Wang bought a SpaceX multi-day flight for an undisclosed amount, the company announced on Monday, with plans to lead the first crewed space mission in polar orbit, flying end-to-end over the Earth.Called ""Fram2,"" an ode to the 19th-century polar expedition ship Fram, the mission is scheduled to launch near the end of this year. It will fly on SpaceX's Falcon 9 rocket and use its thrice-flown Dragon capsule named Endurance — an apt coincidence, as a NASA crew three years ago named the spacecraft after explorer Sir Ernest Shackleton's famed ship.For the mission, Wang invited a trio of Arctic specialists to join him: Jannicke Mikkelsen, 38, a Norwegian filmmaker; Eric Philips, 62, an Australian explorer and guide; and Rabea Rogge, 28, a German researcher.""I've been interested in space from a very young age … and for the first time, a private person can plan and design their own very personal mission,"" Wang told CNBC.Wang, 42, was born in Tianjin, China, but now hails from the Mediterranean island country of Malta, having become a citizen last year. Wang said he met his fellow crewmembers while living in Svalbard, the far north Norwegian archipelago, and describes himself as ""nomadic,"" having visited more than 100 countries the past few years.Even as the cost of human spaceflight has come down from the exclusive domain of superpower governments, a multi-day mission is still only accessible to ultra-high-net-worth individuals.SpaceX does not advertise the price of its crewed missions, even though the company does disclose its price tag for launching satellites. NASA has previously disclosed it pays about $55 million per seat to fly astronauts on Dragon, meaning a crewed mission is upward of $200 million.Wang confirmed that ""I paid for this mission,"" but declined to specify how much.Aside from showing off his trips around the world on social media, Wang has kept a low profile and his unspecified net worth appears mostly, if not fully, tied to work mining cryptocurrency. On LinkedIn, Wang says he mined 7,700 bitcoin over two years, an amount that would be worth about $450 million at current prices. He also says he was the co-founder of F2Pool, a self-described decentralized collective that helps generate cryptocurrency — and the organization says it's mined more than 1.3 million in bitcoin in the past 11 years, an amount that would be worth over $76 billion in today's dollars.Mikkelsen, who is Wang's neighbor in the Svalbard town of Longyearbyen, said she was shocked when she went from friend to future astronaut.""I absolutely did not believe Chun when he just randomly texted me,"" Mikkelsen told CNBC.Wang said his proposal to SpaceX for the Fram2 mission came together after the historic private Inspiration4 flight in 2021. Like Inspiration4, the spacecraft will have a ""cupola"" window installed and will spend three to five days in orbit. The Fram2 crew has plans to conduct a variety of research as well, including studying the upper atmosphere — especially looking at ""fragments in the aurora"" above Earth, Mikkelsen said — as well as analysis of spaceflight effects on the human body.The crew members started training with SpaceX this week, having done their own ""extreme environment"" training in Alaska a month ago, and hope their flight furthers the idea that space is becoming more accessible. Mikkelsen said she hopes to do more than ""just film a documentary,"" but make ""an immersive production, so you also can experience it as if you are in Dragon.""""We are trying to make the door wider and make people feel that everyone can have their own very personal space mission,"" Wang added.",CNBC,13/08/2024,"['Private polar expeditions are reaching a new level: Space.', 'Cryptocurrency speculator Chun Wang bought a SpaceX multi-day flight for an undisclosed amount, the company announced on Monday, with plans to lead the first crewed space mission in polar orbit, flying end-to-end over the Earth.', 'Called ""Fram2,"" an ode to the 19th-century polar expedition ship Fram, the mission is scheduled to launch near the end of this year.', ""It will fly on SpaceX's Falcon 9 rocket and use its thrice-flown Dragon capsule named Endurance — an apt coincidence, as a NASA crew three years ago named the spacecraft after explorer Sir Ernest Shackleton's famed ship."", 'For the mission, Wang invited a trio of Arctic specialists to join him: Jannicke Mikkelsen, 38, a Norwegian filmmaker; Eric Philips, 62, an Australian explorer and guide; and Rabea Rogge, 28, a German researcher.', '""I\'ve been interested in space from a very young age … and for the first time, a private person can plan and design their own very personal mission,"" Wang told CNBC.Wang, 42, was born in Tianjin, China, but now hails from the Mediterranean island country of Malta, having become a citizen last year.', 'Wang said he met his fellow crewmembers while living in Svalbard, the far north Norwegian archipelago, and describes himself as ""nomadic,"" having visited more than 100 countries the past few years.', 'Even as the cost of human spaceflight has come down from the exclusive domain of superpower governments, a multi-day mission is still only accessible to ultra-high-net-worth individuals.', 'SpaceX does not advertise the price of its crewed missions, even though the company does disclose its price tag for launching satellites.', 'NASA has previously disclosed it pays about $55 million per seat to fly astronauts on Dragon, meaning a crewed mission is upward of $200 million.', 'Wang confirmed that ""I paid for this mission,"" but declined to specify how much.', 'Aside from showing off his trips around the world on social media, Wang has kept a low profile and his unspecified net worth appears mostly, if not fully, tied to work mining cryptocurrency.', 'On LinkedIn, Wang says he mined 7,700 bitcoin over two years, an amount that would be worth about $450 million at current prices.', ""He also says he was the co-founder of F2Pool, a self-described decentralized collective that helps generate cryptocurrency — and the organization says it's mined more than 1.3 million in bitcoin in the past 11 years, an amount that would be worth over $76 billion in today's dollars."", ""Mikkelsen, who is Wang's neighbor in the Svalbard town of Longyearbyen, said she was shocked when she went from friend to future astronaut."", '""I absolutely did not believe Chun when he just randomly texted me,"" Mikkelsen told CNBC.Wang said his proposal to SpaceX for the Fram2 mission came together after the historic private Inspiration4 flight in 2021.', 'Like Inspiration4, the spacecraft will have a ""cupola"" window installed and will spend three to five days in orbit.', 'The Fram2 crew has plans to conduct a variety of research as well, including studying the upper atmosphere — especially looking at ""fragments in the aurora"" above Earth, Mikkelsen said — as well as analysis of spaceflight effects on the human body.', 'The crew members started training with SpaceX this week, having done their own ""extreme environment"" training in Alaska a month ago, and hope their flight furthers the idea that space is becoming more accessible.', 'Mikkelsen said she hopes to do more than ""just film a documentary,"" but make ""an immersive production, so you also can experience it as if you are in Dragon.', '""""We are trying to make the door wider and make people feel that everyone can have their own very personal space mission,"" Wang added.']",0.1675175558816722,"He also says he was the co-founder of F2Pool, a self-described decentralized collective that helps generate cryptocurrency — and the organization says it's mined more than 1.3 million in bitcoin in the past 11 years, an amount that would be worth over $76 billion in today's dollars.",,0.9486201008160908,"Even as the cost of human spaceflight has come down from the exclusive domain of superpower governments, a multi-day mission is still only accessible to ultra-high-net-worth individuals.",,2024-08-13
-Jamie Dimon says he still sees a recession on the horizon,https://www.cnbc.com/2024/08/07/jamie-dimon-still-sees-a-recession-ahead.html,2024-08-07T20:32:48+0000,"JPMorgan Chase CEO Jamie Dimon said Wednesday he still believes that the odds of a ""soft landing"" for the U.S. economy are around 35% to 40%, making recession the most likely scenario in his mind.When CNBC's Leslie Picker asked Dimon if he had changed his view from February that markets were too optimistic on recession risks, he said the odds were ""about the same"" as his earlier call.""There's a lot of uncertainty out there,"" Dimon said. ""I've always pointed to geopolitics, housing, the deficits, the spending, the quantitative tightening, the elections, all these things cause some consternation in markets.""Dimon, leader of the biggest U.S. bank by assets and one of the most respected voices on Wall Street, has warned of an economic ""hurricane"" since 2022. But the economy has held up better than he expected, and Dimon said Wednesday that while credit-card borrower defaults are rising, America is not in a recession right now.Dimon added he is ""a little bit of a skeptic"" that the Federal Reserve can bring inflation down to its 2% target because of future spending on the green economy and military.""There's always a large range of outcomes,"" Dimon said. ""I'm fully optimistic that if we have a mild recession, even a harder one, we would be okay. Of course, I'm very sympathetic to people who lose their jobs. You don't want a hard landing.""",CNBC,07/08/2024,"['JPMorgan Chase CEO Jamie Dimon said Wednesday he still believes that the odds of a ""soft landing"" for the U.S. economy are around 35% to 40%, making recession the most likely scenario in his mind.', 'When CNBC\'s Leslie Picker asked Dimon if he had changed his view from February that markets were too optimistic on recession risks, he said the odds were ""about the same"" as his earlier call.', '""There\'s a lot of uncertainty out there,"" Dimon said. ""', ""I've always pointed to geopolitics, housing, the deficits, the spending, the quantitative tightening, the elections, all these things cause some consternation in markets."", '""Dimon, leader of the biggest U.S. bank by assets and one of the most respected voices on Wall Street, has warned of an economic ""hurricane"" since 2022.', 'But the economy has held up better than he expected, and Dimon said Wednesday that while credit-card borrower defaults are rising, America is not in a recession right now.', 'Dimon added he is ""a little bit of a skeptic"" that the Federal Reserve can bring inflation down to its 2% target because of future spending on the green economy and military.', '""There\'s always a large range of outcomes,"" Dimon said. ""', ""I'm fully optimistic that if we have a mild recession, even a harder one, we would be okay."", ""Of course, I'm very sympathetic to people who lose their jobs."", 'You don\'t want a hard landing.""']",0.0313600794139361,"But the economy has held up better than he expected, and Dimon said Wednesday that while credit-card borrower defaults are rising, America is not in a recession right now.","JPMorgan Chase CEO Jamie Dimon said Wednesday he still believes that the odds of a ""soft landing"" for the U.S. economy are around 35% to 40%, making recession the most likely scenario in his mind.",-0.2108334675431251,"But the economy has held up better than he expected, and Dimon said Wednesday that while credit-card borrower defaults are rising, America is not in a recession right now.","Dimon added he is ""a little bit of a skeptic"" that the Federal Reserve can bring inflation down to its 2% target because of future spending on the green economy and military.",2024-08-13
-"Boeing's new outsider CEO Ortberg takes the helm, this time from the factory floor",https://www.cnbc.com/2024/08/08/new-boeing-ceo-kelly-ortberg.html,2024-08-08T16:13:20+0000,"In this articleAerospace veteran Robert ""Kelly"" Ortberg becomes Boeing's new CEO on Thursday with a singular mission: restoring the reputation of a U.S. manufacturing icon.That enormous goal will involve thousands of daily decisions that will determine whether Boeing can earn back the trust of regulators, airlines and the public; end persistent production defects; deliver aircraft on time and consistently to customers large and small; and stop burning cash.That cash burn is running about $8 billion so far this year and counting. Meanwhile, Boeing shares are down some 37% so far in 2024, as of Wednesday.Ortberg's Day 1 activity is walking the floor of Boeing's factory in Renton, Washington, where it builds its bestselling but problematic 737 Max. He plans to talk with employees and review safety and quality plans, with similar visits ahead at other Boeing plants.""I can't tell you how proud and excited I am to be a member of the Boeing team,"" he said in a note to staff on Thursday. ""While we clearly have a lot of work to do in restoring trust, I'm confident that working together, we will return the company to be the industry leader we all expect.""Analysts and industry insiders are cautiously upbeat, painting the 64-year-old Ortberg — a more than three-decade veteran of the industry who spent years atop commercial and defense supplier Rockwell Collins after working up the ranks there — as a good listener with an engineering background (he has a mechanical engineering degree). Perhaps most importantly, he is a Boeing outsider.""This guy has a fantastic reputation and level of experience in the industry,"" said Richard Aboulafia, managing director at AeroDynamic Advisory. ""He has a reputation for listening and for letting people push back.""Those skills will be key as Boeing tries to stabilize its production and eliminate manufacturing flaws.Boeing's top safety executive for commercial aerospace told a National Transportation Safety Board hearing earlier this week that the company is working on a design fix so the near-catastrophic door plug blowout it faced at the beginning of the year never happens again.The hearing was part of the NTSB's probe of the midair blowout of a door plug from a packed, monthsold Boeing 737 Max 9 as it climbed out of Portland, Oregon. While no one was seriously injured in the accident, it put Boeing back into crisis mode just as it was trying to move on from two fatal crashes of its bestselling 737 Max planes in 2018 and 2019.Worker testimony at the NTSB hearing also showed manufacturing pressure and frequent fixes on planes, putting a spotlight on Boeing's factories.""I will be transparent with you every step of the way, sharing news on progress as well as where we must do things better,"" Ortberg said in the memo. He vowed to share reports to staff, ""giving you timely updates of what I'm seeing and hearing on the ground from our teammates and our stakeholders.""Boeing last month agreed to plead guilty to defrauding the U.S. government during the Max certification, a deal that will require an independent corporate monitor at the company for three years.But Ortberg will have to address issues not only in the commercial jet business, including the delayed certification of new 737 and 777 models, but also in its defense unit.That segment of the business is facing issues with two 747s that will serve as the next Air Force One aircraft but are years behind schedule. Meanwhile, Boeing's misfiring Starliner capsule, which launched in early June, has NASA debating whether to use SpaceX instead to bring astronauts Butch Wilmore and Suni Williams back from the International Space Station.And on Thursday, NASA's Inspector General released an audit of the agency's Space Launch System rocket program, which is being built for moon missions and counts Boeing as a leading contractor. The NASA watchdog slammed Boeing for its ""ineffective quality management and inexperienced workforce, continued cost increases and schedule delays, and the delayed establishment of a cost and schedule baseline.""A decision is also looming over whether to launch a new aircraft as Boeing loses ground to rival Airbus.The first 100 days of Ortberg's time as CEO will be crucial, said Bank of America aerospace analyst Ron Epstein.""The decisions made early in his tenure will have generational impacts on the company,"" he said in a note Monday.Ortberg and his team will need to ensure Boeing's workforce is trained, with thousands of new workers in factories after more experienced staff members took buyouts or were laid off in the pandemic. A union representing some 30,000 Boeing factory workers in Washington state and Oregon is seeking more than 40% raises and, last month, members authorized a strike if a deal isn't reached this September.""The principles of safety and quality should be equally important as the manufacturing rates,"" Jon Holden, local president of the International Association of Machinists and Aerospace Workers, said in a statement last week. ""This potential collaboration with the new CEO could be a prime opportunity for Boeing to prove its dedication to its workforce and acknowledge the exceptional manufacturing capability and capacity of skilled IAM Members on the shop floor.""Last week, alongside another quarterly loss, Boeing announced Ortberg would succeed Dave Calhoun, who had said in March he would step down by year's end.That was part of a larger executive shake-up after the door plug blowout. Calhoun himself took over a Boeing in crisis in early 2020, replacing Dennis Muilenburg, who was ousted for his handling of the two Max crashes.While Boeing is still based in Arlington, Virginia — where it announced it would move its headquarters in 2022 from Chicago — Ortberg will be based in the Seattle area, giving him a close eye on where the majority of Boeing's commercial jetliner production is based.""In speaking with our customers and industry partners leading up to today, I can tell you that without exception, everyone wants us to succeed,"" Otberg said in his Day 1 note to employees. ""In many cases, they NEED us to succeed. This is a great foundation for us to build upon.""Getting off on the right foot with customers and the hundreds of suppliers that are struggling from pandemic-demand whiplash is important for Ortberg and the company. Boeing's relationships with its bread-and-butter customers has suffered recently, and its leadership shake-up came after airline CEOs sought a meeting with the company's board as delays of aircraft piled up in the wake of the door plug blowout.Southwest Airlines is among Boeing's biggest customers and, like other carriers, has scaled back its growth plans, citing delivery delays of new, more fuel-efficient jets from Boeing. The airline's CEO hinted at the big feat Ortberg has ahead of him.""We look forward to working with Kelly Ortberg in his efforts to return Boeing to its place as the leading American aerospace company,"" CEO Bob Jordan said in a written statement. ""A strong Boeing is great for Southwest Airlines and it's great for our industry.""— CNBC's Michael Sheetz contributed to this article.",CNBC,08/08/2024,"['In this articleAerospace veteran Robert ""Kelly"" Ortberg becomes Boeing\'s new CEO on Thursday with a singular mission: restoring the reputation of a U.S. manufacturing icon.', 'That enormous goal will involve thousands of daily decisions that will determine whether Boeing can earn back the trust of regulators, airlines and the public; end persistent production defects; deliver aircraft on time and consistently to customers large and small; and stop burning cash.', 'That cash burn is running about $8 billion so far this year and counting.', 'Meanwhile, Boeing shares are down some 37% so far in 2024, as of Wednesday.', ""Ortberg's Day 1 activity is walking the floor of Boeing's factory in Renton, Washington, where it builds its bestselling but problematic 737 Max."", 'He plans to talk with employees and review safety and quality plans, with similar visits ahead at other Boeing plants.', '""I can\'t tell you how proud and excited I am to be a member of the Boeing team,"" he said in a note to staff on Thursday. ""', ""While we clearly have a lot of work to do in restoring trust, I'm confident that working together, we will return the company to be the industry leader we all expect."", '""Analysts and industry insiders are cautiously upbeat, painting the 64-year-old Ortberg — a more than three-decade veteran of the industry who spent years atop commercial and defense supplier Rockwell Collins after working up the ranks there — as a good listener with an engineering background (he has a mechanical engineering degree).', 'Perhaps most importantly, he is a Boeing outsider.', '""This guy has a fantastic reputation and level of experience in the industry,"" said Richard Aboulafia, managing director at AeroDynamic Advisory. ""', 'He has a reputation for listening and for letting people push back.', '""Those skills will be key as Boeing tries to stabilize its production and eliminate manufacturing flaws.', ""Boeing's top safety executive for commercial aerospace told a National Transportation Safety Board hearing earlier this week that the company is working on a design fix so the near-catastrophic door plug blowout it faced at the beginning of the year never happens again."", ""The hearing was part of the NTSB's probe of the midair blowout of a door plug from a packed, monthsold Boeing 737 Max 9 as it climbed out of Portland, Oregon."", ""While no one was seriously injured in the accident, it put Boeing back into crisis mode just as it was trying to move on from two fatal crashes of its bestselling 737 Max planes in 2018 and 2019.Worker testimony at the NTSB hearing also showed manufacturing pressure and frequent fixes on planes, putting a spotlight on Boeing's factories."", '""I will be transparent with you every step of the way, sharing news on progress as well as where we must do things better,"" Ortberg said in the memo.', 'He vowed to share reports to staff, ""giving you timely updates of what I\'m seeing and hearing on the ground from our teammates and our stakeholders.', '""Boeing last month agreed to plead guilty to defrauding the U.S. government during the Max certification, a deal that will require an independent corporate monitor at the company for three years.', 'But Ortberg will have to address issues not only in the commercial jet business, including the delayed certification of new 737 and 777 models, but also in its defense unit.', 'That segment of the business is facing issues with two 747s that will serve as the next Air Force One aircraft but are years behind schedule.', ""Meanwhile, Boeing's misfiring Starliner capsule, which launched in early June, has NASA debating whether to use SpaceX instead to bring astronauts Butch Wilmore and Suni Williams back from the International Space Station."", ""And on Thursday, NASA's Inspector General released an audit of the agency's Space Launch System rocket program, which is being built for moon missions and counts Boeing as a leading contractor."", 'The NASA watchdog slammed Boeing for its ""ineffective quality management and inexperienced workforce, continued cost increases and schedule delays, and the delayed establishment of a cost and schedule baseline.', '""A decision is also looming over whether to launch a new aircraft as Boeing loses ground to rival Airbus.', ""The first 100 days of Ortberg's time as CEO will be crucial, said Bank of America aerospace analyst Ron Epstein."", '""The decisions made early in his tenure will have generational impacts on the company,"" he said in a note Monday.', ""Ortberg and his team will need to ensure Boeing's workforce is trained, with thousands of new workers in factories after more experienced staff members took buyouts or were laid off in the pandemic."", ""A union representing some 30,000 Boeing factory workers in Washington state and Oregon is seeking more than 40% raises and, last month, members authorized a strike if a deal isn't reached this September."", '""The principles of safety and quality should be equally important as the manufacturing rates,"" Jon Holden, local president of the International Association of Machinists and AerospaceWorkers, said in a statement last week. ""', 'This potential collaboration with the new CEO could be a prime opportunity for Boeing to prove its dedication to its workforce and acknowledge the exceptional manufacturing capability and capacity of skilled IAM Members on the shop floor.', '""Last week, alongside another quarterly loss, Boeing announced Ortberg would succeed Dave Calhoun, who had said in March he would step down by year\'s end.', 'That was part of a larger executive shake-up after the door plug blowout.', 'Calhoun himself took over a Boeing in crisis in early 2020, replacing Dennis Muilenburg, who was ousted for his handling of the two Max crashes.', ""While Boeing is still based in Arlington, Virginia — where it announced it would move its headquarters in 2022 from Chicago — Ortberg will be based in the Seattle area, giving him a close eye on where the majority of Boeing's commercial jetliner production is based."", '""In speaking with our customers and industry partners leading up to today, I can tell you that without exception, everyone wants us to succeed,"" Otberg said in his Day 1 note to employees. ""', 'In many cases, they NEED us to succeed.', 'This is a great foundation for us to build upon.', '""Getting off on the right foot with customers and the hundreds of suppliers that are struggling from pandemic-demand whiplash is important for Ortberg and the company.', ""Boeing's relationships with its bread-and-butter customers has suffered recently, and its leadership shake-up came after airline CEOs sought a meeting with the company's board as delays of aircraft piled up in the wake of the door plug blowout."", ""Southwest Airlines is among Boeing's biggest customers and, like other carriers, has scaled back its growth plans, citing delivery delays of new, more fuel-efficient jets from Boeing."", ""The airline's CEO hinted at the big feat Ortberg has ahead of him."", '""We look forward to working with Kelly Ortberg in his efforts to return Boeing to its place as the leading American aerospace company,"" CEO Bob Jordan said in a written statement. ""', 'A strong Boeing is great for Southwest Airlines and it\'s great for our industry.""—', ""CNBC's Michael Sheetz contributed to this article.""]",0.1498521652368237,"A strong Boeing is great for Southwest Airlines and it's great for our industry.""—","While no one was seriously injured in the accident, it put Boeing back into crisis mode just as it was trying to move on from two fatal crashes of its bestselling 737 Max planes in 2018 and 2019.Worker testimony at the NTSB hearing also showed manufacturing pressure and frequent fixes on planes, putting a spotlight on Boeing's factories.",0.2540590252195085,"A strong Boeing is great for Southwest Airlines and it's great for our industry.""—","Boeing's relationships with its bread-and-butter customers has suffered recently, and its leadership shake-up came after airline CEOs sought a meeting with the company's board as delays of aircraft piled up in the wake of the door plug blowout.",2024-08-13
-Starbucks replaces CEO Laxman Narasimhan with Chipotle CEO Brian Niccol,https://www.cnbc.com/2024/08/13/starbucks-replaces-ceo-laxman-narasimhan-with-chipotle-ceo-brian-niccol.html,2024-08-13T20:13:17+0000,"In this articleStarbucks announced Tuesday it's replacing CEO Laxman Narasimhan with Chipotle CEO Brian Niccol, sending its stock soaring 24.5%, its best day ever.Chipotle's stock fell over 10% on the news that Niccol would leave after a successful tenure at the burrito chain.Narasimhan's departure is effective immediately. Starbucks CFO Rachel Ruggeri will step in as interim chief executive until Sept. 9, when Niccol officially assumes the top job.Narasimhan took over as chief executive in March 2023. The coffee giant's performance has struggled this year, hurt by weak sales in the U.S. and China, its two largest markets. In its latest quarter, Starbucks reported a 3% decline in same-store sales.Pressure on the company mounted as it struggled to drive traffic to stores. Former CEO Howard Schultz, who handpicked Narasimhan as his successor, had written an open letter in May, weighing in on the company's issues and offering advice but never addressing Narasimhan by name. Activist investor Elliott Management had acquired a stake in the company in recent weeks.""Elliott has been engaged with Starbucks' Board over the past two months regarding our perspectives on the Company's key issues, and we view today's announcement as a transformational step forward for the Company,"" Elliott managing partner Jesse Cohn and partner Marc Steinberg said in a joint statement. ""We welcome the appointment of Brian Niccol, and we look forward to continuing our engagement with the Board as it works toward the realization of Starbucks' full potential.""Schultz, now chairman emeritus of the company, also backed Niccol as the new chief executive.""I believe he is the leader Starbucks needs at a pivotal moment in its history. He has my respect and full support,"" Schultz said in a statement.Fellow activist Starboard Value was also reported to have amassed a position in the coffee chain. In a statement Tuesday, Starboard's Jeff Smith said ""Brian is uniquely qualified to be the next leader of Starbucks. We believe this represents a very positive outcome for partners, shareholders, and customers.""Starbucks' shares have fallen 21% during Narasimhan's tenure, excluding Tuesday's move.Before joining Starbucks, Narasimhan was chief executive of Reckitt, which owns brands like Lysol and Mucinex. After being tapped as incoming CEO, he spent months learning about Starbucks' business, including training as a barista.Niccol has served as Chipotle's CEO since 2018, and previously led Yum Brands' Taco Bell. During his time at Chipotle, its stock soared 773%. As CEO of Chipotle, he helped the chain rebound from its foodborne illness scandal and led its restaurants through the pandemic. In recent quarters, while other restaurants have reported a sharp pullback in consumer spending, Chipotle has seen its traffic and sales climb, bucking the trend.Mellody Hobson, who stepped down as Starbucks chair to become lead independent director as part of Tuesday's leadership shake-up, said the board had been thinking about replacing Narasimhan for several months.""Our board, a couple months ago, started to engage in a conversation about the leadership of the company, and I made an overture through someone to Brian, and he took the call,"" Hobson said Tuesday on CNBC's ""Squawk Box."" ""We thought we had the opportunity to engage with one of the biggest names in the industry, someone whose track record is just clearly proven, not only through the spectacular results that he's had at Chipotle, but also before that at Pizza Hut and Taco Bell. He knows this industry, and we thought he would be the right leader for this moment.""Hobson acknowledged that Narasimhan faced some challenges coming into Starbucks without restaurant experience, but added that he helped decrease turnover and address supply chain issues. However, it appears that the board has more confidence that Niccol will be able to turn around the business quickly.""But what we saw with Brian was someone who's, quite honestly, been there, done that — through all sorts of market environments, all sorts of cycles. When I talked to him I remember him saying, 'I know what to do,'"" Hobson said.One of Chipotle's strengths under Niccol has been its app, which has helped fueled its strong performance in recent quarters. Starbucks' app has been one of the scapegoats of its weak performance. Schultz and other Starbucks critics have pointed to the glut in mobile orders, which slows down service and hurts the customer experience.Chipotle, on the other hand, has added a second assembly line to its restaurants specifically for mobile orders to keep up with digital demand. The burrito chain has been building locations with ""Chipotlanes,"" which are reserved for digital order pickup.Narasimhan's surprise ouster also suggests that Starbucks' board isn't interested in a deal with activist investors. When news of Elliott's stake in Starbucks first broke in July, the hedge fund offered Starbucks' board a settlement that would protect Narasimhan's job, CNBC previously reported. The board hadn't told Elliott about its leadership shake-up ahead of time, Hobson said Tuesday.Starbucks' board did not initially respond or engage with Elliott for some time, driven in part by the lingering influence of Schultz. Elliott has amassed a stake that was worth as much as $2 billion.However, the two sides met as recently as last week to discuss a settlement offer, CNBC previously reported.— CNBC's Robert Hum contributed reporting to this story.",CNBC,13/08/2024,"[""In this articleStarbucks announced Tuesday it's replacing CEO Laxman Narasimhan with Chipotle CEO Brian Niccol, sending its stock soaring 24.5%, its best day ever."", ""Chipotle's stock fell over 10% on the news that Niccol would leave after a successful tenure at the burrito chain."", ""Narasimhan's departure is effective immediately."", 'Starbucks CFO Rachel Ruggeri will step in as interim chief executive until Sept. 9, when Niccol officially assumes the top job.', 'Narasimhan took over as chief executive in March 2023.', ""The coffee giant's performance has struggled this year, hurt by weak sales in the U.S. and China, its two largest markets."", 'In its latest quarter, Starbucks reported a 3% decline in same-store sales.', 'Pressure on the company mounted as it struggled to drive traffic to stores.', ""Former CEO Howard Schultz, who handpicked Narasimhan as his successor, had written an open letter in May, weighing in on the company's issues and offering advice but never addressing Narasimhan by name."", 'Activist investor Elliott Management had acquired a stake in the company in recent weeks.', '""Elliott has been engaged with Starbucks\' Board over the past two months regarding our perspectives on the Company\'s key issues, and we view today\'s announcement as a transformational step forward for the Company,"" Elliott managing partner Jesse Cohn and partner Marc Steinberg said in a joint statement. ""', ""We welcome the appointment of Brian Niccol, and we look forward to continuing our engagement with the Board as it works toward the realization of Starbucks' full potential."", '""Schultz, now chairman emeritus of the company, also backed Niccol as the new chief executive.', '""I believe he is the leader Starbucks needs at a pivotal moment in its history.', 'He has my respect and full support,"" Schultz said in a statement.', 'Fellow activist Starboard Value was also reported to have amassed a position in the coffee chain.', 'In a statement Tuesday, Starboard\'s Jeff Smith said ""Brian is uniquely qualified to be the next leader of Starbucks.', 'We believe this represents a very positive outcome for partners, shareholders, and customers.', '""Starbucks\' shares have fallen 21% during Narasimhan\'s tenure, excluding Tuesday\'s move.', 'Before joining Starbucks, Narasimhan was chief executive of Reckitt, which owns brands like Lysol and Mucinex.', ""After being tapped as incoming CEO, he spent months learning about Starbucks' business, including training as a barista."", ""Niccol has served as Chipotle's CEO since 2018, and previously led Yum Brands' Taco Bell."", 'During his time at Chipotle, its stock soared 773%.', 'As CEO of Chipotle, he helped the chain rebound from its foodborne illness scandal and led its restaurants through the pandemic.', 'In recent quarters, while other restaurants have reported a sharp pullback in consumer spending, Chipotle has seen its traffic and sales climb, bucking the trend.', ""Mellody Hobson, who stepped down as Starbucks chair to become lead independent director as part of Tuesday's leadership shake-up, said the board had been thinking about replacing Narasimhan for several months."", '""Our board, a couple months ago, started to engage in a conversation about the leadership of the company, and I made an overture through someone to Brian, and he took the call,"" Hobson said Tuesday on CNBC\'s ""Squawk Box."" ""', ""We thought we had the opportunity to engage with one of the biggest names in the industry, someone whose track record is just clearly proven, not only through the spectacular results that he's had at Chipotle, but also before that at Pizza Hut and Taco Bell."", 'He knows this industry, and we thought he would be the right leader for this moment.', '""Hobson acknowledged that Narasimhan faced some challenges coming into Starbucks without restaurant experience, but added that he helped decrease turnover and address supply chain issues.', 'However, it appears that the board has more confidence that Niccol will be able to turn around the business quickly.', '""But what we saw with Brian was someone who\'s, quite honestly, been there, done that — through all sorts of market environments, all sorts of cycles.', 'When I talked to him I remember him saying, \'I know what to do,\'"" Hobson said.', ""One of Chipotle's strengths under Niccol has been itsapp,whichhas helped fueled its strong performance in recent quarters."", ""Starbucks' app has been one of the scapegoats of its weak performance."", 'Schultz and other Starbucks critics have pointed to the glut in mobile orders, which slows down service and hurts the customer experience.', 'Chipotle, on the other hand, has added a second assembly line to its restaurants specifically for mobile orders to keep up with digital demand.', 'The burrito chain has been building locations with ""Chipotlanes,"" which are reserved for digital order pickup.', ""Narasimhan's surprise ouster also suggests that Starbucks' board isn't interested in a deal with activist investors."", ""When news of Elliott's stake in Starbucks first broke in July, the hedge fund offered Starbucks' board a settlement that would protect Narasimhan's job, CNBC previously reported."", ""The board hadn't told Elliott about its leadership shake-up ahead of time, Hobson said Tuesday."", ""Starbucks' board did not initially respond or engage with Elliott for some time, driven in part by the lingering influence of Schultz."", 'Elliott has amassed a stake that was worth as much as $2 billion.', 'However, the two sides met as recently as last week to discuss a settlement offer, CNBC previously reported.—', ""CNBC's Robert Hum contributed reporting to this story.""]",0.12653163026733,"We welcome the appointment of Brian Niccol, and we look forward to continuing our engagement with the Board as it works toward the realization of Starbucks' full potential.","The coffee giant's performance has struggled this year, hurt by weak sales in the U.S. and China, its two largest markets.",0.2345552688295191,"In this articleStarbucks announced Tuesday it's replacing CEO Laxman Narasimhan with Chipotle CEO Brian Niccol, sending its stock soaring 24.5%, its best day ever.","In its latest quarter, Starbucks reported a 3% decline in same-store sales.",2024-08-13
-"Warner Bros. Discovery stock falls as it writes down $9.1 billion, misses estimates",https://www.cnbc.com/2024/08/07/warner-bros-discovery-wbd-earnings-q2-2024.html,2024-08-07T21:56:56+0000,"In this articleWarner Bros. Discovery's stock dropped Wednesday after it reported a $9.1 billion write-down on its TV networks and missed analyst estimates on revenue.Here is how Warner Bros. Discovery performed, based on a survey of analysts by LSEG:The company's shares were down roughly 9% in aftermarket trading.Warner Bros. Discovery on Wednesday reported the non-cash goodwill impairment charge, which was triggered by the reevaluation of the book value of the TV networks segment. The book value was higher than the market value as traditional TV networks continue to see customers flee and advertisers are opting to spend on digital and streaming instead.""While I am certainly not dismissive of the magnitude of this impairment, I believe it's equally important to recognize that the flip side of this reflects the value shift across business models,"" said CFO Gunnar Wiedenfels on Wednesday's earnings call, adding that the company is focusing on growth in the studios and streaming units.He said Warner Bros. Discovery's balance sheet carries a significant amount of goodwill stemming from mergers and acquisitions, namely the combination of Warner Bros. and Discovery in 2022.""It's fair to say that even two years ago market valuations and prevailing conditions for legacy media companies were quite different than they are today, and this impairment acknowledges this and better aligns our carrying values with our future outlook,"" CEO David Zaslav said on Wednesday's call.Executives highlighted Warner Bros. Discovery's continued mission of paying down debt, much of which stems from the 2022 merger. During the second quarter the company paid down $1.8 billion in debt. As of June 30, it had $41.4 billion in gross debt and $3.6 billion cash on hand.The company also noted uncertainty surrounding future sports rights renewals, including the NBA. Warner Bros. Discovery sued the NBA in July, looking to forcibly invoke its matching rights on a package of games earmarked for Amazon's Prime Video as part of the league's new media rights deal.Revenue for Warner Bros. Discovery's TV networks — a portfolio that includes TBS, TNT, Discovery and TLC — was down 8% to $5.27 billion during the second quarter, with both distribution and advertising revenue down in the segment.However, the company's streaming business, centered around the platform Max, was a bright spot.The company said Wednesday it added 3.6 million subscribers during the quarter ended June 30, bringing its total number of global streaming customers to 103.3 million.The international expansion lifting subscriber growth, as well as increased ad spending on streaming, is propelling its streaming business toward profitability, executives said Wednesday, with the expectation that it would continue.Zaslav also touted the streaming bundles Warner Bros. Discovery is forming — an entertainment pairing with Disney's Disney+ and Hulu — and a sports bundle with Disney's ESPN and Fox set to launch this fall.Still, direct-to-consumer streaming revenue decreased 5% to $2.57 billion, driven by content revenue dropping 70% due to a lower volume of third-party licensing deals. Yet advertising revenue for streaming was up 99%, the company said, driven by higher domestic engagement on Max, and ad-supported subscriber growth. Global revenue also increased 4% driven by the ad tier.Total revenue for the quarter was down 6% to $9.7 billion. Total adjusted earnings before interest, taxes, depreciation and amortization decreased 15% to $1.8 billion.Correction: This article has been updated to reflect that Warner Bros. Discovery's revenue was $9.7 billion for the quarter.",CNBC,07/08/2024,"[""In this articleWarner Bros. Discovery's stock dropped Wednesday after it reported a $9.1 billion write-down on its TV networks and missed analyst estimates on revenue."", ""Here is how Warner Bros. Discovery performed, based on a survey of analysts by LSEG:The company's shares were down roughly 9% in aftermarket trading."", 'Warner Bros. Discovery on Wednesday reported the non-cash goodwill impairment charge, which was triggered by the reevaluation of the book value of the TV networks segment.', 'The book value was higher than the market value as traditional TV networks continue to see customers flee and advertisers are opting to spend on digital and streaming instead.', '""While I am certainly not dismissive of the magnitude of this impairment, I believe it\'s equally important to recognize that the flip side of this reflects the value shift across business models,"" said CFO Gunnar Wiedenfelson Wednesday\'s earnings call, adding that the company is focusing on growth in the studios and streaming units.', 'He said Warner Bros. Discovery\'s balance sheet carries a significant amount of goodwill stemming from mergers and acquisitions, namely the combination of Warner Bros. and Discovery in 2022.""It\'s fair to say that even two years ago market valuations and prevailing conditions for legacy media companies were quite different than they are today, and this impairment acknowledges this and better aligns our carrying values with our future outlook,"" CEO David Zaslav said on Wednesday\'s call.', ""Executives highlighted Warner Bros. Discovery's continued mission of paying down debt, much of which stems from the 2022 merger."", 'During the second quarter the company paid down $1.8 billion in debt.', 'As of June 30, it had $41.4 billion in gross debt and $3.6 billion cash on hand.', 'The company also noted uncertainty surrounding future sports rights renewals, including the NBA.', ""Warner Bros. Discovery sued the NBA in July, looking to forcibly invoke its matching rights on a package of games earmarked for Amazon's Prime Video as part of the league's new media rights deal."", ""Revenue for Warner Bros. Discovery's TV networks — a portfolio that includes TBS, TNT, Discovery and TLC — was down 8% to $5.27 billion during the second quarter, with both distribution and advertising revenue down in the segment."", ""However, the company's streaming business, centered around the platform Max, was a bright spot."", 'The company said Wednesday it added 3.6 million subscribers during the quarter ended June 30, bringing its total number of global streaming customers to 103.3 million.', 'The international expansion lifting subscriber growth, as well as increased ad spending on streaming, is propelling its streaming business toward profitability, executives said Wednesday, with the expectation that it would continue.', ""Zaslav also touted the streaming bundles Warner Bros. Discovery is forming — an entertainment pairing with Disney's Disney+ and Hulu — and a sports bundle with Disney's ESPN and Fox set to launch this fall."", 'Still, direct-to-consumer streaming revenue decreased 5% to $2.57 billion, driven by content revenue dropping 70% due to a lower volume of third-party licensing deals.', 'Yet advertising revenue for streaming was up 99%, the company said, driven by higher domestic engagement on Max, and ad-supported subscriber growth.', 'Global revenue also increased 4% driven by the ad tier.', 'Total revenue for the quarter was down 6% to $9.7 billion.', 'Total adjusted earnings before interest, taxes, depreciation and amortization decreased 15% to $1.8 billion.', ""Correction: This article has been updated to reflect that Warner Bros. Discovery's revenue was $9.7 billion for the quarter.""]",0.2196307088934674,"He said Warner Bros. Discovery's balance sheet carries a significant amount of goodwill stemming from mergers and acquisitions, namely the combination of Warner Bros. and Discovery in 2022.""It's fair to say that even two years ago market valuations and prevailing conditions for legacy media companies were quite different than they are today, and this impairment acknowledges this and better aligns our carrying values with our future outlook,"" CEO David Zaslav said on Wednesday's call.","Executives highlighted Warner Bros. Discovery's continued mission of paying down debt, much of which stems from the 2022 merger.",0.020770214498043,"Yet advertising revenue for streaming was up 99%, the company said, driven by higher domestic engagement on Max, and ad-supported subscriber growth.",In this articleWarner Bros. Discovery's stock dropped Wednesday after it reported a $9.1 billion write-down on its TV networks and missed analyst estimates on revenue.,2024-08-13
-DirecTV is pushing its pay TV bundle — without a satellite dish,https://www.cnbc.com/2024/08/12/directv-is-pushing-its-pay-tv-bundle-without-a-satellite-dish-.html,2024-08-12T17:36:49+0000,"Coach Prime wants consumers to know they can watch DirecTV without a satellite dish. The company best known for providing the traditional TV bundle through satellite dishes posted on the sides of houses and on top of buildings is rolling out the next iteration of its ad campaign, ""For the Birds,"" with NFL star-turned-college football coach Deion Sanders joining the flock.  The focus of the ad campaign: DirecTV is a streaming company, too.As pay TV distributors — both satellite and cable companies — have seen customers flee for streaming, DirecTV is trying to get the message out that a clunky satellite dish is no longer needed for its service. ""We've been selling a streaming product for some time, right? It's not new to us. But many customers didn't know,"" said Vince Torres, chief marketing officer at DirecTV. ""We built this as an alternative. … We know that 80% of people prefer not to put the dish on the side of their house.""Further, the company's research showed 75% of consumers thought a satellite dish was still required for DirecTV even though it's had a streaming option since 2016, Torres said. ""That's a very, very large percentage of prospects.""This research and shape-shifting media landscape led DirecTV to refocus its marketing efforts — even as Torres contends the company is still a satellite TV provider and values those customers.The ad campaign that rolled out earlier this year features pigeons voiced by actors Henry Winkler and Steve Buscemi who look through windows while people are watching DirecTV, wondering how it's possible without a satellite dish on their rooftop. The pigeons lament the loss of the dishes. Winkler's Frank said he ""loved doing my business on those things,"" while Buscemi's Bobby quips, ""them dishes kept the rain off our beaks."" While the changes in media played into his interest in the commercial, Buscemi said in an interview he was sold on perfecting the voice and character of a New York City pigeon.""For me, it was more about the creative part of it,"" Buscemi said. ""I just really thought these characters were very funny.""There's been a roughly 50% increase in prospects coming to DirecTV's website since the launch of the ad campaign, Torres said.Sanders' inclusion comes just before one of the busiest times of the year for U.S. sports: beginning with college football and the NFL, followed by the start of the NBA and the NHL, as well as MLB's postseason.Sanders, once known as ""Prime Time"" in the NFL and now known as ""Coach Prime,"" as the coach of the NCAA's Colorado Buffaloes, dons a cowboy hat and gold chain, essentially playing himself.""We have a long history TOGETHER – dating all the way back to 2011,"" Sanders said in an email interview. ""It was only fitting for us to reunite once again. Coach Prime put his wings back on for DirectTV!""In a 2011 ad campaign, Sanders was an NFL version of Tinker Bell, wearing a DirecTV football jersey under his wings. Sanders had been suspended on strings when filming that commercial, so voicing the pigeon has been a different experience, he said.The industry has shape-shifted since Sanders' last ad campaign with DirecTV, too.Satellite TV providers like DirecTV and EchoStar's Dish were once some of the biggest distributors of the TV bundle. The competition ramped up when cable TV companies began offering broadband.For a while, the solution for satellite companies was then to concentrate on customers in rural areas, where cable broadband was sparsely available, said Craig Moffett, an analyst at MoffettNathanson.But the rivalry between cable and satellite over pay TV subscribers has dissipated since streaming has caused many to ditch the bundle.""All of this is in the context of the cord-cutting phenomenon, and the media companies taking more and more of their best content, including sports, and putting it on streaming platforms, so what's left of the TV package isn't very good to sell,"" Moffett said.The first quarter of this year was the worst ever for traditional pay TV subscriber losses, according to MoffettNathanson, which estimated that total losses topped 2.37 million for the first time ever.Although DirecTV's financials are now private — a result of private equity firm TPG acquiring a 30% stake in DirecTV from AT&T in 2021 — the company has roughly 11 million customers across satellite and streaming, according to people familiar with the matter who spoke on the condition on anonymity due to the private nature of the financials. MoffettNathanson estimates DirecTV added more than 20,000 streaming customers earlier this year.The majority of those customers still have a satellite dish. For DirecTV's streaming options, consumers can use their own device, like a Roku. But the company also provides its own hardware, called a Gemini box.DirecTV offers two streaming options — DirecTV Stream, a contract-free internet TV bundle, and DirecTV via internet, which requires a signed contract and is only available through the Gemini device.Based on Antenna data, DirecTV Stream has the smallest percentage of monthly gross additions when compared with Hulu + Live TV, Philo, Sling TV and YouTube TV — although it often is among the services with the lowest monthly rate of subscriber losses.""The challenge for consumers now is that it's increasingly difficult to find what you want to watch,"" Torres said about the division of content among various TV and streaming services. ""It's our version of the entertainment industry's road rage.""The device allows viewers to switch between streaming apps like Netflix and the DirecTV guide without changing remote controls or inputs or leaving apps.Other pay TV providers also offer similar options, such as Comcast's X1 set top box, as well as the Xumo streaming device, a joint venture between Charter Communications and Comcast.DirecTV also tries to set itself apart with a focus on sports, a main selling point for the company for some time.Until the 2023 NFL season, DirecTV had been the sole provider of the ""Sunday Ticket"" package of games since its inception in 1994. Google's YouTube TV, a competitor to DirecTV's streaming options, is now the owner of the rights to ""Sunday Ticket.""But DirecTV still offers ""Sunday Ticket"" to bars, restaurants and other businesses, many of which rely on the subscription that shows all out-of-market NFL games to draw big crowds.Nonetheless, streaming has also shaken up live sports, the highest-rated TV programming. Amazon's Prime Video and Netflix have exclusive NFL games, while legacy media companies have nabbed exclusive game rights for their growing streaming services.On the residential consumer front, DirecTV is still pushing the idea that it has the most complete live sports package offered by a pay TV and streaming provider. Its streaming offering includes all nationally broadcast games and regional sports networks — a rarity for internet TV bundles.This is where Coach Prime comes into play ahead of football season, Torres said.""He's highly recognizable, he's fun to work with, and he's effective at getting messages out,"" said Torres. ""When you think about this challenge that we face, how do we continue to build on this brand message that we're trying to educate the U.S. population with, who better to join the flock than Coach Prime.""Disclosure: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu.",CNBC,12/08/2024,"['Coach Prime wants consumers to know they can watch DirecTV without a satellite dish.', 'The company best known for providing the traditional TV bundle through satellite dishes posted on the sides of houses and on top of buildings is rolling out the next iteration of its ad campaign, ""For the Birds,"" with NFL star-turned-college football coach Deion Sanders joining the flock.', 'The focus of the ad campaign: DirecTV is a streaming company, too.', 'As pay TV distributors — both satellite and cable companies — have seen customers flee for streaming, DirecTV is trying to get the message out that a clunky satellite dish is no longer needed for its service.', '""We\'ve been selling a streaming product for some time, right?', ""It's not new to us."", 'But many customers didn\'t know,"" said Vince Torres, chief marketing officer at DirecTV. ""', 'We built this as an alternative. …', 'We know that 80% of people prefer not to put the dish on the side of their house.', '""Further, the company\'s research showed 75% of consumers thought a satellite dish was still required for DirecTV even though it\'s had a streaming option since 2016, Torres said. ""', ""That's a very, very large percentage of prospects."", '""This research and shape-shifting media landscape led DirecTV to refocus its marketing efforts — even as Torres contends the company is still a satellite TV provider and values those customers.', ""The ad campaign that rolled out earlier this year features pigeons voiced by actors Henry Winkler and Steve Buscemi who look through windows while people are watching DirecTV, wondering how it's possible without a satellite dish on their rooftop."", 'The pigeons lament the loss of the dishes.', 'Winkler\'s Frank said he ""loved doing my business on those things,"" while Buscemi\'s Bobby quips, ""them dishes kept the rain off our beaks.', '""While the changes in media played into his interest in the commercial, Buscemi said in an interview he was sold on perfecting the voice and character of a New York City pigeon.', '""For me, it was more about the creative part of it,"" Buscemi said. ""', 'I just really thought these characters were very funny.', '""There\'s been a roughly 50% increase in prospects coming to DirecTV\'s website since the launch of the ad campaign, Torres said.', ""Sanders' inclusion comes just before one of the busiest times of the year for U.S. sports: beginning with college football and the NFL, followed by the start of the NBA and the NHL, as well as MLB's postseason."", 'Sanders, once known as ""Prime Time"" in the NFL and now known as ""Coach Prime,"" as the coach of the NCAA\'s Colorado Buffaloes, dons a cowboy hat and gold chain, essentially playing himself.', '""We have a long history TOGETHER – dating all the way back to 2011,"" Sanders said in an email interview. ""', 'It was only fitting for us to reunite once again.', 'Coach Prime put his wings back on for DirectTV!""In a 2011 ad campaign, Sanders was an NFL version of Tinker Bell, wearing a DirecTV football jersey under his wings.', 'Sanders had been suspended on strings when filming that commercial, so voicing the pigeon has been a different experience, he said.', ""The industry has shape-shifted since Sanders' last ad campaign with DirecTV, too."", ""Satellite TV providers like DirecTV and EchoStar's Dish were once some of the biggest distributors of the TV bundle."", 'The competition ramped up when cable TV companies began offering broadband.', 'For a while, the solution for satellite companies was then to concentrate on customers in rural areas, where cable broadband was sparsely available, said Craig Moffett, an analyst at MoffettNathanson.', 'But the rivalry between cable and satellite over pay TV subscribers has dissipated since streaming has caused many to ditch the bundle.', '""All of this is in the context of the cord-cutting phenomenon, and the media companies taking more and more of their best content, including sports, and putting it on streaming platforms, so what\'s left of the TV package isn\'t very good to sell,"" Moffett said.', 'The first quarter of this year was the worst ever for traditional pay TV subscriber losses, according to MoffettNathanson, which estimated that total losses topped 2.37 million for the first time ever.', ""Although DirecTV's financials are now private — a result of private equity firm TPG acquiring a 30% stake in DirecTV from AT&T in 2021 — the company has roughly 11 million customers across satellite and streaming, according to people familiar with the matter who spoke on the condition on anonymity due to the private nature of the financials."", 'MoffettNathanson estimates DirecTV added more than 20,000 streaming customers earlier this year.', 'The majority of those customers still have a satellite dish.', ""For DirecTV's streaming options, consumers can use their own device, like a Roku."", 'But the company also provides its own hardware, called a Gemini box.', 'DirecTV offers two streaming options — DirecTV Stream, a contract-free internet TV bundle, and DirecTV via internet, which requires a signed contract and is only available through the Gemini device.', 'Based on Antenna data, DirecTV Stream has the smallest percentage of monthly gross additions when compared with Hulu + Live TV, Philo, Sling TV and YouTube TV — although it often is among the services with the lowest monthly rate of subscriber losses.', '""The challenge for consumers now is that it\'s increasingly difficult to find what you want to watch,"" Torres said about the division of content among various TV and streaming services. ""', ""It's our version of the entertainment industry's road rage."", '""The device allows viewers to switch between streaming apps like Netflix and the DirecTV guide without changing remote controls or inputs or leaving apps.', ""Other pay TV providers also offer similar options, such as Comcast's X1 set top box, as well as the Xumo streaming device, a joint venture between Charter Communications and Comcast."", 'DirecTV also tries to set itself apart with a focus on sports, a main selling point for the company for some time.', 'Until the 2023 NFL season, DirecTV had been the sole provider of the ""Sunday Ticket"" package of games since its inception in 1994.', 'Google\'s YouTube TV, a competitor to DirecTV\'s streaming options, is now the owner of the rights to ""Sunday Ticket.', '""But DirecTV still offers ""Sunday Ticket"" to bars, restaurants and other businesses, many of which rely on the subscription that shows all out-of-market NFL games to draw big crowds.', 'Nonetheless, streaming has also shaken up live sports, the highest-rated TV programming.', ""Amazon's Prime Video and Netflix have exclusive NFL games, while legacy media companies have nabbed exclusive game rights for their growing streaming services."", 'On the residential consumer front, DirecTV is still pushing the idea that it has the most complete live sports package offered by a pay TV and streaming provider.', 'Its streaming offering includes all nationally broadcast games and regional sports networks — a rarity for internet TV bundles.', 'This is where Coach Prime comes into play ahead of football season, Torres said.', '""He\'s highly recognizable, he\'s fun to work with, and he\'s effective at getting messages out,"" said Torres. ""', ""When you think about this challenge that we face, how do we continue to build on this brand message that we're trying to educate the U.S. population with, who better to join the flock than Coach Prime."", '""Disclosure: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu.']",0.1137303460105048,"""While the changes in media played into his interest in the commercial, Buscemi said in an interview he was sold on perfecting the voice and character of a New York City pigeon.","The first quarter of this year was the worst ever for traditional pay TV subscriber losses, according to MoffettNathanson, which estimated that total losses topped 2.37 million for the first time ever.",0.0904877460919893,"""There's been a roughly 50% increase in prospects coming to DirecTV's website since the launch of the ad campaign, Torres said.","""All of this is in the context of the cord-cutting phenomenon, and the media companies taking more and more of their best content, including sports, and putting it on streaming platforms, so what's left of the TV package isn't very good to sell,"" Moffett said.",2024-08-13
-Chipotle stock falls as CEO Brian Niccol leaves for Starbucks,https://www.cnbc.com/2024/08/13/chipotle-stock-falls-as-ceo-brian-niccol-leaves-for-starbucks.html,2024-08-13T20:00:32+0000,"In this articleChipotle stock fell as much as 10% on Tuesday as the company announced CEO Brian Niccol would be leaving his role on Aug. 31 to become CEO of Starbucks. The stock closed down 7% for the day.Niccol began as Chipotle CEO in March 2018. Chipotle stock has risen more than 770% since he took over.Chipotle's board named Chief Operating Officer Scott Boatwright as interim CEO. He's been at the company since 2017. The board also announced that Chief Financial Officer Jack Hartung, who had announced his intention to retire, would stay with the company indefinitely and assist with the transition.""What we saw with Brian was someone who's, quite honestly, been there done that — through all sorts of market environments, all sorts of cycles,"" Mellody Hobson, who was the board chair at Starbucks but stepped down to become lead independent director as part of Tuesday's changes, said on CNBC's ""Squawk Box."" ""When I talked to him I remember him saying, 'I know what to do.'""Chipotle has seen strong same-store sales growth and traffic while other restaurants have reported that consumers are pulling back on customer spending.Chipotle reported second-quarter earnings in July that topped analyst estimates, with $2.97 billion in revenue. Net sales climbed 18.2% during the quarter, with same-store sales up 11.1%. Niccol helped lead Chipotle through a foodborne illness scandal and oversaw the chain of restaurants during the pandemic.Before taking over at Chipotle, Niccol was CEO at Yum Brands' Taco Bell.Analyst Mark Kalinowski, chief executive of Kalinowski Equity Research, struck a cautious tone on the CEO change.""While this will be viewed as bad for Chipotle in the short term, Mr. Niccol had been CEO there 6+ years, so perhaps the opportunity to bring some new thinking to that highly-respected company isn't the worst thing in the world for the long run,"" Kalinowski wrote in a note Tuesday.— CNBC's Amelia Lucas and Robert Hum contributed to this report.",CNBC,13/08/2024,"['In this articleChipotle stock fell as much as 10% on Tuesday as the company announced CEO Brian Niccol would be leaving his role on Aug. 31 to become CEO of Starbucks.', 'The stock closed down 7% for the day.', 'Niccol began as Chipotle CEO in March 2018.', 'Chipotle stock has risen more than 770% since he took over.', ""Chipotle's board named Chief Operating Officer Scott Boatwright as interim CEO."", ""He's been at the company since 2017."", 'The board also announced that Chief Financial Officer Jack Hartung, who had announced his intention to retire, would stay with the company indefinitely and assist with the transition.', '""What we saw with Brian was someone who\'s, quite honestly, been there done that — through all sorts of market environments, all sorts of cycles,"" Mellody Hobson, who was the board chair at Starbucks but stepped down to become lead independent director as part of Tuesday\'s changes, said on CNBC\'s ""Squawk Box."" ""', ""When I talked to him I remember him saying, 'I know what to do."", '\'""Chipotle has seen strong same-store sales growth and traffic while other restaurants have reported that consumers are pulling back on customer spending.', 'Chipotle reported second-quarter earnings in July that topped analyst estimates, with $2.97 billion in revenue.', 'Net sales climbed 18.2% during the quarter, with same-store sales up 11.1%.Niccol helped lead Chipotle through a foodborne illness scandal and oversaw the chain of restaurants during the pandemic.', ""Before taking over at Chipotle, Niccol was CEO at Yum Brands'Taco Bell."", 'Analyst Mark Kalinowski, chief executive of Kalinowski Equity Research, struck a cautious tone on the CEO change.', '""While this will be viewed as bad for Chipotle in the short term, Mr. Niccol had been CEO there 6+ years, so perhaps the opportunity to bring some new thinking to that highly-respected company isn\'t the worst thing in the world for the long run,"" Kalinowski wrote in a note Tuesday.—', ""CNBC's Amelia Lucas and Robert Hum contributed to this report.""]",-0.0196134756875868,"'""Chipotle has seen strong same-store sales growth and traffic while other restaurants have reported that consumers are pulling back on customer spending.","Net sales climbed 18.2% during the quarter, with same-store sales up 11.1%.Niccol helped lead Chipotle through a foodborne illness scandal and oversaw the chain of restaurants during the pandemic.",0.2083863615989685,"Net sales climbed 18.2% during the quarter, with same-store sales up 11.1%.Niccol helped lead Chipotle through a foodborne illness scandal and oversaw the chain of restaurants during the pandemic.",In this articleChipotle stock fell as much as 10% on Tuesday as the company announced CEO Brian Niccol would be leaving his role on Aug. 31 to become CEO of Starbucks.,2024-08-13
-JPMorgan Chase is giving its employees an AI assistant powered by ChatGPT maker OpenAI,https://www.cnbc.com/2024/08/09/jpmorgan-chase-ai-artificial-intelligence-assistant-chatgpt-openai.html,2024-08-09T14:46:26+0000,"JPMorgan Chase has rolled out a generative artificial intelligence assistant to tens of thousands of its employees in recent weeks, the initial phase of a broader plan to inject the technology throughout the sprawling financial giant.The program, called LLM Suite, is already available to more than 60,000 employees, helping them with tasks like writing emails and reports. The software is expected to eventually be as ubiquitous within the bank as the videoconferencing program Zoom, people with knowledge of the plans told CNBC.Rather than developing its own AI models, JPMorgan designed LLM Suite to be a portal that allows users to tap external large language models — the complex programs underpinning generative AI tools — and launched it with ChatGPT maker OpenAI's LLM, said the people.""Ultimately, we'd like to be able to move pretty fluidly across models depending on the use cases,"" Teresa Heitsenrether, JPMorgan's chief data and analytics officer, said in an interview. ""The plan is not to be beholden to any one model provider.""The move by JPMorgan, the largest U.S. bank by assets, shows how quickly generative AI has swept through American corporations since the arrival of ChatGPT in late 2022. Rival bank Morgan Stanley has already released a pair of OpenAI-powered tools for its financial advisors. And consumer tech giant Apple said in June that it was integrating OpenAI models into the operating system of hundreds of millions of its consumer devices, vastly expanding its reach.The technology — hailed by some as the ""Cognitive Revolution"" in which tasks formerly done by knowledge workers will be automated — could be as important as the advent of electricity, the printing press and the internet, JPMorgan CEO Jamie Dimon said in April.It will likely ""augment virtually every job"" at the bank, Dimon said. JPMorgan had about 313,000 employees as of June.The bank is giving employees what is essentially OpenAI's ChatGPT in a JPMorgan-approved wrapper more than a year after it restricted employees from using ChatGPT. That's because JPMorgan didn't want to expose its data to external providers, Heitsenrether said.""Since our data is a key differentiator, we don't want it being used to train the model,"" she said. ""We've implemented it in a way that we can leverage the model while still keeping our data protected.""The bank has introduced LLM Suite broadly across the company, with groups using it in JPMorgan's consumer division, investment bank, and asset and wealth management business, the people said. It can help employees with writing, summarizing lengthy documents, problem solving using Excel, and generating ideas.But getting it on employees' desktops is just the first step, according to Heitsenrether, who was promoted in 2023 to lead the bank's adoption of the red-hot technology.""You have to teach people how to do prompt engineering that is relevant for their domain to show them what it can actually do,"" Heitsenrether said. ""The more people get deep into it and unlock what it's good at and what it's not, the more we're starting to see the ideas really flourishing.""The bank's engineers can also use LLM Suite to incorporate functions from external AI models directly into their programs, she said.JPMorgan has been working on traditional AI and machine learning for more than a decade, but the arrival of ChatGPT forced it to pivot.Traditional, or narrow, AI performs specific tasks involving pattern recognition, like making predictions based on historical data. Generative AI is more advanced, however, and trains models on vast data sets with the goal of pattern creation, which is how human-sounding text or realistic images are formed.The number of uses for generative AI are ""exponentially bigger"" than previous technology because of how flexible LLMs are, Heitsenrether said.The bank is testing many cases for both forms of AI and has already put a few into production.JPMorgan is using generative AI to create marketing content for social media channels, map out itineraries for clients of the travel agency it acquired in 2022 and summarize meetings for financial advisors, she said.The consumer bank uses AI to determine where to place new branches and ATMs by ingesting satellite images and in call centers to help service personnel quickly find answers, Heitsenrether said.In the firm's global-payments business, which moves more than $8 trillion around the world daily, AI helps prevent hundreds of millions of dollars in fraud, she said.But the bank is being more cautious with generative AI that directly touches upon the individual customer because of the risk that a chatbot gives bad information, Heitsenrether said.Ultimately, the generative AI field may develop into ""five or six big foundational models"" that dominate the market, she said.The bank is testing LLMs from U.S. tech giants as well as open source models to onboard to its portal next, said the people, who declined to be identified speaking about the bank's AI strategy.Heitsenrether charted out three stages for the evolution of generative AI at JPMorgan.The first is simply making the models available to workers; the second involves adding proprietary JPMorgan data to help boost employee productivity, which is the stage that has just begun at the company.The third is a larger leap that would unlock far greater productivity gains, which is when generative AI is powerful enough to operate as autonomous agents that perform complex multistep tasks. That would make rank-and-file employees more like managers with AI assistants at their command.The technology will likely empower some workers while displacing others, changing the composition of the industry in ways that are hard to predict.Banking jobs are the most prone to automation of all industries, including technology, health care and retail, according to consulting firm Accenture. AI could boost the sector's profits by $170 billion in just four years, Citigroup analysts said.  People should consider generative AI ""like an assistant that takes away the more mundane things that we would all like to not do, where it can just give you the answer without grinding through the spreadsheets,"" Heitsenrether said.""You can focus on the higher-value work,"" she said.— CNBC's Leslie Picker contributed to this report.",CNBC,09/08/2024,"['JPMorgan Chase has rolled out a generative artificial intelligence assistant to tens of thousands of its employees in recent weeks, the initial phase of a broader plan to inject the technology throughout the sprawling financial giant.', 'The program, called LLM Suite, is already available to more than 60,000 employees, helping them with tasks like writing emails and reports.', ""The software is expected to eventually be as ubiquitous within the bank as the videoconferencing program Zoom, people with knowledge of the plans told CNBC.Rather than developing its own AI models, JPMorgan designed LLM Suite to be a portal that allows users to tap external large language models — the complex programs underpinning generative AI tools — and launched it with ChatGPT maker OpenAI's LLM, said the people."", '""Ultimately, we\'d like to be able to move pretty fluidly across models depending on the use cases,"" Teresa Heitsenrether, JPMorgan\'s chief data and analytics officer, said in an interview. ""', 'The plan is not to be beholden to any one model provider.', '""The move by JPMorgan, the largest U.S. bank by assets, shows how quickly generative AI has swept through American corporations since the arrival of ChatGPT in late 2022.', 'Rival bank Morgan Stanley has already released a pair of OpenAI-powered tools for its financial advisors.', 'And consumer tech giant Apple said in June that it was integrating OpenAI models into the operating system of hundreds of millions of its consumer devices, vastly expanding its reach.', 'The technology — hailed by some as the ""Cognitive Revolution"" in which tasks formerly done by knowledge workers will be automated — could be as important as the advent of electricity, the printing press and the internet, JPMorgan CEO Jamie Dimon said in April.', 'It will likely ""augment virtually every job"" at the bank, Dimon said.', 'JPMorgan had about 313,000 employees as of June.', ""The bank is giving employees what is essentially OpenAI's ChatGPT in a JPMorgan-approved wrapper more than a year after it restricted employees from using ChatGPT."", ""That's because JPMorgan didn't want to expose its data to external providers, Heitsenrether said."", '""Since our data is a key differentiator, we don\'t want it being used to train the model,"" she said. ""', ""We've implemented it in a way that we can leverage the model while still keeping our data protected."", '""The bank has introduced LLM Suite broadly across the company, with groups using it in JPMorgan\'s consumer division, investment bank, and asset and wealth management business, the people said.', 'It can help employees with writing, summarizing lengthy documents, problem solving using Excel, and generating ideas.', ""But getting it on employees' desktops is just the first step, according to Heitsenrether, who was promoted in 2023 to lead the bank's adoption of the red-hot technology."", '""You have to teach people how to do prompt engineering that is relevant for their domain to show them what it can actually do,"" Heitsenrether said. ""', ""The more people get deep into it and unlock what it's good at and what it's not, the more we're starting to see the ideas really flourishing."", '""The bank\'s engineers can also use LLM Suite to incorporate functions from external AI models directly into their programs, she said.', 'JPMorgan has been working on traditional AI and machine learning for more than a decade, but the arrival of ChatGPT forced it to pivot.', 'Traditional, or narrow, AI performs specific tasks involving pattern recognition, like making predictions based on historical data.', 'Generative AI is more advanced, however, and trains models on vast data sets with the goal of pattern creation, which is how human-sounding text or realistic images are formed.', 'The number of uses for generative AI are ""exponentially bigger"" than previous technology because of how flexible LLMs are, Heitsenrether said.', 'The bank is testing many cases for both forms of AI and has already put a few into production.', 'JPMorgan is using generative AI to create marketing content for social media channels, map out itineraries for clients of the travel agency it acquired in 2022 and summarize meetings for financial advisors, she said.', 'The consumer bank uses AI to determine where to place new branches and ATMs by ingesting satellite images and in call centers to help service personnel quickly find answers, Heitsenrether said.', ""In the firm's global-payments business, which moves more than $8 trillion around the world daily, AI helps prevent hundreds of millions of dollars in fraud, she said."", 'But the bank is being more cautious with generative AI that directly touches upon the individual customer because of the risk that a chatbot gives bad information, Heitsenrether said.', 'Ultimately, the generative AI field may develop into ""five or six big foundational models"" that dominate the market, she said.', ""The bank is testing LLMs from U.S. tech giants as well as open source models to onboard to its portal next, said the people, who declined to be identified speaking about the bank's AI strategy."", 'Heitsenrether charted out three stages for the evolution of generative AI at JPMorgan.', 'The first is simply making the models available to workers; the second involves adding proprietary JPMorgan data to help boost employee productivity, which is the stage that has just begun at the company.', 'The third is a larger leap that would unlock far greater productivity gains, which is when generative AI is powerful enough to operate as autonomous agents that perform complex multistep tasks.', 'That would make rank-and-file employees more like managers with AI assistants at their command.', 'The technology will likely empower some workers while displacing others, changing the composition of the industry in ways that are hard to predict.', 'Banking jobs are the most prone to automation of all industries, including technology, health care and retail, according to consulting firm Accenture.', ""AI could boost the sector's profits by $170 billion in just four years, Citigroup analysts said."", 'People should consider generative AI ""like an assistant that takes away the more mundane things that we would all like to not do, where it can just give you the answer without grinding through the spreadsheets,"" Heitsenrether said.', '""You can focus on the higher-value work,"" she said.—', ""CNBC's Leslie Picker contributed to this report.""]",0.233201256930656,"The third is a larger leap that would unlock far greater productivity gains, which is when generative AI is powerful enough to operate as autonomous agents that perform complex multistep tasks.","But the bank is being more cautious with generative AI that directly touches upon the individual customer because of the risk that a chatbot gives bad information, Heitsenrether said.",0.9580057991875542,"The third is a larger leap that would unlock far greater productivity gains, which is when generative AI is powerful enough to operate as autonomous agents that perform complex multistep tasks.",,2024-08-13
-Why Wall Street thinks Brian Niccol is the person to revive Starbucks — and end the Howard Schultz era,https://www.cnbc.com/2024/08/13/starbucks-ceo-wall-st-cheers-brian-niccol-appointment.html,2024-08-13T20:41:04+0000,"In this articleWall Street believes Brian Niccol is the right choice to turn around Starbucks — and move the chain past the decadeslong Howard Schultz era.Starbucks tapped Niccol as its latest chief executive and chair on Tuesday. Niccol replaces Laxman Narasimhan, who took over the top job in March 2023 after being handpicked by former CEO Schultz. In its last two quarters, Starbucks reported same-store sales declines as its U.S. business floundered. Once he takes over, Niccol will be charged with rejuvenating demand for the company's coffee.""In our view, Starbucks picks up a hall of fame restaurant CEO, and his appointment as Starbucks CEO and Chairman suggests a new era is underway,"" TD Cowen analyst Andrew Charles wrote in a note to clients, emphasizing the importance of the combined role.Investors are confident that he can revive the company. Shares of Starbucks climbed 20% in afternoon trading on the news, putting them on pace for their best day since the company's IPO in 1992. Meanwhile, Chipotle's stock fell 9% as shareholders bemoaned the loss of the longtime chief executive.Piper Sandler, TD Cowen and Baird all upgraded Starbucks stock in the wake of the leadership changes.Other analysts wrote glowingly of Niccol, seeing him as the right person to tackle Starbucks' sluggish sales. A challenging consumer environment, worsening customer experience and rising competition from smaller coffee shops have hurt the chain's performance recently.""We view this as a dream hire for SBUX, and could not think of a more equipped leader to take a fresh look at SBUX's operations, competitive positioning and overall strategy,"" Oppenheimer analyst Brian Bittner said.Niccol's hiring could also spell the end of Schultz's huge influence over the company he turned into a global coffee giant.""Importantly, Brian is likely the one restaurant executive that has the gravitas to address the Howard Schultz Founder 'overhang,'"" Evercore ISI analyst David Palmer wrote.Schultz served as CEO from 1986 to 2000, from 2008 to 2017 and then from 2022 to 2023, stepping in twice to save the company when sales turned sluggish. His last return sparked concerns about the company's succession.At the end of his last stint, he swore that he wouldn't return as chief executive again, although his presence still looms large over the company. In May, after a brutal quarter for Starbucks, he wrote an open letter on LinkedIn about the company's challenges and offered advice to its leaders — without naming Narasimhan.Even after his retirement, Schultz's involvement in the company has remained ""a question hanging over the stock,"" Morgan Stanley analyst Brian Harbour wrote in a note Tuesday. Mellody Hobson, who stepped down as Starbucks chair to become lead independent director as part of Tuesday's leadership shake-up, said on CNBC's ""Squawk Box"" that she told Schultz about the discussions with Niccol, keeping him in the loop despite him having no formal role within the company anymore.Schultz also remains a major Starbucks shareholder, with a roughly 2% stake.Schultz endorsed Niccol's hiring in the press release announcing the shakeup. In a statement, the chairman emeritus said he believes that Niccol is the leader the company needs at a ""pivotal moment in its history.""Some analysts believe that having Niccol, an experienced restaurant CEO, in the driver's seat could mean that Schultz finally moves on. Niccol will also succeed Hobson as chair of the board, giving him more latitude to make changes.""This will be the last time investors care what he has to say because Niccol now has the wheel and there is no longer ANY room for a backseat driver,"" Gordon Haskett analyst Don Bilson wrote.Niccol also has previous experience taking over a founder-led brand and making it his own. When he joined Chipotle in 2018, he took the reins from founder Steve Ells, who had led the chain since 1993. Niccol moved the burrito chain's headquarters from Denver to Newport Beach to attract different talent — and maybe evolve the brand from being founder-led, as Bernstein analyst Danilo Gargiulo wrote in a note.While analysts largely cheered Niccol's appointment, some were more cautious, noting that Starbucks is a larger and more complex business than Chipotle.""Starbucks is a much more complicated model than Chipotle, with company and licensed stores, domestic and international locations, and a significant presence in struggling China,"" BTIG analyst Peter Saleh wrote.Chipotle has few licensed locations, except for some airport restaurants, and a relatively small international footprint, although Niccol has been pushing to grow its presence outside the U.S. in recent years.Starbucks, on the other hand, has more international locations than U.S. cafes. And while investors have recently focused on the chain's domestic performance, China, its second-largest market, has continued to struggle as competition there ramps up and the country's economy lags.Narasimhan said on the company's latest conference call that he was exploring ""strategic partnerships"" for its China business, which could include a joint venture, tech partnership or other options. Niccol's appointment could mean that Starbucks abandons that exploration, although he does have some experience with spinoffs from his time as head of Yum Brands' Taco Bell. While he was there, the conglomerate spun off its China business into Yum China.And while Chipotle's burritos are still in high demand, consumers' economic concerns have dampened their desire for coffee. That may prove to be a tougher hurdle for Niccol than investors anticipate.""His challenge is to connect with a new customer,"" Wedbush analyst Nick Setyan said. ""Aside from the power to change the direction of macro headwinds, we view the shareholder euphoria (as expressed in the share price this morning) as premature.""",CNBC,13/08/2024,"['In this articleWall Street believes Brian Niccol is the right choice to turn around Starbucks — and move the chain past the decadeslong Howard Schultz era.', 'Starbucks tapped Niccol as its latest chief executive and chair on Tuesday.', 'Niccol replaces Laxman Narasimhan, who took over the top job in March 2023 after being handpicked by former CEO Schultz.', 'In its last two quarters, Starbucks reported same-store sales declines as its U.S. business floundered.', ""Once he takes over, Niccol will be charged with rejuvenating demand for the company's coffee."", '""In our view, Starbucks picks up a hall of fame restaurant CEO, and his appointment as Starbucks CEO and Chairman suggests a new era is underway,"" TD Cowen analystAndrew Charles wrote in a note to clients, emphasizing the importance of the combined role.', 'Investors are confident that he can revive the company.', ""Shares of Starbucks climbed 20% in afternoon trading on the news, putting them on pace for their best day since the company's IPO in 1992."", ""Meanwhile, Chipotle's stock fell 9% as shareholders bemoaned the loss of the longtime chief executive."", 'Piper Sandler, TD Cowen and Baird all upgraded Starbucks stock in the wake of the leadership changes.', ""Other analysts wrote glowingly of Niccol, seeing him as the right person to tackle Starbucks' sluggish sales."", ""A challenging consumer environment, worsening customer experience and rising competition from smaller coffee shops have hurt the chain's performance recently."", '""We view this as a dream hire for SBUX, and could not think of a more equipped leader to take a fresh look at SBUX\'s operations, competitive positioning and overall strategy,"" Oppenheimer analyst Brian Bittner said.', ""Niccol's hiring could also spell the end of Schultz's huge influence over the company he turned into a global coffee giant."", '""Importantly, Brian is likely the one restaurant executive that has the gravitas to address the Howard Schultz Founder \'overhang,\'"" Evercore ISI analyst David Palmer wrote.', 'Schultz served as CEO from 1986 to 2000, from 2008 to 2017 and then from 2022 to 2023, stepping in twice to save the company when sales turned sluggish.', ""His last return sparked concerns about the company's succession."", ""At the end of his last stint, he swore that he wouldn't return as chief executive again, although his presence still looms large over the company."", ""In May, after a brutal quarter for Starbucks, he wrote an open letter on LinkedIn about the company's challenges and offered advice to its leaders — without naming Narasimhan."", 'Even after his retirement, Schultz\'s involvement in the company has remained ""a question hanging over the stock,"" Morgan Stanley analyst Brian Harbour wrote in a note Tuesday.', 'Mellody Hobson, who stepped down as Starbucks chair to become lead independent director as part of Tuesday\'s leadership shake-up, said on CNBC\'s ""Squawk Box"" that she told Schultz about the discussions with Niccol, keeping him in the loop despite him having no formal role within the company anymore.', 'Schultz also remains a major Starbucks shareholder, with a roughly 2% stake.', ""Schultz endorsed Niccol's hiring in the press release announcing the shakeup."", 'In a statement, the chairman emeritus said he believes that Niccol is the leader the company needs at a ""pivotal moment in its history.', '""Some analysts believe that having Niccol, an experienced restaurant CEO, in the driver\'s seat could mean that Schultz finally moves on.', 'Niccol will also succeed Hobson as chair of the board, giving him more latitude to make changes.', '""This will be the last time investors care what he has to say because Niccol now has the wheel and there is no longer ANY room for a backseat driver,"" Gordon Haskett analyst Don Bilson wrote.', 'Niccol also has previous experience taking over a founder-led brand and making it his own.', 'When he joined Chipotle in 2018, he took the reins from founder Steve Ells, who had led the chain since 1993.', ""Niccol moved the burrito chain's headquarters from Denver to Newport Beach to attract different talent — and maybe evolve the brand from being founder-led, as Bernstein analyst Danilo Gargiulo wrote in a note."", ""While analysts largely cheered Niccol's appointment, some were more cautious, noting that Starbucks is a larger and more complex business than Chipotle."", '""Starbucks is a much more complicated model than Chipotle, with company and licensed stores, domestic and international locations, and a significant presence in struggling China,"" BTIG analyst Peter Saleh wrote.', 'Chipotle has few licensed locations, except for some airport restaurants, and a relatively small international footprint, although Niccol has been pushing to grow its presence outside the U.S. in recent years.', 'Starbucks, on the other hand, has more international locations than U.S. cafes.', ""And while investors have recently focused on the chain's domestic performance, China, its second-largest market, has continued to struggle as competition there ramps up and the country's economy lags."", 'Narasimhan said on the company\'s latest conference call that he was exploring ""strategic partnerships"" for its China business, which could include a joint venture, tech partnership or other options.', ""Niccol's appointment could mean that Starbucks abandons that exploration, although he does have some experience with spinoffs from his time as head of Yum Brands' Taco Bell."", 'While he was there, the conglomerate spun off its China business into Yum China.', ""And while Chipotle's burritos are still in high demand, consumers' economic concerns have dampened their desire for coffee."", 'That may prove to be a tougher hurdle for Niccol than investors anticipate.', '""His challenge is to connect with a new customer,"" Wedbush analyst Nick Setyan said. ""', 'Aside from the power to change the direction of macro headwinds, we view the shareholder euphoria (as expressed in the share price this morning) as premature.""']",0.111022974033364,"Aside from the power to change the direction of macro headwinds, we view the shareholder euphoria (as expressed in the share price this morning) as premature.""","A challenging consumer environment, worsening customer experience and rising competition from smaller coffee shops have hurt the chain's performance recently.",0.1504342215401785,"Shares of Starbucks climbed 20% in afternoon trading on the news, putting them on pace for their best day since the company's IPO in 1992.","In its last two quarters, Starbucks reported same-store sales declines as its U.S. business floundered.",2024-08-13
-"Stellantis laying off 2,450 plant workers due to discontinuation of Ram 'Classic' pickup truck",https://www.cnbc.com/2024/08/09/stellantis-layoff-workers-ram-pickup-truck.html,2024-08-10T00:53:05+0000,"In this articleDETROIT — Automaker Stellantis plans to indefinitely lay off up to 2,450 U.S. factory workers later this year as it discontinues production of an older version of its Ram 1500 pickup truck in Michigan.The truck has been largely used as a low-cost pickup to sell to entry-level buyers and fleet customers since the automaker introduced a new generation of the Ram 1500 in 2018. It is produced alongside the Jeep Wagoneer and Grand Wagoneer at the Warren Truck Assembly Plant, located near Detroit.The current Ram 1500, which was recently updated for the 2025 model year, is produced at a nearby plant. Operations at that facility will continue as planned.""With the introduction of the new Ram 1500, production of the Ram 1500 Classic at the Warren [Michigan] Truck Assembly Plant will come to an end later this year,"" the company said in an emailed statement.The discontinuation of the Ram 1500 ""Classic"" vehicle is not unexpected, but the company has not announced a vehicle to replace the truck. That is concerning for local governments, workers and the United Auto Workers union, which represents the plant.Ram CEO Chris Feuell told CNBC last week that the ""Classic"" version of the pickup would be phased out by the end of this year.UAW President Shawn Fain was critical of Stellantis leadership regarding the cuts.""Stellantis CEO Carlos Tavares is a disgrace and an embarrassment to a once-great American company,"" Fain said in an emailed statement Friday night. ""Meanwhile, Tavares jacks up his own pay by 56 percent while laying off thousands of autoworkers. If any autoworker did as piss poor of a job as Stellantis CEO Carlos Tavares, they would be fired.""The layoffs are expected to start as soon as October. The final number of indefinite layoffs at the Warren plant, which currently employs about 3,700 hourly workers, may be lower than the announced numbers. Some employees may be given other jobs or positions at other plants.The layoffs are the latest for Stellantis, which has cut production at several plants amid sales issues and cost-cutting measures.Tavares has been on a cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France's PSA Groupe in January 2021. It is part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros, or $325 billion, by 2030.The automaker last week offered a broad voluntary buyout to U.S. salaried workers in an effort to reduce headcount and costs. Stellantis, which reported disappointing first-half results last month, said if not enough employees participate in the buyout, involuntary terminations could follow.",CNBC,10/08/2024,"['In this articleDETROIT — Automaker Stellantis plans to indefinitely lay off up to 2,450 U.S. factory workers later this year as it discontinues production of an older version of its Ram 1500 pickup truck in Michigan.', 'The truck has been largely used as a low-cost pickup to sell to entry-level buyers and fleet customers since the automaker introduced a new generation of the Ram 1500 in 2018.', 'It is produced alongside the Jeep Wagoneer and Grand Wagoneer at the Warren Truck Assembly Plant, located near Detroit.', 'The current Ram 1500, which was recently updated for the 2025 model year, is produced at a nearby plant.', 'Operations at that facility will continue as planned.', '""With the introduction of the new Ram 1500, production of the Ram 1500 Classic at the Warren [Michigan] Truck Assembly Plant will come to an end later this year,"" the company said in an emailed statement.', 'The discontinuation of the Ram 1500 ""Classic"" vehicle is not unexpected, but the company has not announced a vehicle to replace the truck.', 'That is concerning for local governments, workers and the United Auto Workers union, which represents the plant.', 'Ram CEOChris Feuelltold CNBC last week that the ""Classic"" version of the pickup would be phased out by the end of this year.', 'UAW President Shawn Fain was critical of Stellantis leadership regarding the cuts.', '""Stellantis CEO Carlos Tavares is a disgrace and an embarrassment to a once-great American company,"" Fain said in an emailed statement Friday night. ""', 'Meanwhile, Tavares jacks up his own pay by 56 percent while laying off thousands of autoworkers.', 'If any autoworker did as piss poor of a job as Stellantis CEO Carlos Tavares, they would be fired.', '""The layoffs are expected to start as soon as October.', 'The final number of indefinite layoffs at the Warren plant, which currently employs about 3,700 hourly workers, may be lower than the announced numbers.', 'Some employees may be given other jobs or positions at other plants.', 'The layoffs are the latest for Stellantis, which has cut production at several plants amid sales issues and cost-cutting measures.', ""Tavares has beenon a cost-cutting missionsince the company was formed through a merger between Fiat Chrysler and France's PSA Groupe in January 2021."", 'It is part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros, or $325 billion, by 2030.The automaker last week offereda broad voluntary buyout to U.S. salaried workers in an effort to reduce headcount and costs.', 'Stellantis, which reporteddisappointing first-half results last month, said if not enough employees participate in the buyout, involuntary terminations could follow.']",-0.0621386342571646,"It is part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros, or $325 billion, by 2030.The automaker last week offereda broad voluntary buyout to U.S. salaried workers in an effort to reduce headcount and costs.","If any autoworker did as piss poor of a job as Stellantis CEO Carlos Tavares, they would be fired.",-0.2436445951461792,"It is part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros, or $325 billion, by 2030.The automaker last week offereda broad voluntary buyout to U.S. salaried workers in an effort to reduce headcount and costs.","""Stellantis CEO Carlos Tavares is a disgrace and an embarrassment to a once-great American company,"" Fain said in an emailed statement Friday night. """,2024-08-13
-"Eli Lilly blows past estimates, hikes guidance as Zepbound, Mounjaro sales soar",https://www.cnbc.com/2024/08/08/eli-lilly-lly-earnings-q2-2024.html,2024-08-08T20:15:38+0000,"In this articleEli Lilly on Thursday reported second-quarter earnings and revenue that blew past expectations and hiked its full-year revenue outlook by $3 billion as sales of its blockbuster diabetes drug Mounjaro and weight loss injection Zepbound spike.Shares of Eli Lilly closed more than 9% higher on Thursday.The drugmaker now expects revenue for the year to come in between $45.4 billion and $46.6 billion, an increase of $3 billion at both ends of the range.The company also raised its full-year adjusted earnings to a range of $16.10 to $16.60, up from a previous guidance of $13.50 to $14 per share.Eli Lilly said the guidance increase was primarily driven by the strong performance of Mounjaro and Zepbound and comes in part due to ""improved clarity"" into the company's production expansions and planned launches of Mounjaro outside the U.S. The company said it hit several supply related milestones during the quarter, without providing specific details.Demand has far outstripped supply for incretin drugs such as Zepbound and Mounjaro, which mimic hormones produced in the gut to suppress a person's appetite and regulate their blood sugar. That has forced Eli Lilly and its rival Novo Nordisk to invest heavily to boost manufacturing.But Eli Lilly's supply woes may be starting to ease. On Friday, the Food and Drug Administration's drug database said all doses of Zepbound and Mounjaro are available in the U.S. after extended shortages.Still, the company cautioned that expected increases in demand may result in periodic ""supply tightness"" for certain doses of its incretin drugs. ""We just see unbelievable demand, and we're not even trying that hard to promote this drug,"" Eli Lilly CEO David Ricks told CNBC in an interview. ""What you're seeing is just consumer organic demand here as we've shipped more product, as we bring more supply online in the United States."" Ricks said the company has built six manufacturing plants, some of which are already ramping up, and hired thousands of workers to increase production. Eli Lilly expects incretin drug production in the second half of 2024 to be 50% higher than it was during the same period last year, he noted.  ""We're on that kind of ramp into 2025,"" he said. Ricks added that Eli Lilly is still developing more convenient weight loss pills, which could help the company meet skyrocketing demand.Here's what Eli Lilly reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: The pharmaceutical giant booked net income of $2.97 billion, or $3.28 a share, for the second quarter. That compares with a profit of $1.76 billion, or $1.95 a share, a year earlier. Excluding one-time items associated with the value of intangible assets and other adjustments, Eli Lilly posted earnings of $3.92 per share for the second quarter of 2024.The company posted second-quarter revenue of $11.30 billion, up 36% from the same period a year ago. Eli Lilly said sales were largely driven by higher demand for Mounjaro and Zepbound as production increases improved supply in the U.S.It is Zepbound's second full quarter on the U.S. market after winning approval from regulators in November. The weekly injection raked in $1.24 billion in sales for the period, which is well above the $922.2 million that analysts expected, according to StreetAccount. As of July 1, Zepbound was available on about 86% of the commercial insurance coverage lists in the U.S., Eli Lilly executives said during an earnings call Thursday. That's up from 67% as of April 1, according to a first-quarter earnings presentation.Meanwhile, Mounjaro took in $3.09 billion in revenue for the second quarter, more than triple the sales it booked during the year-earlier period. Analysts expected $2.39 billion in sales, according to StreetAccount.Mounjaro prices were higher in the U.S. during the second quarter, which came in part due to greater access to the drug and decreased use of savings card programs compared with the year-earlier period. But the company said savings cards should have ""minimal effect"" on realized price comparisons in the second half of the year because the $25 monthly coupon for patients who don't have insurance coverage for Mounjaro expired in June. Ricks told CNBC that pricing of Eli Lilly's incretin drugs was ""pretty stable"" during the second quarter. During the call, executives also said the company expects stable pricing sequentially across quarters this year, with no unusual trends.That differs from Novo Nordisk, which reported weaker-than-expected second-quarter sales of its weight loss drug Wegovy and diabetes injection Ozempic on Wednesday in part due to pricing pressure. Revenue from Wegovy was hit by higher-than-expected price concessions to U.S. pharmacy benefit managers, which negotiate drug discounts with manufacturers on behalf of insurers, Novo Nordisk executives said on an earnings call Wednesday.Shares of Eli Lilly are up more than 30% this year after jumping almost 60% in 2023 due to the soaring demand for the company's weight loss and diabetes drugs – and increased investor interest in their potential as treatments for other health conditions. That popularity comes despite their hefty monthly price tags, inconsistent insurance coverage and intermittent supply shortages. With a market cap of more than $730 billion, Eli Lilly is the largest pharmaceutical company based in the U.S.",CNBC,08/08/2024,"['In this articleEli Lilly on Thursday reported second-quarter earnings and revenue that blew past expectations and hiked its full-year revenue outlook by $3 billion as sales of its blockbuster diabetes drug Mounjaro and weight loss injection Zepbound spike.', 'Shares of Eli Lilly closed more than 9% higher on Thursday.', 'The drugmaker now expects revenue for the year to come in between $45.4 billion and $46.6 billion, an increase of $3 billion at both ends of the range.', 'The company also raised its full-year adjusted earnings to a range of $16.10 to $16.60, up from a previous guidance of $13.50 to $14 per share.', 'Eli Lilly said the guidance increase was primarily driven by the strong performance of Mounjaro and Zepbound and comes in part due to ""improved clarity"" into the company\'s production expansions and planned launches of Mounjaro outside the U.S. The company said it hit several supply related milestones during the quarter, without providing specific details.', ""Demand has far outstripped supply for incretin drugs such as Zepbound and Mounjaro, which mimic hormones produced in the gut to suppress a person's appetite and regulate their blood sugar."", 'That has forced Eli Lilly and its rival Novo Nordisk to invest heavily to boost manufacturing.', ""But Eli Lilly's supply woes may be starting to ease."", ""On Friday, the Food and Drug Administration's drug database said all doses of Zepbound and Mounjaro are available in the U.S. after extended shortages."", 'Still, the company cautioned that expected increases in demand may result in periodic ""supply tightness"" for certain doses of its incretin drugs.', '""We just see unbelievable demand, and we\'re not even trying that hard to promote this drug,"" Eli Lilly CEO David Ricks told CNBC in an interview. ""', ""What you're seeing is just consumer organic demand here as we've shipped more product, as we bring more supply online in the United States."", '""Ricks said the company has built six manufacturing plants, some of which are already ramping up, and hired thousands of workers to increase production.', 'Eli Lilly expects incretin drug production in the second half of 2024 to be 50% higher than it was during the same period last year, he noted.', '""We\'re on that kind of ramp into 2025,"" he said.', 'Ricks added that Eli Lilly is still developing more convenient weight loss pills, which could help the company meet skyrocketing demand.', ""Here's what Eli Lilly reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:The pharmaceutical giant booked net income of $2.97 billion, or $3.28a share, for the second quarter."", 'That compares with a profit of $1.76 billion, or $1.95 a share, a year earlier.', 'Excluding one-time items associated with the value of intangible assets and other adjustments, Eli Lilly posted earnings of $3.92 per share for the second quarter of 2024.The company posted second-quarter revenue of $11.30 billion, up 36% from the same period a year ago.', ""Eli Lilly said sales were largely driven by higher demand for Mounjaro and Zepbound as production increases improved supply in the U.S.It is Zepbound's second full quarter on the U.S. market after winning approval from regulators in November."", 'The weekly injection raked in $1.24 billion in sales for the period, which is well above the $922.2 million that analysts expected, according to StreetAccount.', 'As of July 1, Zepbound was available on about 86% of the commercial insurance coverage lists in the U.S., Eli Lilly executives said during an earnings call Thursday.', ""That's up from 67% as of April 1, according to a first-quarter earnings presentation."", 'Meanwhile, Mounjaro took in $3.09 billion in revenue for the second quarter, more than triple the sales it booked during the year-earlier period.', 'Analysts expected $2.39 billion in sales, according to StreetAccount.', 'Mounjaro prices were higher in the U.S. during the second quarter, which came in part due to greater access to the drug and decreased use of savings card programs compared with the year-earlier period.', 'But the company said savings cards should have ""minimal effect"" on realized price comparisons in the second half of the year because the $25 monthly coupon for patients who don\'t have insurance coverage for Mounjaro expired in June.', 'Ricks told CNBC that pricing of Eli Lilly\'s incretin drugs was ""pretty stable"" during the second quarter.', 'During the call, executives also said the company expects stable pricing sequentially across quarters this year, with no unusual trends.', 'That differs from Novo Nordisk, which reported weaker-than-expected second-quarter sales of its weight loss drug Wegovy and diabetes injection Ozempic on Wednesday in part due to pricing pressure.', 'Revenue from Wegovy was hit by higher-than-expected price concessions to U.S. pharmacy benefit managers, which negotiate drug discounts with manufacturers on behalf of insurers, Novo Nordisk executives said on an earnings call Wednesday.', ""Shares of Eli Lilly are up more than 30% this year after jumping almost 60% in 2023 due to the soaring demand for the company's weight loss and diabetes drugs – and increased investor interest in their potential as treatments for other health conditions."", 'That popularity comes despite their hefty monthly price tags, inconsistent insurance coverage and intermittent supply shortages.', 'With a market cap of more than $730 billion, Eli Lilly is the largest pharmaceutical company based in the U.S.']",0.2114114731450852,"Eli Lilly said the guidance increase was primarily driven by the strong performance of Mounjaro and Zepbound and comes in part due to ""improved clarity"" into the company's production expansions and planned launches of Mounjaro outside the U.S. The company said it hit several supply related milestones during the quarter, without providing specific details.","That differs from Novo Nordisk, which reported weaker-than-expected second-quarter sales of its weight loss drug Wegovy and diabetes injection Ozempic on Wednesday in part due to pricing pressure.",0.6343200453396501,"Eli Lilly said the guidance increase was primarily driven by the strong performance of Mounjaro and Zepbound and comes in part due to ""improved clarity"" into the company's production expansions and planned launches of Mounjaro outside the U.S. The company said it hit several supply related milestones during the quarter, without providing specific details.","That differs from Novo Nordisk, which reported weaker-than-expected second-quarter sales of its weight loss drug Wegovy and diabetes injection Ozempic on Wednesday in part due to pricing pressure.",2024-08-13
-Home Depot expects sales to weaken as consumers grow more cautious,https://www.cnbc.com/2024/08/13/home-depot-hd-q2-2024-earnings.html,2024-08-13T20:03:29+0000,"In this articleHome Depot on Tuesday topped quarterly expectations, but cautioned that sales will be weaker than expected in the back half of the year as high interest rates and consumer uncertainty dampen demand.The home improvement retailer said it now expects full-year comparable sales to decline by 3% to 4% compared with the prior fiscal year. It had previously expected comparable sales, a metric that takes out the impact of store openings and closures and other one-time factors, to decline about 1%.Home Depot's total annual sales will get a boost from its recently completed acquisition of SRS Distribution, a company that sells supplies to professionals in the landscaping, roofing or pool businesses. Total sales are expected to increase between 2.5% and 3.5% including a 53rd week in the fiscal year and approximately $6.4 billion in sales from SRS. Yet excluding sales from SRS, its new full-year forecast would have amounted to a revenue cut.In an interview with CNBC, Chief Financial Officer Richard McPhail said Home Depot has contended with consumers who have a ""deferral mindset"" since the middle of 2023. Interest rates have caused them to put off buying and selling homes and borrowing money for bigger projects, such as a kitchen renovation. Yet over the past quarter, he said surveys of customers and home professionals like contractors have captured another challenge: a more cautious consumer.""Pros tell us that, for the first time, their customers aren't just deferring because of higher financing costs,"" he said. ""They're deferring because of a sense of greater uncertainty in the economy.""Here's what the company reported compared with what Wall Street expected for the three-month period that ended July 28, based on a survey of analysts by LSEG:The company's shares closed more than 1% higher Tuesday.Home Depot kicks off a wave of retail earnings, as economists, investors and politicians pay close attention to the health of the American consumer and try to forecast the economic outlook, including the odds of a recession. Though inflation has cooled, higher prices – particularly for everyday costs like groceries, energy and housing – continue to frustrate customers. They've also become a major talking point on the 2024 campaign trail.Consumer clues will keep coming this week and next, as Walmart reports earnings and the government shares retail sales numbers on Thursday. Other retailers, including Target, Macy's and Best Buy, will also post results in the coming weeks.Compared with many other retailers, Home Depot has a more financially stable customer base. About half of its sales come from home professionals and about half come from do-it-yourself customers. About 90% of those DIY customers own their own homes.Yet Home Depot still felt the impact of consumer uncertainty, McPhail said. He said the company saw slower demand for a wide range of project-driven items, including lighting and flooring.Home Depot's net income for the fiscal second quarter decreased to $4.56 billion, or $4.60 per share, from $4.66 billion, or $4.65 per share, in the year-ago period.Revenue rose slightly from $42.92 billion in the year-ago period.Comparable sales dropped 3.3% in the quarter across the business and declined 3.6% in the U.S. That was worse than the 2.1% decrease that analysts expected, according to StreetAccount.It marked the seventh consecutive quarter of negative comparable sales at Home Depot.Shoppers visited Home Depot's stores and its website less frequently, and spent less when they did, during the quarter compared to the year-ago period. Customer transactions fell nearly 2% and average ticket dropped slightly to $88.90 from $90.07 in the year-ago quarterConsumers have postponed projects in part because of a widely anticipated rate cut by the Federal Reserve, McPhail said. In late July, Fed Chair Jerome Powell said policymakers could cut rates at the central bank's September meeting if the data supports it.That would lead to lower mortgage rates and borrowing costs for homeowners who want to tack on an addition or finance a project, such as a bathroom remodel.""What our customers tell their pros is, 'Everything I read tells me interest rates will be lower in three to six months,'"" McPhail said. ""'Why would I borrow to finance the project now rather than just wait a few months?'""Yet Home Depot leaders have emphasized home improvement's bright long-term outlook, referring to the country's aging homes, its shortage of houses and significant property value gains, especially during the years of the Covid pandemic. And McPhail said most of Home Depot's customers remain financially healthy and employed, even if they're spending less on home improvement right now.Shares of Home Depot closed at $345.81 on Monday. As of Monday's close, the company's shares are down less than 1% so far this year, trailing behind the S&P 500's 12% gains. – CNBC's Robert Hum contributed to this story.",CNBC,13/08/2024,"['In this articleHome Depot on Tuesday topped quarterly expectations, but cautioned that sales will be weaker than expected in the back half of the year as high interest rates and consumer uncertainty dampen demand.', 'The home improvement retailer said it now expects full-year comparable sales to decline by 3% to 4% compared with the prior fiscal year.', ""It had previously expected comparable sales, a metric that takes out the impact of store openings and closures and other one-time factors, to decline about 1%.Home Depot's total annual sales will get a boost from its recently completed acquisition of SRS Distribution, a company that sells supplies to professionals in the landscaping, roofing or pool businesses."", 'Total sales are expected to increase between 2.5% and 3.5% including a 53rd week in the fiscal year and approximately $6.4 billion in sales from SRS.', 'Yet excluding sales from SRS, its new full-year forecast would have amounted to a revenue cut.', 'In an interview with CNBC, Chief Financial Officer Richard McPhail said Home Depot has contended with consumers who have a ""deferral mindset"" since the middle of 2023.', 'Interest rates have caused them to put off buying and selling homes and borrowing money for bigger projects, such as a kitchen renovation.', 'Yet over the past quarter, he said surveys of customers and home professionals like contractors have captured another challenge: a more cautious consumer.', '""Pros tell us that, for the first time, their customers aren\'t just deferring because of higher financing costs,"" he said. ""', ""They're deferring because of a sense of greater uncertainty in the economy."", '""Here\'s what the company reported compared with what Wall Street expected for the three-month period that ended July 28, based on a survey of analysts by LSEG:The company\'s shares closed more than 1% higher Tuesday.', 'Home Depot kicks off a wave of retail earnings, as economists, investors and politicians pay close attention to the health of the American consumer and try to forecast the economic outlook, including the odds of a recession.', 'Though inflation has cooled, higher prices – particularly for everyday costs like groceries, energy and housing – continue to frustrate customers.', ""They've also become a major talking point on the 2024 campaign trail."", 'Consumer clues will keep coming this week and next, as Walmart reports earnings and the government shares retail sales numbers on Thursday.', ""Other retailers, including Target, Macy's and Best Buy, will also post results in the coming weeks."", 'Compared with many other retailers, Home Depot has a more financially stable customer base.', 'About half of its sales come from home professionals and about half come from do-it-yourself customers.', 'About 90% of those DIY customers own their own homes.', 'Yet Home Depot still felt the impact of consumer uncertainty, McPhail said.', 'He said the company saw slower demand for a wide range of project-driven items, including lighting and flooring.', ""Home Depot's net income for the fiscal second quarter decreased to $4.56 billion, or $4.60 per share, from $4.66 billion, or $4.65 per share, in the year-ago period."", 'Revenue rose slightly from $42.92 billion in the year-ago period.', 'Comparable sales dropped 3.3% in the quarter across the business and declined 3.6% in the U.S. That was worse than the 2.1% decrease that analysts expected, according to StreetAccount.', 'It marked the seventh consecutive quarter of negative comparable sales at Home Depot.', ""Shoppers visited Home Depot's stores anditswebsite less frequently, and spent less when they did,duringthe quarter compared to the year-ago period."", 'Customer transactions fell nearly 2% and average ticket dropped slightly to $88.90 from $90.07 in the year-ago quarterConsumers have postponed projects in part because of a widely anticipated rate cut by the Federal Reserve, McPhail said.', ""In late July, Fed ChairJerome Powellsaid policymakerscould cut rates at the central bank's September meeting if the data supports it."", 'That would lead to lower mortgage rates and borrowing costs for homeowners who want to tack on an addition or finance a project, such as a bathroom remodel.', '""What our customers tell their pros is, \'Everything I read tells me interest rates will be lower in three to six months,\'"" McPhail said. ""\'', 'Why would I borrow to finance the project now rather than just wait a few months?\'""Yet Home Depot leaders have emphasized home improvement\'s bright long-term outlook, referring to the country\'s aging homes, its shortage of houses and significant property value gains, especially during the years of the Covid pandemic.', ""And McPhail said most of Home Depot's customers remain financially healthy and employed, even if they're spending less on home improvement right now."", 'Shares of Home Depot closed at $345.81 on Monday.', ""As of Monday's close, the company's shares are down less than 1% so far this year, trailing behind the S&P 500's 12% gains.–"", ""CNBC's Robert Hum contributed to this story.""]",0.0858785661037148,"Why would I borrow to finance the project now rather than just wait a few months?'""Yet Home Depot leaders have emphasized home improvement's bright long-term outlook, referring to the country's aging homes, its shortage of houses and significant property value gains, especially during the years of the Covid pandemic.",It marked the seventh consecutive quarter of negative comparable sales at Home Depot.,-0.1923785562868471,Total sales are expected to increase between 2.5% and 3.5% including a 53rd week in the fiscal year and approximately $6.4 billion in sales from SRS.,"Home Depot's net income for the fiscal second quarter decreased to $4.56 billion, or $4.60 per share, from $4.66 billion, or $4.65 per share, in the year-ago period.",2024-08-13
-From villains to Indiana Jones: Everything we learned at Disney’s parks panel at the 2024 D23 Expo,https://www.cnbc.com/2024/08/10/everything-we-learned-at-disneys-parks-panel-at-the-2024-d23-expo.html,2024-08-11T06:05:53+0000,"The time of villains has come.Disney's classic baddies are getting their own theme park land at the Magic Kingdom in Orlando, Florida.The company first teased the potential for a villainous takeover at the last D23 Expo in 2022 as part of a series of ""blue sky"" projects that it was contemplating, but not sure would come to fruition.While the prospect of exploring what lies beyond Big Thunder Mountain tantalized fans, its lack of tangibility left many wondering what exactly Disney was doing to compete with the upcoming opening of Universal's Epic Universe.The answer came on Saturday night during the company's experience showcase at the Honda Center in Anaheim, California.""As we sit here together at the Honda Center we have Imagineers hard at work,"" Josh D'Amaro said to a roaring crowd. ""Everything we have to share with you is in active development ... This means dirt is moving. This isn't blue sky.""The reveal sent the crowd into a frenzy.Disney's theme parks, which are part of the wider division known as experiences, have long been a top-performing segment for the company, especially at a time of flux for linear television networks and cable advertising revenue slumps. Parks have offered stability in recent quarters as Disney shuffles to adapt its entertainment business to match consumer habits that changed after the pandemic.However in the most recent quarter, Disney's domestic parks in California and Florida saw slower consumer demand and increased inflation. The company expects this flat attendance will carry over the next few quarters.Still, Disney is bullish on its experiences division, which encompasses its theme parks, cruise lines and hotels. The company has pledged to invest $60 billion in experiences over the next 10 years — a key part of its strategy to keep the parks fresh and relevant in a competitive segment.About 70% of that money will go toward new experiences in domestic and international parks, along with cruise lines. The other 30% will go toward technology and infrastructure, including maintenance of existing attractions.On Saturday, Disney fans got a glimpse at where that investment was being placed with the help of some big names.Rita Ora graced the stage to perform a rendition of ""Trust in Me"" from ""The Jungle Book"" to announce the new villains land coming to Magic Kingdom. This new area of the park will include two major attractions as well as shopping and dining.""So be prepared, you poor unfortunate souls,"" D'Amaro teased.Shaboozey rocked the Honda Center with a rendition of ""Life Is a Highway"" as part of the announcement that parts of the Florida-based Frontier Land will be rethemed with elements from the movie ""Cars.""This area will differ from the one at Disney California Adventure, D'Amaro told the audience, and will take place in the wilderness. There will be one e-ticket attraction, a thrilling off-road rally race, and a second ride that is more for families. Construction is slated to begin in early 2025.D'Amaro noted that these expansions at Magic Kingdom are the largest at the park ever.Over at Hollywood Studios, Disney is set to build a land centered on ""Monsters, Inc."" Billy Crystal, the voice of the one-eyed green monster Mike Wazowski, appeared on stage to tease those in attendance about the new area.Crystal sang a rendition of ""If I Didn't Have You"" and received a standing ovation.This land will feature a major attraction that takes guests on a thrilling tour of the Laugh Factory via a suspended coaster. Audiences cheered for the new ride. Construction starts next year, D'Amaro said.Animal Kingdom's Tropical America's land, set to open in 2027, will feature an Indiana Jones attraction set inside a Mayan Temple. Ke Huy Quan appeared on stage with D'Amaro to tease the new ride and reminisce about his first ever acting role in ""Indiana Jones and the Temple of Doom.""""Josh, I have to ask you, will there be any snakes?"" Quan joked.D'Amaro said construction will start in the fall and guests will have to wait to see what the new story of the Orlando-based ride will have in store.As part of the Tropical America's land Disney is creating Pueblo Esperanza, which means village of hope. Here the company is building the Casita Madrigal from ""Encanto"" and will have an attraction centered on the character Antonio who has the magical gift to talk to animals. The Casita has animated the house furniture to give guests a tour of the home and they will venture into Antonio's jungle room.Also part of this area will feature an all new carousel featuring wood carved animals from classic Disney stories.The world of ""Avatar"" will make its way to Disney's California Adventure, D'Amaro shared Saturday. The area will take inspiration from the second film ""The Way of Water"" and feature a new attraction.""For our new destination we are inspired by the second movie 'The Way of Water' as well as the upcoming 'Fire and Ash' as well as future avatar films,"" said Ali Rubinstein, executive global management of creative development at Walt Disney Imagineering, during Saturday's showcase. ""And it will be a scale and a level that is worthy of these epic stories.""This park is also set to open a ""Coco"" attraction that will follow Miguel through the land of the dead. It will utilize state-of-the-art audio animatronics like the ones seen in the recently refurbished Tiana's Bayou Adventure. It also takes inspiration from the iconic Haunted Mansion and Pirates of the Caribbean rides. The company is breaking ground in 2026.Deadpool appeared on stage to poke fun at the parks, including the animatronic dragon that caught fire at Disneyland last year, as well as D'Amaro.The company then revealed that the Avengers Campus land will almost double in size with the addition of two new attractions. The first is called Avengers Infinity Defense which will take guests on an adventure to stop King Thanos from using stolen portal technology. Riders will help defend iconic location like Asgard, Wakanda and New York City.The second attraction is Stark Flight Lab where guests will learn how to fly like a superhero. Construction will start next year.The company also announced that Tiana's Bayou Adventure, the Splash Mountain revamp, will open November 15. The Walt Disney World Resort version of the ride opened in June.Disneyland Paris' Adventure World theme park will be getting a new area based on ""The Lion King"" with a log flume attraction based on the Pride Lands. The previously announced Frozen-themed land is due to open in 2026.Shanghai is getting a new thrill attraction coaster featuring Spider-Man.""This is going to be a high energy thrill coaster,"" said Scott Trowbridge, senior creative executive at Walt Disney Imagineering.Hong Kong's park will also have a Spider-Man thrill attraction added to the Stark Expo area.Tokyo will debut a new nighttime spectacular in September called ""Reach for the Stars."" It features characters from ""Big Hero Six,"" ""Up"" and super heroes from Marvel.Disney's cruise line is getting a major expansion. In addition to the five ships already sailing the world, and the four ships in production, Disney will be adding another four ships to the fleet between 2027 and 2031.D'Amaro brought out All-4-One to sing ""This I Swear"" to announce the four new ships. Disney will soon have 13 different destinations for its cruise ships.""Disney Cruise Line is consistently the top-rated line for families because it offers something for everyone,"" D'Amaro said. ""Expanding our fleet gives more people – in more parts of the world – opportunities for an experience at sea that only Disney can deliver.""Disney also used Saturday's presentation to update fans and shareholders about its $1.5 billion investment in Epic Games.D'Amaro was joined on stage by creative leads from across the company including Jennifer Lee from Walt Disney Animation, Pete Doctor from Pixar, Kevin Feige from Marvel and Dave Filoni from Lucasfilm to share several upcoming collaborations with Epic Games and Fortnite.Disney streamed this segment of the show on Fortnite and more than one million people tuned into that live stream, D'Amaro said.Disney Animation characters will arrive in the game this fall, including Cruella, Hook and Maleficent, Lee teased. Joining them will be Pixar's the Incredibles, including Frozone, ElastaGirl and Mr. Incredible, Doctor added.For Lucasfilm, Filoni said new Star Wars characters are coming next week, including IG-11 and a Grogu back bling. Filoni also teased that he and Jon Favreau are working on a Mandalorian and Grogu story for the Star Wars Smugglers Run ride in Galaxy's Edge.Marvel has been a partner with Epic since 2018 and more is on the way. Feige said many fans discover Marvel characters through Fortnite and then go read the comics and watch Marvel Cinematic Universe content. Coming next week to the game is a new event centered on Doctor Doom. Audiences at D23 saw a tease Saturday night that included a number of new special weapons, including Captain America's shield, and a Peely version of Wolverine.Disclosure: Comcast is the parent company of NBCUniversal and CNBC.",CNBC,11/08/2024,"['The time of villains has come.', ""Disney's classic baddies are getting their own theme park land at the Magic Kingdom in Orlando, Florida."", 'The company first teased the potential for a villainous takeover at the last D23 Expo in 2022 as part of a series of ""blue sky"" projects that it was contemplating, but not sure would come to fruition.', ""While the prospect of exploring what lies beyond Big Thunder Mountain tantalized fans, its lack of tangibility left many wondering what exactly Disney was doing to compete with the upcoming opening of Universal's Epic Universe."", ""The answer came on Saturday night during the company's experience showcase at the Honda Center in Anaheim, California."", '""As we sit here together at the Honda Center we have Imagineers hard at work,"" Josh D\'Amaro said to a roaring crowd. ""', 'Everything we have to share with you is in active development ... This means dirt is moving.', ""This isn't blue sky."", '""The reveal sent the crowd into a frenzy.', ""Disney's theme parks, which are part of the wider division known as experiences, have long been a top-performing segment for the company, especially at a time of flux for linear television networks and cable advertising revenue slumps."", 'Parks have offered stability in recent quarters as Disney shuffles to adapt its entertainment business to match consumer habits that changed after the pandemic.', ""However in the most recent quarter, Disney's domestic parks in California and Florida saw slower consumer demand and increased inflation."", 'The company expects this flat attendance will carry over the next few quarters.', 'Still, Disney is bullish on its experiences division, which encompasses its theme parks, cruise lines and hotels.', 'The company has pledged toinvest $60 billion in experiences over the next 10 years— a key part of its strategy to keep the parks fresh and relevant in a competitive segment.', 'About 70% of that money will go toward new experiences in domestic and international parks, along with cruise lines.', 'The other 30% will go toward technology and infrastructure, including maintenance of existing attractions.', 'On Saturday, Disney fans got a glimpse at where that investment was being placed with the help of some big names.', 'Rita Ora graced the stage to perform a rendition of ""Trust in Me"" from ""The Jungle Book"" to announce the new villains land coming to Magic Kingdom.', 'This new area of the park will include two major attractions as well as shopping and dining.', '""So be prepared, you poor unfortunate souls,"" D\'Amaro teased.', 'Shaboozey rocked the Honda Center with a rendition of ""Life Is a Highway"" as part of the announcement that parts of the Florida-based Frontier Land will be rethemed with elements from the movie ""Cars.', '""This area will differ from the one at Disney California Adventure, D\'Amaro told the audience, and will take place in the wilderness.', 'There will be one e-ticket attraction, a thrilling off-road rally race, and a second ride that is more for families.', ""Construction is slated to begin in early 2025.D'Amaro noted that these expansions at Magic Kingdom are the largest at the park ever."", 'Over at Hollywood Studios, Disney is set to build a land centered on ""Monsters, Inc."" Billy Crystal, the voice of the one-eyed green monster Mike Wazowski, appeared on stage to tease those in attendance about the new area.', 'Crystal sang a rendition of ""If I Didn\'t Have You"" and received a standing ovation.', 'This land will feature a major attraction that takes guests on a thrilling tour of the Laugh Factory via a suspended coaster.', 'Audiences cheered for the new ride.', ""Construction starts next year, D'Amaro said."", ""Animal Kingdom's Tropical America's land, set to open in 2027, will feature an Indiana Jones attraction set inside a Mayan Temple."", 'Ke Huy Quan appeared on stage with D\'Amaro to tease the new ride and reminisce about his first ever acting role in ""Indiana Jones and the Temple of Doom.', '""""Josh, I have to ask you, will there be any snakes?""', 'Quan joked.', ""D'Amaro said construction will start in the fall and guests will have to wait to see what the new story of the Orlando-based ride will have in store."", ""As part of the Tropical America's land Disney is creating Pueblo Esperanza, which means village of hope."", 'Here the company is building the Casita Madrigal from ""Encanto"" and will have an attraction centered on the character Antonio who has the magical gift to talk to animals.', ""The Casita has animated the house furniture to give guests a tour of the home and they will venture into Antonio's jungle room."", 'Also part of this area will feature an all new carousel featuring wood carved animals from classic Disney stories.', 'The world of ""Avatar"" will make its way to Disney\'s California Adventure, D\'Amaro shared Saturday.', 'The area will take inspiration from the second film ""The Way of Water"" and feature a new attraction.', '""For our new destination we are inspired by the second movie \'The Way of Water\' as well as the upcoming \'Fire and Ash\' as well as future avatar films,"" said Ali Rubinstein, executive global management of creative development at Walt Disney Imagineering, during Saturday\'s showcase. ""', 'And it will be a scale and a level that is worthy of these epic stories.', '""This park is also set to open a ""Coco"" attraction that will follow Miguel through the land of the dead.', ""It will utilize state-of-the-art audio animatronics like the ones seen in the recently refurbished Tiana's Bayou Adventure."", 'It also takes inspiration from the iconic Haunted Mansion and Pirates of the Caribbean rides.', ""The company is breaking ground in 2026.Deadpool appeared on stage to poke fun at the parks, including the animatronic dragon that caught fire at Disneyland last year, as well as D'Amaro."", 'The company then revealed that the Avengers Campus land will almost double in size with the addition of two new attractions.', 'The first is called Avengers Infinity Defense which will take guests on an adventure to stop King Thanos from using stolen portal technology.', 'Riders will help defend iconic location like Asgard, Wakanda and New York City.', 'The second attraction is Stark Flight Lab where guests will learn how to fly like a superhero.', 'Construction will start next year.', ""The company also announced that Tiana's Bayou Adventure, the Splash Mountain revamp, will open November 15."", 'The Walt Disney World Resort version of the ride opened in June.', 'Disneyland Paris\' Adventure World theme park will be getting a new area based on ""The Lion King"" with a log flume attraction based on the Pride Lands.', 'The previously announced Frozen-themed land is due to open in 2026.Shanghai is getting a new thrill attraction coaster featuring Spider-Man.', '""This is going to be a high energy thrill coaster,"" said Scott Trowbridge, senior creative executive at Walt Disney Imagineering.', ""Hong Kong's park will also have a Spider-Man thrill attraction added to the Stark Expo area."", 'Tokyo will debut a new nighttime spectacular in September called ""Reach for the Stars.""', 'It features characters from ""Big Hero Six,"" ""Up"" and super heroes from Marvel.', ""Disney's cruise line is getting a major expansion."", 'In addition to the five ships already sailing the world, and the four ships in production, Disney will be adding another four ships to the fleet between 2027 and 2031.D\'Amaro brought out All-4-One to sing ""This I Swear"" to announce the four new ships.', 'Disney will soon have 13 different destinations for its cruise ships.', '""Disney Cruise Line is consistently the top-rated line for families because it offers something for everyone,"" D\'Amaro said. ""', 'Expanding our fleet gives more people –in more parts of the world –opportunities for an experience at sea that only Disney can deliver.', '""Disney also used Saturday\'s presentation to update fans and shareholders about its $1.5 billion investment in Epic Games.', ""D'Amaro was joined on stage by creative leads from across the company including Jennifer Lee from Walt Disney Animation, Pete Doctor from Pixar, Kevin Feige from Marvel and Dave Filoni from Lucasfilm to share several upcoming collaborations with Epic Games and Fortnite."", ""Disney streamed this segment of the show on Fortnite and more than one million people tuned into that live stream, D'Amaro said."", 'Disney Animation characters will arrive in the game this fall, including Cruella, Hook and Maleficent, Lee teased.', ""Joining them will be Pixar's the Incredibles, including Frozone, ElastaGirl and Mr. Incredible, Doctor added."", 'For Lucasfilm, Filoni said new Star Wars characters are coming next week, including IG-11 and a Grogu back bling.', ""Filoni also teased that he and Jon Favreau are working on a Mandalorian and Grogu story for the Star Wars Smugglers Run ride in Galaxy's Edge."", 'Marvel has been a partner with Epic since 2018 and more is on the way.', 'Feige said many fans discover Marvel characters through Fortnite and then go read the comics and watch Marvel Cinematic Universe content.', 'Coming next week to the game is a new event centered on Doctor Doom.', ""Audiences at D23 saw a tease Saturday night that included a number of new special weapons, including Captain America's shield, and a Peely version of Wolverine."", 'Disclosure: Comcast is the parent company of NBCUniversal and CNBC.']",0.1635594782022309,"It features characters from ""Big Hero Six,"" ""Up"" and super heroes from Marvel.",Filoni also teased that he and Jon Favreau are working on a Mandalorian and Grogu story for the Star Wars Smugglers Run ride in Galaxy's Edge.,0.5987875878810882,Parks have offered stability in recent quarters as Disney shuffles to adapt its entertainment business to match consumer habits that changed after the pandemic.,"Disney's theme parks, which are part of the wider division known as experiences, have long been a top-performing segment for the company, especially at a time of flux for linear television networks and cable advertising revenue slumps.",2024-08-13
-Restaurant CEOs’ new favorite word is value as they aim to bring back customers,https://www.cnbc.com/2024/08/11/restaurant-ceos-value-bring-back-customers.html,2024-08-11T15:07:59+0000,"In this articleRestaurant CEOs have become obsessed with the word ""value"" in explaining to investors why their sales lagged this quarter while sharing plans to revive traffic in the coming months.On McDonald's quarterly conference call last month, executives said the word ""value"" nearly 80 times, underscoring the fast-food giant's biggest priority.And McDonald's isn't alone. Other leaders at restaurant companies from Taco Bell owner Yum Brands to pizza chain Papa John's also used the word dozens of times in their latest conference calls.""The word 'value' has received a lot of airtime in the past few months,"" Josh Kobza, the CEO of Burger King parent company Restaurant Brands International, said on Thursday.There's a reason for that emphasis. Prices for food away from home have climbed 27.2% since June 2019, according to the Bureau of Labor Statistics. In response, restaurant traffic has fallen and sales are lagging as consumers spend less money dining out, no longer convinced that it's a good deal.Many chains are hoping to bring back customers through discounts and promotions, like the $5 meal deals found at McDonald's, Burger King and Taco Bell.""In this current economic cycle, consumers have become more deliberate in managing their overall ticket and are showing a preference for brands that are offering compelling value,"" Papa John's finance chief Ravi Thanawala said on the company's call on Thursday.Many restaurant executives acknowledged their chains were falling short.For example, McDonald's CEO Chris Kempczinski said his company's reputation for value has dimmed recently. In the second quarter, the burger giant reported that its U.S. same-store sales declined 0.7% year over year.""There were also factors within our control that contributed to our underperformance, most notably our value execution,"" Kempczinski said on the company's July 29 conference call. ""For 70 years, McDonald's has defined value in our industry, and we are taking meaningful actions across the world to assert our leadership.""McDonald's $5 Meal Deal launched a few days before the end of the second quarter, but the value meal had been attracting low-income consumers and outperforming expectations, executives said. The chain is extending the promotion through August in most markets and working with franchisees on a longer-term discounting strategy.Meanwhile, unlike McDonald's and many other restaurants, Chipotle Mexican Grill reported strong same-store sales growth and increasing traffic for its latest quarter. But the burrito chain is still focusing on value, as it's faced backlash from some customers who allege that the company has been shrinking the size of the portions.While CEO Brian Niccol denied any corporate scheme to make burrito bowls smaller, he did say the chain will reemphasize generous portions with its workers. After all, those sizable portions have helped Chipotle gain its reputation for value.""The good news is that we are already beginning to see our actions positively reflected in our consumer scores and our value proposition remains very strong,"" Niccol said on the company's July 24 call.It isn't just fast-food executives who are concentrating on value.Dine Brands, which owns Applebee's and IHOP, is also seeing low-income consumers pull back their spending, CEO John Peyton told CNBC.Customers who make less than $75,000 annually aren't visiting Dine's restaurants as frequently as they used to, and if they do, they're sticking to the value menu. Both Applebee's and IHOP reported surprise same-store sales declines this quarter.""It's certainly going to be a tough back half of the year, and it's a fight for market share for our increasingly value-driven customer,"" Peyton said.Companies aren't just thinking about offering value for customers — they're also thinking about shareholder value. Restaurant stocks have been under pressure this year as investors grow concerned about the health of the industry. Shares of McDonald's and Restaurant Brands have both fallen 10% year to date, while Starbucks' stock has tumbled 21%. The S&P 500 has risen 11% during that period.Worries about chains' financial health aren't confined to the top line. They're also about profits, particularly as companies lean into discounts. While cheap deals might draw in customers, they can hurt the profitability of restaurants, weighing on earnings and hurting franchisees' financial health.And so-called value wars — where chains try to outdo one another with deals — only intensify those concerns as investors fear a race to the bottom.While such concern hasn't borne any fruit yet, it's still early days. For now, it looks like the conversations about value and discounts are bringing some customers back.For example, Burger King was one of the first chains to unveil a $5 value meal this summer. Its U.S. same-store sales were roughly flat for the quarter, but executives said the deal is attracting customers. Burger King now plans to offer it into October.When its rivals followed suit with their own $5 discount deals, the Restaurant Brands chain didn't see any clear impact to its business.""There are actually some positives to the focus on value across the industry,"" Restaurant Brands' Kobza told CNBC. ""I think it has the ability to improve the value-for-money perception of the category with our guests as more people talk about the incredible value that's offered by our sector. I think that really helps everybody.""",CNBC,11/08/2024,"['In this articleRestaurant CEOs have become obsessed with the word ""value"" in explaining to investors why their sales lagged this quarter while sharing plans to revive traffic in the coming months.', 'On McDonald\'s quarterly conference call last month, executives said the word ""value"" nearly 80 times, underscoring the fast-food giant\'s biggest priority.', ""And McDonald's isn't alone."", ""Other leaders at restaurant companies from Taco Bell owner Yum Brands to pizza chain Papa John's also used the word dozens of times in their latest conference calls."", '""The word \'value\' has received a lot of airtime in the past few months,"" Josh Kobza, the CEO of Burger King parent company Restaurant Brands International, said on Thursday.', ""There's a reason for that emphasis."", 'Prices for food away from home have climbed 27.2% since June 2019, according to the Bureau of Labor Statistics.', ""In response, restaurant traffic has fallen and sales are lagging as consumers spend less money dining out, no longer convinced that it's a good deal."", ""Many chains are hoping to bring back customers through discounts and promotions, like the $5 meal deals found at McDonald's, Burger King and Taco Bell."", '""In this current economic cycle, consumers have become more deliberate in managing their overall ticket and are showing a preference for brands that are offering compelling value,"" Papa John\'s finance chief Ravi Thanawala said on the company\'s call on Thursday.', 'Many restaurant executives acknowledged their chains were falling short.', ""For example, McDonald's CEO Chris Kempczinski said his company's reputation for value has dimmed recently."", 'In the second quarter, the burger giant reported that its U.S. same-store sales declined 0.7% year over year.', '""There were also factors within our control that contributed to our underperformance, most notably our value execution,"" Kempczinski said on the company\'s July 29 conference call. ""', ""For 70 years, McDonald's has defined value in our industry, and we are taking meaningful actions across the world to assert our leadership."", '""McDonald\'s $5 Meal Deal launched a few days before the end of the second quarter, but the value meal had been attracting low-income consumers and outperforming expectations, executives said.', 'The chain is extending the promotion through August in most markets and working with franchisees on a longer-term discounting strategy.', ""Meanwhile, unlike McDonald's and many other restaurants, Chipotle Mexican Grill reported strong same-store sales growth and increasing traffic for its latest quarter."", ""But the burrito chain is still focusing on value, as it's faced backlash from some customers who allege that the company has been shrinking the size of the portions."", 'While CEO Brian Niccol denied any corporate scheme to make burrito bowls smaller, he did say the chain will reemphasize generous portions with its workers.', 'After all, those sizable portions have helped Chipotle gain its reputation for value.', '""The good news is that we are already beginning to see our actions positively reflected in our consumer scores and our value proposition remains very strong,"" Niccol said on the company\'s July 24 call.', ""It isn't just fast-food executives who are concentrating on value."", ""Dine Brands, which owns Applebee's and IHOP, is also seeing low-income consumers pull back their spending, CEO John Peyton told CNBC.Customers who make less than $75,000 annually aren't visiting Dine's restaurants as frequently as they used to, and if they do, they're sticking to the value menu."", ""Both Applebee's and IHOP reported surprise same-store sales declines this quarter."", '""It\'s certainly going to be a tough back half of the year, and it\'s a fight for market share for our increasingly value-driven customer,"" Peyton said.', ""Companies aren't just thinking about offering value for customers — they're also thinking about shareholder value."", 'Restaurant stocks have been under pressure this year as investors grow concerned about the health of the industry.', ""Shares of McDonald's and Restaurant Brands have both fallen 10% year to date, while Starbucks' stock has tumbled 21%."", 'The S&P 500 has risen 11% during that period.', ""Worries about chains' financial health aren't confined to the top line."", ""They're also about profits, particularly as companies lean into discounts."", ""While cheap deals might draw in customers, they can hurt the profitability of restaurants, weighing on earnings and hurting franchisees' financial health."", 'And so-called value wars — where chains try to outdo one another with deals — only intensify those concerns as investors fear a race to the bottom.', ""While such concern hasn't borne any fruit yet, it's still early days."", 'For now, it looks like the conversations about value and discounts are bringing some customers back.', 'For example, Burger King was one of the first chains to unveil a $5 value meal this summer.', 'Its U.S. same-store sales were roughly flat for the quarter, but executives said the deal is attracting customers.', 'Burger King now plans to offer it into October.', ""When its rivals followed suit with their own $5 discount deals, the Restaurant Brands chain didn't see any clear impact to its business."", '""There are actually some positives to the focus on value across the industry,"" Restaurant Brands\' Kobza told CNBC. ""', ""I think it has the ability to improve the value-for-money perception of the category with our guests as more people talk about the incredible value that's offered by our sector."", 'I think that really helps everybody.""']",0.2581083791189451,"""The good news is that we are already beginning to see our actions positively reflected in our consumer scores and our value proposition remains very strong,"" Niccol said on the company's July 24 call.",And so-called value wars — where chains try to outdo one another with deals — only intensify those concerns as investors fear a race to the bottom.,-0.0171826904819857,"Meanwhile, unlike McDonald's and many other restaurants, Chipotle Mexican Grill reported strong same-store sales growth and increasing traffic for its latest quarter.","In the second quarter, the burger giant reported that its U.S. same-store sales declined 0.7% year over year.",2024-08-13
-Why is Elon Musk's X struggling with technical problems?,https://www.bbc.co.uk/news/articles/cy0np2y5197o,2024-08-13T13:19:10.722Z,"He may be the richest man in the world, but - as his glitch-prone conversation with Donald Trump showed - it seems Elon Musk still can't overcome X's technical problems. Mr Musk's interview with the presidential hopeful was delayed by 40 minutes while the platform struggled with tech issues. It was not X's first high-profile malfunction. In May 2023, Florida governor Ron DeSantis attempted to launch his own bid for the White House on X with Mr Musk. But, much like his ultimately doomed campaign, problems plagued the interview from the outset. Gremlins meant Mr DeSantis had to sit and wait before he could even give his speech. It seemed to be a cautionary tale that Mr Musk was heeding - the day before his interview with Mr Trump he said he would be performing ""system scaling tests"" on ""Spaces"" - the name for X's audio chat feature. But even with that preparation, he was unable to deal with the tech problems that followed, as according to Reuters, around 1.3 million people listened in at one point. Within minutes, the word ""crashed"" was trending on X, as users posted about the high-profile failure. Some (of course) took the opportunity to take aim at Mr Musk. Others spun the interview as having been of such great interest that it had ""crashed the internet"".  Mr Musk pointed the finger at something else entirely though: a cyber attack. ""There appears to be a massive DDoS attack on X,"" Mr Musk posted. A distributed denial of service attack - or DDoS for short - is an attempt to overload a website, which makes it hard to use or otherwise inaccessible.. The BBC cannot independently verify whether such a cyber attack occurred or not, but tech blog The Verge says its sources at X told it there was no such attack.  Meanwhile, experts are split. ""It very well could be a DDoS attack,"" Matthew Prince, the head of security firm Cloudflare, told the BBC. He said it was ""impossible for us to know"" because X does not use Cloudflare to secure its Spaces system, but he said his firm did reach out to Mr Musk to offer assistance. Meanwhile Alp Toker, director of Netblocks, said the social media platform's explanation of how the issue was fixed ""isn't particularly consistent"" with a DDoS attack. ""Given Elon Musk's claim that X had to limit the number of live listeners to mitigate the issue, we can infer that the outage correlated to the number of live listeners,"" said Mr Toker. ""Limiting the number of legitimate users isn't an ordinary mitigation for DDoS attacks and wouldn't usually help... so Mr Musk's own statement suggests that the platform might have been struggling with overall listener capacity."" The network intelligence company, Cisco ThousandEyes, also said there was a lack of evidence pointing to a cyber attack. “While we cannot definitively state the underlying cause of the event, Cisco ThousandEyes did not observe traffic conditions typically present during a DDoS attack, such as network congestion, packet loss, and elevated latency,"" it said. There is another, more prosaic, explanation for what happened: the deep cuts to the company's workforce that Mr Musk instigated. “Spaces has historically folded when large numbers of users have entered this area of X"", said Jake Moore, Global Cybersecurity Advisor at cyber security firm ESET. ""This also may have been escalated due to the fact Mr Musk laid off large swathes of employees when he took control of the platform.” His thoughts were echoed by Rashik Parmar, head of BCS, the chartered institute for IT, who said even if it was a cyber attack, ""firing 80%"" of the firm's engineers was always going to have ""a significant impact"". ""Engineers are at the forefront of defending against these cyber threats,"" he said.  ""Without adequate staffing, the ability of social media platforms to protect their networks and users from DDoS attacks is severely compromised."" Whether down to a malicious third party or its own shortcomings, however, the end result is much the same. An interview that was meant to show off the capabilities of a platform that, we are told, will one day become an ""everything app"" ended up showing its old technical limitations have not gone away. ",BBC,13/08/2024,"[""He may be the richest man in the world, but - as his glitch-prone conversation with Donald Trump showed - it seems Elon Musk still can't overcome X's technical problems."", ""Mr Musk's interview with the presidential hopeful was delayed by 40 minutes while the platform struggled with tech issues."", ""It was not X's first high-profile malfunction."", 'In May 2023, Florida governor Ron DeSantis attempted to launch his own bid for the White House on X with Mr Musk.', 'But, much like his ultimately doomed campaign, problems plagued the interview from the outset.', 'Gremlins meant Mr DeSantis had to sit and wait before he could even give his speech.', 'It seemed to be a cautionary tale that Mr Musk was heeding - the day before his interview with Mr Trump he said he would be performing ""system scaling tests"" on ""Spaces"" - the name for X\'s audio chat feature.', 'But even with that preparation, he was unable to deal with the tech problems that followed, as according to Reuters, around 1.3 million people listened in at one point.', 'Within minutes, the word ""crashed"" was trending on X, as users posted about the high-profile failure.', 'Some (of course) took the opportunity to take aim at Mr Musk.', 'Others spun the interview as having been of such great interest that it had ""crashed the internet"".', 'Mr Musk pointed the finger at something else entirely though: a cyber attack. ""', 'There appears to be a massive DDoS attack on X,"" Mr Musk posted.', 'A distributed denial of service attack - or DDoS for short - is an attempt to overload a website, which makes it hard to use or otherwise inaccessible.. The BBC cannot independently verify whether such a cyber attack occurred or not, but tech blog The Verge says its sources at X told it there was no such attack.', 'Meanwhile, experts are split. ""', 'It very well could be a DDoS attack,"" Matthew Prince, the head of security firm Cloudflare, told the BBC.', 'He said it was ""impossible for us to know"" because X does not use Cloudflare to secure its Spaces system, but he said his firm did reach out to Mr Musk to offer assistance.', 'Meanwhile Alp Toker, director of Netblocks, said the social media platform\'s explanation of how the issue was fixed ""isn\'t particularly consistent"" with a DDoS attack. ""', 'Given Elon Musk\'s claim that X had to limit the number of live listeners to mitigate the issue, we can infer that the outage correlated to the number of live listeners,"" said Mr Toker. ""', 'Limiting the number of legitimate users isn\'t an ordinary mitigation for DDoS attacks and wouldn\'t usually help... so Mr Musk\'s own statement suggests that the platform might have been struggling with overall listener capacity.""', 'The network intelligence company, Cisco ThousandEyes, also said there was a lack of evidence pointing to a cyber attack. “', 'While we cannot definitively state the underlying cause of the event, Cisco ThousandEyes did not observe traffic conditions typically present during a DDoS attack, such as network congestion, packet loss, and elevated latency,"" it said.', ""There is another, more prosaic, explanation for what happened: the deep cuts to the company's workforce that Mr Musk instigated. “"", 'Spaces has historically folded when large numbers of users have entered this area of X"", said Jake Moore, Global Cybersecurity Advisor at cyber security firm ESET. ""', 'This also may have been escalated due to the fact Mr Musk laid off large swathes of employees when he took control of the platform.”', 'His thoughts were echoed by Rashik Parmar, head of BCS, the chartered institute for IT, who said even if it was a cyber attack, ""firing 80%"" of the firm\'s engineers was always going to have ""a significant impact"". ""', 'Engineers are at the forefront of defending against these cyber threats,"" he said. ""', 'Without adequate staffing, the ability of social media platforms to protect their networks and users from DDoS attacks is severely compromised.""', 'Whether down to a malicious third party or its own shortcomings, however, the end result is much the same.', 'An interview that was meant to show off the capabilities of a platform that, we are told, will one day become an ""everything app"" ended up showing its old technical limitations have not gone away.']",-0.1692366684145212,"Others spun the interview as having been of such great interest that it had ""crashed the internet"".","A distributed denial of service attack - or DDoS for short - is an attempt to overload a website, which makes it hard to use or otherwise inaccessible.. The BBC cannot independently verify whether such a cyber attack occurred or not, but tech blog The Verge says its sources at X told it there was no such attack.",-0.7101715207099915,"Others spun the interview as having been of such great interest that it had ""crashed the internet"".","Limiting the number of legitimate users isn't an ordinary mitigation for DDoS attacks and wouldn't usually help... so Mr Musk's own statement suggests that the platform might have been struggling with overall listener capacity.""",2024-08-13
-Officials 'hopeful' of deal to end train strikes,https://www.bbc.co.uk/news/articles/cp9rxdrj713o,2024-08-13T23:03:32.463Z,"The train driver's union and the government are hopeful a deal can be struck to bring an end the long-running strike action, the BBC understands, as talks over pay are expected to take place on Wednesday. The negotiations between representatives from Aslef and the Department for Transport will aim to resolve the pay dispute between drivers and train companies in England. A breakthrough would herald the end of industrial action which has spanned more than two years and saw drivers stage 18 strikes and take part in several overtime bans, leading to cancelled services. Under the new Labour government, senior officials began direct pay talks with Aslef bosses last month. Industrial action has continued since Aslef last rejected a pay offer back in April 2023. More recently the union’s tactic has been to spread walk outs over several days, with different operators affected on each day. The package included successive pay rises of 4%, which the Rail Delivery Group, which represents train companies, said would bring the average annual pay for a driver to £65,000. However, a significant point of contention, was the conditions attached.  Train companies and the Conservative government argued that changes to ways of working, for example to training and rosters, were necessary to make the railway function more reliably and save money. They claimed hard-pressed taxpayers are having to contribute millions each week to keep services running. However, Aslef argued drivers were being asked to sacrifice too much in exchange for too low a wage rise. The dispute was at a standstill for a year, before signs of progress in May. But the general election was called before there could be a resolution. Under the previous government, negotiations were conducted by the Rail Delivery Group, but ministers have had to approve any pay offer though, as the government in effect took control of the railway during the Covid pandemic. When the Labour government was elected in July, transport secretary Louise Haigh said she was ""committed to resetting industrial relations"". The Rail Delivery Group has since been removed from negotiations, with Department for Transport officials leading talks instead in July.  ",BBC,13/08/2024,"[""The train driver's union and the government are hopeful a deal can be struck to bring an end the long-running strike action, the BBC understands, as talks over pay are expected to take place on Wednesday."", 'The negotiations between representatives from Aslef and the Department for Transport will aim to resolve the pay dispute between drivers and train companies in England.', 'A breakthrough would herald the end of industrial action which has spanned more than two years and saw drivers stage 18 strikes and take part in several overtime bans, leading to cancelled services.', 'Under the new Labour government, senior officials began direct pay talks with Aslef bosses last month.', 'Industrial action has continued since Aslef last rejected a pay offer back in April 2023.', 'More recently the union’s tactic has been to spread walk outs over several days, with different operators affected on each day.', 'The package included successive pay rises of 4%, which the Rail Delivery Group, which represents train companies, said would bring the average annual pay for a driver to £65,000.', 'However, a significant point of contention, was the conditions attached.', 'Train companies and the Conservative government argued that changes to ways of working, for example to training and rosters, were necessary to make the railway function more reliably and save money.', 'They claimed hard-pressed taxpayers are having to contribute millions each week to keep services running.', 'However, Aslef argued drivers were being asked to sacrifice too much in exchange for too low a wage rise.', 'The dispute was at a standstill for a year, before signs of progress in May.', 'But the general election was called before there could be a resolution.', 'Under the previous government, negotiations were conducted by the Rail Delivery Group, but ministers have had to approve any pay offer though, as the government in effect took control of the railway during the Covid pandemic.', 'When the Labour government was elected in July, transport secretary Louise Haigh said she was ""committed to resetting industrial relations"".', 'The Rail Delivery Group has since been removed from negotiations, with Department for Transport officials leading talks instead in July.']",-0.0867833189009092,"When the Labour government was elected in July, transport secretary Louise Haigh said she was ""committed to resetting industrial relations"".",Industrial action has continued since Aslef last rejected a pay offer back in April 2023.,0.3067999556660652,"The package included successive pay rises of 4%, which the Rail Delivery Group, which represents train companies, said would bring the average annual pay for a driver to £65,000.","However, Aslef argued drivers were being asked to sacrifice too much in exchange for too low a wage rise.",2024-08-13
-Coffee giant Starbucks replaces boss after global sales slump,https://www.bbc.co.uk/news/articles/cy0npj1n6rko,2024-08-13T14:43:38.685Z,"The boss of Starbucks is leaving the company after less than two years in charge as the coffee chain looks for a fix for its flagging sales. Chief executive Laxman Narasimhan is stepping down and will be replaced by Brian Niccol, the head of Mexican grill chain Chipotle, the company said.  The shake-up comes as Starbucks is grappling with a slump in sales amid a backlash to price increases and boycotts sparked by the Israel-Gaza war. Howard Schultz, a former executive who oversaw the growth of the coffee chain into a global powerhouse, said he believed Mr Niccol was ""the leader Starbucks needs at a pivotal moment in its history"".  ""He has my respect and full support,"" Mr Schultz said. Shares in Starbucks jumped more than 20% following the announcement. A change in leadership at the coffee chain has been brewing for the last two months, Starbucks board member Mellody Hobson told the Wall Street Journal. Last month, the firm said global sales fell 3% annually in the three months to the end of June amid weakness in the US and China. The company has faced criticism for long waits for drinks and a sharp rise in prices. Activist investors such as Elliott Investment Management, a firm known for taking stakes in companies and pushing for leadership and other changes, have also been piling on pressure. Mr Schultz had selected Mr Narasimhan, a former executive at PepsiCo and Reckitt, as his successor in 2022, who took up the reins full-time in March 2023. But despite his choice, Mr Schultz voiced concerns publicly about the direction of the company in the spring, after it reported an unexpectedly severe sales fall. Incoming boss Mr Niccol has led Chipotle since 2018, helping the brand recover from a crisis after food poisoning outbreaks.  Sales doubled during his tenure and the chain's share price surged from less than $7 to more than $50, as the burrito-maker opened nearly 1,000 new stores and introduced robotic grills and automated processors to make guacamole.  In recent months, it has been seen as a bright spot in the restaurant industry, where many businesses have reported customers cutting back. ""It's hard to leave such a great company and all of the talented people I've had the pleasure to work with, but I depart knowing the business is in great shape and poised for growth with a strong, experienced leadership team,"" Mr Niccol said.  Shares in Chipotle dropped more than 9% after his departure was announced. But Sharon Zackfia, an analyst at investment bank William Blair, said the new chief executive could be inheriting a tougher challenge at Starbucks than at Chipotle, noting that the company is both bigger and its problems more complex. ""While we cannot help but be more optimistic on today's news, we suspect the path to recapturing lost sales will be less linear than it was at Chipotle, which did not face boycott pressures, perceived value questions or material speed of service issues,"" she wrote. Starbucks saw its sales boom as the economy re-opened from the Covid pandemic lockdowns.  But the firm soon found itself embroiled in fight with staff in the US, thousands of whom have voted to join a union, tarnishing its progressive reputation.  Last year, after Starbucks sued the union for a social media post expressing ""solidarity"" with Palestinians, the dispute landed it in the middle of debates over Israel's war in Gaza, sparking global boycott calls. Starbucks has blamed misinformation about its views, after issuing a blanket statement condemning violence in the region. ",BBC,13/08/2024,"['The boss of Starbucks is leaving the company after less than two years in charge as the coffee chain looks for a fix for its flagging sales.', 'Chief executive Laxman Narasimhan is stepping down and will be replaced by Brian Niccol, the head of Mexican grill chain Chipotle, the company said.', 'The shake-up comes as Starbucks is grappling with a slump in sales amid a backlash to price increases and boycotts sparked by the Israel-Gaza war.', 'Howard Schultz, a former executive who oversaw the growth of the coffee chain into a global powerhouse, said he believed Mr Niccol was ""the leader Starbucks needs at a pivotal moment in its history"". ""', 'He has my respect and full support,"" Mr Schultz said.', 'Shares in Starbucks jumped more than 20% following the announcement.', 'A change in leadership at the coffee chain has been brewing for the last two months, Starbucks board member Mellody Hobson told the Wall Street Journal.', 'Last month, the firm said global sales fell 3% annually in the three months to the end of June amid weakness in the US and China.', 'The company has faced criticism for long waits for drinks and a sharp rise in prices.', 'Activist investors such as Elliott Investment Management, a firm known for taking stakes in companies and pushing for leadership and other changes, have also been piling on pressure.', 'Mr Schultz had selected Mr Narasimhan, a former executive at PepsiCo and Reckitt, as his successor in 2022, who took up the reins full-time in March 2023.', 'But despite his choice, Mr Schultz voiced concerns publicly about the direction of the company in the spring, after it reported an unexpectedly severe sales fall.', 'Incoming boss Mr Niccol has led Chipotle since 2018, helping the brand recover from a crisis after food poisoning outbreaks.', ""Sales doubled during his tenure and the chain's share price surged from less than $7 to more than $50, as the burrito-maker opened nearly 1,000 new stores and introduced robotic grills and automated processors to make guacamole."", 'In recent months, it has been seen as a bright spot in the restaurant industry, where many businesses have reported customers cutting back. ""', 'It\'s hard to leave such a great company and all of the talented people I\'ve had the pleasure to work with, but I depart knowing the business is in great shape and poised for growth with a strong, experienced leadership team,"" Mr Niccol said.', 'Shares in Chipotle dropped more than 9% after his departure was announced.', 'But Sharon Zackfia, an analyst at investment bank William Blair, said the new chief executive could be inheriting a tougher challenge at Starbucks than at Chipotle, noting that the company is both bigger and its problems more complex. ""', 'While we cannot help but be more optimistic on today\'s news, we suspect the path to recapturing lost sales will be less linear than it was at Chipotle, which did not face boycott pressures, perceived value questions or material speed of service issues,"" she wrote.', 'Starbucks saw its sales boom as the economy re-opened from the Covid pandemic lockdowns.', 'But the firm soon found itself embroiled in fight with staff in the US, thousands of whom have voted to join a union, tarnishing its progressive reputation.', 'Last year, after Starbucks sued the union for a social media post expressing ""solidarity"" with Palestinians, the dispute landed it in the middle of debates over Israel\'s war in Gaza, sparking global boycott calls.', 'Starbucks has blamed misinformation about its views, after issuing a blanket statement condemning violence in the region.']",-0.0510053645557576,"It's hard to leave such a great company and all of the talented people I've had the pleasure to work with, but I depart knowing the business is in great shape and poised for growth with a strong, experienced leadership team,"" Mr Niccol said.","Starbucks has blamed misinformation about its views, after issuing a blanket statement condemning violence in the region.",-0.104506113949944,Starbucks saw its sales boom as the economy re-opened from the Covid pandemic lockdowns.,"Last month, the firm said global sales fell 3% annually in the three months to the end of June amid weakness in the US and China.",2024-08-13
-Post Office IT boss quits amid Horizon delays,https://www.bbc.co.uk/news/articles/c80e5z2014do,2024-08-13T18:20:19.161Z,"Post Office technology chief Chris Brocklesby is leaving after a year as the project to replace the troubled Horizon IT system faces long delays and rising costs. Mr Brocklesby was hired on a one-year contract in August 2023 as ""chief transformation officer"". He leaves on 6 September, according to a message sent to Post Office staff by acting chief executive Owen Woodley. The Post Office has been struggling to replace the Horizon computer system, which is supplied by Fujitsu. A plan to build new system running on Amazon's cloud computing system had to be abandoned in 2022, and the company has spent more than £95m on extending the Horizon contract until next April.  The Post Office said the age and complexity of the Horizon system made switching over too costly and technically challenging. Reports suggest a replacement system may not fully operational until the end of the decade. Horizon began operating in 1999, after a troubled development, by the company then known as ICL. But faulty data produced by the system was used to wrongly convict hundreds of sub-postmasters of theft and false accounting, in what became known as one of the biggest miscarriages of justice in British history. And inquiry into the scandal is ongoing. The Post Office asked IBM to build a replacement system to Horizon in 2015, but that project was abandoned. A spokesperson from the company, which operates as a private business but is wholly owned by the government, said Mr Brocklesby had helped to transform technology in the firm, ""providing a strong foundation for the work to replace Horizon and setting up the wider business for long-term success"". The Post Office said pilots for the new system were currently working in five branches, and it has requested cash from the Department for Business and Trade to fund the project to replace it.  ""Post Office and the Department for Business and Trade are working on this request and as and when an agreement is reached, we will inform our Postmasters,"" the company added.  Mr Brocklesby will be replaced by the former Camelot transformation director Andy Nice. ",BBC,13/08/2024,"['Post Office technology chief Chris Brocklesby is leaving after a year as the project to replace the troubled Horizon IT system faces long delays and rising costs.', 'Mr Brocklesby was hired on a one-year contract in August 2023 as ""chief transformation officer"".', 'He leaves on 6 September, according to a message sent to Post Office staff by acting chief executive Owen Woodley.', 'The Post Office has been struggling to replace the Horizon computer system, which is supplied by Fujitsu.', ""A plan to build new system running on Amazon's cloud computing system had to be abandoned in 2022, and the company has spent more than £95m on extending the Horizon contract until next April."", 'The Post Office said the age and complexity of the Horizon system made switching over too costly and technically challenging.', 'Reports suggest a replacement system may not fully operational until the end of the decade.', 'Horizon began operating in 1999, after a troubled development, by the company then known as ICL.', 'But faulty data produced by the system was used to wrongly convict hundreds of sub-postmasters of theft and false accounting, in what became known as one of the biggest miscarriages of justice in British history.', 'And inquiry into the scandal is ongoing.', 'The Post Office asked IBM to build a replacement system to Horizon in 2015, but that project was abandoned.', 'A spokesperson from the company, which operates as a private business but is wholly owned by the government, said Mr Brocklesby had helped to transform technology in the firm, ""providing a strong foundation for the work to replace Horizon and setting up the wider business for long-term success"".', 'The Post Office said pilots for the new system were currently working in five branches, and it has requested cash from the Department for Business and Trade to fund the project to replace it. ""', 'Post Office and the Department for Business and Trade are working on this request and as and when an agreement is reached, we will inform our Postmasters,"" the company added.', 'Mr Brocklesby will be replaced by the former Camelot transformation director Andy Nice.']",-0.0266182317570556,"A spokesperson from the company, which operates as a private business but is wholly owned by the government, said Mr Brocklesby had helped to transform technology in the firm, ""providing a strong foundation for the work to replace Horizon and setting up the wider business for long-term success"".","The Post Office asked IBM to build a replacement system to Horizon in 2015, but that project was abandoned.",-0.5604702830314636,"A spokesperson from the company, which operates as a private business but is wholly owned by the government, said Mr Brocklesby had helped to transform technology in the firm, ""providing a strong foundation for the work to replace Horizon and setting up the wider business for long-term success"".",The Post Office said the age and complexity of the Horizon system made switching over too costly and technically challenging.,2024-08-13
-Equinox Group-owned gym chain Blink Fitness files for bankruptcy protection,https://www.cnbc.com/2024/08/12/equinox-gym-blink-fitness-bankruptcy.html,2024-08-12T18:46:45+0000,"Blink Fitness, a budget-friendly gym chain owned by luxury fitness company Equinox Group, has filed for Chapter 11 bankruptcy protection.The fitness brand, with more than 100 centers in the U.S., is the latest chain to seek bankruptcy post-pandemic, following companies such as New York Sports Club, 24 Hour Fitness and Gold's Gym.The company plans to sell its business and has listed its assets and liabilities at $100 million and $500 million, respectively. It plans to continue to operate its fitness centers during the sale process, according to a release.""Over the last several months, we have been focused on strengthening Blink's financial foundation and positioning the business for long-term success,"" Guy Harkless, CEO and president of Blink Fitness said in a statement. ""After evaluating our options, the Board and management team determined that using the court-supervised process to optimize the Company's footprint and effectuate a sale of the business is the best path forward.""This is not the first move by Equinox Group to improve the company's finances. Luxury fitness center Equinox, which falls in the group's holdings alongside brands such as SoulCycle and Pure Yoga, completed a $1.8 billion funding round in March, in part to refinance its $1.2 billion of debt.The company, which is not publicly traded, said it saw a 27% revenue increase in 2023 and that it has seen membership levels almost fully return to pre-pandemic levels. Equinox has a current pipeline to open more than two dozen new locations globally.Earlier this year, Equinox also launched a $40,000 annual gym membership aimed at its most affluent member base in an effort to improve its finances as well.This all comes as a CNBC/Generation Lab Youth and Money Poll — which polled 1,034 people ages 18 to 34 in the U.S. in August — showed that roughly one-third of Americans in that age range spend between $1 and $50 a month on exercise and fitness, while 47% report spending ""nothing at all.""Blink offers membership ranging between $17 and $39 per month depending on the location and competes with other budget gym chains such as Planet Fitness, which raised the price of its base membership to $15 per month back in June.Unlike Blink, Planet Fitness reported strong membership growth of 7% year over year in its second quarter to reach a total of 19.7 million members. Planet Fitness shares recently hit a 52-week high, reaching levels not seen since May 2023.",CNBC,12/08/2024,"['Blink Fitness, a budget-friendly gym chain owned by luxury fitness company Equinox Group, has filed for Chapter 11 bankruptcy protection.', ""The fitness brand, with more than 100 centers in the U.S., is the latest chain to seek bankruptcy post-pandemic, following companies such as New York Sports Club, 24 Hour Fitness and Gold's Gym."", 'The company plans to sell its business and has listed its assets and liabilities at $100 million and $500 million, respectively.', 'It plans to continue to operate its fitness centers during the sale process, according to a release.', '""Over the last several months, we have been focused on strengthening Blink\'s financial foundation and positioning the business for long-term success,"" Guy Harkless, CEO and president of Blink Fitness said in a statement. ""', ""After evaluating our options, the Board and management team determined that using the court-supervised process to optimize the Company's footprint and effectuate a sale of the business is the best path forward."", '""This is not the first move by Equinox Group to improve the company\'s finances.', ""Luxury fitness center Equinox, which falls in the group's holdings alongside brands such as SoulCycle and Pure Yoga, completed a $1.8 billion funding round in March, in part to refinance its $1.2 billion of debt."", 'The company, which is not publicly traded, said it saw a 27% revenue increase in 2023 and that it has seen membership levels almost fully return to pre-pandemic levels.', 'Equinox has a current pipeline to open more than two dozen new locations globally.', 'Earlier this year, Equinox also launched a $40,000 annual gym membership aimed at its most affluent member base in an effort to improve its finances as well.', 'This all comes as a CNBC/Generation Lab Youth and Money Poll — which polled 1,034 people ages 18 to 34 in the U.S. in August — showed that roughly one-third of Americans in that age range spend between $1 and $50 a month on exercise and fitness, while 47% report spending ""nothing at all.', '""Blink offers membership ranging between $17 and $39 per month depending on the location and competes with other budget gym chains such as Planet Fitness, which raised the price of its base membership to $15 per month back in June.', 'Unlike Blink, Planet Fitness reported strong membership growth of 7% year over year in its second quarter to reach a total of 19.7 million members.', 'Planet Fitness shares recently hit a 52-week high, reaching levels not seen since May 2023.']",0.4593325616262407,"""Over the last several months, we have been focused on strengthening Blink's financial foundation and positioning the business for long-term success,"" Guy Harkless, CEO and president of Blink Fitness said in a statement. """,,0.999417319893837,"The company, which is not publicly traded, said it saw a 27% revenue increase in 2023 and that it has seen membership levels almost fully return to pre-pandemic levels.",,2024-08-13
-"Apartments, hockey rinks and Amazon warehouses: Macy's closures will set off a wave of change at shopping malls",https://www.cnbc.com/2024/08/12/macys-store-closures-will-change-malls.html,2024-08-12T17:12:46+0000,"In this articleMacy's decision to close nearly a third of its stores will spark change in malls and communities across the U.S.Some of those transformations may catch shoppers by surprise.The retailer said in late February that it plans to close about 150 of its namesake locations by early 2027. Macy's has not yet revealed which stores it will shutter. When CEO Tony Spring announced the move, he said the stores that Macy's will close account for 25% of the company's gross square footage but less than 10% of its sales.The company plans to invest more in the approximately 350 namesake stores that will remain, and open new locations for its better-performing brands: higher-end department store Bloomingdale's and beauty chain Bluemercury.Yet the closures will be the latest catalyst that pressures malls to evolve to changing consumer tastes. Macy's is shuttering stores as the growth of online shopping and demographic shifts mean some small towns or regions can no longer support a bustling shopping center.Macy's closures will ultimately be a good thing for many malls and customers, said Chris Wimmer, senior director at Fitch Ratings who tracks real estate investment trusts. The department store's exit will accelerate the inevitable demise of ""low quality malls that really don't need to exist anymore,"" Wimmer said. The closures will give the owners of healthier malls a chance to breathe new life and relevance into a shopping center.In those malls, which tend to have better locations and owners with stronger balance sheets, he said owners are ""itching to get their hands on their Macy's"" and free up prime real estate.Macy's owns the majority of its namesake stores. That dates back to when mall owners would give department stores a space to draw shoppers and make money by charging other retailers rent.Macy's closures will also make way for real estate developments that may better match the changing demographics or economy of their surroundings, whether through construction of a medical building, a retirement community or a grocery store.But Wimmer acknowledged some of the closed Macy's may be a tougher sell, and their exit could be the nail in the coffin for a mall that's becoming an eyesore.""If it's in a really bad location where no one wants to spend money to knock it down, then it could rot,"" he said.Macy's is trimming its locations as department stores and malls alike dwindle.Macy's has left many malls already. It has closed more than a third of its namesake stores over the last 10 years. As of early May, the company had 503 Macy's stores, including a small number of other concepts outside malls.Other anchors have downsized or disappeared from malls, including Sears, Lord & Taylor and JCPenney.The number of malls has shrunk as well. Real estate firms typically divide malls into class A and B, which have higher occupancy rates and lower sales density, and class C and D, which have lower occupancy rates and higher sales density.There were 352 shopping malls classified as Class A and B at the end of 2016, according to company reports, S&P Capital IQ and Coresight Research. That fell to 316 malls by the end of 2022.That decline is sharper among Class C and D shopping malls, which fell from 684 malls in 2016 to 287 in 2022, according to the companies' research.Weak U.S. malls have become weaker, and the strong shopping centers have become places where all retailers and consumers want to be, said Anand Kumar, an associate director of research for Coresight. He expects that trend to continue. By 2030, he said, top-tier malls will draw a greater share of total mall spending and more lower-tier malls will either close or be forced to convert more space into non-retail uses.At some distressed malls, Macy's may be the last anchor that remains.Kumar said the U.S. doesn't need as many malls as customers buy more on retailers' websites. He added many of the fastest growing retailers in terms of store count, such as Dollar General, Five Below and T.J. Maxx, want to be in suburban strip centers rather than malls.He said adding more diverse tenants to malls, such as medical buildings, co-working spaces, nail salons and restaurants, can be a smarter move for mall owners to drum up traffic.That's what many mall owners have done and could do with vacant former Macy's locations.Even if a mall wants to fill a Macy's space with a retailer, there are few single tenants that can take up the whole box, said Naveen Jaggi, president of retail advisory services at JLL. The ones that could, such as Nordstrom and Belk, generally aren't opening up huge stores like they did in the past, he said.Macy's stores typically range between 200,000 and 225,000 square feet.If history is a guide, former Macy's stores will likely transform into spaces and spark projects that surprise longtime mallgoers. The closures of mall anchors have cleared the way for new apartment complexes and entertainment wings with restaurants, amusement parks or activities such as laser tag and rock climbing.Since 2012, major mall owner Brookfield Properties has redone more than 100 anchor boxes with capital investments of more than $2 billion.One of the malls it retrofitted after a Macy's closure is Stonestown Galleria. In the San Francisco mall, a former Macy's is now a Whole Foods, movie theater, sporting goods store and health-care facility.At Tysons Galleria in the Washington, D.C. area, Brookfield used the closure of Macy's as an opportunity to tack on a new wing. It opened in 2021 with broader entertainment offerings, including a bowling alley and movie theater; home furnishing stores including RH and Crate & Barrel; new dining options and a showroom for electric vehicle brand Lucid Motors.The projects take money and time, said Adam Tritt, chief development officer for Brookfield Properties' U.S. retail portfolio. As part of the San Francisco conversion, Brookfield had to raise the height of the roof, add more windows and put in a glass storefront.Those projects show that for mall owners, the closure of an anchor such as Macy's can come with a silver lining, Tritt said. It clears the way for more flexible and creative uses that draw more people to the mall.""There's a collective challenge to get people off the couch and out of the house,"" he said.And by turning a big box into smaller retail or dining spaces that can be leased, the mall owner can be nimbler.""We are able to break it down into smaller digestible pieces, so that as trends move and communities evolve we are able to respond more quickly,"" he said.At other malls, the tenants that replace a Macy's could be even more unique.Near Salt Lake City, Utah, a former Macy's will soon become the location of the training and practice facility for the NHL's new addition, the Utah Hockey Club, complete with ice skating rinks and corporate offices.And in some parts of the country, consumers' shift from shopping at malls to shopping on their couches has taken physical form. Amazon opened a huge fulfillment center on the former site of Randall Park Mall. The mall in Northeast Ohio struggled with dwindling occupancy rates and ultimately lost mall anchors, including Dillards, JCPenney and Macy's.And earlier this summer, Amazon opened another fulfillment center in Baton Rouge, Louisiana — also on a former mall site.",CNBC,12/08/2024,"[""In this articleMacy's decision to close nearly a third of its stores will spark change in malls and communities across the U.S.Some of those transformations may catch shoppers by surprise."", 'The retailer said in late February that it plans to close about 150 of its namesake locations by early 2027.', ""Macy's has not yet revealed which stores it will shutter."", ""When CEO Tony Spring announced the move, he said the stores that Macy's will close account for 25% of the company's gross square footage but less than 10% of its sales."", ""The company plans to invest more in the approximately 350 namesake stores that will remain, and open new locations for its better-performing brands: higher-end department store Bloomingdale's and beauty chain Bluemercury."", 'Yet the closures will be the latest catalyst that pressures malls to evolve to changing consumer tastes.', ""Macy's is shuttering stores as the growth of online shopping and demographic shifts mean some small towns or regions can no longer support a bustling shopping center."", ""Macy's closures will ultimately be a good thing for many malls and customers, said Chris Wimmer, senior director at Fitch Ratings who tracks real estate investment trusts."", 'The department store\'s exit will accelerate the inevitable demise of ""low quality malls that really don\'t need to exist anymore,"" Wimmer said.', 'The closures will give the owners of healthier malls a chance to breathe new life and relevance into a shopping center.', 'In those malls, which tend to have better locations and owners with stronger balance sheets, he said owners are ""itching to get their hands on their Macy\'s"" and free up prime real estate.', ""Macy's owns the majority of its namesake stores."", 'That dates back to when mall owners would give department stores a space to draw shoppers and make money by charging other retailers rent.', ""Macy's closures will also make way for real estate developments that may better match the changing demographics or economy of their surroundings, whether through construction of a medical building, a retirement community or a grocery store."", ""But Wimmer acknowledged some of the closed Macy's may be a tougher sell, and their exit could be the nail in the coffin for a mall that's becoming an eyesore."", '""If it\'s in a really bad location where no one wants to spend money to knock it down, then it could rot,"" he said.', ""Macy's is trimming its locations as department stores and malls alike dwindle."", ""Macy's has left many malls already."", 'It has closed more than a third of its namesake stores over the last 10 years.', ""As of early May, the company had 503 Macy's stores, including a small number of other concepts outside malls."", 'Other anchors have downsized or disappeared from malls, including Sears, Lord & Taylor and JCPenney.', 'The number of malls has shrunk as well.', 'Real estate firms typically divide malls into class A and B, which have higher occupancy rates and lower sales density, and class C and D, which have lower occupancy rates and higher sales density.', 'There were 352 shopping malls classified as Class A and B at the end of 2016, according to company reports, S&P Capital IQ and Coresight Research.', ""That fell to 316 malls by the end of 2022.That decline is sharper among Class C and D shopping malls, which fell from 684 malls in 2016 to 287 in 2022, according to the companies' research."", 'Weak U.S. malls have become weaker, and the strong shopping centers have become places where all retailers and consumers want to be, said Anand Kumar, an associate director of researchfor Coresight.', 'He expects that trend to continue.', 'By 2030, he said, top-tier malls will draw a greater share of total mall spending and more lower-tier malls will either close or be forced to convert more space into non-retail uses.', ""At some distressed malls, Macy's may be the last anchor that remains."", ""Kumar said the U.S. doesn't need as many malls as customers buy more on retailers' websites."", 'He added many of the fastest growing retailers in terms of store count, such as Dollar General, Five Below and T.J. Maxx, want to be in suburban strip centers rather than malls.', 'He said adding more diverse tenants to malls, such as medical buildings, co-working spaces, nail salons and restaurants, can be a smarter move for mall owners to drum up traffic.', ""That's what many mall owners have done and could do with vacant former Macy's locations."", ""Even if a mall wants to fill a Macy's space with a retailer, there are few single tenants that can take up the whole box, said Naveen Jaggi, president of retail advisory services at JLL."", ""The ones that could, such as Nordstrom and Belk, generally aren't opening up huge stores like they did in the past, he said."", ""Macy's stores typically range between 200,000 and 225,000 square feet."", ""If history is a guide, former Macy's stores will likely transform into spaces and spark projects that surprise longtime mallgoers."", 'The closures of mall anchors have cleared the way for new apartment complexes and entertainment wings with restaurants, amusement parks or activities such as laser tag and rock climbing.', 'Since 2012, major mall owner Brookfield Properties has redone more than 100 anchor boxes with capital investments of more than $2 billion.', ""One of the malls it retrofitted after a Macy's closure is Stonestown Galleria."", ""In the San Francisco mall, a former Macy's is now a Whole Foods, movie theater, sporting goods store and health-care facility."", ""At Tysons Galleria in the Washington, D.C. area, Brookfield used the closure of Macy's as an opportunity to tack on a new wing."", 'It opened in 2021 with broader entertainment offerings, including a bowling alley and movie theater; home furnishing stores including RH and Crate & Barrel; new dining options and a showroom for electric vehicle brand Lucid Motors.', ""The projects take money and time, said Adam Tritt, chief development officer for Brookfield Properties' U.S. retail portfolio."", 'As part of the San Francisco conversion, Brookfield had to raise the height of the roof, add more windows and put in a glass storefront.', ""Those projects show that for mall owners, the closure of an anchor such as Macy's can come with a silver lining, Tritt said."", 'It clears the way for more flexible and creative uses that draw more people to the mall.', '""There\'s a collective challenge to get people off the couch and out of the house,"" he said.', 'And by turning a big box into smaller retail or dining spaces that can be leased, the mall owner can be nimbler.', '""We are able to break it down into smaller digestible pieces, so that as trends move and communities evolve we are able to respond more quickly,"" he said.', ""At other malls, the tenants that replace a Macy's could be even more unique."", ""Near Salt Lake City, Utah, a former Macy's will soon become the location of the training and practice facility for the NHL's new addition, the Utah Hockey Club, complete with ice skating rinks and corporate offices."", ""And in some parts of the country, consumers' shift from shopping at malls to shopping on their couches has taken physical form."", 'Amazon opened a huge fulfillment center on the former site of Randall Park Mall.', ""The mall in Northeast Ohio struggled with dwindling occupancy rates and ultimately lost mall anchors, including Dillards, JCPenney and Macy's."", 'And earlier this summer, Amazon opened another fulfillment center in Baton Rouge, Louisiana — also on a former mall site.']",0.1106546047521135,"In those malls, which tend to have better locations and owners with stronger balance sheets, he said owners are ""itching to get their hands on their Macy's"" and free up prime real estate.","""If it's in a really bad location where no one wants to spend money to knock it down, then it could rot,"" he said.",0.0770754001357338,"He said adding more diverse tenants to malls, such as medical buildings, co-working spaces, nail salons and restaurants, can be a smarter move for mall owners to drum up traffic.","That fell to 316 malls by the end of 2022.That decline is sharper among Class C and D shopping malls, which fell from 684 malls in 2016 to 287 in 2022, according to the companies' research.",2024-08-13
-Three Disney films could top $1 billion this year after box office rut,https://www.cnbc.com/2024/08/08/3-disney-films-could-top-1-billion-at-box-office-this-year.html,2024-08-08T15:28:21+0000,"In this articleAfter years of starts and stops at the box office, Disney appears to have hit a groove in 2024.Its latest Pixar film, ""Inside Out 2,"" is now the highest-grossing animated film of all time, topping $1.5 billion at the global box office. Its first R-rated Marvel Cinematic Universe flick — ""Deadpool & Wolverine"" —broke opening weekend records for an R-rated film and is set to surpass the $1 billion mark before the end of its run.And the box office hits aren't expected to stop there.Over the Thanksgiving holiday, the studio is set to release ""Moana 2,"" the hotly anticipated sequel to 2016's ""Moana."" While the first film generated a little less than $700 million at the global box office, audience fervor for more ""Moana"" content is expected to drive high ticket sales in November. After all, it was the most streamed film of 2023.Disney has already seen success from its animated franchises this year, as ""Inside Out 2"" has generated nearly double the $850 million its predecessor secured in 2015.""The billion-dollar club, while growing ever less exclusive with each passing year, is no less a remarkable achievement for any film to join its ranks, particularly when one studio has the potential to land a trifecta of such hits for film released in the same year,"" said Paul Dergarabedian, senior media analyst at Comscore. ""Such is the enviable position that Disney, after a fallow post-Pandemic period has returned to glory with a vengeance. They are in the midst of phenomenal comeback year for the studio.""A wild card for the studio is December's ""Mufasa: The Lion King,"" a prequel to 2019's ""The Lion King."" While its predecessor generated $1.6 billion at the global box office, more than $1.1 billion of which came from international audiences, it's unclear what appetite moviegoers have for this photorealistically animated sequel.Disney has long been a box office champion, driving significant ticket sales domestically and globally. While its theatrical business is a relatively small part of its overall annual revenues, its a large part of Disney's wider strategy. The company uses its theatrical successes across many of its other departments. Franchises like Star Wars, Marvel, Avatar and Pixar have transcended the big screen to become popular theme park lands and TV shows, and characters from those films appear on merchandise.Disney's recent box office rut came at a time when its theme parks were growing rapidly and generating enough revenue to balance out other pieces of the business that were less successful or still in the process of becoming profitable, like streaming platform Disney+. However, in the most recent quarter, Disney parks and experiences segment felt pressure due to lower consumer demand and inflation.Having its theatrical business return to form is key for Disney because of how it can fuel other areas of the business.Disney churns out more billion-dollar hits than anyone in the business. Of the 53 titles that have achieved this feat at the box office, more than half, or 27, have been under the Disney banner, according to data from Comscore.Two of those films — 2009's ""Avatar"" and 1997's ""Titanic"" — were produced by 21st Century Fox prior to the 2019 merger of the two companies, but are considered part of Disney's collection of billion-dollar features. Additionally, two Marvel Cinematic Universe Spider-Man films that were co-produced by Disney and Sony topped $1 billion. However, those are not included in Disney's haul because they were distributed by Sony.In the year before the pandemic, Disney had seven theatrical releases top $1 billion at the box office. However, theater closures and production shutdowns, coupled with a creative team that was stretched too thin, led to a cinematic slump for the company in recent years.Audiences and critics bemoaned Disney's push for quantity, which sacrificed quality in major franchises. The company was also criticized for allowing some of its content to become too focused on social messages.While ""Avatar: The Way of Water"" became one of the top all-time box-office hits in 2022, and several Marvel features topped $800 million in global ticket sales, Disney also saw some of its lowest animated feature hauls in decades and its lowest-ever MCU release.""Much has been said about a few of Disney's underwhelming box office performances in recent years but it was always a fool's errand to count the studio out for long,"" said Shawn Robbins, founder and owner of Box Office Theory. ""Their leadership made clear and convincing strategic moves to address the commercial struggles of several key releases coming out of the pandemic era ... We're starting to see the early dividends of that pivot back to quality franchise content and a renewed emphasis on the moviegoing experience.""Disney's CEO Bob Iger has addressed the company's theatrical woes on several occasions since returning to the helm of the company in late 2022.He admitted Disney's fall from theatrical grace had a number of causes. He said that during Covid lockdowns, the company conditioned audiences to expect its films on streaming, and that pandemic-related restrictions made it difficult for executives to oversee its increased number of film and television productions. Additionally, he said the company's push to feed Disney+ with new content diluted its quality.Iger promised investors that Disney's creatives would right the ship. And he appears to be making good on that pledge.On Wednesday, he credited ""Inside Out 2"" for the company's outperformance in its content sales and licensing division during the most recent quarter. The company noted that the first ""Inside Out"" drove more than 1.3 million Disney+ sign-ups and generated more than 100 million views globally since the first trailer for ""Inside Out 2"" was released last November.He also touted the company's slate of franchise features coming in the next few years.""Let me just read to you the movies that we'll be making and releasing in the next almost two years,"" Iger said during Wednesday's earning call. ""We have 'Moana,' 'Mufasa,' 'Captain America,' 'Snow White,' 'Thunderbolts*', 'Fantastic 4,' 'Zootopia,' 'Avatar,' 'Avengers,' 'Mandalorian' and 'Toy Story,' just to name a few. And when you think about not only the potential of those in the box office but the potential of those to drive global streaming value, I think there's a reason to be bullish about where we're headed.""2024202520262027Investors are expected to get a bigger glimpse into Disney's theatrical plans during its biannual D23 Expo taking place in Anaheim, California this weekend.""The past speaks for itself, but there's no doubting the importance of Disney's role in the industry's present and future,"" said Robbins. ""If Marvel and Pixar continue their turnarounds, and if the Star Wars franchise can eventually execute a similar rebound under Lucasfilm, it won't be long before the parent studio returns to some familiar box office prowess up and down the calendar each year.""",CNBC,08/08/2024,"['In this articleAfter years of starts and stops at the box office, Disney appears to have hit a groove in 2024.Its latest Pixar film, ""Inside Out 2,"" is now the highest-grossing animated film of all time, topping $1.5 billion at the global box office.', 'Its first R-rated Marvel Cinematic Universe flick — ""Deadpool & Wolverine"" —broke opening weekend records for an R-rated film and is set to surpass the $1 billion mark before the end of its run.', ""And the box office hits aren't expected to stop there."", 'Over the Thanksgiving holiday, the studio is set to release ""Moana 2,"" the hotly anticipated sequel to 2016\'s ""Moana.""', 'While the first film generated a little less than $700 million at the global box office, audience fervor for more ""Moana"" content is expected to drive high ticket sales in November.', 'After all, it was the most streamed film of 2023.Disney has already seen success from its animated franchises this year, as ""Inside Out 2"" has generated nearly double the $850 million its predecessor secured in 2015.""The billion-dollar club, while growing ever less exclusive with each passing year, is no less a remarkable achievement for any film to join its ranks, particularly when one studio has the potential to land a trifecta of such hits for film released in the same year,"" said Paul Dergarabedian, senior media analyst at Comscore. ""', 'Such is the enviable position that Disney, after a fallow post-Pandemic period has returned to glory with a vengeance.', 'They are in the midst of phenomenal comeback year for the studio.', '""A wild card for the studio is December\'s ""Mufasa: The Lion King,"" a prequel to 2019\'s ""The Lion King.""', ""While its predecessor generated $1.6 billion at the global box office, more than $1.1 billion of which came from international audiences, it's unclear what appetite moviegoers have for this photorealistically animated sequel."", 'Disney has long been a box office champion, driving significant ticket sales domestically and globally.', ""While its theatrical business is a relatively small part of its overall annual revenues, its a large part of Disney's wider strategy."", 'The company uses its theatrical successes across many of its other departments.', 'Franchises like Star Wars, Marvel, Avatar and Pixar have transcended the big screen to become popular theme park lands and TV shows, and characters from those films appear on merchandise.', ""Disney's recent box office rut came at a time when its theme parks were growing rapidly and generating enough revenue to balance out other pieces of the business that were less successful or still in the process of becoming profitable, like streaming platform Disney+."", 'However, in the most recent quarter, Disney parks and experiences segment felt pressure due to lower consumer demand and inflation.', 'Having its theatrical business return to form is key for Disney because of how it can fuel other areas of the business.', 'Disney churns out more billion-dollar hits than anyone in the business.', 'Of the 53 titles that have achieved this feat at the box office, more than half, or 27, have been under the Disney banner, according to data from Comscore.', 'Two of those films — 2009\'s ""Avatar"" and 1997\'s ""Titanic"" — were produced by 21st Century Fox prior to the 2019 merger of the two companies, but are considered part of Disney\'s collection of billion-dollar features.', 'Additionally, two Marvel Cinematic Universe Spider-Man films that were co-produced by Disney and Sony topped $1 billion.', ""However, those are not included in Disney's haul because they were distributed by Sony."", 'In the year before the pandemic, Disney had seven theatrical releases top $1 billion at the box office.', 'However, theater closures and production shutdowns, coupled with a creative team that was stretched too thin, led to a cinematic slump for the company in recent years.', ""Audiences and critics bemoaned Disney's push for quantity, which sacrificed quality in major franchises."", 'The company was also criticized for allowing some of its content to become too focused on social messages.', 'While ""Avatar: The Way of Water"" became one of the top all-time box-office hits in 2022, and several Marvel features topped $800 million in global ticket sales, Disney also saw some of its lowest animated feature hauls in decades and its lowest-ever MCU release.', '""Much has been said about a few of Disney\'s underwhelming box office performances in recent years but it was always a fool\'s errand to count the studio out for long,"" said Shawn Robbins, founder and owner of Box OfficeTheory. ""', ""Their leadership made clear and convincing strategic moves to address the commercial struggles of several key releases coming out of the pandemic era ... We're starting to see the early dividends of that pivot back to quality franchise content and a renewed emphasis on the moviegoing experience."", '""Disney\'s CEO Bob Iger has addressed the company\'s theatrical woes on several occasions since returning to the helm of the company in late 2022.He admitted Disney\'s fall from theatrical grace had a number of causes.', 'He said that during Covid lockdowns, the company conditioned audiences to expect its films on streaming, and that pandemic-related restrictions made it difficult for executives to oversee its increased number of film and television productions.', ""Additionally, he said the company's push to feed Disney+ with new content diluted its quality."", ""Iger promised investors that Disney's creatives would right the ship."", 'And he appears to be making good on that pledge.', 'On Wednesday, he credited ""Inside Out 2"" for the company\'s outperformance in its content sales and licensing division during the most recent quarter.', 'The company noted that the first ""Inside Out"" drove more than 1.3 million Disney+ sign-ups and generated more than 100 million views globally since the first trailer for ""Inside Out 2"" was released last November.', ""He also touted the company's slate of franchise features coming in the next few years."", '""Let me just read to you the movies that we\'ll be making and releasing in the next almost two years,"" Iger said during Wednesday\'s earning call. ""', ""We have 'Moana,' 'Mufasa,' 'Captain America,' 'Snow White,' 'Thunderbolts*', 'Fantastic 4,' 'Zootopia,' 'Avatar,' 'Avengers,' 'Mandalorian' and 'Toy Story,' just to name a few."", ""And when you think about not only the potential of those in the box office but the potential of those to drive global streaming value, I think there's a reason to be bullish about where we're headed."", '""2024202520262027Investors are expected to get a bigger glimpse into Disney\'s theatrical plans during its biannual D23 Expo taking place in Anaheim, California this weekend.', '""The past speaks for itself, but there\'s no doubting the importance of Disney\'s role in the industry\'s present and future,"" said Robbins. ""', 'If Marvel and Pixar continue their turnarounds, and if the Star Wars franchise can eventually execute a similar rebound under Lucasfilm, it won\'t be long before the parent studio returns to some familiar box office prowess up and down the calendar each year.""']",0.1224509177184157,"After all, it was the most streamed film of 2023.Disney has already seen success from its animated franchises this year, as ""Inside Out 2"" has generated nearly double the $850 million its predecessor secured in 2015.""The billion-dollar club, while growing ever less exclusive with each passing year, is no less a remarkable achievement for any film to join its ranks, particularly when one studio has the potential to land a trifecta of such hits for film released in the same year,"" said Paul Dergarabedian, senior media analyst at Comscore. ""","However, in the most recent quarter, Disney parks and experiences segment felt pressure due to lower consumer demand and inflation.",0.3442871379852295,"After all, it was the most streamed film of 2023.Disney has already seen success from its animated franchises this year, as ""Inside Out 2"" has generated nearly double the $850 million its predecessor secured in 2015.""The billion-dollar club, while growing ever less exclusive with each passing year, is no less a remarkable achievement for any film to join its ranks, particularly when one studio has the potential to land a trifecta of such hits for film released in the same year,"" said Paul Dergarabedian, senior media analyst at Comscore. ""","While ""Avatar: The Way of Water"" became one of the top all-time box-office hits in 2022, and several Marvel features topped $800 million in global ticket sales, Disney also saw some of its lowest animated feature hauls in decades and its lowest-ever MCU release.",2024-08-13
-Disney beats estimates as combined streaming services turn a profit,https://www.cnbc.com/2024/08/07/disney-dis-q3-earnings-report-2024.html,2024-08-07T18:19:21+0000,"In this articleDisney reported its fiscal third-quarter earnings Wednesday, topping analyst estimates as its combined streaming businesses turned a profit earlier than expected.Here is what Disney reported compared with what Wall Street expected, according to LSEG:The company's total segment operating income increased 19% to $4.225 billion compared with the same period last year, led by the positive results for Disney's entertainment unit, particularly streaming. Disney's combined streaming business, which consists of Disney+, Hulu and ESPN+, turned a profit for the first time — and it happened a quarter earlier than the company had expected.Executives on Wednesday's earnings call touted the progress of Disney's streaming business toward profitability, a goal for all media companies as they look to chase customers switching to streaming. CEO Bob Iger also praised the recent successes of the company's film and TV slates as propelling that business forward.The combined streaming business posted an operating profit of $47 million compared with a loss of $512 million in the same quarter last year. However, without ESPN+, the direct-to-consumer streaming unit reported a loss of $19 million.Meanwhile, in May, Disney highlighted a slightly different metric, noting that Disney+ and Hulu together turned a profit, but when combined with ESPN+, the streaming businesses suffered a loss.Disney recently changed how it reports its segments, with ESPN falling under its sports unit, and Disney+ and Hulu being counted as part of the direct-to-consumer entertainment segment.Disney+ Core subscribers — which excludes Disney+ Hotstar in India and other countries in the region — increased by 1% to 118.3 million, despite the company's earlier guidance that it wouldn't add new customers during the fiscal third quarter. Total Hulu subscribers grew 2% to 51.1 million.Revenue for the entertainment segment was up 4% to $10.58 billion, driven largely by subscription revenue growth due to price increases and customer growth for Disney+ Core. Revenue for the traditional TV networks was down 7%.The company announced further streaming price hikes on Tuesday.""We're seeing growth in consumption and the popularity of our offerings, which gives us the pricing leverage we believe we have,"" Iger said on Wednesday's call, noting that Disney hasn't seen customer losses it would ""consider significant"" when it has increased prices in the past.In addition to adding TV and film content to its streaming platforms, Iger said Disney plans to make advancements to technology features on its platforms, as well as add live channels in the upcoming months. Iger also noted Disney's coming crackdown on password sharing, following Netflix's lead in a bid to grow profitability.He said the various bundles that Disney is partaking in — from its own services to teaming up with Warner Bros. Discovery and Fox on other bundles — are an effort to stem subscriber losses.""I feel very bullish about the future of this business,"" Iger said during the call. ""We're not saying much more about it, except you can expect it to grow nicely in fiscal 2025.""Disney's overall revenue increased 4% to $23.155 billion compared with the same period last year.Revenue for ESPN's domestic and international business — excluding Star India revenue — increased by 5%, largely due to a big uptick of 17% in domestic advertising, as well as growth in subscription revenue. The ad market has started to rebound in recent quarters, particularly for digital and streaming. ESPN's operating income was up 4% to $1.09 billion.Disney CFO Hugh Johnston said on the call Wednesday that the ad market is ""really healthy and strong for us,"" namely because of Disney's live sports portfolio and streaming services.""The portfolio is working well,"" Johnston said separately in an interview. ""Yes there was softness in the domestic parks, but the entertainment division's profit tripled in the quarter."" While Disney's entertainment and sports divisions drove earnings, the U.S. theme parks business was impacted by slowing consumer demand and inflation.Executives on Wednesday's earnings call said flat attendance, particularly at U.S. parks, is likely to carry over the new few quarters.""We saw a slight moderation in demand, I certainly wouldn't call it a significant change,"" Johnston said. ""I would just call this a bit of a slowdown that's being more than offset by the entertainment business.""Revenue for the overall experiences unit, which includes domestic and international parks and experiences, as well as consumer products, was up 2% to $8.386 billion. Operating income for U.S. parks was down 6%, while international parks operating income was up 2%. The company attributed the decrease in operating income at the domestic parks to higher costs driven by inflation, as well as increased technology spending and new guest offerings.This carried over from the previous quarter, when the Disneyland Resort in California was under pressure with lower profits, with executives citing similar reasons.Last month Comcast's earnings were weighed down by its Universal theme parks, which the company attributed to increased competition from cruises and international tourism. Despite this, Comcast executives said they remained ""bullish"" on the business, especially with a new theme park opening in 2025.Until recently, theme parks had been a big boost on earnings for these media companies, and in Disney's case a key profit driver. Disney has pledged to spend roughly $60 billion on its theme parks over the next decade.On Wednesday, Johnston said the company wasn't prepared to give long-term guidance on theme parks as it's unclear how quickly the future investments will ""manifest"" for Disney's earnings.""We wouldn't be making capital investments in an accelerated way if we didn't expect to accelerate growth,"" Johnston said on the earnings call.— CNBC's Julia Boorstin contributed to this report.Disclosure: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu.",CNBC,07/08/2024,"['In this articleDisney reported its fiscal third-quarter earnings Wednesday, topping analyst estimates as its combined streaming businesses turned a profit earlier than expected.', ""Here is what Disney reported compared with what Wall Street expected, according to LSEG:The company's total segment operating income increased 19% to $4.225 billion compared with the same period last year, led by the positive results for Disney's entertainment unit, particularly streaming."", ""Disney's combined streaming business, which consists of Disney+, Hulu and ESPN+, turned a profit for the first time — and it happened a quarter earlier than the company had expected."", ""Executives on Wednesday's earnings call touted the progress of Disney's streaming business toward profitability, a goal for all media companies as they look to chase customers switching to streaming."", ""CEO Bob Iger also praised the recent successes of the company's film and TV slates as propelling that business forward."", 'The combined streaming business posted an operating profit of $47 million compared with a loss of $512 million in the same quarter last year.', 'However, without ESPN+, the direct-to-consumer streaming unit reported a loss of $19 million.', 'Meanwhile, in May, Disney highlighted a slightly different metric, noting that Disney+ and Hulu together turned a profit, but when combined with ESPN+, the streaming businesses suffered a loss.', 'Disney recently changed how it reports its segments, with ESPN falling under its sports unit, and Disney+ and Hulu being counted as part of the direct-to-consumer entertainment segment.', ""Disney+ Core subscribers — which excludes Disney+ Hotstar in India and other countries in the region — increased by 1% to 118.3 million, despite the company's earlier guidance that it wouldn't add new customers during the fiscal third quarter."", 'Total Hulu subscribers grew 2% to 51.1 million.', 'Revenue for the entertainment segment was up 4% to $10.58 billion, driven largely by subscription revenue growth due to price increases and customer growth for Disney+ Core.', 'Revenue for the traditional TV networks was down 7%.The company announced further streaming price hikes on Tuesday.', '""We\'re seeing growth in consumption and the popularity of our offerings, which gives us the pricing leverage we believe we have,"" Iger said on Wednesday\'s call, noting that Disney hasn\'t seen customer losses it would ""consider significant"" when it has increased prices in the past.', 'In addition to adding TV and film content to its streaming platforms, Iger said Disney plans to make advancements to technology features on its platforms, as well as add live channels in the upcoming months.', ""Iger also noted Disney's coming crackdown on password sharing, following Netflix's lead in a bid to grow profitability."", 'He said the various bundles that Disney is partaking in — from its own services to teaming up with Warner Bros. Discovery and Fox on other bundles — are an effort to stem subscriber losses.', '""I feel very bullish about the future of this business,"" Iger said during the call. ""', 'We\'re not saying much more about it, except you can expect it to grow nicely in fiscal 2025.""Disney\'s overall revenue increased 4% to $23.155 billion compared with the same period last year.', ""Revenue for ESPN's domestic and international business — excluding Star India revenue — increased by 5%, largely due to a big uptick of 17% in domestic advertising,as well as growth in subscription revenue."", 'The ad market has started to rebound in recent quarters, particularly for digital and streaming.', ""ESPN's operating income was up 4% to $1.09 billion."", 'Disney CFO Hugh Johnston said on the call Wednesday that the ad market is ""really healthy and strong for us,"" namely because of Disney\'s live sports portfolio and streaming services.', '""The portfolio is working well,"" Johnston said separately in an interview. ""', ""Yes there was softness in the domestic parks, but the entertainment division's profit tripled in the quarter."", '""While Disney\'s entertainment and sports divisions drove earnings, the U.S. theme parks business was impacted by slowing consumer demand and inflation.', ""Executives on Wednesday's earnings call said flat attendance, particularly at U.S. parks, is likely to carry over the new few quarters."", '""We saw a slight moderation in demand, I certainly wouldn\'t call it a significant change,"" Johnston said. ""', ""I would just call this a bit of a slowdown that's being more than offset by the entertainment business."", '""Revenue for the overall experiences unit, which includes domestic and international parks and experiences, as well as consumer products, was up 2% to $8.386 billion.', 'Operating income for U.S. parks was down 6%, while international parks operating income was up 2%.', 'The company attributed the decrease in operating income at the domestic parks to higher costs driven by inflation, as well as increased technology spending and new guest offerings.', 'This carried over from the previous quarter, when the Disneyland Resort in California was under pressure with lower profits, with executives citing similar reasons.', ""Last month Comcast's earnings were weighed down by its Universal theme parks, which the company attributed to increased competition from cruises and international tourism."", 'Despite this, Comcast executives said they remained ""bullish"" on the business, especially with a new theme park opening in 2025.Until recently, theme parks had been a big boost on earnings for these media companies, and in Disney\'s case a key profit driver.', 'Disney has pledged to spend roughly $60 billion on its theme parks over the next decade.', 'On Wednesday, Johnston said the company wasn\'t prepared to give long-term guidance on theme parks as it\'s unclear how quickly the future investments will ""manifest"" for Disney\'s earnings.', '""We wouldn\'t be making capital investments in an accelerated way if we didn\'t expect to accelerate growth,"" Johnston said on the earnings call.—', ""CNBC's Julia Boorstin contributed to this report."", 'Disclosure: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu.']",0.275622424280188,"Yes there was softness in the domestic parks, but the entertainment division's profit tripled in the quarter.","Meanwhile, in May, Disney highlighted a slightly different metric, noting that Disney+ and Hulu together turned a profit, but when combined with ESPN+, the streaming businesses suffered a loss.",0.4904404895646231,"Disney+ Core subscribers — which excludes Disney+ Hotstar in India and other countries in the region — increased by 1% to 118.3 million, despite the company's earlier guidance that it wouldn't add new customers during the fiscal third quarter.","Operating income for U.S. parks was down 6%, while international parks operating income was up 2%.",2024-08-13
-"In a reversal, Disney's media assets are starting to generate more excitement than its parks",https://www.cnbc.com/2024/08/07/disneys-media-assets-parks.html,2024-08-07T16:32:18+0000,"In this articleHere's a surprise: Disney's media business isn't weighing down the company anymore.The primary Disney investor narrative since 2022 has been how streaming losses, combined with a declining traditional pay TV business and a string of box office failures, have been anchoring surging sales and profits at the company's theme parks and resorts. The result has been a company whose shares have fallen about 24% in the past two years, while the S&P 500 has gained 28% in the same period.The company's second-quarter results suggest a shift is happening. Disney's combined streaming businesses — Disney+, Hulu and ESPN+ — turned a quarterly profit for the first time ever, making $47 million. That's a significant improvement from losing $512 million in the same quarter a year ago.Disney's theatrical unit is also on a hot streak. ""Inside Out 2"" became the highest-grossing animated film of all time in recent weeks. ""Deadpool & Wolverine"" has taken in $824 million after two weeks of global release. Disney has become the first studio in 2024 to top $3 billion in worldwide ticket sales.Meanwhile, Disney saw a ""moderation of consumer demand towards the end of [fiscal] Q3 that exceeded our previous expectations"" for its theme parks division. That caused shares to slump about 3% in early trading.Disney Chief Executive Officer Bob Iger said during his company's earnings conference call that he expects the momentum for the media business will only gain steam. That's music to the ears of Wall Street, which wants both growth and profitability.""We feel very bullish about the future of this business,"" Iger said in reference to streaming. ""You can expect that it's going to grow nicely in fiscal 2025.""Iger referenced a planned crackdown on password sharing, which will begin ""in earnest"" in September, as a tool that will help generate new subscribers and added revenue for the company. A similar effort from Netflix has helped the world's largest streamer add new customers during the past year.Disney is also raising prices for its streaming services in mid-October. Most plans for Disney+, Hulu and ESPN+ will cost $1 to $2 more per month.Iger rattled off a list of movie titles that Disney hasn't yet released to emphasize the studio's solid positioning for the rest of 2024 and beyond.""Let me just read to you the movies that we'll be making and releasing in the next almost two years,"" Iger said. ""We have 'Moana,' 'Mufasa,' 'Captain America,' 'Snow White,' 'Thunderbolts,' 'Fantastic Four,' 'Zootopia,' 'Avatar,' 'Avengers,' 'Mandalorian' and 'Toy Story,' just to name a few. When you think about not only the potential of those in box office but the potential of those to drive global streaming value, I think there's a reason to be bullish about where we're headed.""Disney isn't de-emphasizing the parks. The company said last year it plans to invest $60 billion in its theme parks and cruise lines in the next decade. But it's undoubtedly healthier for the company to persuade investors that the media units aren't weighing down the share price.Disney shares dropped Wednesday, likely because investors were focused on the parks. The next step is for shares to rise during a quarterly earnings report because investors are excited about the media units.WATCH: Watch CNBC's full interview with Disney CFO Hugh Johnson after earnings results",CNBC,07/08/2024,"[""In this articleHere's a surprise: Disney's media business isn't weighing down the company anymore."", ""The primary Disney investor narrative since 2022 has been how streaming losses, combined with a declining traditional pay TV business and a string of box office failures, have been anchoring surging sales and profits at the company's theme parks and resorts."", 'The result has been a company whose shares have fallen about 24% in the past two years, while the S&P 500 has gained 28% in the same period.', ""The company's second-quarter results suggest a shift is happening."", ""Disney's combined streaming businesses — Disney+, Hulu and ESPN+ — turned a quarterly profit for the first time ever, making $47 million."", ""That's a significant improvement from losing $512 million in the same quarter a year ago."", 'Disney\'s theatrical unit is also on a hot streak. ""', 'Inside Out 2"" became the highest-grossing animated film of all time in recent weeks. ""', 'Deadpool & Wolverine"" has taken in $824 million after two weeks of global release.', 'Disneyhas become the first studio in 2024 to top $3 billion in worldwide ticket sales.', 'Meanwhile, Disney saw a ""moderation of consumer demand towards the end of [fiscal] Q3 that exceeded our previous expectations"" for its theme parks division.', 'That caused shares to slump about 3% in early trading.', ""Disney Chief Executive Officer Bob Iger said during his company's earnings conference call that he expects the momentum for the media business will only gain steam."", ""That's music to the ears of Wall Street, which wants both growth and profitability."", '""We feel very bullish about the future of this business,"" Iger said in reference to streaming. ""', 'You can expect that it\'s going to grow nicely in fiscal 2025.""Iger referenced a planned crackdown on password sharing, which will begin ""in earnest"" in September, as a tool that will help generate new subscribers and added revenue for the company.', ""A similar effort from Netflix has helped the world's largest streamer add new customers during the past year."", 'Disney is also raising prices for its streaming services in mid-October.', 'Most plans for Disney+, Hulu and ESPN+ will cost $1 to $2 more per month.', ""Iger rattled off a list of movie titles that Disney hasn't yet released to emphasize the studio's solid positioning for the rest of 2024 and beyond."", '""Let me just read to you the movies that we\'ll be making and releasing in the next almost two years,"" Iger said. ""', ""We have 'Moana,' 'Mufasa,' 'Captain America,' 'Snow White,' 'Thunderbolts,' 'Fantastic Four,' 'Zootopia,' 'Avatar,' 'Avengers,' 'Mandalorian' and 'Toy Story,' just to name a few."", ""When you think about not only the potential of those in box office but the potential of those to drive global streaming value, I think there's a reason to be bullish about where we're headed."", '""Disney isn\'t de-emphasizing the parks.', 'The company said last year it plans to invest $60 billion in its theme parks and cruise lines in the next decade.', ""But it's undoubtedly healthier for the company to persuade investors that the media units aren't weighing down the share price."", 'Disney shares dropped Wednesday, likely because investors were focused on the parks.', 'The next step is for shares to rise during a quarterly earnings report because investors are excited about the media units.', ""WATCH: Watch CNBC's full interview with Disney CFO Hugh Johnson after earnings results""]",0.2024380760906215,"You can expect that it's going to grow nicely in fiscal 2025.""Iger referenced a planned crackdown on password sharing, which will begin ""in earnest"" in September, as a tool that will help generate new subscribers and added revenue for the company.","The primary Disney investor narrative since 2022 has been how streaming losses, combined with a declining traditional pay TV business and a string of box office failures, have been anchoring surging sales and profits at the company's theme parks and resorts.",0.5990579068660736,"You can expect that it's going to grow nicely in fiscal 2025.""Iger referenced a planned crackdown on password sharing, which will begin ""in earnest"" in September, as a tool that will help generate new subscribers and added revenue for the company.",That caused shares to slump about 3% in early trading.,2024-08-13
-Hyderabad: Why Irani cafes in this Indian city are dying out,https://www.bbc.co.uk/news/articles/ckg2rn0kexxo,2024-08-10T23:55:23.072Z,"A lingering fragrance of bun maska (bread and butter), plates loaded with freshly cooked samosas and cups of piping hot and creamy Irani chai. These are some of the sights you would typically find at a Persian-style cafe in India. Popularly known as Irani cafes, these iconic restaurants - with their signature marble-topped tables, old-style clocks, chequered floors and a distinctive menu - have been a part of India's culture for more than 100 years. And their influence has spread beyond India: Dishoom, one of London's most recognisable restaurant chains, was inspired by these cafes. They came up in cities like Mumbai and Pune in the 18th and 19th centuries when there was an influx of Persian immigrants from Iran. There's a third lesser known pocket of the country - the southern city of Hyderabad - where these cafes have been an intrinsic part of the local culture for decades. But despite their many charms and the rich cultural heritage, the cafes of this city - like their counterparts in Pune and Mumbai - are on the verge of dying out, with owners blaming rising prices, competition from fast-food restaurants and changing consumer tastes. Hyderabad has the highest number of Irani cafes after Mumbai even today.  That's because the city was a centre for Iranian trade in the late 19th Century. Persian was widely spoken under the rule of a Muslim Nizam, or prince. The Niloufer café, located in the old quarters of the city, was actually named after the Nizam's daughter-in-law, an Ottoman princess. This was also a period when parts of modern-day Pakistan were still in India, with Iran as its neighbour, making the country easily accessible to Persian traders. Most of the families who moved to Hyderabad - and other Indian cities - came to escape persecution and famine back home. Some came in search of better jobs and business. Their arrival coincided with colonial rule when the British were actively promoting a tea drinking culture in the country. When the Iranians arrived, they brought their own style of making tea giving rise to a distinct Iranian chai culture in the cities. In Iran, people would drink it without milk, consuming it with a sugar cube in the mouth. Indians, however, would add milk and cream to the tea for taste. ""At first, the tea was sold under the name Chai Khana and only Muslims drank it,"" Hyderabad-based historian Mohammed Safiullah says. ""But soon, people from all religions caught on to its distinct flavour."" By the 20th Century, Irani cafes were present in every nook and corner of Hyderabad. The customers would sip on the lip-smacking tea as they would spend hours chatting away at the coffee shops. At some cafes, patrons would also be able to play their favourite songs on a jukebox for a small fee. Historians say these cafes played a crucial role in breaking down social barriers and religious taboos and became an important part of the city's public life. ""Irani cafes in Hyderabad have stood as symbols of secularism,"" historian Paravastu Lokeshwar said. ""The names didn't have any religious connotations. People of all religions and castes patronised them."" Now they are under threat. From an estimated 450 cafes over two decades ago, Hyderabad now has only 125 left, said Jaleel Farooq Rooz, owner of The Grand Hotel, a famous Irani cafe.  Mr Rooz's maternal grandfather came from Iran in 1951 and took over the hotel that was started by 12 Iranians in 1935. ""We used to sell 8,000-9,000 cups a day once. Now we sell just 4,000 cups a day,"" he told the BBC. He cites competition from fast-food chains as one of the reasons. Now one of the most rapidly developing Indian cities, Hyderabad was a quiet little town until the early 1990s. Things changed in the mid-90s, when the city joined the IT boom in India and became a powerhouse of the industry. The transformation was accompanied by a slew of economic reforms in the country, which allowed global fast-food chains and cafes to penetrate the Indian market. Similar to Iranian cafes, these food joints also offered extended seating options, but with far better amenities and more options. Mr Rooz said most Irani cafes operated from rented premises as they required large spaces where patrons could relax and unwind over tea. But rising real estate prices in Hyderabad have forced many owners to move to other work. ""Inflation also took a toll. Tea powder and milk prices have risen three times compared to five years ago,"" he added. Others say the number of Iranian families entering the business has also gone down. ""The current generation is not interested in the café and restaurant business. They prefer other jobs and many migrate to other countries,"" said the owner of popular Farasha Restaurant, Mahmood, who goes by only one name. But despite the challenges, there are still a few in the business who continue to swim against the tide. Syed Mohammed Razak manages the Red Rose Restaurant in Hyderabad. His grandfather migrated from Tehran and established the City Light Hotel in the 1970s. Later, Mr Razak's father started the Red Rose Restaurant. An engineer and graphic designer by profession, Mr Razak admits that ""selling just chai and biscuits"" is neither easy, nor profitable. He has now introduced new dishes to the menu to attract more customers and is using his graphic designing skills to expand business and promote it online. ""I want to continue my family's legacy,"" he said. And it's not just the owners, there are also loyal customers - many of whom have been frequenting these cafes for generations - who say they would always come back for ""another cup of Irani chai"". ""Irani tea is a part of my life, I love the taste and drink it every time I step out,"" said Yanni, who goes by only one name and is a regular at the Grand Hotel. ""There is nothing like it even today."" This article has been corrected on 12 August 2024 to clarify that traditional Irani tea was not made with milk or cream. ",BBC,10/08/2024,"['A lingering fragrance of bun maska (bread and butter), plates loaded with freshly cooked samosas and cups of piping hot and creamy Irani chai.', 'These are some of the sights you would typically find at a Persian-style cafe in India.', ""Popularly known as Irani cafes, these iconic restaurants - with their signature marble-topped tables, old-style clocks, chequered floors and a distinctive menu - have been a part of India's culture for more than 100 years."", ""And their influence has spread beyond India: Dishoom, one of London's most recognisable restaurant chains, was inspired by these cafes."", 'They came up in cities like Mumbai and Pune in the 18th and 19th centuries when there was an influx of Persian immigrants from Iran.', ""There's a third lesser known pocket of the country - the southern city of Hyderabad - where these cafes have been an intrinsic part of the local culture for decades."", 'But despite their many charms and the rich cultural heritage, the cafes of this city - like their counterparts in Pune and Mumbai - are on the verge of dying out, with owners blaming rising prices, competition from fast-food restaurants and changing consumer tastes.', 'Hyderabad has the highest number of Irani cafes after Mumbai even today.', ""That's because the city was a centre for Iranian trade in the late 19th Century."", 'Persian was widely spoken under the rule of a Muslim Nizam, or prince.', ""The Niloufer café, located in the old quarters of the city, was actually named after the Nizam's daughter-in-law, an Ottoman princess."", 'This was also a period when parts of modern-day Pakistan were still in India, with Iran as its neighbour, making the country easily accessible to Persian traders.', 'Most of the families who moved to Hyderabad - and other Indian cities - came to escape persecution and famine back home.', 'Some came in search of better jobs and business.', 'Their arrival coincided with colonial rule when the British were actively promoting a tea drinking culture in the country.', 'When the Iranians arrived, they brought their own style of making tea giving rise to a distinct Iranian chai culture in the cities.', 'In Iran, people would drink it without milk, consuming it with a sugar cube in the mouth.', 'Indians, however, would add milk and cream to the tea for taste. ""', 'At first, the tea was sold under the name Chai Khana and only Muslims drank it,"" Hyderabad-based historian Mohammed Safiullah says. ""', 'But soon, people from all religions caught on to its distinct flavour.""', 'By the 20th Century, Irani cafes were present in every nook and corner of Hyderabad.', 'The customers would sip on the lip-smacking tea as they would spend hours chatting away at the coffee shops.', 'At some cafes, patrons would also be able to play their favourite songs on a jukebox for a small fee.', 'Historians say these cafes played a crucial role in breaking down social barriers and religious taboos and became an important part of the city\'s public life. ""', 'Irani cafes in Hyderabad have stood as symbols of secularism,"" historian Paravastu Lokeshwar said. ""', ""The names didn't have any religious connotations."", 'People of all religions and castes patronised them.""', 'Now they are under threat.', 'From an estimated 450 cafes over two decades ago, Hyderabad now has only 125 left, said Jaleel Farooq Rooz, owner of The Grand Hotel, a famous Irani cafe.', 'Mr Rooz\'s maternal grandfather came from Iran in 1951 and took over the hotel that was started by 12 Iranians in 1935. ""', 'We used to sell 8,000-9,000 cups a day once.', 'Now we sell just 4,000 cups a day,"" he told the BBC.', 'He cites competition from fast-food chains as one of the reasons.', 'Now one of the most rapidly developing Indian cities, Hyderabad was a quiet little town until the early 1990s.', 'Things changed in the mid-90s, when the city joined the IT boom in India and became a powerhouse of the industry.', 'The transformation was accompanied by a slew of economic reforms in the country, which allowed global fast-food chains and cafes to penetrate the Indian market.', 'Similar to Iranian cafes, these food joints also offered extended seating options, but with far better amenities and more options.', 'Mr Rooz said most Irani cafes operated from rented premises as they required large spaces where patrons could relax and unwind over tea.', 'But rising real estate prices in Hyderabad have forced many owners to move to other work. ""', 'Inflation also took a toll.', 'Tea powder and milk prices have risen three times compared to five years ago,"" he added.', 'Others say the number of Iranian families entering the business has also gone down. ""', 'The current generation is not interested in the café and restaurant business.', 'They prefer other jobs and many migrate to other countries,"" said the owner of popular Farasha Restaurant, Mahmood, who goes by only one name.', 'But despite the challenges, there are still a few in the business who continue to swim against the tide.', 'Syed Mohammed Razak manages the Red Rose Restaurant in Hyderabad.', 'His grandfather migrated from Tehran and established the City Light Hotel in the 1970s.', ""Later, Mr Razak's father started the Red Rose Restaurant."", 'An engineer and graphic designer by profession, Mr Razak admits that ""selling just chai and biscuits"" is neither easy, nor profitable.', 'He has now introduced new dishes to the menu to attract more customers and is using his graphic designing skills to expand business and promote it online. ""', 'I want to continue my family\'s legacy,"" he said.', 'And it\'s not just the owners, there are also loyal customers - many of whom have been frequenting these cafes for generations - who say they would always come back for ""another cup of Irani chai"". ""', 'Irani tea is a part of my life, I love the taste and drink it every time I step out,"" said Yanni, who goes by only one name and is a regular at the Grand Hotel. ""', 'There is nothing like it even today.""', 'This article has been corrected on 12 August 2024 to clarify that traditional Irani tea was not made with milk or cream.']",0.1120600486112794,"Irani tea is a part of my life, I love the taste and drink it every time I step out,"" said Yanni, who goes by only one name and is a regular at the Grand Hotel. ""","But rising real estate prices in Hyderabad have forced many owners to move to other work. """,-0.1157229410277472,"He has now introduced new dishes to the menu to attract more customers and is using his graphic designing skills to expand business and promote it online. ""","Others say the number of Iranian families entering the business has also gone down. """,2024-08-13
-"E.l.f. Beauty sales jump 50% on gains in color cosmetics and skin care, launch of Bronzing Drops serum",https://www.cnbc.com/2024/08/08/elf-beauty-elf-earnings-q1-2025.html,2024-08-08T21:47:27+0000,"In this articleE.l.f. Beauty's growth story is still going.The cosmetics retailer on Thursday blew past quarterly estimates again, posting a 50% gain in sales. The company's sales soared to $324.5 million in its fiscal first quarter, leading it to raise its full-year guidance. That increase follows a staggering 76% jump in the year-ago quarter.CEO Tarang Amin told CNBC the company saw growth across its categories. He added that its Bronzing Drops serum quickly became a best seller on the company's website after its launch during the quarter.Here's how the cosmetics company performed compared with what Wall Street was expecting, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended June 30 was $47.6 million, or 81 cents per share, compared with $53 million, or 93 cents per share, a year earlier.  Sales rose to $324.5 million, up about 50% from $216.3 million a year earlier. Following quarter after quarter of outsized growth, Wall Street has come to expect a lot from E.l.f. Beauty. Though it raised its guidance Thursday, the outlook still fell flat after such a big first-quarter beat. For fiscal 2025, E.l.f. now expects sales of between $1.28 billion and $1.3 billion, compared with its previous outlook of $1.23 billion and $1.25 billion. Analysts had expected sales guidance of $1.3 billion, according to LSEG.The company now anticipates its adjusted net income will be between $198 million and $201 million, compared with a previous outlook of between $187 million and $191 million. E.l.f. expects adjusted earnings per share to be between $3.36 and $3.41, compared with previous guidance of $3.20 to $3.25. Analysts had expected earnings of $3.42 per share, according to LSEG. Shares fell about 6% in extended trading.When it reported fiscal 2024 results in May, E.l.f. disappointed investors with an outlook that came in below expectations. Sentiment later turned around after its finance chief, Mandy Fields, suggested that the company tends to issue conservative guidance. ""Last year, we started our guidance at 22% to 24% range, ended the year at 77%,"" Fields told analysts at the time. ""I'm not saying that we're promising 77% this year for sure. But what I will say is that gives you a little bit of insight into our guidance philosophy."" On Thursday, Amin told CNBC that Fields takes a ""balanced"" approach to guidance and prefers to take things one quarter at a time. ""If you look at our history over the last five years, these 22 quarters, we typically guide lower than where we eventually come out,"" said Amin. ""We never want to get ahead of ourselves, and overall the strategy has worked just great ... we're going to take you through what we're seeing quarter by quarter, and hopefully we continue to kind of beat that."" He added that he isn't concerned about a consumer pullback in the beauty category and remains ""bullish"" on the broader environment.""We are hearing kind of in the macro, 'Hey, is the consumer being choosier?' I'd say if they are, they're choosing E.l.f.,"" said Amin. ""So we're perhaps differently positioned, and if you look over the last 22 quarters, it didn't matter what was happening in the category, whether it was the pandemic, whether it was inflationary pressures ... you name it, we've performed well throughout that, and I think it really comes down to our fundamental business model and how we're different."" E.l.f., a digitally native beauty retailer that was founded in 2004, has gained a newfound relevance among Gen Z and Gen Alpha consumers through marketing that lands with those younger shoppers and meets them where they are on places such as TikTok and Roblox. It's known for creating value versions of prestige favorites, such as its new Bronzing Drops, which customers compare to Drunk Elephant's product Sunshine Drops. The prestige skin care line offers its product for $38, while E.l.f.'s retails for just $12.""These bronzing drops were the No. 1 requested item from our community, and our community comes to us and says, 'Hey, there's a prestige item there. We love them, but E.l.f., help us out. We can't afford 38 bucks for bronzing drops,'"" said Amin. ""So we'll study it. We'll put our own E.l.f. twist on it and we'll introduce ours at $12. Went to No. 1 right away on Elfcosmetics.com.""The company doesn't compare its products to any specific brands and instead lets its fan base fill in the blanks.""Even though we don't make the comparison ourselves, there's like a thousand TikTok videos after we launch this product where people are doing side-by-sides or comparing it,"" said Amin. ""They're like, it's $12 versus the $38 item and actually, I like the E.l.f. one better, the quality's better.'""In July, the company expanded its collaboration with Roblox that enabled users ages 13 and up to buy limited edition products such as its ""e.l.f. UP! Pets Hoodie"" and mainstays such as its lip and SPF products. During the Olympics, it had splashy marketing campaigns with gymnast Gabby Douglas, a three-time gold medalist, and blind swimmer Anastasia ""Tas"" Pagonis. It also collaborated with actress Jameela Jamil on the launch of its new Bronzing Drops. However, all that marketing doesn't come cheap and has weighed on E.l.f.'s bottom line. During the quarter, selling, general and administrative expenses increased by roughly $88.6 million to $180.6 million, representing 56% of net sales. The spike in marketing spending contributed to a 10% drop in E.l.f.'s net income. Amin said the company is spending more on marketing this year than last but that was more a result of timing. He added E.l.f. is working to get marketing spend ""more consistent"" throughout the year as a percentage of sales. ""We continue to invest more in marketing because it's working,"" said Amin. ""Our marketing ROIs are multiples ahead of the category benchmarks, we're growing very strong top line. We're building awareness.""",CNBC,08/08/2024,"['In this articleE.l.f.', ""Beauty's growth story is still going."", 'The cosmetics retailer on Thursday blew past quarterly estimates again, posting a 50% gain in sales.', ""The company's sales soared to $324.5 million in its fiscal first quarter, leading it to raise its full-year guidance."", 'That increase follows a staggering 76% jump in the year-ago quarter.', 'CEO Tarang Amin told CNBC the company saw growth across its categories.', ""He added that its Bronzing Drops serum quickly became a best seller on the company's website after its launch during the quarter."", ""Here's how the cosmetics company performed compared with what Wall Street was expecting, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended June 30 was $47.6 million, or 81 cents per share, compared with $53 million, or 93 cents per share, a year earlier."", 'Sales rose to $324.5 million, up about 50% from $216.3 million a year earlier.', 'Following quarter after quarter of outsized growth, Wall Street has come to expect a lot from E.l.f.', 'Beauty.', 'Though it raised its guidance Thursday, the outlook still fell flat after such a big first-quarter beat.', 'For fiscal 2025, E.l.f.', 'now expects sales of between $1.28 billion and $1.3 billion, compared with its previous outlook of $1.23 billion and $1.25 billion.', 'Analysts had expected sales guidance of $1.3 billion, according to LSEG.The company now anticipates its adjusted net income will be between $198 million and $201 million, compared with a previous outlook of between $187 million and $191 million.', 'E.l.f.', 'expects adjusted earnings per share to be between $3.36 and $3.41, compared with previous guidance of $3.20 to $3.25.', 'Analysts had expected earnings of $3.42 per share, according to LSEG.Shares fell about 6% in extended trading.', 'When it reported fiscal 2024 results in May, E.l.f.', 'disappointed investors with an outlook that came in below expectations.', 'Sentiment later turned around after its finance chief, Mandy Fields, suggested that the company tends to issue conservative guidance.', '""Last year, we started our guidance at 22% to 24% range, ended the year at 77%,"" Fields told analysts at the time. ""', ""I'm not saying that we're promising 77% this year for sure."", 'But what I will say is that gives you a little bit of insight into our guidance philosophy.', '""On Thursday, Amin told CNBC that Fields takes a ""balanced"" approach to guidance and prefers to take things one quarter at a time.', '""If you look at our history over the last five years, these 22 quarters, we typically guide lower than where we eventually come out,"" said Amin. ""', ""We never want to get ahead of ourselves, and overall the strategy has worked just great ... we're going to take you through what we're seeing quarter by quarter, and hopefully we continue to kind of beat that."", '""He added that he isn\'t concerned about a consumer pullback in the beauty category and remains ""bullish"" on the broader environment.', '""We are hearing kind of in the macro, \'Hey, is the consumer being choosier?\'', 'I\'d say if they are, they\'re choosing E.l.f.,""', 'said Amin. ""', ""So we're perhaps differently positioned, and if you look over the last 22 quarters, it didn't matter what was happening in the category, whether it was the pandemic, whether it was inflationary pressures ... you name it, we've performed well throughout that, and I think it really comes down to our fundamental business model and how we're different."", '""E.l.f.,', 'a digitally native beauty retailer that was founded in 2004, has gained a newfound relevance among Gen Z and Gen Alpha consumers through marketing that lands with those younger shoppers and meets them where they are on places such as TikTok and Roblox.', ""It's known for creating value versions of prestige favorites, such as its new Bronzing Drops, which customers compare to Drunk Elephant's product Sunshine Drops."", 'The prestige skin care line offers its product for $38, while E.l.f.', '\'s retails for just $12.""These bronzing drops were the No.', ""1 requested item from our community, and our community comes to us and says, 'Hey, there's a prestige item there."", 'We love them, but E.l.f.,', 'help us out.', 'We can\'t afford 38 bucks for bronzing drops,\'"" said Amin. ""', ""So we'll study it."", ""We'll put our own E.l.f."", ""twist on it and we'll introduce ours at $12."", 'Went to No.', '1 right away on Elfcosmetics.com.', '""The company doesn\'t compare its products to any specific brands and instead lets its fan base fill in the blanks.', '""Even though we don\'t make the comparison ourselves, there\'s like a thousand TikTok videos after we launch this product where people are doing side-by-sides or comparing it,"" said Amin. ""', ""They're like, it's $12 versus the $38 item and actually, I like the E.l.f."", ""one better, the quality's better."", '\'""In July, the company expanded its collaboration with Roblox that enabled users ages 13 and up to buy limited edition products such as its ""e.l.f.', 'UP!', 'Pets Hoodie"" and mainstays such as its lip and SPF products.', 'During the Olympics, it had splashy marketing campaigns with gymnast Gabby Douglas, a three-time gold medalist, and blind swimmer Anastasia ""Tas"" Pagonis.', 'It also collaborated with actress Jameela Jamil on the launch of its new Bronzing Drops.', ""However, all that marketing doesn't come cheap and has weighed on E.l.f."", ""'s bottom line."", 'During the quarter, selling, general and administrative expenses increased by roughly $88.6 million to $180.6 million, representing 56% of net sales.', 'The spike in marketing spending contributed to a 10% drop in E.l.f.', ""'s net income."", 'Amin said the company is spending more on marketing this year than last but that was more a result of timing.', 'He added E.l.f.', 'is working to get marketing spend ""more consistent"" throughout the year as a percentage of sales.', '""We continue to invest more in marketing because it\'s working,"" said Amin. ""', ""Our marketing ROIs are multiples ahead of the category benchmarks, we're growing very strong top line."", 'We\'re building awareness.""']",0.1549607533307832,"We never want to get ahead of ourselves, and overall the strategy has worked just great ... we're going to take you through what we're seeing quarter by quarter, and hopefully we continue to kind of beat that.","Analysts had expected sales guidance of $1.3 billion, according to LSEG.The company now anticipates its adjusted net income will be between $198 million and $201 million, compared with a previous outlook of between $187 million and $191 million.",0.5076765171412764,"Sales rose to $324.5 million, up about 50% from $216.3 million a year earlier.","Though it raised its guidance Thursday, the outlook still fell flat after such a big first-quarter beat.",2024-08-13
-Digital health company Ro launches GLP-1 insurance-coverage checker to help patients navigate costs,https://www.cnbc.com/2024/08/13/ro-launches-glp-1-insurance-coverage-checker.html,2024-08-13T14:00:29+0000,"The direct-to-consumer health-care startup Ro launched a new free tool Tuesday to help patients determine whether their insurance covers a buzzy class of weight loss and diabetes drugs called GLP-1s. Most insurance plans cover GLP-1s when they are used to treat diabetes, so those patients can usually avoid the roughly $1,000 monthly price tag of the medications. But coverage of weight loss treatments is less widespread, and navigating the complex insurance landscape can be challenging for patients and time consuming for doctors who prescribe the medications. Some patients may be missing out on treatment because they simply don't know they have coverage. Ro said nearly half of the company's patients have some form of insurance coverage for a GLP-1, according to its customer data. Ro said it hopes its new tool can help patients understand their coverage options so they can decide how to pursue weight loss. The digital health company may benefit too, as it could drive some patients to join the company's GLP-1 program.Demand for GLP-1s, including Novo Nordisk's weight loss treatment Wegovy and diabetes injection Ozempic, has outstripped supply over the last year in the U.S. Other drugmakers — and digital health companies like Ro — are scrambling to capitalize on the booming GLP-1 market, which analysts say could be worth more than $100 billion by the end of the decade. Patients in Ro's program can get prescribed a GLP-1, and the company also offers compounded versions of the medication when the branded versions are in short supply. Compounded GLP-1s are custom-made alternatives to brand drugs designed to meet a specific patient's needs. The program also allows patients to meet monthly with a doctor and access an educational curriculum for weight management. It includes 24/7 messaging, one-on-one coaching with nurses and help with navigating insurance coverage. ""The burden to understand the cost, as well as the burden to get coverage is the No. 1 reason why patients don't even take the first step,"" Ro co-founder and CEO Zachariah Reitano told CNBC in an interview. ""We really just wanted to make sure that at the earliest possible moment in a journey, patients have that information to be able to decide the best next step.""Ro's insurance checker is available online, and patients will need to input some of their basic medical and insurance information.After around one to three days, patients will receive a personalized report that shows whether they have coverage, whether a prior authorization is required and what their estimated copay will be for each major GLP-1 medication. All of the information in the report comes directly from insurers. The tool also outlines next steps the patient can take, like getting started with Ro's GLP-1 program or sending a link with the findings to their doctor. ""One of the things that need improvement to the overall patient journey … is trying to get as much information to patients as possible earlier in their journey, because it really does influence the path downstream,"" Reitano said. One sample report involving a patient, provided by Ro, showed a summary of the insurance coverage, supply availability and estimated copay for each drug, including Wegovy, Ozempic, Eli Lilly's weight loss injection Zepbound and compounded semaglutide, the active ingredient in Novo Nordisk's GLP-1s. For example, the report said the patient has insurance coverage for Wegovy and meets the eligibility requirements for their plan's prior authorization, such as having a certain body mass index and other health conditions like diabetes and heart disease. That means the patient ""should be able to receive coverage without significant challenges,"" the sample report said. The patient's estimated copay is $0 if their prior authorization is approved, which is based on information from a representative at their insurer, Blue Cross Blue Shield, according to the report. The patient's report also included a table that outlined the potential out-of-pocket cost for Wegovy over the next 12 months. That is based on the drug's list price of $1,350 per month and an estimated yearly deductible for $2,000. The table estimated that the patient would pay $1,350 for the first month on Wegovy, $650 for the second and nothing for the third month, and beyond. Another part of the report said some doses of Wegovy are in short supply, which is based on the Food and Drug Administration's drug shortage database along with Ro's recently launched GLP-1 supply tracker. Most Ro patients on Wegovy are not able to pick up the treatment within 14 days of their prescription being sent to a pharmacy, according to the report.""I think this should be the very first step in someone's journey if they're interested in GLP-1s,"" Reitano said. ""Because regardless of whether they want to go to Ro or they want to go to their in-person doctor, you want to better understand what their options are.""",CNBC,13/08/2024,"['The direct-to-consumer health-care startup Ro launched a new free tool Tuesday to help patients determine whether their insurance covers a buzzy class of weight loss and diabetes drugs called GLP-1s.', 'Most insurance plans cover GLP-1s when they are used to treat diabetes, so those patients can usually avoid the roughly $1,000 monthly price tag of the medications.', 'But coverage of weight loss treatments is less widespread, and navigating the complex insurance landscape can be challenging for patients and time consuming for doctors who prescribe the medications.', ""Some patients may be missing out on treatment because they simply don't know they have coverage."", ""Ro said nearly half of the company's patients have some form of insurance coverage for a GLP-1, according to its customer data."", 'Ro said it hopes its new tool can help patients understand their coverage options so they can decide how to pursue weight loss.', ""The digital health company may benefit too, as it could drive some patients to join the company's GLP-1 program."", ""Demand for GLP-1s, including Novo Nordisk's weight loss treatment Wegovy and diabetes injection Ozempic, has outstripped supply over the last year in the U.S. Other drugmakers — and digital health companies like Ro — are scrambling to capitalize on the booming GLP-1 market, which analysts say could be worth more than $100 billion by the end of the decade."", ""Patients in Ro's program can get prescribed a GLP-1, and the company also offers compounded versions of the medication when the branded versions are in short supply."", ""Compounded GLP-1s are custom-made alternatives to brand drugs designed to meet a specific patient's needs."", 'The program also allows patients to meet monthly with a doctor and access an educational curriculum for weight management.', 'It includes 24/7 messaging, one-on-one coaching with nurses and help with navigating insurance coverage.', '""The burden to understand the cost, as well as the burden to get coverage is the No.', '1 reason why patients don\'t even take the first step,"" Ro co-founder and CEO Zachariah Reitano told CNBC in an interview. ""', 'We really just wanted to make sure that at the earliest possible moment in a journey, patients have that information to be able to decide the best next step.', '""Ro\'s insurance checker is available online, and patients will need to input some of their basic medical and insurance information.', 'After around one to three days, patients will receive a personalized report that shows whether they have coverage, whether a prior authorization is required and what their estimated copay will be for each major GLP-1 medication.', 'All of the information in the report comes directly from insurers.', ""The tool also outlines next steps the patient can take, like getting started with Ro's GLP-1 program or sending a link with the findings to their doctor."", '""One of the things that need improvement to the overall patient journey … is trying to get as much information to patients as possible earlier in their journey, because it really does influence the path downstream,"" Reitano said.', ""One sample report involving a patient, provided by Ro, showed a summary of the insurance coverage, supply availability and estimated copay for each drug, including Wegovy, Ozempic, Eli Lilly's weight loss injection Zepbound and compounded semaglutide, the active ingredient in Novo Nordisk's GLP-1s."", ""For example, the report said the patient has insurance coverage for Wegovy and meets the eligibility requirements for their plan's prior authorization, such as having a certain body mass index and other health conditions like diabetes and heart disease."", 'That means the patient ""should be able to receive coverage without significant challenges,"" the sample report said.', ""The patient's estimated copay is $0 if their prior authorization is approved, which is based on information from a representative at their insurer, Blue Cross Blue Shield, according to the report."", ""The patient's report also included a table that outlined the potential out-of-pocket cost for Wegovy over the next 12 months."", ""That is based on the drug's list price of $1,350 per month and an estimated yearly deductible for $2,000."", 'The table estimated that the patient would pay $1,350 for the first month on Wegovy, $650 for the second and nothing for the third month, and beyond.', ""Another part of the report said some doses of Wegovy are in short supply, which is based on the Food and Drug Administration's drug shortage database along with Ro's recently launched GLP-1 supply tracker."", 'Most Ro patients on Wegovy are not able to pick up the treatment within 14 days of their prescription being sent to a pharmacy, according to the report.', '""I think this should be the very first step in someone\'s journey if they\'re interested in GLP-1s,"" Reitano said. ""', 'Because regardless of whether they want to go to Ro or they want to go to their in-person doctor, you want to better understand what their options are.""']",0.1474254690493998,The direct-to-consumer health-care startup Ro launched a new free tool Tuesday to help patients determine whether their insurance covers a buzzy class of weight loss and diabetes drugs called GLP-1s.,"""The burden to understand the cost, as well as the burden to get coverage is the No.",-0.1908971905708313,"The digital health company may benefit too, as it could drive some patients to join the company's GLP-1 program.","Demand for GLP-1s, including Novo Nordisk's weight loss treatment Wegovy and diabetes injection Ozempic, has outstripped supply over the last year in the U.S. Other drugmakers — and digital health companies like Ro — are scrambling to capitalize on the booming GLP-1 market, which analysts say could be worth more than $100 billion by the end of the decade.",2024-08-13
-UK unemployment falls slightly as pay growth slows,https://www.bbc.co.uk/news/articles/c2l1000q4ywo,2024-08-13T06:21:35.666Z,"The UK's unemployment rate has fallen slightly, official figures suggest.   Unemployment was 4.2% in the three months to the end of June, down from 4.4% over the previous quarter. Meanwhile, wage growth continued to slow, rising at an annual rate of 5.4% - the weakest for around two years, figures from the Office for National Statistics (ONS) suggested. Its director of economic statistics, Liz McKeown told the BBC's Today programme despite the positive news that unemployment had fallen, there were signs that the jobs market was ""cooling"" due to high numbers of vacancies, redundancies and those not actively seeking work. The ONS has also urged caution about giving too much weight to its jobs figures at the moment. Its Labour Force Survey, which produces the data, has had a smaller number of respondents over the past year than normal. But Chancellor Rachel Reeves said the latest numbers, which were an initial first estimate, showed there was ""more to do in supporting people into employment"". “This will be part of my Budget later in the year where I will be making difficult decisions on spending, welfare and tax to fix the foundations of our economy so we can rebuild Britain and make every part of our country better off."" The figures could pave the way for more interest rate cuts by the Bank of England this year.   In a closely-run decision, policymakers cut the rate to 5% from 5.25% earlier this month - the first reduction for more than four years.    Rates have been high as the Bank tries to control price rises across the economy.   But this has also driven up the cost of borrowing for consumers and led to higher wages which, while good for workers, may have made businesses cut back on hiring.  Estimated vacancies in the UK fell by 26,000 to 884,000 in the three months to July, the ONS says.  “Falling pay growth could help reassure the [Bank's] Monetary Policy Committee that domestic inflationary pressures are subsiding,"" said Yael Selfin, chief economist at KPMG UK. Hannah Slaughter, a senior economist with the Resolution Foundation think tank, said that the rise in people “who aren’t working and aren’t looking for work” was worrying. She said this was largely being driven by young people with long-term health conditions, particularly mental health problems. “People in their early twenties are now more likely to be out of work due to sickness than people in their early forties, which is really worrying,” she said. She said the government could address this trend by improving healthcare provision, particularly mental health care. 1. Search beyond a 40 mile radius - Remote, hybrid and flexible working open up opportunities further away. 2. Use key words in your searches - Online algorithms will pick up on daily searches and send you more of the same. 3. Don't wait for a job to be advertised - Contact a manager at a business that you like the look of as you never know what opportunities might be coming up. 4. Sell your skills - Use social media sites like Linkedin which showcase your skills and experience. Other platforms like Twitter and Instagram can prove useful when touting yourself out to potential employers as well. 5. Get learning - While you're on the hunt for a job see if there are way to fill gaps in your CV with free courses, volunteering or shadowing. 6. Celebrate the small wins - set personal targets, like a tracker of the number of jobs to apply for in a week or a certain number of cold emails and acknowledge the little wins along the way to keep your spirits up. You can read tips from careers experts in full here. ",BBC,13/08/2024,"[""The UK's unemployment rate has fallen slightly, official figures suggest."", 'Unemployment was 4.2% in the three months to the end of June, down from 4.4% over the previous quarter.', 'Meanwhile, wage growth continued to slow, rising at an annual rate of 5.4% - the weakest for around two years, figures from the Office for National Statistics (ONS) suggested.', 'Its director of economic statistics, Liz McKeown told the BBC\'s Today programme despite the positive news that unemployment had fallen, there were signs that the jobs market was ""cooling"" due to high numbers of vacancies, redundancies and those not actively seeking work.', 'The ONS has also urged caution about giving too much weight to its jobs figures at the moment.', 'Its Labour Force Survey, which produces the data, has had a smaller number of respondents over the past year than normal.', 'But Chancellor Rachel Reeves said the latest numbers, which were an initial first estimate, showed there was ""more to do in supporting people into employment"". “', 'This will be part of my Budget later in the year where I will be making difficult decisions on spending, welfare and tax to fix the foundations of our economy so we can rebuild Britain and make every part of our country better off.""', 'The figures could pave the way for more interest rate cuts by the Bank of England this year.', 'In a closely-run decision, policymakers cut the rate to 5% from 5.25% earlier this month - the first reduction for more than four years.', 'Rates have been high as the Bank tries to control price rises across the economy.', 'But this has also driven up the cost of borrowing for consumers and led to higher wages which, while good for workers, may have made businesses cut back on hiring.', 'Estimated vacancies in the UK fell by 26,000 to 884,000 in the three months to July, the ONS says. “', 'Falling pay growth could help reassure the [Bank\'s] Monetary Policy Committee that domestic inflationary pressures are subsiding,"" said Yael Selfin, chief economist at KPMG UK.', 'Hannah Slaughter, a senior economist with the Resolution Foundation think tank, said that the rise in people “who aren’t working and aren’t looking for work” was worrying.', 'She said this was largely being driven by young people with long-term health conditions, particularly mental health problems. “', 'People in their early twenties are now more likely to be out of work due to sickness than people in their early forties, which is really worrying,” she said.', 'She said the government could address this trend by improving healthcare provision, particularly mental health care.', '1.', 'Search beyond a 40 mile radius - Remote, hybrid and flexible working open up opportunities further away.', '2.', 'Use key words in your searches - Online algorithms will pick up on daily searches and send you more of the same.', '3.', ""Don't wait for a job to be advertised - Contact a manager at a business that you like the look of as you never know what opportunities might be coming up."", '4.', 'Sell your skills - Use social media sites like Linkedin which showcase your skills and experience.', 'Other platforms like Twitter and Instagram can prove useful when touting yourself out to potential employers as well.', '5.', ""Get learning - While you're on the hunt for a job see if there are way to fill gaps in your CV with free courses, volunteering or shadowing."", '6.', 'Celebrate the small wins - set personal targets, like a tracker of the number of jobs to apply for in a week or a certain number of cold emails and acknowledge the little wins along the way to keep your spirits up.', 'You can read tips from careers experts in full here.']",0.0758951638541983,"Celebrate the small wins - set personal targets, like a tracker of the number of jobs to apply for in a week or a certain number of cold emails and acknowledge the little wins along the way to keep your spirits up.","Its director of economic statistics, Liz McKeown told the BBC's Today programme despite the positive news that unemployment had fallen, there were signs that the jobs market was ""cooling"" due to high numbers of vacancies, redundancies and those not actively seeking work.",0.0764278769493103,"Falling pay growth could help reassure the [Bank's] Monetary Policy Committee that domestic inflationary pressures are subsiding,"" said Yael Selfin, chief economist at KPMG UK.","Unemployment was 4.2% in the three months to the end of June, down from 4.4% over the previous quarter.",2024-08-13
-Pressure mounting on Warner Bros. Discovery CEO David Zaslav to deliver value for shareholders,https://www.cnbc.com/2024/08/08/warner-bros-discovery-ceo-david-zaslav-to-deliver-value-for-shareholders.html,2024-08-08T19:02:10+0000,"In this articleWarner Bros. Discovery CEO David Zaslav needs a win. Soon.Since merging Discovery with WarnerMedia in 2022 and immediately slashing billions in costs, Zaslav has struggled to convince shareholders that his company is a worthy investment.Warner Bros. Discovery shares have fallen about 70% since April 8, 2022, the day the merger closed. His tenure has been defined by implementing thousands of layoffs, cutting movies and TV series for tax efficiencies, killing off CNN+ a month after its launch, hiring and firing CNN CEO Chris Licht, getting heckled at Boston University's commencement by students chanting ""pay your writers"" during last year's writers' strike, and suing the NBA after the league chose not to renew media rights with his company following nearly 40 years in business together.Making matters worse for him, Zaslav has long been one of the highest paid CEOs in the country. His 2023 compensation rose 26.5% to almost $50 million. Zaslav's bonus is tied to increasing free cash flow and reducing debt, a mandate driven by John Malone, the media mogul and influential board member who has championed Zaslav, first at Discovery and now at Warner Bros. Discovery, which has a market capitalization of about $17 billion and $37.8 billion in debt.The stock dropped roughly 9% in trading Thursday. The company took a whopping $9.1 billion impairment charge Wednesday given the loss of value in its linear cable networks — which still accounts for more than 100% of the company's adjusted EBITDA. That means the rest of the company lost money.Warner Bros. Discovery blamed ""the continued softness in the U.S. linear advertising market and uncertainty related to affiliate and sports rights renewals, including the NBA"" for the size of the write-down.That's not music to investors' ears.Part of the argument for why Discovery merged with WarnerMedia was that its diversified suite of content would be a ""wonderful partner to advertisers,"" as Zaslav said when the deal was initially announced in 2021.Injecting uncertainty into the company's valuation because of a loss of NBA rights also rings hollow given Zaslav's claim in November 2022 that ""we don't have to have the NBA.""""The write-down signifies that this company clearly overpaid for the linear assets as part of the WarnerMedia merger and, given the growing pressures on the linear ecosystem, it also raises a question on what the future cash flows will be on these assets after the potential of losing the NBA,"" said Robert Fishman, an analyst at research firm MoffettNathanson.Nonetheless, Zaslav projected a message of confidence during the company's earnings conference call Wednesday.""We feel good about where we are,"" Zaslav said. ""We have to look at all and consider all options, but the No. 1 priority is to run this company as effectively as possible.""While the company continues to make progress adding streaming subscribers (gaining 3.6 million in the quarter) and moving closer toward sustained profitability, the decline in linear revenue and associated earnings continues to outweigh the growth in its flagship direct-to-consumer service, Max.Warner Bros. Discovery's failure to gain traction over the past two years suggests it could be a prime target for an activist investor, who could conceivably push for Zaslav's ouster or, at the least, ask for the divestment of assets such as CNN or the gaming division.The company also owns a number of other valuable businesses, including HBO, Warner Bros. studio and DC Comics. LightShed analyst Rich Greenfield has argued it should dramatically scale back its direct-to-consumer aspirations and focus on licensing content to other, larger streamers.While Zaslav openly discussed seeking partnerships and mergers during Wednesday's earnings conference call, finance chief Gunnar Wiedenfels brushed away talk of potentially breaking up the company, citing the benefits of ""one Warner Bros. Discovery.""""Every day I'm seeing evidence everywhere in the business of the benefits of those strategies,"" Wiedenfels said.There are two clear hurdles for a potential activist. The first is Malone's influence over the board. It's possible an activist fund may be scared away from angling for board seats if it thinks Malone's power is so great that any suggestions will be rendered pointless.The second is that Warner Bros. Discovery is arguably already pursuing the correct strategy given the company's enormous debt load compared to its market valuation. If Zaslav is also looking for buyers for Warner Bros. Discovery, an activist's pitch to sell the company may not be additive.Warner Bros. Discovery generated more than $6 billion in free cash flow last year, buoyed by a drastic drop in content spending from the writers' and actors' strikes. That number will drop to about $4 billion this year as Hollywood has gotten back to work, according to MoffettNathanson.Investors will surely want to know how losing the NBA will impact free cash flow in future years, assuming Warner's lawsuit doesn't net the company a package of games. But it's possible that Malone and Zaslav's strategy of focusing on streaming profitability and costs cuts will eventually pay off.Still, it seems clear the pressure on Zaslav to show that he can deliver value is mounting. Looking at its competitors, Disney's media properties appear on the upswing after several years of pain, and Paramount Global has pulled the rip cord and agreed to a merger with Skydance Media.Part of why Zaslav fired CNN's Licht last year is the narrative around him turned too toxic.Now Zaslav in danger of falling into the same trap.— CNBC's Rohan Goswami contributed to this article.WATCH: Tom Rogers on Disney and Warner Bros. Discovery",CNBC,08/08/2024,"['In this articleWarner Bros. Discovery CEO David Zaslav needs a win.', 'Soon.', 'Since merging Discovery with WarnerMedia in 2022 and immediately slashing billions in costs, Zaslav has struggled to convince shareholders that his company is a worthy investment.', 'Warner Bros. Discovery shares have fallen about 70% since April 8, 2022, the day the merger closed.', 'His tenure has been defined by implementing thousands of layoffs, cutting movies and TV series for tax efficiencies, killing off CNN+ a month after its launch, hiring and firing CNN CEO Chris Licht, getting heckled at Boston University\'s commencement by students chanting ""pay your writers"" during last year\'s writers\' strike, and suing the NBA after the league chose not to renew media rights with his company following nearly 40 years in business together.', 'Making matters worse for him, Zaslav has long been one of the highest paid CEOs in the country.', 'His 2023 compensation rose 26.5% to almost $50 million.', ""Zaslav's bonus is tied to increasing free cash flow and reducing debt, a mandate driven by John Malone, the media mogul and influential board member who has championed Zaslav, first at Discovery and now at Warner Bros. Discovery, which has a market capitalization of about $17 billion and $37.8 billion in debt."", 'The stock dropped roughly 9% in trading Thursday.', ""The company took a whopping $9.1 billion impairment charge Wednesday given the loss of value in its linear cable networks — which still accounts for more than 100% of the company's adjusted EBITDA."", 'That means the rest of the company lost money.', 'Warner Bros. Discovery blamed ""the continued softness in the U.S. linear advertising market and uncertainty related to affiliate and sports rights renewals, including the NBA"" for the size of the write-down.', ""That's not music to investors' ears."", 'Part of the argument for why Discovery merged with WarnerMedia was that its diversified suite of content would be a ""wonderful partner to advertisers,"" as Zaslav said when the deal was initially announced in 2021.Injecting uncertainty into the company\'s valuation because of a loss of NBA rights also rings hollow given Zaslav\'s claim in November 2022 that ""we don\'t have to have the NBA.""""The write-down signifies that this company clearly overpaid for the linear assets as part of the WarnerMedia merger and, given the growing pressures on the linear ecosystem, it also raises a question on what the future cash flows will be on these assets after the potential of losing the NBA,"" said Robert Fishman, an analyst at research firm MoffettNathanson.', ""Nonetheless, Zaslav projected a message of confidence during the company's earnings conference call Wednesday."", '""We feel good about where we are,"" Zaslav said. ""', 'We have to look at all and consider all options, but the No.', '1 priority is to run this company as effectively as possible.', '""While the company continues to make progress adding streaming subscribers (gaining 3.6 million in the quarter) and moving closer toward sustained profitability, the decline in linear revenue and associated earnings continues to outweigh the growth in its flagship direct-to-consumer service, Max.', ""Warner Bros. Discovery's failure to gain traction over the past two years suggests it could be a prime target for an activist investor, who could conceivably push for Zaslav's ouster or, at the least, ask for the divestment of assets such as CNN or the gaming division."", 'The company also owns a number of other valuable businesses, including HBO, Warner Bros. studio and DC Comics.', 'LightShed analyst Rich Greenfield has argued it should dramatically scale back its direct-to-consumer aspirations and focus on licensing content to other, larger streamers.', 'While Zaslav openly discussed seeking partnerships and mergers during Wednesday\'s earnings conference call, finance chief Gunnar Wiedenfels brushed away talk of potentially breaking up the company, citing the benefits of ""one Warner Bros. Discovery.', '""""Every day I\'m seeing evidence everywhere in the business of the benefits of those strategies,"" Wiedenfels said.', 'There are two clear hurdles for a potential activist.', ""The first is Malone's influence over the board."", ""It's possible an activist fund may be scared away from angling for board seats if it thinks Malone's power is so great that any suggestions will be rendered pointless."", ""The second is that Warner Bros. Discovery is arguably already pursuing the correct strategy given the company's enormous debt load compared to its market valuation."", ""If Zaslav is also looking for buyers for Warner Bros. Discovery, an activist's pitch to sell the company may not be additive."", ""Warner Bros. Discovery generated more than $6 billion in free cash flow last year, buoyed by a drastic drop in content spending from the writers' and actors' strikes."", 'That number will drop to about $4 billion this year as Hollywood has gotten back to work, according to MoffettNathanson.', ""Investors will surely want to know how losing the NBA will impact free cash flow in future years, assuming Warner's lawsuit doesn't net the company a package of games."", ""But it's possible that Malone and Zaslav's strategy of focusing on streaming profitability and costs cuts will eventually pay off."", 'Still, it seems clear the pressure on Zaslav to show that he can deliver value is mounting.', ""Looking at its competitors, Disney's media properties appear on the upswing after several years of pain, and Paramount Global has pulled the rip cord and agreed to a merger with Skydance Media."", ""Part of why Zaslav fired CNN's Licht last year is the narrative around him turned too toxic."", 'Now Zaslav in danger of falling into the same trap.—', ""CNBC's Rohan Goswami contributed to this article."", 'WATCH: Tom Rogers on Disney and Warner Bros. Discovery']",0.040167159273573,"""While the company continues to make progress adding streaming subscribers (gaining 3.6 million in the quarter) and moving closer toward sustained profitability, the decline in linear revenue and associated earnings continues to outweigh the growth in its flagship direct-to-consumer service, Max.","His tenure has been defined by implementing thousands of layoffs, cutting movies and TV series for tax efficiencies, killing off CNN+ a month after its launch, hiring and firing CNN CEO Chris Licht, getting heckled at Boston University's commencement by students chanting ""pay your writers"" during last year's writers' strike, and suing the NBA after the league chose not to renew media rights with his company following nearly 40 years in business together.",-0.0219590399000379,His 2023 compensation rose 26.5% to almost $50 million.,"Warner Bros. Discovery blamed ""the continued softness in the U.S. linear advertising market and uncertainty related to affiliate and sports rights renewals, including the NBA"" for the size of the write-down.",2024-08-13
-Why Hong Kong has a complicated relationship with taxi drivers,https://www.bbc.co.uk/news/articles/czrj34d14wxo,2024-08-12T22:52:16.613Z,"Business owner Louis Ho remembers how so many of Hong Kong's taxi drivers refused to take him and his mother - who was a wheelchair user - to hospital for routine check-ups. “I didn’t even need the driver to carry my mum or the wheelchair. I did everything myself,” says the 64-year-old whose mother passed away in 2018. He is one of many Hong Kongers who have a story to tell about their city's infamous cabbies. Ask them what they like least about Hong Kong, and taxi drivers will likely be high on the list. The most common complaints: drivers are rude, refuse to accept rides and often take longer routes so customers have to pay more. But now the Hong Kong Taxi Council is on a mission to transform this image. They will despatch “courtesy ambassadors” armed with ""best-practice"" pamphlets to taxi stands.  Will that really help? That depends on who you ask. A single campaign cannot school rude or misbehaving drivers overnight - there are about 46,000 cabbies in the city, cautions Ryan Wong, the chairman of the council. But he is hopeful: ""This is not the first time that we have done this, and the feedback from drivers has been positive."" Hong Kongers are more sceptical. An interview clip of a taxi driver saying that passengers, rather than drivers, are the ones to be educated has gone viral in the city - many point to it as evidence that nothing will change. Many of them are also still smarting from past experiences.  Amy Ho, in her 30s, said she stopped taking taxis a few years ago after an encounter that she found particularly unpleasant.  “I didn’t realise I had asked for a very short journey. As soon as I reached the destination, I scrambled for cash to pay,"" she says.  ""It was merely five seconds or so, and the driver said, ‘Can you stop dragging on, auntie? I can’t believe you need a ride for such a short distance and you can’t even afford it!'.” IT worker Kenny Tong now only take a cab about three times a month, preferring to avoid the ordeal where he can. To hail one, he says, he often has to “bow, wait for the driver to lower the car window” and check if his destination is on the driver's route for the day.  “Some taxi drivers grumble throughout the journey after I have boarded,” he adds. He also finds it frustrating when drivers do not use GPS and ask him how to reach the destination – even though they have “multiple phones on the dashboard”. Most disgruntled passengers do not file complaints because it's time-consuming. Still, there there were about 11,500 complaints last year - a 11% increase from 2019, according to the Transport Advisory Committee. Only a tiny fraction were prosecuted.  Then there is the problem of dishonest drivers - with tourists especially vulnerable. In early July, a visitor from the China's eastern province of Zhejiang took to social media to complain that she was only given HK$44 ($5.6; £4.5) in change after giving a cabbie HK$1,000 for a HK$56 ride. She reported the incident to the police, but couldn’t get her money back because of insufficient evidence. But poor behaviour is only a symptom of the deeper issues that beset the city’s taxi industry, which is struggling with high costs, increased competition and bureaucracy. There are about 18,000 taxi licenses in the city, and this number has been largely capped since 1994, apart from 2016 when just 25 licenses were issued. Many holders see the licenses as an investment and rent them to drivers.  Leung Tat Chong – who has worked as a taxi driver for more than two decades – says the rent of the licenses has kept rising and a driver has to pay about HK$500 for a 12-hour daytime shift – which does not include fuel. On a typical day, a driver can make HK$500 to HK$800. “We can only do more business during rush hours, and sometimes we wait for up to 25 minutes and there is not even one single passenger,” he says. “To make a living, some drivers are not as patient and they have no capacity to improve their services.”  This is not an excuse for poor behaviour, he adds, but the “reality” of the industry. Taxis also face intense competition from Uber which has been hugely popular since its entry into the Hong Kong market in 2014. The company says half of the city’s 7.5 million population have used it at least once.  The taxi industry has called on the government to crack down on the platform, which remains officially illegal in the city, arguing that it is unfair because Uber drivers are not subjected to the same laws - including needing special licences to run. In late May, some taxi drivers even launched a vigilante sting operation to expose Uber drivers – but that attracted backlash from the public, many of whom say they prefer the ride hailing app precisely because of the issues they have with cab drivers.  “We underestimated the impact of ride-hailing apps,” says Chau Kwok-keung, the chairman of the Hong Kong Taxi and Public Light Bus Association. “Passengers are willing to pay more for a better riding experience.” While Mr Chau is against Uber, he concedes that there are fewer conflicts on that platform because drivers can pick the passengers and fares are agreed before the journey. He also admits that the industry has been slow to adapt to online hailing systems and digital payment. Most taxi drivers still only accept cash. The taxi industry also struggles to attract new blood. The average age of drivers is close to 60. Mr Chau argues that the lack of prospects is an important factor, as taxi fare has only been raised four times in the past decade. In 2023, the average income of an urban taxi driver was about HK$22,000, about 10% higher than the city’s median income. Hong Kong ranks 45th in terms of taxi fare in the world, according to living-cost online database Numbeo. Mr Chau says it’s very low considering Hong Kong is an expensive city. “Many think that only poor people become cabbies, and it’s the last resort when one meets financial difficulties,” says Mr Leung, who thinks that the government should tighten requirements and provide more training for taxi drivers to improve the profession’s image. But big changes are afoot for the city’s taxi industry. A demerit-point system will take effect in September, and misbehaviour could lead to a license suspension after a court conviction. A taxi fleet system will be introduced and authorities have issued five new licenses. It will allow flexible pricing, but in return, these fleets, which include 3,500 taxis, have to provide online booking, personal rating systems and digital payment. For now, drivers and passengers say they are waiting to see if these reforms can take hold. “If we provide good service, the industry will grow and there will be more passengers,” says Mr Leung. ",BBC,12/08/2024,"[""Business owner Louis Ho remembers how so many of Hong Kong's taxi drivers refused to take him and his mother - who was a wheelchair user - to hospital for routine check-ups. “"", 'I didn’t even need the driver to carry my mum or the wheelchair.', 'I did everything myself,” says the 64-year-old whose mother passed away in 2018.', ""He is one of many Hong Kongers who have a story to tell about their city's infamous cabbies."", 'Ask them what they like least about Hong Kong, and taxi drivers will likely be high on the list.', 'The most common complaints: drivers are rude, refuse to accept rides and often take longer routes so customers have to pay more.', 'But now the Hong Kong Taxi Council is on a mission to transform this image.', 'They will despatch “courtesy ambassadors” armed with ""best-practice"" pamphlets to taxi stands.', 'Will that really help?', 'That depends on who you ask.', 'A single campaign cannot school rude or misbehaving drivers overnight - there are about 46,000 cabbies in the city, cautions Ryan Wong, the chairman of the council.', 'But he is hopeful: ""This is not the first time that we have done this, and the feedback from drivers has been positive.""', 'Hong Kongers are more sceptical.', 'An interview clip of a taxi driver saying that passengers, rather than drivers, are the ones to be educated has gone viral in the city - many point to it as evidence that nothing will change.', 'Many of them are also still smarting from past experiences.', 'Amy Ho, in her 30s, said she stopped taking taxis a few years ago after an encounter that she found particularly unpleasant. “', 'I didn’t realise I had asked for a very short journey.', 'As soon as I reached the destination, I scrambled for cash to pay,"" she says. ""', 'It was merely five seconds or so, and the driver said, ‘Can you stop dragging on, auntie?', ""I can’t believe you need a ride for such a short distance and you can’t even afford it!'.”"", 'IT worker Kenny Tong now only take a cab about three times a month, preferring to avoid the ordeal where he can.', ""To hail one, he says, he often has to “bow, wait for the driver to lower the car window” and check if his destination is on the driver's route for the day. “"", 'Some taxi drivers grumble throughout the journey after I have boarded,” he adds.', 'He also finds it frustrating when drivers do not use GPS and ask him how to reach the destination – even though they have “multiple phones on the dashboard”.', ""Most disgruntled passengers do not file complaints because it's time-consuming."", 'Still, there there were about 11,500 complaints last year - a 11% increase from 2019, according to the Transport Advisory Committee.', 'Only a tiny fraction were prosecuted.', 'Then there is the problem of dishonest drivers - with tourists especially vulnerable.', ""In early July, a visitor from the China's eastern province of Zhejiang took to social media to complain that she was only given HK$44 ($5.6; £4.5) in change after giving a cabbie HK$1,000 for a HK$56 ride."", 'She reported the incident to the police, but couldn’t get her money back because of insufficient evidence.', 'But poor behaviour is only a symptom of the deeper issues that beset the city’s taxi industry, which is struggling with high costs, increased competition and bureaucracy.', 'There are about 18,000 taxi licenses in the city, and this number has been largely capped since 1994, apart from 2016 when just 25 licenses were issued.', 'Many holders see the licenses as an investment and rent them to drivers.', 'Leung Tat Chong – who has worked as a taxi driver for more than two decades – says the rent of the licenses has kept rising and a driver has to pay about HK$500 for a 12-hour daytime shift – which does not include fuel.', 'On a typical day, a driver can make HK$500 to HK$800. “', 'We can only do more business during rush hours, and sometimes we wait for up to 25 minutes and there is not even one single passenger,” he says. “', 'To make a living, some drivers are not as patient and they have no capacity to improve their services.”', 'This is not an excuse for poor behaviour, he adds, but the “reality” of the industry.', 'Taxis also face intense competition from Uber which has been hugely popular since its entry into the Hong Kong market in 2014.', 'The company says half of the city’s 7.5 million population have used it at least once.', 'The taxi industry has called on the government to crack down on the platform, which remains officially illegal in the city, arguing that it is unfair because Uber drivers are not subjected to the same laws - including needing special licences to run.', 'In late May, some taxi drivers even launched a vigilante sting operation to expose Uber drivers – but that attracted backlash from the public, many of whom say they prefer the ride hailing app precisely because of the issues they have with cab drivers. “', 'We underestimated the impact of ride-hailing apps,” says Chau Kwok-keung, the chairman of the Hong Kong Taxi and Public Light Bus Association. “', 'Passengers are willing to pay more for a better riding experience.”', 'While Mr Chau is against Uber, he concedes that there are fewer conflicts on that platform because drivers can pick the passengers and fares are agreed before the journey.', 'He also admits that the industry has been slow to adapt to online hailing systems and digital payment.', 'Most taxi drivers still only accept cash.', 'The taxi industry also struggles to attract new blood.', 'The average age of drivers is close to 60.', 'Mr Chau argues that the lack of prospects is an important factor, as taxi fare has only been raised four times in the past decade.', 'In 2023, the average income of an urban taxi driver was about HK$22,000, about 10% higher than the city’s median income.', 'Hong Kong ranks 45th in terms of taxi fare in the world, according to living-cost online database Numbeo.', 'Mr Chau says it’s very low considering Hong Kong is an expensive city. “', 'Many think that only poor people become cabbies, and it’s the last resort when one meets financial difficulties,” says Mr Leung, who thinks that the government should tighten requirements and provide more training for taxi drivers to improve the profession’s image.', 'But big changes are afoot for the city’s taxi industry.', 'A demerit-point system will take effect in September, and misbehaviour could lead to a license suspension after a court conviction.', 'A taxi fleet system will be introduced and authorities have issued five new licenses.', 'It will allow flexible pricing, but in return, these fleets, which include 3,500 taxis, have to provide online booking, personal rating systems and digital payment.', 'For now, drivers and passengers say they are waiting to see if these reforms can take hold. “', 'If we provide good service, the industry will grow and there will be more passengers,” says Mr Leung.']",-0.0359973068865015,"But he is hopeful: ""This is not the first time that we have done this, and the feedback from drivers has been positive.""",Then there is the problem of dishonest drivers - with tourists especially vulnerable.,-0.2036060975945514,"If we provide good service, the industry will grow and there will be more passengers,” says Mr Leung.",The taxi industry also struggles to attract new blood.,2024-08-13
-Elon Musk hosts friendly chat with Donald Trump on X after tech delays,https://www.bbc.co.uk/news/articles/c1k3mwy1ww3o,2024-08-13T03:15:54.635Z,"Elon Musk's much-anticipated discussion with Republican presidential candidate Donald Trump on the billionaire’s platform X was marred by technical issues. The conversation, in which Mr Musk asked friendly questions on subjects such as immigration and inflation, began more than 40 minutes late as many users struggled to gain access. The event was billed as an interview but Trump made a series of unsubstantiated claims that went without challenge. Mr Musk repeated his endorsement of Trump, who faces a resurgent new Democratic candidate, Vice-President Kamala Harris, in November’s election. He blamed the glitches on a cyber-attack but one expert told the BBC that was unlikely. The conversation on X comes as Trump, the former president and Republican presidential nominee, is trying to reset his re-election campaign.  The entry of Ms Harris after President Joe Biden stepped aside has tightened the race for the White House.  Mr Musk meanwhile has become an increasingly influential voice in politics.  He has recently become involved in a new political committee supporting Trump's campaign.  ""America is at a fork in the road and you are the path to prosperity and I think Kamala is the opposite,"" said Mr Musk in one exchange. The two men touched on a range of issues, from the assassination attempt on Trump last month at a Pennsylvania rally, to his wanting the US to get an ""Iron Dome"" missile defence system like the one in Israel as well as immigration, a key plank of his campaign.  Trump also mused about closing the federal Department of Education and moving that responsibility to the states as one of his first acts if he wins the election in November.  The relationship between Mr Musk and Trump has shifted over the years and they have traded online barbs in the past.  But Monday's conversation between the two was chummy and there was a lot of mutual praise. Trump, who has been sceptical of electric vehicles and previously vowed to roll back federal subsidies, praised car-maker Tesla, which Mr Musk also owns. He recently said he had “no choice” but to support EVs because of Mr Musk's endorsement and called the Tesla product ""great"" on Monday. Many observers detected a difference in Trump's voice which sounded like he had a lisp, but a spokesman for the Trump campaign said it was no different from normal. However the Musk-Trump conversation got off to a less than auspicious start.  As many users struggled to access the livestream, Mr Musk blamed ""a massive DDoS attack on X"" for the problems in a post.  Distributed denial of services attacks - or DDoS attacks - are attempts to overload a website to make it hard to use or inaccessible. “A DDoS attack sends a very large number of signals to an online target to disrupt it,” Anthony Lim, Director of the Centre for Strategic Cyberspace and International Studies in Singapore, told the BBC. “It is unlikely it would affect only one single service or feature on a website.” Mr Lim added that it is possible that a large number of people trying to listen could have temporarily crashed the service. However, Andrew Hay from IT firm Damovo said the problems could have been caused by a cyber-attack. The glitchy beginning was reminiscent of Florida Governor Ron DeSantis' entry into the White House race in May 2023, which was held on X and saw the livestream malfunction. Monday marked something of a return to X/Twitter for Trump, who was removed from the platform shortly after the 6 January 2021 Capitol riot.  Besides a flurry of campaign advertisements on Trump's account on Monday, he had only posted once - his mug shot and a link to his campaign site - a year ago after Mr Musk reactivated his X account in 2022.  It's not clear whether Trump, who frequently posts on his Truth Social site, would continue to post more frequently on X.  João da Silva contributed to this report North America correspondent Anthony Zurcher makes sense of the race for the White House in his weekly US Election Unspun newsletter. Readers in the UK can sign up here. Those outside the UK can sign up here. ",BBC,13/08/2024,"[""Elon Musk's much-anticipated discussion with Republican presidential candidate Donald Trump on the billionaire’s platform X was marred by technical issues."", 'The conversation, in which Mr Musk asked friendly questions on subjects such as immigration and inflation, began more than 40 minutes late as many users struggled to gain access.', 'The event was billed as an interview but Trump made a series of unsubstantiated claims that went without challenge.', 'Mr Musk repeated his endorsement of Trump, who faces a resurgent new Democratic candidate, Vice-President Kamala Harris, in November’s election.', 'He blamed the glitches on a cyber-attack but one expert told the BBC that was unlikely.', 'The conversation on X comes as Trump, the former president and Republican presidential nominee, is trying to reset his re-election campaign.', 'The entry of Ms Harris after President Joe Biden stepped aside has tightened the race for the White House.', 'Mr Musk meanwhile has become an increasingly influential voice in politics.', 'He has recently become involved in a new political committee supporting Trump\'s campaign. ""', 'America is at a fork in the road and you are the path to prosperity and I think Kamala is the opposite,"" said Mr Musk in one exchange.', 'The two men touched on a range of issues, from the assassination attempt on Trump last month at a Pennsylvania rally, to his wanting the US to get an ""Iron Dome"" missile defence system like the one in Israel as well as immigration, a key plank of his campaign.', 'Trump also mused about closing the federal Department of Education and moving that responsibility to the states as one of his first acts if he wins the election in November.', 'The relationship between Mr Musk and Trump has shifted over the years and they have traded online barbs in the past.', ""But Monday's conversation between the two was chummy and there was a lot of mutual praise."", 'Trump, who has been sceptical of electric vehicles and previously vowed to roll back federal subsidies, praised car-maker Tesla, which Mr Musk also owns.', 'He recently said he had “no choice” but to support EVs because of Mr Musk\'s endorsement and called the Tesla product ""great"" on Monday.', ""Many observers detected a difference in Trump's voice which sounded like he had a lisp, but a spokesman for the Trump campaign said it was no different from normal."", 'However the Musk-Trump conversation got off to a less than auspicious start.', 'As manyusersstruggled to accessthelivestream, Mr Musk blamed ""a massive DDoS attack on X"" for the problems in a post.', 'Distributed denial of services attacks - or DDoS attacks - are attempts to overload a website to make it hard to use or inaccessible. “', 'A DDoS attack sends a very large number of signals to an online target to disrupt it,” Anthony Lim, Director of the Centre for Strategic Cyberspace and International Studies in Singapore, told the BBC. “', 'It is unlikely it would affect only one single service or feature on a website.”', 'Mr Lim added that it is possible that a large number of people trying to listen could have temporarily crashed the service.', 'However, Andrew Hay from IT firm Damovo said the problems could have been caused by a cyber-attack.', ""The glitchy beginning was reminiscent of Florida Governor Ron DeSantis' entry into the White House race in May 2023, which was held on X and saw the livestream malfunction."", 'Monday marked something of a return to X/Twitter for Trump, who was removed from the platform shortly after the 6 January 2021 Capitol riot.', ""Besides a flurry of campaign advertisements on Trump's account on Monday, he had only posted once - his mug shot and a link to his campaign site - a year ago after Mr Musk reactivated his X account in 2022."", ""It's not clear whether Trump, who frequently posts on his Truth Social site, would continue to post more frequently on X. João da Silva contributed to this report North America correspondent Anthony Zurcher makes sense of the race for the White House in his weekly US Election Unspun newsletter."", 'Readers in the UK can sign up here.', 'Those outside the UK can sign up here.']",0.0100288409410536,"He recently said he had “no choice” but to support EVs because of Mr Musk's endorsement and called the Tesla product ""great"" on Monday.","As manyusersstruggled to accessthelivestream, Mr Musk blamed ""a massive DDoS attack on X"" for the problems in a post.",-0.0636800130208333,But Monday's conversation between the two was chummy and there was a lot of mutual praise.,"As manyusersstruggled to accessthelivestream, Mr Musk blamed ""a massive DDoS attack on X"" for the problems in a post.",2024-08-13
-Statue of first all-British Stephens car proposed for Clevedon,https://www.bbc.co.uk/news/articles/c703w2j4zzwo,2024-08-12T05:21:06.682Z,"A statue commemorating the first entirely British-designed and built motor car is to be installed later this year.  In 1897, engineer Richard Stephens built his prototype model A on a small assembly line in Clevedon.  Car enthusiast Mark Reber, organiser of the Clevedon Cars and Coffee event, came up with the idea for a statue of the first Stephens car which will be on display in the town. ""He was a pioneer in car manufacturing, his competitors at the time were building one-offs when he made a whole fleet,"" he said. Richard Stephens was born in Cwmbran, Monmouthshire, in 1856. Through his work in America, he became acquainted with Thomas Edison, Henry Ford and Ransom Olds, founder of the Oldsmobile car company.  Inspired by their companies, he set up his own car manufacturer when he moved to Clevedon, near Bristol. ""The early models were quite advanced,"" said engineering historian William Fairney, who has written about Stephens' cars. ""They could hit speeds over 40mph, and cruised quite steadily around 30mph. Stephens even invented his own suspension systems. ""His cars had two forward gears, which were belt driven, and one reverse gear: you had to get out and push,"" he added. In the early 1900s, Richard Stephens built the first motorised taxi for an operator in Bath, and a nine-seater bus, all adaptations of his first design.  Stephens also used his cars for day excursions from Clevedon for paying customers, a return journey to Cheddar costing £1.  Today, there are only two surviving cars from the twelve that were manufactured and the company folded in 1916 after competition from other companies.  Mr Reber described Mr Stephens as a local ""renaissance man.""  ""When I learned about the company and nobody at my car meet had heard about the company, I knew I had to do something,"" he said. ""Nobody built cars as good as he did, and there should be a small museum to him in the town. ""It's amazing he took five local Clevedonians and made cars with locally-sourced materials which are still around 127 years later."" The statue will be installed later this year.  Follow BBC Somerset on Facebook and X. Send your story ideas to us on email or via WhatsApp on 0800 313 4630. ",BBC,12/08/2024,"['A statue commemorating the first entirely British-designed and built motor car is to be installed later this year.', 'In 1897, engineer Richard Stephens built his prototype model A on a small assembly line in Clevedon.', 'Car enthusiast Mark Reber, organiser of the Clevedon Cars and Coffee event, came up with the idea for a statue of the first Stephens car which will be on display in the town. ""', 'He was a pioneer in car manufacturing, his competitors at the time were building one-offs when he made a whole fleet,"" he said.', 'Richard Stephens was born in Cwmbran, Monmouthshire, in 1856.', 'Through his work in America, he became acquainted with Thomas Edison, Henry Ford and Ransom Olds, founder of the Oldsmobile car company.', 'Inspired by their companies, he set up his own car manufacturer when he moved to Clevedon, near Bristol. ""', 'The early models were quite advanced,"" said engineering historian William Fairney, who has written about Stephens\' cars. ""', 'They could hit speeds over 40mph, and cruised quite steadily around 30mph.', 'Stephens even invented his own suspension systems. ""', 'His cars had two forward gears, which were belt driven, and one reverse gear: you had to get out and push,"" he added.', 'In the early 1900s, Richard Stephens built the first motorised taxi for an operator in Bath, and a nine-seater bus, all adaptations of his first design.', 'Stephens also used his cars for day excursions from Clevedon for paying customers, a return journey to Cheddar costing £1.', 'Today, there are only two surviving cars from the twelve that were manufactured and the company folded in 1916 after competition from other companies.', 'Mr Reber described Mr Stephens as a local ""renaissance man."" ""', 'When I learned about the company and nobody at my car meet had heard about the company, I knew I had to do something,"" he said. ""', 'Nobody built cars as good as he did, and there should be a small museum to him in the town. ""', 'It\'s amazing he took five local Clevedonians and made cars with locally-sourced materials which are still around 127 years later.""', 'The statue will be installed later this year.', 'Follow BBC Somerset on Facebook and X. Send your story ideas to us on email or via WhatsApp on 0800 313 4630.']",0.1247007722576409,"It's amazing he took five local Clevedonians and made cars with locally-sourced materials which are still around 127 years later.""",,,,,2024-08-13
-Delta says chaos after CrowdStrike outage cost it $380 million in revenue,https://www.cnbc.com/2024/08/08/delta-says-chaos-after-crowdstrike-outage-cost-it-380-million-in-revenue.html,2024-08-09T13:06:08+0000,"In this articleDelta Air Lines on Thursday said last month's CrowdStrike outage and subsequent mass flight cancellations cost it some $550 million and reiterated that it is pursuing damages against the company as well as Microsoft.The financial impact includes a $380 million revenue hit in the current quarter ""primarily driven by refunding customers for cancelled flights and providing customer compensation in the form of cash and SkyMiles,"" the Atlanta-based airline said in a securities filing.The incident, in which it canceled some 7,000 flights, also meant a $170 million expense ""associated with the technology-driven outage and subsequent operational recovery,"" the carrier said, adding that its fuel bill will likely be $50 million lower because of the scrubbed flights.Delta struggled more than its competitors to recover from the July 19 outage, which took millions of Windows-based machines offline around the world. The disruptions occurred at the height of the summer travel season, stranding thousands of Delta customers, a rare incident for the carrier that markets itself as a premium carrier that gets top marks for reliability.""An operational disruption of this length and magnitude is unacceptable, and our customers and employees deserve better,"" CEO Ed Bastian said in the filing. ""Since the incident, our people have returned the operation to an industry-leading position that is consistent with the level of performance our customers expect from Delta.""Delta's cancellations in the days after the outage topped its tally for all of 2019. The U.S. Department of Transportation last month said it is investigating Delta's response to the outage and flight cancellations.CrowdStrike responded in a statement on Thursday that Delta ""continues to push a misleading narrative"" and said that the company's chief security officer was in ""direct contact"" with Delta's chief information and security officer ""within hours of the incident, providing information and offering support.""In a letter to CrowdStrike's attorney on Thursday, Delta's lawyer, David Boies, said 1.3 million customers were affected by the outage and that it shut down 37,000 Delta computers.CrowdStrike and Microsoft lawyers earlier this week fired back at Delta, saying they reached out to offer Delta help. Microsoft on Wednesday suggested that Delta hasn't invested enough in its technology compared with rivals.""If CrowdStrike genuinely seeks to avoid a lawsuit by Delta, then it must accept real responsibility for its actions and compensate Delta for the severe damage it caused to Delta's business, reputation, and goodwill,"" Boies said in the letter to CrowdStrike on Thursday.About 60% of Delta's ""mission-critical applications"" and their data depend on Microsoft and CrowdStrike, he said, adding that the disruption ""required significant human intervention by skilled crew specialists to get Delta people and aircraft to the right locations to resume normal, safe operation.""",CNBC,09/08/2024,"[""In this articleDelta Air Lines on Thursday said last month's CrowdStrike outage and subsequent mass flight cancellations cost it some $550 million and reiterated that it is pursuing damages against the company as well as Microsoft."", 'The financial impact includes a $380 million revenue hit in the current quarter ""primarily driven by refunding customers for cancelled flights and providing customer compensation in the form of cash and SkyMiles,"" the Atlanta-based airline said in a securities filing.', 'The incident, in which it canceled some 7,000 flights, also meant a $170 million expense ""associated with the technology-driven outage and subsequent operational recovery,"" the carrier said, adding that its fuel bill will likely be $50 million lower because of the scrubbed flights.', 'Delta struggled more than its competitors to recover from the July 19 outage, which took millions of Windows-based machines offline around the world.', 'The disruptions occurred at the height of the summer travel season, stranding thousands of Delta customers, a rare incident for the carrier that markets itself as a premium carrier that gets top marks for reliability.', '""An operational disruption of this length and magnitude is unacceptable, and our customers and employees deserve better,"" CEO Ed Bastian said in the filing. ""', 'Since the incident, our people have returned the operation to an industry-leading position that is consistent with the level of performance our customers expect from Delta.', '""Delta\'s cancellations in the days after the outage topped its tally for all of 2019.', ""The U.S. Department of Transportation last month said it is investigating Delta's response to the outage and flight cancellations."", 'CrowdStrike responded in a statement on Thursday that Delta ""continues to push a misleading narrative"" and said that the company\'s chief security officer was in ""direct contact"" with Delta\'s chief information and security officer ""within hours of the incident, providing information and offering support.', '""In a letter to CrowdStrike\'s attorney on Thursday, Delta\'s lawyer, David Boies, said 1.3 million customers were affected by the outage and that it shut down 37,000 Delta computers.', 'CrowdStrike and Microsoft lawyers earlier this week fired back at Delta, saying they reached out to offer Delta help.', ""Microsoft on Wednesday suggested that Delta hasn't invested enough in its technology compared with rivals."", '""If CrowdStrike genuinely seeks to avoid a lawsuit by Delta, then it must accept real responsibility for its actions and compensate Delta for the severe damage it caused to Delta\'s business, reputation, and goodwill,"" Boies said in the letter to CrowdStrike on Thursday.', 'About 60% of Delta\'s ""mission-critical applications"" and their data depend on Microsoft and CrowdStrike, he said, adding that the disruption ""required significant human intervention by skilled crew specialists to get Delta people and aircraft to the right locations to resume normal, safe operation.""']",-0.1257412613303549,"CrowdStrike responded in a statement on Thursday that Delta ""continues to push a misleading narrative"" and said that the company's chief security officer was in ""direct contact"" with Delta's chief information and security officer ""within hours of the incident, providing information and offering support.","""If CrowdStrike genuinely seeks to avoid a lawsuit by Delta, then it must accept real responsibility for its actions and compensate Delta for the severe damage it caused to Delta's business, reputation, and goodwill,"" Boies said in the letter to CrowdStrike on Thursday.",-0.3537812287157232,"Since the incident, our people have returned the operation to an industry-leading position that is consistent with the level of performance our customers expect from Delta.","Delta struggled more than its competitors to recover from the July 19 outage, which took millions of Windows-based machines offline around the world.",2024-08-13
-Why is Elon Musk in a racism row with Humza Yousaf?,https://www.bbc.co.uk/news/articles/cy0r82pg7lxo,2024-08-13T12:20:56.433Z,"A spat between the world's richest person and the former first minister of Scotland has reignited in recent days - but the feud between Elon Musk and Humza Yousaf has been building for years. Tensions escalated over the weekend, when the billionaire X owner called he ex-SNP leader a racist ""scumbag"", claiming he ""loathes"" white people.  It came after Mr Yousaf had called Mr Musk a ""dangerous race baiter"" and ""one of the most dangerous men on the planet”. The tech entrepreneur has been widely criticised for his management of X, and for his own posts during recent far-right riots in England and Northern Ireland However, the origins of the row lie back in the pandemic summer of 2020, and are linked to the murder of George Floyd.   On 10 June 2020, the Scottish Parliament held a debate on showing solidarity with anti-racism demonstrations held in response to Mr Floyd's murder.  Mr Yousaf, the then justice secretary, told MSPs it was evident that Scotland had ""a problem of structural racism"". He said: ""At 99% of the meetings that I go to, I am the only non-white person in the room."" Mr Yousaf read out a list of senior positions - including the lord advocate, solicitor general and Police Scotland's chief constable - and, after each, added: ""white"". He said the same was true for every high court judge, every deputy chief constable, every assistant chief constable and every prison governor in Scotland. The then SNP minister also highlighted senior positions in the health sector and the trade union movement. ""That is a collective failure that includes every single one of us,"" he told MSPs. ""I hope that we are sitting uncomfortably, because those should be uncomfortable truths for us all."" An edited version of the lengthy speech was widely shared by right-wing accounts on social media. By October 2023, it had reached the attention of Mr Musk on X, which he had rebranded from Twitter three months earlier. He called Mr Yousaf - who had become the first ethnic minority leader of a devolved government and the first Muslim to lead a major UK party - a ""blatant racist"".  A fact check by the Reuters news agency concluded that the clip misrepresented Mr Yousaf's comments by suggesting he had been arguing that Scotland contained too many white people – when he had been complaining about racial injustice and a lack of people of colour in positions of power. Shortly afterwards, Mr Yousaf posted: ""Racists foaming at the mouth at my very existence."" He then added: ""Me:"" and shared a gif from the BBC comedy Still Game, featuring the character Navid dancing in his shop. The then first minister's spokesperson said Mr Yousaf had suffered racist abuse his whole life, adding: ""Mr Musk should use his position to tackle racism and hatred that goes unchecked on the social media platform he owns."" Tensions between the pair flared again following days of far-right violence in cities in England and Northern Ireland in recent weeks.  Mr Musk was highly critical of the UK authorities and the way the disorder has been handled. He suggested that ""civil war is inevitable"" and promoted a conspiracy theory that far-right agitators were treated more harshly than minority groups.  A spokesperson for Prime Minister Sir Keir Starmer said there was ""no justification"" for the comments.  Mr Musk and other social media owners have been urged by regulator Ofcom to protect users from content likely to incite violence or hatred. Mr Yousaf was asked about the tech businessman's intervention during an LBC event at the Edinburgh Festival last Thursday.  He branded the X owner “one of the most dangerous men on the planet”, adding: “He is not accountable to anybody, he has vast wealth at his fingertips and disposal and he uses it for some of the most wicked evil I have seen."" Mr Yousaf accused Mr Musk of using his wealth to amplify the far right and white supremacists. After the ex-SNP leader made similar comments to CNN, Mr Musk described him as ""super, super racist"". He posted on X: ""Scotland gave him everything and yet he loathes white people.” The row escalated further when it was reported Mr Yousaf could take legal action.  His lawyer, Aamer Anwar, told the Sunday Mail that Mr Musk had “effectively painted a target on Humza Yousaf’s back with his completely unacceptable, untrue and inflammatory comments”. Meanwhile, Mr Yousaf posted on X: “Elon Musk is a dangerous race baiter who must be held to account for his actions. “I can't think what it is that upsets him so much about a Brown, Muslim, progressive politician? But his billions won't stop me calling out his support for the far-right.” The tech entrepreneur responded by claiming Mr Yousaf was ""obviously super racist against white people"". ""I dare that scumbag to sue me,"" he posted. ""Go ahead, make my day…” Mr Musk added: “Legal discovery will show that however big a racist he’s been in public communications, he is vastly worse in private communications.” He did not elaborate on what that comment referred to.  Mr Yousaf has declined to speak to BBC Scotland about the issue, while Mr Musk very rarely gives interviews to media.  Having sacked about 80% of former Twitter staff following his takeover, Mr Musk announced last year that requests to X's media department would be met with an automatic response: a poo emoji.  The response now reads ""busy now, please check back later"". It seems likely that the war of words might continue to play out on X, or possibly in a court room. Whatever happens next, it is fair to say the pair's differences are nowhere near being resolved.  ",BBC,13/08/2024,"[""A spat between the world's richest person and the former first minister of Scotland has reignited in recent days - but the feud between Elon Musk and Humza Yousaf has been building for years."", 'Tensions escalated over the weekend, when the billionaire X owner called he ex-SNP leader a racist ""scumbag"", claiming he ""loathes"" white people.', 'It came after Mr Yousaf had called Mr Musk a ""dangerous race baiter"" and ""one of the most dangerous men on the planet”.', 'The tech entrepreneur has been widely criticised for his management of X, and for his own posts during recent far-right riots in England and Northern Ireland However, the origins of the row lie back in the pandemic summer of 2020, and are linked to the murder of George Floyd.', ""On 10 June 2020, the Scottish Parliament held a debate on showing solidarity with anti-racism demonstrations held in response to Mr Floyd's murder."", 'Mr Yousaf, the then justice secretary, told MSPs it was evident that Scotland had ""a problem of structural racism"".', 'He said: ""At 99% of the meetings that I go to, I am the only non-white person in the room.""', 'Mr Yousaf read out a list of senior positions - including the lord advocate, solicitor general and Police Scotland\'s chief constable - and, after each, added: ""white"".', 'He said the same was true for every high court judge, every deputy chief constable, every assistant chief constable and every prison governor in Scotland.', 'The then SNP minister also highlighted senior positions in the health sector and the trade union movement. ""', 'That is a collective failure that includes every single one of us,"" he told MSPs. ""', 'I hope that we are sitting uncomfortably, because those should be uncomfortable truths for us all.""', 'An edited version of the lengthy speech was widely shared by right-wing accounts on social media.', 'By October 2023, it had reached the attention of Mr Musk on X, which he had rebranded from Twitter three months earlier.', 'He called Mr Yousaf - who had become the first ethnic minority leader of a devolved government and the first Muslim to lead a major UK party - a ""blatant racist"".', ""A fact check by the Reuters news agency concluded that the clip misrepresented Mr Yousaf's comments by suggesting he had been arguing that Scotland contained too many white people – when he had been complaining about racial injustice and a lack of people of colour in positions of power."", 'Shortly afterwards, Mr Yousaf posted: ""Racists foaming at the mouth at my very existence.""', 'He then added: ""Me:"" and shared a gif from the BBC comedy Still Game, featuring the character Navid dancing in his shop.', 'The then first minister\'s spokesperson said Mr Yousaf had suffered racist abuse his whole life, adding: ""Mr Musk should use his position to tackle racism and hatred that goes unchecked on the social media platform he owns.""', 'Tensions between the pair flared again following days of far-right violence in cities in England and Northern Ireland in recent weeks.', 'Mr Musk was highly critical of the UK authorities and the way the disorder has been handled.', 'He suggested that ""civil war is inevitable"" and promoted a conspiracy theory that far-right agitators were treated more harshly than minority groups.', 'A spokesperson for Prime Minister Sir Keir Starmer said there was ""no justification"" for the comments.', 'Mr Musk and other social media owners have been urged by regulator Ofcom to protect users from content likely to incite violence or hatred.', ""Mr Yousaf was asked about the tech businessman's intervention during an LBC event at the Edinburgh Festival last Thursday."", 'He branded the X owner “one of the most dangerous men on the planet”, adding: “He is not accountable to anybody, he has vast wealth at his fingertips and disposal and he uses it for some of the most wicked evil I have seen.""', 'Mr Yousaf accused Mr Musk of using his wealth to amplify the far right and white supremacists.', 'After the ex-SNP leader made similar comments to CNN, Mr Musk described him as ""super, super racist"".', 'He posted on X: ""Scotland gave him everything and yet he loathes white people.”', 'The row escalated further when it was reported Mr Yousaf could take legal action.', 'His lawyer, Aamer Anwar, told the Sunday Mail that Mr Musk had “effectively painted a target on Humza Yousaf’s back with his completely unacceptable, untrue and inflammatory comments”.', 'Meanwhile, Mr Yousaf posted on X: “Elon Musk is a dangerous race baiter who must be held to account for his actions. “', ""I can't think what it is that upsets him so much about a Brown, Muslim, progressive politician?"", ""But his billions won't stop me calling out his support for the far-right.”"", 'The tech entrepreneur responded by claiming Mr Yousaf was ""obviously super racist against white people"". ""', 'I dare that scumbag to sue me,"" he posted. ""', 'Go ahead, make my day…” Mr Musk added: “Legal discovery will show that however big a racist he’s been in public communications, he is vastly worse in private communications.”', 'He did not elaborate on what that comment referred to.', 'Mr Yousaf has declined to speak to BBC Scotland about the issue, while Mr Musk very rarely gives interviews to media.', ""Having sacked about 80% of former Twitter staff following his takeover, Mr Musk announced last year that requests to X's media department would be met with an automatic response: a poo emoji."", 'The response now reads ""busy now, please check back later"".', 'It seems likely that the war of words might continue to play out on X, or possibly in a court room.', ""Whatever happens next, it is fair to say the pair's differences are nowhere near being resolved.""]",-0.2736477900548176,"He then added: ""Me:"" and shared a gif from the BBC comedy Still Game, featuring the character Navid dancing in his shop.","The then first minister's spokesperson said Mr Yousaf had suffered racist abuse his whole life, adding: ""Mr Musk should use his position to tackle racism and hatred that goes unchecked on the social media platform he owns.""",-0.8364616811275483,,"Go ahead, make my day…” Mr Musk added: “Legal discovery will show that however big a racist he’s been in public communications, he is vastly worse in private communications.”",2024-08-13
-Under Armour shares surge 20% after posting 'better than feared' quarterly sales,https://www.cnbc.com/2024/08/08/under-armour-uaa-earnings-q1-2025.html,2024-08-08T20:35:30+0000,"In this articleUnder Armour on Thursday said sales are falling across its business, but the athletic apparel retailer posted better fiscal first-quarter results than feared, sending its stock surging in early trading.The company beat Wall Street's expectations on the top and bottom lines. Its shares closed nearly 20% higher Thursday.Here's how the athletic apparel company did in its fiscal first quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:In the three months ended June 30, Under Armour reported a loss of $305.4 million, or 70 cents per share, compared with a profit of $10 million, or 2 cents per share, a year earlier. Excluding one-time expenses, it reported a profit of $4 million, or 1 cent per share.Sales dropped to $1.18 billion, down about 10% from $1.32 billion a year earlier.In late June, Under Armour agreed to settle a year-sold securities lawsuit for $434 million about three weeks before a trial was slated to begin. In 2017, Under Armour was accused of defrauding shareholders about its revenue growth in a bid to meet Wall Street's forecasts.In a press release, the company said it was not admitting fault or wrongdoing but had agreed to end the case – about seven years after it was filed – because of ""the costs and risks inherent in litigation."" Under Armour said it would pay the settlement using cash from its revolving credit facility.The company now expects to swing to a loss in fiscal 2025. It's forecasting losses per share to be between 53 cents and 56 cents and adjusted earnings per share to be between 19 cents and 22 cents.Under Armour previously expected full-year earnings of 2 cents to 5 cents per share, and adjusted earnings between 18 cents and 21 cents per share.The athletic apparel company is in the midst of a broad restructuring plan as it fights to regain relevance, reverse a sales slump and boost profits. Earlier this year, Under Armour said it would lay off an unknown number of workers, cut back promotions and discounts, and streamline its assortment to be more competitive. It's also looking to take a page out of Nike's playbook and position Under Armour as a premium brand.The restructuring came two months after former Marriott executive Stephanie Linnartz was ousted as Under Armour's CEO and its founder Kevin Plank returned to the helm once again.In a statement Thursday, Plank said the company is ""encouraged by early progress"" in its efforts. While sales still tumbled across Under Armour's business during the quarter, results came in better than expected.In North America, Under Armour's largest market, sales dropped 14% to $709 million, but were higher than the $669.1 million that analysts had expected, according to StreetAccount. Wholesale revenue fell 8% to $681 million, while direct-to-consumer sales declined 12% to $480 million.Sales at stores owned and operated by Under Armour fell 3%, while online sales plunged a staggering 25% — a drop-off the company attributed to ""planned decreases in promotion activities.""Apparel revenue fell 8%, footwear sales dropped 15% and accessories revenue slid 5%.While Under Armour's customers are adjusting to fewer promotions, the slowdown in discounting boosted margins during the quarter. The company's gross margin rose 1.1 percentage points to 47.5%, better than the 46.1% that analysts had expected, according to StreetAccount.As Under Armour looks to get back to growth and position itself as a premium retailer in a crowded athletic apparel space, it's adding fresh talent and expanding into sustainable fashion.On Tuesday, the retailer announced it had acquired sustainable fashion brand Unless Collective and will bring on the brand's founder, former Adidas exec Eric Liedtke, as executive vice president of brand strategy. ""Eric will … be globally accountable for amplifying Under Armour's brand identity and storytelling, its comprehensive strategic planning process, and executing transformational initiatives that accelerate growth for UA while continuing to lead and curate, UNLESS,"" a press release about the acquisition said.""He will report to President & CEO Kevin Plank and oversee UA's brand presence through category marketing, consumer intelligence, creative, marketing operations, loyalty, social media, sports marketing, and all strategy functions,"" the release said.Unless bills itself as ""the world's first all-plant, zero-plastic regenerative fashion brand"" and said it was created to prove that plants could replace plastics in the manufacturing of apparel and footwear. In a research note Thursday, William Blair analysts cautioned that while Under Armour's first-quarter results were ""better than feared,"" it will take time for the brand to get back to growth.""While the goal of resetting the brand to a more premium positioning while narrowing the focus to core fundamentals could prove to be a meaningful catalyst over the longer term, the reality is that this will take time to unfold with the impact of a critical mass of new product not expected until the second half of fiscal 2026,"" the analysts wrote in the note.""Risks include Under Armour's ability to maintain and evolve a strong brand image and product portfolio in an industry with intense competition, historically high turnover rates in senior management, and majority voting control held by CEO Kevin Plank.""Read the full earnings release here.",CNBC,08/08/2024,"['In this articleUnder Armour on Thursday said sales are falling across its business, but the athletic apparel retailer posted better fiscal first-quarter results than feared, sending its stock surging in early trading.', ""The company beat Wall Street's expectations on the top and bottom lines."", 'Its shares closed nearly 20% higher Thursday.', ""Here's how the athletic apparel company did in its fiscal first quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:In the three months ended June 30, Under Armour reported a loss of $305.4 million, or 70 cents per share, compared with a profit of $10 million, or 2 cents per share, a year earlier."", 'Excluding one-time expenses, it reported a profit of $4 million, or 1 cent per share.', 'Sales dropped to $1.18 billion, down about 10% from $1.32 billion a year earlier.', 'In late June, Under Armour agreed to settle a year-sold securities lawsuit for $434 million about three weeks before a trial was slated to begin.', ""In 2017, Under Armour was accused of defrauding shareholders about its revenue growth in a bid to meet Wall Street's forecasts."", 'In a press release, the company said it was not admitting fault or wrongdoing but had agreed to end the case – about seven years after it was filed – because of ""the costs and risks inherent in litigation.', '""Under Armour said it would pay the settlement using cash from its revolving credit facility.', 'The company now expects to swing to a loss in fiscal 2025.', ""It's forecasting losses per share to be between 53 cents and 56 cents and adjusted earnings per share to be between 19 cents and 22 cents."", 'Under Armour previously expected full-year earnings of 2 cents to 5 cents per share, and adjusted earnings between 18 cents and 21 cents per share.', 'The athletic apparel company is in the midst of a broad restructuring plan as it fights to regain relevance, reverse a sales slump and boost profits.', 'Earlier this year, Under Armour said it would lay off an unknown number of workers, cut back promotions and discounts, and streamline its assortment to be more competitive.', ""It's also looking to take a page out of Nike's playbook and position Under Armour as a premium brand."", ""The restructuring came two months after former Marriott executive Stephanie Linnartz was ousted as Under Armour's CEO and its founder Kevin Plank returned to the helm once again."", 'In a statement Thursday, Plank said the company is ""encouraged by early progress"" in its efforts.', ""While sales still tumbled across Under Armour's business during the quarter, results came in better than expected."", ""In North America, Under Armour's largest market, sales dropped 14% to $709 million, but were higher than the $669.1 million that analysts had expected, according to StreetAccount."", 'Wholesale revenue fell 8% to $681 million, while direct-to-consumer sales declined 12% to $480 million.', 'Sales at stores owned and operated by Under Armour fell 3%, while online sales plunged a staggering 25% — a drop-off the company attributed to ""planned decreases in promotion activities.', '""Apparel revenue fell 8%, footwear sales dropped 15% and accessories revenue slid 5%.While Under Armour\'s customers are adjusting to fewer promotions, the slowdown in discounting boosted margins during the quarter.', ""The company's gross margin rose 1.1 percentage points to 47.5%, better than the 46.1% that analysts had expected, according to StreetAccount."", ""As Under Armour looks to get back to growth and position itself as a premium retailer in a crowded athletic apparel space, it's adding fresh talent and expanding into sustainable fashion."", ""On Tuesday, the retailer announced it had acquired sustainable fashion brand Unless Collective and will bring on the brand's founder, former Adidas exec Eric Liedtke, as executive vice president of brand strategy."", '""Eric will … be globally accountable for amplifying Under Armour\'s brand identity and storytelling, its comprehensive strategic planning process, and executing transformational initiatives that accelerate growth for UA while continuing to lead and curate, UNLESS,"" a press release about the acquisition said.', '""He will report to President & CEO Kevin Plank and oversee UA\'s brand presence through category marketing, consumer intelligence, creative, marketing operations, loyalty, social media, sports marketing, and all strategy functions,"" the release said.', 'Unless bills itself as ""the world\'s first all-plant, zero-plastic regenerative fashion brand"" and said it was created to prove that plants could replace plastics in the manufacturing of apparel and footwear.', 'In a research note Thursday, William Blair analysts cautioned that while Under Armour\'s first-quarter results were ""better than feared,"" it will take time for the brand to get back to growth.', '""While the goal of resetting the brand to a more premium positioning while narrowing the focus to core fundamentals could prove to be a meaningful catalyst over the longer term, the reality is that this will take time to unfold with the impact of a critical mass of new product not expected until the second half of fiscal 2026,"" the analysts wrote in the note.', '""Risks include Under Armour\'s ability to maintain and evolve a strong brand image and product portfolio in an industry with intense competition, historically high turnover rates in senior management, and majority voting control held by CEO Kevin Plank.', '""Read the full earnings release here.']",0.2267394677263925,"""He will report to President & CEO Kevin Plank and oversee UA's brand presence through category marketing, consumer intelligence, creative, marketing operations, loyalty, social media, sports marketing, and all strategy functions,"" the release said.",The company now expects to swing to a loss in fiscal 2025.,0.1298292253328406,"The company's gross margin rose 1.1 percentage points to 47.5%, better than the 46.1% that analysts had expected, according to StreetAccount.","In North America, Under Armour's largest market, sales dropped 14% to $709 million, but were higher than the $669.1 million that analysts had expected, according to StreetAccount.",2024-08-13
-Home Depot may need an interest rate cut to boost its sales,https://www.cnbc.com/2024/08/13/home-depot-q2-earnings-fed-interest-rate-cut-may-boost-sales.html,2024-08-13T18:56:36+0000,"Just like Wall Street, Home Depot is closely watching the Federal Reserve's next move.In an interview with CNBC, Chief Financial Officer Richard McPhail said homeowners have postponed moving into new houses or starting major projects that require financing because of higher interest rates. That waiting game has only intensified with a potential interest rate cut in sight.""What our customers tell their pros is, 'Everything I read tells me interest rates will be lower in three to six months,'"" McPhail said. ""'Why would I borrow to finance the project now rather than just wait a few months?'""CEO Ted Decker also told investors on an earnings call on Tuesday that many homeowners face a ""golden handcuffs dynamic"" because they have mortgages as low as 3% and don't want to move, locking themselves into a higher rate.An interest rate cut could help move the needle for Home Depot as sales slow. The company on Tuesday beat analysts' expectations for quarterly earnings and revenue, but gave a disappointing full-year forecast. It said it expects comparable sales, a metric that takes out the impact of store openings and closures and other one-time factors, to drop by 3% to 4%. That's a deeper fall than the 1% decline it previously anticipated.The Federal Reserve has dropped hints that an interest rate cut could come soon. In late July, Fed Chair Jerome Powell said central bankers could reduce rates at their next meeting in September if the economic data backs up the decision.Some fresh data on Tuesday pointed in a positive direction. The producer price index, which measures wholesale prices, rose 0.1% in July, which was less than economists expected.Decker said on Tuesday's call with investors that it is tricky to guess the ""magical rate number"" that would drive Home Depot's business up again. But he said when mortgage rates dropped late last year, the company saw ""an immediate increase in housing activity,"" including mortgage applications and mortgage refinancing applications.He said a drop to around 6.5% for mortgage rates would likely approach ""a level that people are going to engage.""Rates fluctuate, but have hovered closer to that level lately. The average rate on a 30-year fixed mortgage declined to 6.4% early this month, according to Mortgage News Daily. That is the lowest rate since April 2023.But it's unclear whether consumer uncertainty could still drag on Home Depot, even when lower mortgage rates stick.Home Depot's leaders chalked up some of its weaker sales to a newer sense of caution among its customers, even though the vast majority of them own houses and have seen huge home equity gains.""What more recently has happened is a broader concern with the macroeconomy,"" Decker said on the call. ""There's just a lot of noise with the political and geopolitical environment. Unemployment ticked up. Inflation keeps eating away at disposable income, and I think people just took a pause as we've progressed through the quarter.""Even with an interest rate cut, Decker said, ""people still might pause a little bit until some of this gets sorted out.""— CNBC's Diana Olick contributed to this report.",CNBC,13/08/2024,"[""Just like Wall Street, Home Depot is closely watching the Federal Reserve's next move."", 'In an interview with CNBC, Chief Financial Officer Richard McPhail said homeowners have postponed moving into new houses or starting major projects that require financing because of higher interest rates.', 'That waiting game has only intensified with a potential interest rate cut in sight.', '""What our customers tell their pros is, \'Everything I read tells me interest rates will be lower in three to six months,\'"" McPhail said. ""\'', 'Why would I borrow to finance the project now rather than just wait a few months?\'""CEO Ted Decker also told investors on an earnings call on Tuesday that many homeowners face a ""golden handcuffs dynamic"" because they have mortgages as low as 3% and don\'t want to move, locking themselves into a higher rate.', 'An interest rate cut could help move the needle for Home Depot as sales slow.', ""The company on Tuesday beat analysts' expectations for quarterly earnings and revenue, but gave a disappointing full-year forecast."", 'It said it expects comparable sales, a metric that takes out the impact of store openings and closures and other one-time factors, to drop by 3% to 4%.', ""That's a deeper fall than the 1% decline it previously anticipated."", 'The Federal Reserve has dropped hints that an interest rate cut could come soon.', 'In late July, Fed ChairJerome Powellsaid central bankerscould reduce ratesat their next meeting in September if the economic data backs up the decision.', 'Some fresh data on Tuesday pointed in a positive direction.', 'The producer price index, which measures wholesale prices, rose 0.1% in July, which was less than economists expected.', 'Decker said on Tuesday\'s call with investors that it is tricky to guess the ""magical rate number"" that would drive Home Depot\'s business up again.', 'But he said when mortgage rates dropped late last year, the company saw ""an immediate increase in housing activity,"" including mortgage applications and mortgage refinancing applications.', 'He said a drop to around 6.5% for mortgage rates would likely approach ""a level that people are going to engage.', '""Rates fluctuate, but have hovered closer to that level lately.', 'The average rate on a 30-year fixed mortgage declined to 6.4% early this month, according toMortgage News Daily.', ""That is the lowest rate since April 2023.But it's unclear whether consumer uncertainty could still drag on Home Depot, even when lower mortgage rates stick."", ""Home Depot's leaders chalked up some of its weaker sales to a newer sense of caution among its customers, even though the vast majority of them own houses and have seen huge home equity gains."", '""What more recently has happened is a broader concern with the macroeconomy,"" Decker said on the call. ""', ""There's just a lot of noise with the political and geopolitical environment."", 'Unemployment ticked up.', ""Inflation keeps eating away at disposable income, and I think people just took a pause as we've progressed through the quarter."", '""Even with an interest rate cut, Decker said, ""people still might pause a little bit until some of this gets sorted out.""—', ""CNBC's Diana Olick contributed to this report.""]",0.0442819289901347,Some fresh data on Tuesday pointed in a positive direction.,"That is the lowest rate since April 2023.But it's unclear whether consumer uncertainty could still drag on Home Depot, even when lower mortgage rates stick.",-0.0479641493998075,"But he said when mortgage rates dropped late last year, the company saw ""an immediate increase in housing activity,"" including mortgage applications and mortgage refinancing applications.",That's a deeper fall than the 1% decline it previously anticipated.,2024-08-13
-"Restaurant Brands revenue tops estimates, fueled by Tim Hortons",https://www.cnbc.com/2024/08/08/restaurant-brands-international-qsr-q2-2024-earnings.html,2024-08-08T15:29:41+0000,"In this articleRestaurant Brands International on Thursday reported quarterly revenue that beat analysts' expectations, fueled by better-than-expected sales at Tim Hortons and the company's international restaurants.""We certainly were planning for better absolute top-line results,"" CEO Josh Kobza told analysts on the company's conference call. ""However, relative to the overall performance of our industry, we've continued to outperform key competitors in some of our largest markets.""Shares of Restaurant Brands rose 3% in morning trading.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Restaurant Brands reported second-quarter net income of $399 million, or 88 cents per share, up from $351 million, or 77 cents per share, a year earlier.Excluding items, the company earned 86 cents per share.Net sales rose 17% to $2.08 billion, boosted by recent acquisitions of Burger King restaurants in the U.S. The company's same-store sales increased 1.9%.Out of Restaurant Brands' four chains, Tim Hortons performed the best, with same-store sales growth of 4.6%. Tims' efforts to attract more afternoon customers, like launching flatbread pizzas, have boosted sales. The chain has also been trying to expand beyond hot coffee by adding more cold coffee drinks and releasing Infusr energy drinks.Popeyes' same-store sales rose 0.5%. Its new boneless wings have been a hit with existing customers, but the chain is hoping to attract new customers to the brand with the menu item and the right advertising strategy.Both Burger King and Firehouse Subs reported same-store sales declines of 0.1% for the quarter.""The absolute sales and traffic results at Burger King were clearly softer than we aspire to, but the business continued to outperform burger [quick-service restaurant] sales and traffic,"" Kobza said.He added that short-term industry pressures are likely masking ""incredible changes"" at Burger King, which is in the middle of a turnaround.Like McDonald's and Wendy's, Burger King has rolled out a $5 value meal in the hopes of bringing back customers who have pulled back on spending. Executives said the discounts are profitable for franchisees, which have agreed to extend the deal into October.Restaurant Brands' international locations saw same-store sales growth of 2.6%. Executives said strong sales in Brazil, Australia and Japan helped offset weakness in China and the Middle East.For the second half of the year, Restaurant Brands is expecting same-store sales growth of roughly 2%.Two days before the quarter ended, Restaurant Brands completed its acquisition of Popeyes China, which will be included in its results next quarter. The company's new Restaurant Holdings segment includes the performance of Popeyes China and the restaurants it acquired from Carrols, which was Burger King's largest U.S. franchisee before Restaurant Brands bought it.",CNBC,08/08/2024,"[""In this articleRestaurant Brands International on Thursday reported quarterlyrevenue that beat analysts' expectations, fueled by better-than-expected sales at Tim Hortons and the company's international restaurants."", '""We certainly were planning for better absolute top-line results,"" CEO Josh Kobza told analysts on the company\'s conference call. ""', ""However, relative to the overall performance of our industry, we've continued to outperform key competitors in some of our largest markets."", '""Shares of Restaurant Brands rose 3% in morning trading.', ""Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Restaurant Brands reported second-quarter net income of $399 million, or 88 cents per share, up from $351 million, or 77 cents per share, a year earlier."", 'Excluding items, the company earned 86 cents per share.', ""Net salesrose17% to $2.08 billion, boosted by recent acquisitions of Burger King restaurants in the U.S. The company's same-store sales increased 1.9%.Out of Restaurant Brands' four chains, Tim Hortons performed the best, with same-store sales growth of 4.6%."", ""Tims' efforts to attract more afternoon customers, like launching flatbread pizzas, have boosted sales."", 'The chain has also been trying to expand beyond hot coffee by adding more cold coffee drinks and releasing Infusr energy drinks.', ""Popeyes' same-store sales rose 0.5%."", 'Its new boneless wings have been a hit with existing customers, but the chain is hoping to attract new customers to the brand with the menu item and the right advertising strategy.', 'Both Burger King and Firehouse Subs reported same-store sales declines of 0.1% for the quarter.', '""The absolute sales and traffic results at Burger King were clearly softer than we aspire to, but the business continued to outperform burger [quick-service restaurant] sales and traffic,"" Kobza said.', 'He added that short-term industry pressures are likely masking ""incredible changes"" at Burger King, which is in the middle of a turnaround.', ""Like McDonald's and Wendy's, Burger King has rolled out a $5 value meal in the hopes of bringing back customers who have pulled back on spending."", 'Executives said the discounts are profitable for franchisees, which have agreed to extend the deal into October.', ""Restaurant Brands' international locations saw same-store sales growth of 2.6%."", 'Executives said strong sales in Brazil, Australia and Japan helped offset weakness in China and the Middle East.', 'For the second half of the year, Restaurant Brands is expecting same-store sales growth of roughly 2%.Two days before the quarter ended, Restaurant Brands completed its acquisition of Popeyes China, which will be included in its results next quarter.', ""The company's new Restaurant Holdings segment includes the performance of Popeyes China and the restaurants it acquired from Carrols, which was Burger King's largest U.S. franchisee before Restaurant Brands bought it.""]",0.3547966802352714,"Net salesrose17% to $2.08 billion, boosted by recent acquisitions of Burger King restaurants in the U.S. The company's same-store sales increased 1.9%.Out of Restaurant Brands' four chains, Tim Hortons performed the best, with same-store sales growth of 4.6%.","He added that short-term industry pressures are likely masking ""incredible changes"" at Burger King, which is in the middle of a turnaround.",0.781443154110628,Popeyes' same-store sales rose 0.5%.,Both Burger King and Firehouse Subs reported same-store sales declines of 0.1% for the quarter.,2024-08-13
-"Fitness club company Life Time, heavily invested in pickleball, creates its own ball for the booming sport",https://www.cnbc.com/2024/08/09/life-time-creates-its-own-pickleball-as-the-sport-booms.html,2024-08-09T14:55:46+0000,"In this articleTired of playing with pickleballs he found inconsistent in bounce and durability, Life Time's founder and CEO Bahram Akradi decided to take matters into his own hands.On Friday, the upscale fitness and lifestyle company announced it has created what it dubs ""the ultimate pickleball."" Life Time will debut the ball exclusively at the company's clubs later in August.""This was a problem with the sport and it needed to be solved, so we basically stepped in and solved it,"" Akradi said.Akradi has gone all in on the sport that has been America's fastest growing since 2021, and he remains bullish on its potential. It's a key piece of the growth strategy for Life Time, which has seen its stock rise 57% year to date. On Aug. 1, the company raised its full-year guidance following a strong second-quarter performance.Life Time will soon sell the ball at its racquet sports pro shops and online. The company is still determining what the price will be.Life Time's ""athletic country clubs"" boast more than 700 permanent pickleball courts. The company plans to expand that to 1,000 courts by the end of 2025.""Our goal is to provide the right venues for people to play, the right experience, the right consistency,"" Akradi added.Akradi said the company has invested between $50 million and $100 million in pickleball already, and the sport has brought in 6% to 7% of Life Time's membership dues.Life Time also hosts professional tournaments at its clubs for Major League Pickleball and the Professional Pickleball Association. The professional organizations use Vulcan as their ""official ball,"" but Akradi hopes to change that in the future.In May, the company announced Lululemon as its official apparel sponsor for tennis and pickleball.The company has also teamed up with tennis legend Andre Agassi and top-rated pickleball player Ben Johns to grow the sport further.",CNBC,09/08/2024,"[""In this articleTired of playing with pickleballs he found inconsistent in bounce and durability, Life Time's founder and CEO Bahram Akradi decided to take matters into his own hands."", 'On Friday, the upscale fitness and lifestyle company announced it has created what it dubs ""the ultimate pickleball.""', ""Life Time will debut the ball exclusively at the company's clubs later in August."", '""This was a problem with the sport and it needed to be solved, so we basically stepped in and solved it,"" Akradi said.', ""Akradi has gone all in on the sport that has been America's fastest growing since 2021, and he remains bullish on its potential."", ""It's a key piece of the growth strategy for Life Time, which has seen its stock rise 57% year to date."", 'On Aug. 1, the company raised its full-year guidance following a strong second-quarter performance.', 'Life Time will soon sell the ball at its racquet sports pro shops and online.', 'The company is still determining what the price will be.', 'Life Time\'s ""athletic country clubs"" boast more than 700 permanent pickleball courts.', 'The company plans to expand that to 1,000 courts by the end of 2025.""Our goal is to provide the right venues for people to play, the right experience, the right consistency,"" Akradi added.', ""Akradi said the company has invested between $50 million and $100 million in pickleball already, and the sport has brought in 6% to 7% of Life Time's membership dues."", 'Life Time also hosts professional tournaments at its clubs for Major League Pickleball and the Professional Pickleball Association.', 'The professional organizations use Vulcan as their ""official ball,"" but Akradi hopes to change that in the future.', 'In May, the company announced Lululemon as its official apparel sponsor for tennis and pickleball.', 'The company has also teamed up with tennis legend Andre Agassi and top-rated pickleball player Ben Johns to grow the sport further.']",0.2029615615196507,"The company plans to expand that to 1,000 courts by the end of 2025.""Our goal is to provide the right venues for people to play, the right experience, the right consistency,"" Akradi added.",,0.6270225882530213,"It's a key piece of the growth strategy for Life Time, which has seen its stock rise 57% year to date.","In this articleTired of playing with pickleballs he found inconsistent in bounce and durability, Life Time's founder and CEO Bahram Akradi decided to take matters into his own hands.",2024-08-13
-"Paramount Global announces it will cut 15% of U.S. workforce, shares rise on second-quarter earnings",https://www.cnbc.com/2024/08/08/paramount-global-para-q2-earnings-report-2024.html,2024-08-08T21:02:30+0000,"In this articleParamount Global is cutting 15% of its U.S. workforce, or about 2,000 jobs, part of a broader cost-cutting plan as it prepares for a merger with Skydance Media.Paramount has identified $500 million in cost savings, which include the head count reductions, as part of $2 billion in synergies related to its transaction with Skydance. The job cuts, which will begin in the coming weeks and largely conclude by year end, will target the company's marketing and communications department and employees who work in finance, legal, technology and other support functions, the company said during its earnings conference call Thursday.Paramount agreed to a merger with Skydance Media last month. That deal includes a 45-day go-shop period — in which a special committee of Paramount's board could find another buyer — that concludes later this month.Meanwhile, earnings surged as the company's streaming division swung to an unexpected profit — the first time Paramount has announced a profitable quarter for its direct-to-consumer business.Shares climbed more than 5% in after-hours trading Thursday.Here's how Paramount performed in the quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Second-quarter revenue dropped 11% and missed analyst estimates as licensing, TV advertising and cable subscription sales dropped.The revenue drop was the largest miss compared to analyst estimates since February 2020, according to LSEG data. Paramount attributed the miss to a decline in TV licensing revenue, which can be difficult for analysts to model given their start and end dates.Paramount+ revenue grew 46% on year-over-year subscriber growth and higher prices. Paramount+ customers decreased 2.8 million from last quarter to 68 million as the company unwound a Korean partnership deal with entertainment company CJ ENM's Tving streaming platform.Paramount's streaming division turned a profit for the quarter of $26 million after losing $424 million a year ago. Analysts had estimated a loss of $265 million this quarter.Paramount reaffirmed it's on track to reach U.S. profitability for Paramount+ in 2025. The streaming service has raised prices and cut content spend.Paramount's quarterly profit is helped by not having an NFL licensing charge for the period, which will kick in later in the year.Shares have slumped 31% so far this year amid declines among cable subscribers and a soft linear TV advertising market.Paramount also took a $6 billion one-time impairment charge associated with the decline in its cable networks. It comes on the heels of a $9.1 billion write-down from peer Warner Bros. Discovery on Wednesday.The company had to take the charge as an adjustment forced by its transaction with Skydance.",CNBC,08/08/2024,"['In this articleParamount Global is cutting 15% of its U.S. workforce, or about 2,000 jobs, part of a broader cost-cutting plan as it prepares for a merger with Skydance Media.', 'Paramount has identified $500 million in cost savings, which include the head count reductions, as part of $2 billion in synergies related to its transaction with Skydance.', ""The job cuts, which will begin in the coming weeks and largely conclude by year end, will target the company's marketing and communications department and employees who work in finance, legal, technology and other support functions, the company said during its earnings conference call Thursday."", 'Paramount agreed to a merger with Skydance Media last month.', ""That deal includes a 45-day go-shop period — in which a special committee of Paramount's board could find another buyer — that concludes later this month."", ""Meanwhile, earnings surged as the company's streaming division swung to an unexpected profit — the first time Paramount has announced a profitable quarter for its direct-to-consumer business."", 'Shares climbed more than 5% in after-hours trading Thursday.', ""Here's how Paramount performed in the quartercompared with what Wall Street was expecting, based on a survey of analysts by LSEG:Second-quarter revenue dropped 11% and missed analyst estimates as licensing, TV advertising and cable subscription sales dropped."", 'The revenue drop was the largest miss compared to analyst estimates since February 2020, according to LSEG data.', 'Paramount attributed the miss to a decline in TV licensing revenue, which can be difficult for analysts to model given their start and end dates.', 'Paramount+ revenue grew 46% on year-over-year subscriber growth and higher prices.', ""Paramount+ customers decreased 2.8 million from last quarter to 68 million as the company unwound a Korean partnership deal with entertainment company CJ ENM's Tving streaming platform."", ""Paramount's streaming division turned a profit for the quarter of $26 million after losing $424 million a year ago."", 'Analysts had estimated a loss of $265 million this quarter.', ""Paramount reaffirmed it's on track to reach U.S. profitability for Paramount+ in 2025."", 'The streaming service has raised prices and cut content spend.', ""Paramount's quarterly profit is helped by not having an NFL licensing charge for the period, which will kick in later in the year."", 'Shares have slumped 31% so far this year amid declines among cable subscribers and a soft linear TV advertising market.', 'Paramount also took a $6 billion one-time impairment charge associated with the decline in its cable networks.', 'It comes on the heels of a $9.1 billion write-down from peer Warner Bros. Discovery on Wednesday.', 'The company had to take the charge as an adjustment forced by its transaction with Skydance.']",0.0647385834462605,"Meanwhile, earnings surged as the company's streaming division swung to an unexpected profit — the first time Paramount has announced a profitable quarter for its direct-to-consumer business.","Paramount attributed the miss to a decline in TV licensing revenue, which can be difficult for analysts to model given their start and end dates.",-0.1612583363757413,Paramount+ revenue grew 46% on year-over-year subscriber growth and higher prices.,"Here's how Paramount performed in the quartercompared with what Wall Street was expecting, based on a survey of analysts by LSEG:Second-quarter revenue dropped 11% and missed analyst estimates as licensing, TV advertising and cable subscription sales dropped.",2024-08-13
-Concerns over 'dangerous gases' at closed copper mine,https://www.bbc.co.uk/news/articles/cy9eegzwdl5o,2024-08-11T23:04:01.253Z,"Zorel Morales is worried about 130,000 tonnes of toxic material. The substance in question is partially processed copper ore, and it has been stuck at a closed copper mine in Panama since the end of last year. “The chemical reactions that generate dangerous gases, and a rise in the material’s temperatures, pose environmental risks,” says Mr Morales, who is the head of Panama’s Chamber of Mining. He adds that it “threatens the health and safety of staff” still working at the operation. The substance, called “copper concentrate”, is finely ground copper ore that has been treated to increase its copper content ahead of going on to be exported for smelting into refined copper. In addition to the danger of the release of toxic sulphur dioxide gas, just being exposed to dust particles from the concentrate can damage a person’s respiratory system. And it is toxic to aquatic life. The material has been left at the site of Cobre Panamá, a huge open pit copper mine closed since last December, when the country’s supreme court ruled that a new 20-year concession to operate the facility was unconstitutional.  After the ruling the government quickly forced the mine to shut, leaving just maintenance staff at the facility. The order came after thousands of people took to the nation’s streets last October and November to protest against the mine, which they said was harming the environment. The facility, one of the world’s largest copper mines, employed some 7,000 people, and accounted for 1% of the world’s copper production. It opened in 2019, and is owned by Canadian firm First Quantum Minerals. Listen now - Panama's troubled copper mine Located deep in a tropical rainforest near Panama’s Caribbean Coast, First Quantum has invested $10bn (£7.8bn) in the mine, including new infrastructure like roads, buildings and machinery. The company wants to be able to export the existing concentrate. It has filed two international arbitration claims against Panama, although it says that its preferred route is to open dialogue with the new Panamanian government that came to power in July. The dispute over the concentrate centres on who owns it – the Canadian company or Panama. “We look forward to continuing to work with the new government to address the situation in relation to the mine,” says First Quantum spokesperson Maru Gálvez, in a statement. “In particular, it is important to resolve the status of the copper concentrate that remains at the mine site and which all parties have agreed is an urgent matter.” In response, a government spokesman says they are still assessing the situation and aren’t giving interviews. The new president, José Raúl Mulino, has yet to give a clear message about how he wants to resolve the issue. One of Panama’s former finance ministers, Dulcidio de la Guardia, says he is frustrated by the situation. “Cobre Panamá was the most important foreign investment in the country, second to the Panama Canal,” says Mr la Guardia, who held that cabinet position from 2014 to 2019. “It accounted for 5% of the GDP, which is around $5bn in direct and indirect contributions to the economy.” Michael Camacho is a leader of the Utramipa mining union, and one of 1,400 people still working at Cobre Panamá as part of the maintenance programme. This is costing First Quantum about $15m to $20m a month. Mr Camacho wants to see the government approve a plan for the preservation and safe operation of the mine. “In December more than 6,000 miners were left out of work when operations stopped. I urge the new president, José Raúl Mulino, to listen to the concerns of the communities around the mine who want to go back to work.” But, environmental activist Raisa Banfield, who was involved in the demonstrations that led to the mine’s closure, is adamant that it remaining shut is in the best interests of the country. “The future of Panama isn’t from mining. The future of Panama is its biodiversity.” She thinks the country needs a new kind of business model. “I think we’re re-finding our identity away from big projects like the Panama Canal, and foreign companies taking our resources to satisfy their economic model.” She and other demonstrators got support from climate activist Greta Thunberg and Hollywood actor Leonardo Di Caprio, who both shared a video calling for the “mega mine” to stop its operations. Ms Banfield wants the new government to instead invest in infrastructure for eco-tourism so Panama can flourish like neighbouring Costa Rica. Yet others think the mine’s closure wasn’t just about the environment. Samuel Valdés is a biologist and the owner of the Biodiversity Consultant Group, which was employed by First Quantum to do studies to help minimise the environmental impact of the vast facility. “There’s been a lot of misinformation surrounding the mine,” he says. Mr Valdés argues that some of the opposition to the facility was an extension of suspicions about the former government. “Many people thought the last government was corrupt, and so they started to mistrust the mine’s [perceived close] relationship with it.” He adds that the rivers surrounding the mine are thriving due to copious rainfall and all his reports show that fish, algae and prawns flourish there and are public for anyone to see. However, he accepts that on occasion there have been isolated incidents that affected specific areas. He thinks there are also tensions between different moral viewpoints. “The fight against the mine was from people who live in the cities who have a fixed idea of how people who live in the countryside should be living. Having worked with local people for the last 10 years I can tell you that their lives were much better because of the mine.” It’s estimated that about 40,000 people relied on the mine for their income, when you add firms that provided it with services. Mr Valdés had to make 60 people redundant – many of them scientists - when the facility closed. He says the issue of leftover copper concentrate was caused by the mine having to immediately close down. “The problem here is that the mine was a bit like a busy kitchen that suddenly closed. The food was left out on the sides or in the oven. Processes had been stopped mid-cycle”. Some argue that the mine should be opened again, but only so that it can then be closed down again in a more orderly manner. Mr Valdés, as you’d imagine, wants to see it restart production, and then remain open. All this uncertainty isn’t helping Panama’s reputation as a country for international investment. The ratings agency Fitch stripped Panama of its investment grade credit rating because of the closure of the copper mine undermining economic growth. It remains to be seen if Panama’s new government will both regain investors’ confidence – and permanently reopen the mine.  ",BBC,11/08/2024,"['Zorel Morales is worried about 130,000 tonnes of toxic material.', 'The substance in question is partially processed copper ore, and it has been stuck at a closed copper mine in Panama since the end of last year. “', 'The chemical reactions that generate dangerous gases, and a rise in the material’s temperatures, pose environmental risks,” says Mr Morales, who is the head of Panama’s Chamber of Mining.', 'He adds that it “threatens the health and safety of staff” still working at the operation.', 'The substance, called “copper concentrate”, is finely ground copper ore that has been treated to increase its copper content ahead of going on to be exported for smelting into refined copper.', 'In addition to the danger of the release of toxic sulphur dioxide gas, just being exposed to dust particles from the concentrate can damage a person’s respiratory system.', 'And it is toxic to aquatic life.', 'The material has been left at the site of Cobre Panamá, a huge open pit copper mine closed since last December, when the country’s supreme court ruled that a new 20-year concession to operate the facility was unconstitutional.', 'After the ruling the government quickly forced the mine to shut, leaving just maintenance staff at the facility.', 'The order came after thousands of people took to the nation’s streets last October and November to protest against the mine, which they said was harming the environment.', 'The facility, one of the world’s largest copper mines, employed some 7,000 people, and accounted for 1% of the world’s copper production.', 'It opened in 2019, and is owned by Canadian firm First Quantum Minerals.', ""Listen now - Panama's troubled copper mine Located deep in a tropical rainforest near Panama’s Caribbean Coast, First Quantum has invested $10bn (£7.8bn) in the mine, including new infrastructure like roads, buildings and machinery."", 'The company wants to be able to export the existing concentrate.', 'It has filed two international arbitration claims against Panama, although it says that its preferred route is to open dialogue with the new Panamanian government that came to power in July.', 'The dispute over the concentrate centres on who owns it – the Canadian company or Panama. “', 'We look forward to continuing to work with the new government to address the situation in relation to the mine,” says First Quantum spokesperson Maru Gálvez, in a statement. “', 'In particular, it is important to resolve the status of the copper concentrate that remains at the mine site and which all parties have agreed is an urgent matter.”', 'In response, a government spokesman says they are still assessing the situation and aren’t giving interviews.', 'The new president, José Raúl Mulino, has yet to give a clear message about how he wants to resolve the issue.', 'One of Panama’s former finance ministers, Dulcidio de la Guardia, says he is frustrated by the situation. “', 'Cobre Panamá was the most important foreign investment in the country, second to the Panama Canal,” says Mr la Guardia, who held that cabinet position from 2014 to 2019. “', 'It accounted for 5% of the GDP, which is around $5bn in direct and indirect contributions to the economy.”', 'Michael Camacho is a leader of the Utramipa mining union, and one of 1,400 people still working at Cobre Panamá as part of the maintenance programme.', 'This is costing First Quantum about $15m to $20m a month.', 'Mr Camacho wants to see the government approve a plan for the preservation and safe operation of the mine. “', 'In December more than 6,000 miners were left out of work when operations stopped.', 'I urge the new president, José Raúl Mulino, to listen to the concerns of the communities around the mine who want to go back to work.”', 'But, environmental activist Raisa Banfield, who was involved in the demonstrations that led to the mine’s closure, is adamant that it remaining shut is in the best interests of the country. “', 'The future of Panama isn’t from mining.', 'The future of Panama is its biodiversity.”', 'She thinks the country needs a new kind of business model. “', 'I think we’re re-finding our identity away from big projects like the Panama Canal, and foreign companies taking our resources to satisfy their economic model.”', 'She and other demonstrators got support from climate activist Greta Thunberg and Hollywood actor Leonardo Di Caprio, who both shared a video calling for the “mega mine” to stop its operations.', 'Ms Banfield wants the new government to instead invest in infrastructure for eco-tourism so Panama can flourish like neighbouring Costa Rica.', 'Yet others think the mine’s closure wasn’t just about the environment.', 'Samuel Valdés is a biologist and the owner of the Biodiversity Consultant Group, which was employed by First Quantum to do studies to help minimise the environmental impact of the vast facility. “', 'There’s been a lot of misinformation surrounding the mine,” he says.', 'Mr Valdés argues that some of the opposition to the facility was an extension of suspicions about the former government. “', 'Many people thought the last government was corrupt, and so they started to mistrust the mine’s [perceived close] relationship with it.”', 'He adds that the rivers surrounding the mine are thriving due to copious rainfall and all his reports show that fish, algae and prawns flourish there and are public for anyone to see.', 'However, he accepts that on occasion there have been isolated incidents that affected specific areas.', 'He thinks there are also tensions between different moral viewpoints. “', 'The fight against the mine was from people who live in the cities who have a fixed idea of how people who live in the countryside should be living.', 'Having worked with local people for the last 10 years I can tell you that their lives were much better because of the mine.”', 'It’s estimated that about 40,000 people relied on the mine for their income, when you add firms that provided it with services.', 'Mr Valdés had to make 60 people redundant – many of them scientists - when the facility closed.', 'He says the issue of leftover copper concentrate was caused by the mine having to immediately close down. “', 'The problem here is that the mine was a bit like a busy kitchen that suddenly closed.', 'The food was left out on the sides or in the oven.', 'Processes had been stopped mid-cycle”.', 'Some argue that the mine should be opened again, but only so that it can then be closed down again in a more orderly manner.', 'Mr Valdés, as you’d imagine, wants to see it restart production, and then remain open.', 'All this uncertainty isn’t helping Panama’s reputation as a country for international investment.', 'The ratings agency Fitch stripped Panama of its investment grade credit rating because of the closure of the copper mine undermining economic growth.', 'It remains to be seen if Panama’s new government will both regain investors’ confidence – and permanently reopen the mine.']",0.0271051696656265,"But, environmental activist Raisa Banfield, who was involved in the demonstrations that led to the mine’s closure, is adamant that it remaining shut is in the best interests of the country. “","In addition to the danger of the release of toxic sulphur dioxide gas, just being exposed to dust particles from the concentrate can damage a person’s respiratory system.",-0.4131517627022483,Having worked with local people for the last 10 years I can tell you that their lives were much better because of the mine.”,The ratings agency Fitch stripped Panama of its investment grade credit rating because of the closure of the copper mine undermining economic growth.,2024-08-13
-Serbia: Thousands join Belgrade protest against lithium mining,https://www.bbc.co.uk/news/articles/cged9qgwrvyo,2024-08-11T02:38:15.524Z,"Thousands of people in Serbia have protested in Belgrade against plans to mine one of Europe's largest deposits of lithium - a crucial raw material for electric car batteries. Activists say the mine would cause irreversible environmental destruction to Serbia's Jadar Valley, where the deposit is located. A licence granted to mining giant Rio Tinto was revoked in 2022 following widespread protests in the country, but the project was restarted last month following a court decision and government U-turn. President Aleksandar Vucic has insisted that strict environmental safety protocols will be put in place. Protesters in the capital chanted ""Rio Tinto get out of Serbia"" and held banners saying ""We do not give Serbia away"" as they marched through the city. Serbia's Interior Ministry estimated that between 24,000 and 27,000 people joined the protest. Environmental activists also took over two of the city's main railway stations - with some lying or sitting on the tracks.  Interior Minister Ivica Dacic said in a statement that organisers were ""warned"" by police that their actions ""were not in accordance with the law"". He vowed charges would be filed against ""all perpetrators"". Activists want legislators to permanently ban the mining of lithium and boron in Serbia, warning of possible dangers to public health and contamination of land and water. They had given the government a deadline of Saturday to implement the ban. Last month, Serbia restored Anglo-Australian mining company Rio Tinto’s licence to extract the mineral in the Jadar Valley in the west of the country. Serbia's government said the previous decision to block the project in 2022 was ""not in line with the constitution and the law"". The EU hailed it as a “historic day for Serbia, as well as for Europe”. Speaking about the revived Rio Tinto project, Green-Left Movement co-leader Biljana Djordjevic said that activists ""fear Serbia will be sacrificed to provide lithium for electric vehicles that pretty much nobody in Serbia can afford"". Carmakers will need ever more lithium for batteries, as the transition to zero-emission vehicles accelerates – and Rio Tinto’s $2.4bn (£1.8bn) Jadar Valley project could provide as much as nine-tenths of Europe’s current lithium needs, and turn the company into one of the world's leading lithium producers. ",BBC,11/08/2024,"[""Thousands of people in Serbia have protested in Belgrade against plans to mine one of Europe's largest deposits of lithium - a crucial raw material for electric car batteries."", ""Activists say the mine would cause irreversible environmental destruction to Serbia's Jadar Valley, where the deposit is located."", 'A licence granted to mining giant Rio Tinto was revoked in 2022 following widespread protests in the country, but the project was restarted last month following a court decision and government U-turn.', 'President Aleksandar Vucic has insisted that strict environmental safety protocols will be put in place.', 'Protesters in the capital chanted ""Rio Tinto get out of Serbia"" and held banners saying ""We do not give Serbia away"" as they marched through the city.', ""Serbia's Interior Ministry estimated that between 24,000 and 27,000 people joined the protest."", ""Environmental activists also took over two of the city's main railway stations - with some lying or sitting on the tracks."", 'Interior Minister Ivica Dacic said in a statement that organisers were ""warned"" by police that their actions ""were not in accordance with the law"".', 'He vowed charges would be filed against ""all perpetrators"".', 'Activists want legislators to permanently ban the mining of lithium and boron in Serbia, warning of possible dangers to public health and contamination of land and water.', 'They had given the government a deadline of Saturday to implement the ban.', 'Last month, Serbia restored Anglo-Australian mining company Rio Tinto’s licence to extract the mineral in the Jadar Valley in the west of the country.', 'Serbia\'s government said the previous decision to block the project in 2022 was ""not in line with the constitution and the law"".', 'The EU hailed it as a “historic day for Serbia, as well as for Europe”.', 'Speaking about the revived Rio Tinto project, Green-Left Movement co-leader Biljana Djordjevic said that activists ""fear Serbia will be sacrificed to provide lithium for electric vehicles that pretty much nobody in Serbia can afford"".', ""Carmakers will need ever more lithium for batteries, as the transition to zero-emission vehicles accelerates – and Rio Tinto’s $2.4bn (£1.8bn) Jadar Valley project could provide as much as nine-tenths of Europe’s current lithium needs, and turn the company into one of the world's leading lithium producers.""]",-0.1970063187098789,"The EU hailed it as a “historic day for Serbia, as well as for Europe”.","Activists want legislators to permanently ban the mining of lithium and boron in Serbia, warning of possible dangers to public health and contamination of land and water.",-0.0686765313148498,"Last month, Serbia restored Anglo-Australian mining company Rio Tinto’s licence to extract the mineral in the Jadar Valley in the west of the country.","Activists say the mine would cause irreversible environmental destruction to Serbia's Jadar Valley, where the deposit is located.",2024-08-13
-North East Mayor Kim McGuinness plans to tackle child poverty,https://www.bbc.co.uk/news/articles/cm2n07g6k7yo,2024-08-12T05:13:47.350Z,"Free school meals provided ""independently of government"" could help a region tackle child poverty, its mayor has said. Labour's Kim McGuinness is considering a range of strategies in an effort to address the rate of impoverished children across the north-east of England. She told the BBC that breakfast clubs, a mayoral childcare grant and the re-introduction of Surestart-style services could also help, alongside a focus on what she called ""structural issues"". The newly elected North East mayor said: ""We've got a really willing region, everyone wants to tackle this problem."" Ms McGuinness said removing barriers to work and training, along with reducing the area's social housing waiting list, would also contribute in the battle against poverty. The politician said her team had ""not been hanging about"" since she was elected in May. Work in progress included bringing buses back under public control, she said. ""I don't want everyone looking to one part of our region over another,"" she added. ""We are better together as as bloc. ""We've got 2.1m people and our biggest selling point is the pride we have in the region."" Town centres will also be a focus for Ms McGuinness. Newton Aycliffe residents Zoe Wilson and Marlene Symington are among those calling for improvements to their local high street. They said the town had been ""going downhill"" for years, with empty shops, and high rents were driving businesses and shoppers to other areas. ""It's a dead town, literally,"" Ms Wilson said. ""It's easier to stay at home and buy things online, which isn't helping small businesses."" Ms Symington said she had lived in the area for 40 years and had ""watched it go downhill"". Ms McGuinness said a High Streets Commission would work with businesses and residents to consider how best to improve towns like Newton Aycliffe. ""We've seen bigger shops exit our high streets and it shows how unstable they are and now much at the mercy of big brands we have been,"" she said. ""We want to be building from the foundations up, supporting people wanting to start small businesses that are more sustainable and want to work locally."" She said mayoral development corporations, such as the one in place across the Tees Valley, were being explored as an option for town centre improvements.  Follow BBC North East on X (formerly Twitter), Facebook and Instagram. Send your story ideas to northeastandcumbria@bbc.co.uk. ",BBC,12/08/2024,"['Free school meals provided ""independently of government"" could help a region tackle child poverty, its mayor has said.', ""Labour's Kim McGuinness is considering a range of strategies in an effort to address the rate of impoverished children across the north-east of England."", 'She told the BBC that breakfast clubs, a mayoral childcare grant and the re-introduction of Surestart-style services could also help, alongside a focus on what she called ""structural issues"".', 'The newly elected North East mayor said: ""We\'ve got a really willing region, everyone wants to tackle this problem.""', ""Ms McGuinness said removing barriers to work and training, along with reducing the area's social housing waiting list, would also contribute in the battle against poverty."", 'The politician said her team had ""not been hanging about"" since she was elected in May.', 'Work in progress included bringing buses back under public control, she said. ""', 'I don\'t want everyone looking to one part of our region over another,"" she added. ""', 'We are better together as as bloc. ""', 'We\'ve got 2.1m people and our biggest selling point is the pride we have in the region.""', 'Town centres will also be a focus for Ms McGuinness.', 'Newton Aycliffe residents Zoe Wilson and Marlene Symington are among those calling for improvements to their local high street.', 'They said the town had been ""going downhill"" for years, with empty shops, and high rents were driving businesses and shoppers to other areas. ""', 'It\'s a dead town, literally,"" Ms Wilson said. ""', 'It\'s easier to stay at home and buy things online, which isn\'t helping small businesses.""', 'Ms Symington said she had lived in the area for 40 years and had ""watched it go downhill"".', 'Ms McGuinness said a High Streets Commission would work with businesses and residents to consider how best to improve towns like Newton Aycliffe. ""', 'We\'ve seen bigger shops exit our high streets and it shows how unstable they are and now much at the mercy of big brands we have been,"" she said. ""', 'We want to be building from the foundations up, supporting people wanting to start small businesses that are more sustainable and want to work locally.""', 'She said mayoral development corporations, such as the one in place across the Tees Valley, were being explored as an option for town centre improvements.', 'Follow BBC North East on X (formerly Twitter), Facebook and Instagram.', 'Send your story ideas to northeastandcumbria@bbc.co.uk.']",0.1385337849809369,"Ms McGuinness said a High Streets Commission would work with businesses and residents to consider how best to improve towns like Newton Aycliffe. ""","Ms McGuinness said removing barriers to work and training, along with reducing the area's social housing waiting list, would also contribute in the battle against poverty.",0.0974655681186252,"Ms McGuinness said removing barriers to work and training, along with reducing the area's social housing waiting list, would also contribute in the battle against poverty.","They said the town had been ""going downhill"" for years, with empty shops, and high rents were driving businesses and shoppers to other areas. """,2024-08-13
-Musk interview with Trump shows how they put aside differences,https://www.bbc.co.uk/news/articles/cvgd08np9z1o,2024-08-12T09:11:13.999Z,"It certainly wasn't love at first sight. In fact, not so long ago they didn't like each other very much. ""I don't hate the man,"" Elon Musk tweeted in July 2022, ""but it's time for Trump to hang up his hat & sail into the sunset."" The Tesla and Space X founder's comment was prompted by a profane Donald Trump insult - put simply, calling Mr Musk a liar. Trump accused Mr Musk of lying to him about who he voted for in the last presidential election.  ""Elon is not going to buy Twitter,"" Trump crowed to a rally crowd in Alaska. Mr Musk did, of course, buy Twitter several months later - and he went on to endorse Trump’s Republican arch-rival, Ron DeSantis. The Florida governor even launched his presidential campaign with a glitch-ridden chat on Twitter Spaces. But over the last few months the relationship between Mr Musk and Trump has not just thawed – it has reached a positively warm and steady simmer. On Monday, Trump returned to Twitter/X after a year-long hiatus, hours before he and Mr Musk were due to sit down for what many expect to be a convivial chat streamed on the platform. Both men will be hoping the conversation reaches an audience beyond the hyperactive paid-for users who dominate X discussion these days – and that it will be free of the technical glitches that overshadowed Mr DeSantis's ill-fated campaign. The relationship between the tech tycoon and the Republican nominee has been a while in the making.  Mr Musk, who became a US citizen in 2002, has said that he voted almost exclusively for Democrats for decades.  But he soured on President Biden over issues including unions – Mr Musk is opposed to efforts to organise his car workers – and over a snub. He was not invited to the 2021 White House electric vehicle summit, despite Tesla's status as one of the world's largest EV manufacturers. Under the Biden administration, Mr Musk's companies also faced a number of federal investigations over employment practices, his takeover of Twitter and claims about Tesla's autopilot feature. In November 2023 he told a New York Times interviewer that he would not vote for Mr Biden again, but stopped short of supporting Trump, saying: ""This is definitely a difficult choice here."" Mr Musk lifted the ban on the former president's Twitter account after buying the company. And perhaps more importantly, his tenure has seen him go ever deeper into concerns that dovetail neatly with Trump's campaign: government censorship and persecution, complaints about the media, opposition to immigration, and anger at ""woke"" ideas. ""He craves attention and is a political chameleon,"" said Ryan Broderick, who writes the internet culture newsletter Garbage Day.  Mr Broderick said Mr Musk's online posts shifted dramatically a few years ago. ""He was tweeting neoliberal, happy-go-lucky things, and pride flags and so on, until around 2018, and the change happened pretty drastically after that,"" he said. Since taking over Twitter, Mr Musk increasingly has engaged in political controversies and has spread inflammatory - and sometimes just outright fake - news stories. During recent rioting in the UK, he engaged in a tit-for-tat with Prime Minister Keir Starmer, claiming that ""civil war is inevitable"" and sharing a fake post about ""detainment camps"" on the Falkland Islands. He also bought into Trump’s claims - unsupported by evidence - that election fraud is endemic in the US.  Research by the Center for Countering Digital Hate – an organisation that Mr Musk attempted to sue in a case that was thrown out earlier this year – noted that so far this year Mr Musk has tweeted false or misleading voting claims 50 times. And he regularly interacts with fringe, far-right figures and pro-Trump accounts on his own platform, amplifying their reach.  At the same time, his Silicon Valley connections link him to Trump’s inner circle. Mr Musk was a member of the so-called PayPal mafia - stakeholders who made fortunes when the payment processor was bought for $1.5 billion and who later became prolific investors and corporate founders. PayPal founder Peter Thiel is an influential Republican who later employed JD Vance at his venture capital firm, Mithril Capital Management, then bankrolled his Ohio Senate campaign with a $10m donation. In March, Mr Musk met Trump at his Florida resort. A couple of months later, Mr Musk hosted an ""anti-Biden"" dinner party, where the guests included Mr Thiel and Rupert Murdoch, according to US news reports. Mr Musk has donated money to both Democratic and Republican politicians in the past. But although he insists he is not donating directly to any presidential campaign, he recently co-founded a pro-Trump political action committee, America PAC. Political action committees have the leeway to spend huge sums supporting candidates and causes - although Mr Musk has said reports that he will contribute $45m a month to the PAC are overblown. Nevertheless, his support for Trump was fully ensured just minutes after last month’s assassination attempt on the former president, when he tweeted: ""I fully endorse President Trump and hope for his rapid recovery."" Trump seems to have mended fences with Mr Musk. At a news conference on Thursday he said: ""I respect Elon a lot. He respects me."" ""Elon more than almost anybody I know… he loves this country, he loves the concept of this country, but like me, he says this country is in big trouble, it’s in tremendous danger,"" Trump said. Mr Musk has become a hero to an online cohort of young, mostly male supporters who might align with Trump’s ideas but who are, according to reports, less reliable voters. The Trump campaign appears to be making a play for that segment of the population.  For instance, the former president recently did an interview with ""edgy"" podcaster Adin Ross, who repeatedly was banned from the streaming site Twitch for violating the site's conduct policies.  ""Donald Trump is scrambling because he's looking for a way to invigorate his campaign,"" Mr Broderick said. ""He's a showman and he understands that Elon Musk has similar instincts."" But he questioned whether the pair would get along face-to-face. ""I assume they will talk at and around each other, and it will probably not make much sense,"" he said. ""And maybe somebody will say something crazy."" The BBC contacted X and the Trump campaign for comment. The interview is expected to appear online at 20:00 ET on Monday (01:00 BST) . ",BBC,12/08/2024,"[""It certainly wasn't love at first sight."", 'In fact, not so long ago they didn\'t like each other very much. ""', 'I don\'t hate the man,"" Elon Musk tweeted in July 2022, ""but it\'s time for Trump to hang up his hat & sail into the sunset.""', ""The Tesla and Space X founder's comment was prompted by a profane Donald Trump insult - put simply, calling Mr Musk a liar."", 'Trump accused Mr Musk of lying to him about who he voted for in the last presidential election. ""', 'Elon is not going to buy Twitter,"" Trump crowed to a rally crowd in Alaska.', 'Mr Musk did, of course, buy Twitter several months later - and he went on to endorse Trump’s Republican arch-rival, Ron DeSantis.', 'The Florida governor even launched his presidential campaign with a glitch-ridden chat on Twitter Spaces.', 'But over the last few months the relationship between Mr Musk and Trump has not just thawed – it has reached a positively warm and steady simmer.', 'On Monday, Trump returned to Twitter/X after a year-long hiatus, hours before he and Mr Musk were due to sit down for what many expect to be a convivial chat streamed on the platform.', ""Both men will be hoping the conversation reaches an audience beyond the hyperactive paid-for users who dominate X discussion these days – and that it will be free of the technical glitches that overshadowed Mr DeSantis's ill-fated campaign."", 'The relationship between the tech tycoon and the Republican nominee has been a while in the making.', 'Mr Musk, who became a US citizen in 2002, has said that he voted almost exclusively for Democrats for decades.', 'But he soured on President Biden over issues including unions – Mr Musk is opposed to efforts to organise his car workers – and over a snub.', ""He was not invited to the 2021 White House electric vehicle summit, despite Tesla's status as one of the world's largest EV manufacturers."", ""Under the Biden administration, Mr Musk's companies also faced a number of federal investigations over employment practices, his takeover of Twitter and claims about Tesla's autopilot feature."", 'In November 2023 he told a New York Times interviewer that he would not vote for Mr Biden again, but stopped short of supporting Trump, saying: ""This is definitely a difficult choice here.""', ""Mr Musk lifted the ban on the former president's Twitter account after buying the company."", 'And perhaps more importantly, his tenure has seen him go ever deeper into concerns that dovetail neatly with Trump\'s campaign: government censorship and persecution, complaints about the media, opposition to immigration, and anger at ""woke"" ideas. ""', 'He craves attention and is a political chameleon,"" said Ryan Broderick, who writes the internet culture newsletter Garbage Day.', 'Mr Broderick said Mr Musk\'s online posts shifted dramatically a few years ago. ""', 'He was tweeting neoliberal, happy-go-lucky things, and pride flags and so on, until around 2018, and the change happened pretty drastically after that,"" he said.', 'Since taking over Twitter, Mr Musk increasingly has engaged in political controversies and has spread inflammatory - and sometimes just outright fake - news stories.', 'During recent rioting in the UK, he engaged in a tit-for-tat with Prime Minister Keir Starmer, claiming that ""civil war is inevitable"" and sharing a fake post about ""detainment camps"" on the Falkland Islands.', 'He also bought into Trump’s claims - unsupported by evidence - that election fraud is endemic in the US.', 'Research by the Center for Countering Digital Hate – an organisation that Mr Musk attempted to sue in a case that was thrown out earlier this year – noted that so far this year Mr Musk has tweeted false or misleading voting claims 50 times.', 'And he regularly interacts with fringe, far-right figures and pro-Trump accounts on his own platform, amplifying their reach.', 'At the same time, his Silicon Valley connections link him to Trump’s inner circle.', 'Mr Musk was a member of the so-called PayPal mafia - stakeholders who made fortunes when the payment processor was bought for $1.5 billion and who later became prolific investors and corporate founders.', 'PayPal founder Peter Thiel is an influential Republican who later employed JD Vance at his venture capital firm, Mithril Capital Management, then bankrolled his Ohio Senate campaign with a $10m donation.', 'In March, Mr Musk met Trump at his Florida resort.', 'A couple of months later, Mr Musk hosted an ""anti-Biden"" dinner party, where the guests included Mr Thiel and Rupert Murdoch, according to US news reports.', 'Mr Musk has donated money to both Democratic and Republican politicians in the past.', 'But although he insists he is not donating directly to any presidential campaign, he recently co-founded a pro-Trump political action committee, America PAC.', 'Political action committees have the leeway to spend huge sums supporting candidates and causes - although Mr Musk has said reports that he will contribute $45m a month to the PAC are overblown.', 'Nevertheless, his support for Trump was fully ensured just minutes after last month’s assassination attempt on the former president, when he tweeted: ""I fully endorse President Trump and hope for his rapid recovery.""', 'Trump seems to have mended fences with Mr Musk.', 'At a news conference on Thursday he said: ""I respect Elon a lot.', 'He respects me."" ""', 'Elon more than almost anybody I know… he loves this country, he loves the concept of this country, but like me, he says this country is in big trouble, it’s in tremendous danger,"" Trump said.', 'Mr Musk has become a hero to an online cohort of young, mostly male supporters who might align with Trump’s ideas but who are, according to reports, less reliable voters.', 'The Trump campaign appears to be making a play for that segment of the population.', 'For instance, the former president recently did an interview with ""edgy"" podcaster Adin Ross, who repeatedly was banned from the streaming site Twitch for violating the site\'s conduct policies. ""', 'Donald Trump is scrambling because he\'s looking for a way to invigorate his campaign,"" Mr Broderick said. ""', 'He\'s a showman and he understands that Elon Musk has similar instincts.""', 'But he questioned whether the pair would get along face-to-face. ""', 'I assume they will talk at and around each other, and it will probably not make much sense,"" he said. ""', 'And maybe somebody will say something crazy.""', 'The BBC contacted X and the Trump campaign for comment.', 'The interview is expected to appear online at 20:00 ET on Monday (01:00 BST) .']",0.029643072249664,"He was tweeting neoliberal, happy-go-lucky things, and pride flags and so on, until around 2018, and the change happened pretty drastically after that,"" he said.","The Tesla and Space X founder's comment was prompted by a profane Donald Trump insult - put simply, calling Mr Musk a liar.",0.1849854162761143,But over the last few months the relationship between Mr Musk and Trump has not just thawed – it has reached a positively warm and steady simmer.,But he soured on President Biden over issues including unions – Mr Musk is opposed to efforts to organise his car workers – and over a snub.,2024-08-13
-Melbourne e-scooter ban prompted by public outrage,https://www.bbc.co.uk/news/articles/c3w68ywqv2go,2024-08-13T12:55:33.195Z,"The Australian city of Melbourne has banned rental electronic scooters with officials saying they posed unacceptable safety risks. The U-turn by the city’s council comes after it first welcomed the scooters in February 2022, saying they would operate a two-year trial. However, hundreds of accidents since then have sparked complaints and outrage from the public. Melbourne's mayor said he was ""fed up"" with the bad behaviour of some scooter users. “Too many people [are] riding on footpaths. People don’t park them properly. They’re tipped, they’re scattered around the city like confetti, like rubbish, creating tripping hazards,” Nicholas Reece told local radio station 3AW. Melbourne is just the latest city in the world to remove hire scooters - which can go at up to 26km/h (16mph) - after a brief period of operation. The French capital Paris outlawed them last September - Mr Reece said he wanted to copy ""the Paris option"". City councillors voted 6-4 on Tuesday evening local time to ban the scooters almost immediately. Operators Lime and Neuron have been ordered to remove the scooters within 30 days. The companies still had six months left on their contracts to operate the vehicles and had been campaigning heavily in recent weeks, urging users to petition the council. Both companies said they had invested significantly in recent months to improve safety and regulations around the use of scooters - with Neuron saying it was planning on installing AI cameras on scooters to prevent misuse. A spokesman for the company decried the city council's blanket ban on Tuesday, saying they had been in discussions with city officials to introduce measures like restricting the scooter use to less congested parts of the city, or setting up riding zones. “This goes over and above the reforms announced by the state government,” Jayden Bryant from Neuron had earlier told Australian media. “It is very odd that [a different] tabled proposal for the introduction of new e-scooter technology can change to become a proposal for a ban.” About 1,500 Lime and Neuron scooters had been distributed across the city since the trial's inception in February 2022. Melbourne city council had previously reported that scooters had cut the city's carbon emissions by more than 400 tonnes and encouraged greater take-up of public transport. But there has also been growing evidence of the scheme's flaws. One of the city's main hospitals, the Royal Melbourne hospital, published a report in December 2023 which found close to 250 scooter-riders presented at its emergency department with injuries in 2022. A majority of these involved factors such as intoxication, speeding and not wearing a helmet. A hospital spokesman said e-scooter accidents had even caused deaths and brain damage, with injuries mainly among younger patients. ",BBC,13/08/2024,"['The Australian city of Melbourne has banned rental electronic scooters with officials saying they posed unacceptable safety risks.', 'The U-turn by the city’s council comes after it first welcomed the scooters in February 2022, saying they would operate a two-year trial.', 'However, hundreds of accidents since then have sparked complaints and outrage from the public.', 'Melbourne\'s mayor said he was ""fed up"" with the bad behaviour of some scooter users. “', 'Too many people [are] riding on footpaths.', 'People don’t park them properly.', 'They’re tipped, they’re scattered around the city like confetti, like rubbish, creating tripping hazards,” Nicholas Reece told local radio station 3AW.', 'Melbourne is just the latest city in the world to remove hire scooters - which can go at up to 26km/h (16mph) - after a brief period of operation.', 'The French capital Paris outlawed them last September - Mr Reece said he wanted to copy ""the Paris option"".', 'City councillors voted 6-4 on Tuesday evening local time to ban the scooters almost immediately.', 'Operators Lime and Neuron have been ordered to remove the scooters within 30 days.', 'The companies still had six months left on their contracts to operate the vehicles and had been campaigning heavily in recent weeks, urging users to petition the council.', 'Both companies said they had invested significantly in recent months to improve safety and regulations around the use of scooters - with Neuron saying it was planning on installing AI cameras on scooters to prevent misuse.', ""A spokesman for the company decried the city council's blanket ban on Tuesday, saying they had been in discussions with city officials to introduce measures like restricting the scooter use to less congested parts of the city, or setting up riding zones. “"", 'This goes over and above the reforms announced by the state government,” Jayden Bryant from Neuron had earlier told Australian media. “', 'It is very odd that [a different] tabled proposal for the introduction of new e-scooter technology can change to become a proposal for a ban.”', ""About 1,500 Lime and Neuron scooters had been distributed across the city since the trial's inception in February 2022."", ""Melbourne city council had previously reported that scooters had cut the city's carbon emissions by more than 400 tonnes and encouraged greater take-up of public transport."", ""But there has also been growing evidence of the scheme's flaws."", ""One of the city's main hospitals, the Royal Melbourne hospital, published a report in December 2023 which found close to 250 scooter-riders presented at its emergency department with injuries in 2022."", 'A majority of these involved factors such as intoxication, speeding and not wearing a helmet.', 'A hospital spokesman said e-scooter accidents had even caused deaths and brain damage, with injuries mainly among younger patients.']",-0.1107669890818353,"They’re tipped, they’re scattered around the city like confetti, like rubbish, creating tripping hazards,” Nicholas Reece told local radio station 3AW.","However, hundreds of accidents since then have sparked complaints and outrage from the public.",-0.2801704183220863,Both companies said they had invested significantly in recent months to improve safety and regulations around the use of scooters - with Neuron saying it was planning on installing AI cameras on scooters to prevent misuse.,"Melbourne's mayor said he was ""fed up"" with the bad behaviour of some scooter users. “",2024-08-13
-The Floor Room: John Lewis-based flooring firm enters administration,https://www.bbc.co.uk/news/articles/cgjv6e0026do,2024-08-11T20:58:15.040Z,"A flooring business which traded out of John Lewis stores has gone into administration and is being wound down, with almost 200 staff losing their jobs. The Floor Room, which sold carpets, laminate and other types of flooring, closed its concessions in 34 John Lewis shops with ""immediate effect"" after administrator's PricewaterhouseCoopers (PwC) were appointed on Friday. The company, which had one of its own stores in London, said it was unable to fulfil any outstanding orders that had been placed. John Lewis told the BBC that, while it did not own the company, it was ""working urgently to understand what this means for The Floor Room’s customers and colleagues"". ""If anyone has an outstanding order with the Floor Room, we are committed to doing everything in our power to help and support them,"" a statement from the retail giant said. The Floor Room traded independently from John Lewis, and was the sister company of Carpetright, which filed for administration last month. PwC said customers were being recommended to contact payment card providers ""about the possibility of obtaining a refund"". Adam Seres, joint administrator at PwC UK, said the Floor Room, which was founded only last year, depended on its sister company Carpetright for much of its operations and support services. He added the company was also affected by a cyber attack on Carpetright in April. Carpetright fell into administration in July, before the brand and some of its stores were rescued in a deal which resulted in 1,500 staff losing their jobs. Mr Seres said the Floor Room's management were unable to secure funding or find a buyer following Carpetright's insolvency, and the company's ""financial position meant it was impossible for the business to continue trading"". ""It is with sincere regret that this outcome has had to result in the redundancies of the majority of employees,"" he added. ""We are committed to helping those affected and will work hard to ensure redundancy claims are processed as quickly as possible."" PwC said some employees at the Floor Room's head office would be retained ""for a short time to support in winding down operations"". ",BBC,11/08/2024,"['A flooring business which traded out of John Lewis stores has gone into administration and is being wound down, with almost 200 staff losing their jobs.', 'The Floor Room, which sold carpets, laminate and other types of flooring, closed its concessions in 34 John Lewis shops with ""immediate effect"" after administrator\'s PricewaterhouseCoopers (PwC) were appointed on Friday.', 'The company, which had one of its own stores in London, said it was unable to fulfil any outstanding orders that had been placed.', 'John Lewis told the BBC that, while it did not own the company, it was ""working urgently to understand what this means for The Floor Room’s customers and colleagues"". ""', 'If anyone has an outstanding order with the Floor Room, we are committed to doing everything in our power to help and support them,"" a statement from the retail giant said.', 'The Floor Room traded independently from John Lewis, and was the sister company of Carpetright, which filed for administration last month.', 'PwC said customers were being recommended to contact payment card providers ""about the possibility of obtaining a refund"".', 'Adam Seres, joint administrator at PwC UK, said the Floor Room, which was founded only last year, depended on its sister company Carpetright for much of its operations and support services.', 'He added the company was also affected by a cyber attack on Carpetright in April.', 'Carpetright fell into administration in July, before the brand and some of its stores were rescued in a deal which resulted in 1,500 staff losing their jobs.', 'Mr Seres said the Floor Room\'s management were unable to secure funding or find a buyer following Carpetright\'s insolvency, and the company\'s ""financial position meant it was impossible for the business to continue trading"". ""', 'It is with sincere regret that this outcome has had to result in the redundancies of the majority of employees,"" he added. ""', 'We are committed to helping those affected and will work hard to ensure redundancy claims are processed as quickly as possible.""', 'PwC said some employees at the Floor Room\'s head office would be retained ""for a short time to support in winding down operations"".']",0.1852576543386204,"If anyone has an outstanding order with the Floor Room, we are committed to doing everything in our power to help and support them,"" a statement from the retail giant said.",He added the company was also affected by a cyber attack on Carpetright in April.,-0.9822054356336594,,"Mr Seres said the Floor Room's management were unable to secure funding or find a buyer following Carpetright's insolvency, and the company's ""financial position meant it was impossible for the business to continue trading"". """,2024-08-13
-Bad weather brings rise in insurance claims,https://www.bbc.co.uk/news/articles/c4glpz587q5o,2024-08-11T23:02:19.420Z,"Storms and heavy rain all contributed to the highest property insurance payouts for at least seven years, insurers say. A total of £1.4bn was paid out to homeowners and businesses between April and the end of June, the Association of British Insurers (ABI) said. This was up 5% on the previous three months, and the highest quarterly figure since comparable records began in 2017. But billpayers have faced sharp rises in premiums and a consumer group said some insurers were still stalling on payouts. Data shows that the late autumn, winter and early spring months brought a deluge of rain to the UK. Total rainfall between October 2023 and March 2024 was the UK's second wettest period on record. The ABI said the continuing adverse weather meant April to June was the fifth consecutive quarter that weather-related claims had been above £100m. Claims for damage to homes from storms, heavy rain and frozen pipes reached £144m, with weather the leading factor for domestic payouts. Other issues including subsidence added to the insurers' total payouts. Providers have faced their own rising costs, when the rate of inflation was high, but billpayers saw the average combined home and contents premium rise by 19% in the second quarter of the year compared with a year earlier. And Sam Richardson, from the consumer group Which?, said insurers still had criticisms to answer. ""Good quality home insurance is increasingly important, yet customers with these products face some of the lowest claims acceptance rates,"" he said.  ""While some home insurers' prices are going up, research has found that some are prolonging customers' ordeals by failing to deal with claims in an appropriate manner. “Some home insurance customers who can't afford to pay for cover in one annual lump sum, and instead pay monthly, are also being hit by huge rates of interest."" Louise Clark, policy adviser at the ABI, said providers were doing all they could to provide ""competitively priced cover"". She also called on the government to take action on tackling the causes and impact of flooding. The average payout for a home insurance claim rose 16% on the first three months of the year to £5,284 in the April to June period. ",BBC,11/08/2024,"['Storms and heavy rain all contributed to the highest property insurance payouts for at least seven years, insurers say.', 'A total of £1.4bn was paid out to homeowners and businesses between April and the end of June, the Association of British Insurers (ABI) said.', 'This was up 5% on the previous three months, and the highest quarterly figure since comparable records began in 2017.', 'But billpayers have faced sharp rises in premiums and a consumer group said some insurers were still stalling on payouts.', 'Data shows that the late autumn, winter and early spring months brought a deluge of rain to the UK.', ""Total rainfall between October 2023 and March 2024 was the UK's second wettest period on record."", 'The ABI said the continuing adverse weather meant April to June was the fifth consecutive quarter that weather-related claims had been above £100m. Claims for damage to homes from storms, heavy rain and frozen pipes reached £144m, with weather the leading factor for domestic payouts.', ""Other issues including subsidence added to the insurers' total payouts."", 'Providers have faced their own rising costs, when the rate of inflation was high, but billpayers saw the average combined home and contents premium rise by 19% in the second quarter of the year compared with a year earlier.', 'And Sam Richardson, from the consumer group Which?,', 'said insurers still had criticisms to answer. ""', 'Good quality home insurance is increasingly important, yet customers with these products face some of the lowest claims acceptance rates,"" he said. ""', ""While some home insurers' prices are going up, research has found that some are prolonging customers' ordeals by failing to deal with claims in an appropriate manner. “"", 'Some home insurance customers who can\'t afford to pay for cover in one annual lump sum, and instead pay monthly, are also being hit by huge rates of interest.""', 'Louise Clark, policy adviser at the ABI, said providers were doing all they could to provide ""competitively priced cover"".', 'She also called on the government to take action on tackling the causes and impact of flooding.', 'The average payout for a home insurance claim rose 16% on the first three months of the year to £5,284 in the April to June period.']",-0.0302500212299857,"Good quality home insurance is increasingly important, yet customers with these products face some of the lowest claims acceptance rates,"" he said. ""","The ABI said the continuing adverse weather meant April to June was the fifth consecutive quarter that weather-related claims had been above £100m. Claims for damage to homes from storms, heavy rain and frozen pipes reached £144m, with weather the leading factor for domestic payouts.",0.143160730600357,"The average payout for a home insurance claim rose 16% on the first three months of the year to £5,284 in the April to June period.",But billpayers have faced sharp rises in premiums and a consumer group said some insurers were still stalling on payouts.,2024-08-13
-Rising grocery prices fail to dampen wine sales during Olympics,https://www.bbc.co.uk/news/articles/cm2n35483gmo,2024-08-13T10:02:47.128Z,"Grocery price inflation has risen for the first time in more than a year - but this did not stop shoppers splashing out on booze to celebrate a summer of sport, new figures suggest. Wine sales were up 35% on the day of the Olympic opening ceremony - with 4.6 million bottles sold - alongside £10m worth of beer bought on the day of the Euro football final, according to market research firm Kantar. That came despite a 1.8% rise in grocery price inflation in the four weeks to August, 0.2% higher than the prior four weeks. The rate of supermarket price rises had previously fallen for 17 months in a row, Kantar said. It is getting slightly ""easier to go shopping at the supermarket than this time last year"", Fraser McKevitt, Kantar's head of retail and consumer insight told the BBC. ""We’ve moved well away from those days of double digit grocery price inflation,"" he said, but said consumers should shop around to get the best value for money. Kantar data suggested products which saw the fastest price rises included vitamin and mineral supplements, fruit juices and chocolate. Meanwhile toilet tissues, bottled cola and dog food saw the slowest price rises. It added that the return to better weather meant barbecue food sales were boosted in the weeks to August. Sales of cough lozenges rose by 28% as people battled Covid-19 and summer colds too, Kantar said. Supermarkets are locked in a fierce competition for customers, evidenced by lots of promotions and discounts being offered at the moment, Mr McKevitt added. Compared with last year, there was also an uptick of 3.8% in the amount people were taking home from supermarkets. The British Retail Consortium (BRC) warned that further inflation could be expected as climate change damages harvests after unusually wet weather in England. Extreme heat in other parts of the world has also destroyed crops which has reduced supply, pushing prices up. Combined with rising geopolitical tensions, further inflationary pressures could be ""lurking just over the horizon,"" said Helen Dickinson of the BRC. Overall inflation in the UK held at the Bank of England's target rate of 2% in June, although economists expect July's data to show a rise when it is released on Wednesday. This is partly because energy prices are not expected to have dropped as sharply this year compared to falls in 2023. The Bank of England key interest rate was this month lowered to 5% from 5.25%, marking the first cut since the start of the pandemic in March 2020. It had been raising the interest rate in a bid to cool inflation, which had been running at record levels in recent years. Kantar's latest data also showed among Britain's best-known supermarkets, Asda was rapidly losing its grip on market share. Its share of the groceries market was down 1.1% compared with last year, while rivals such as Sainsbury's recorded its largest year-on-year gain since July 1997.  Asda now has a 12.6% share of the UK grocery market, versus Tesco's 27.6%.  It reported a fall in sales of more than 5% in its latest financial results, prompting its chairman Lord Stuart Rose to suggest that co-owner Mohsin Issa should step back from running the firm.  He told the Telegraph newspaper he was ""embarrassed"" by the supermarket's recent performance. Increasing competition from the discount supermarkets is reportedly eating into Asda's successes, but chief financial officer Michael Gleeson said: ""It is important to highlight that switching losses to the discounters, Aldi and Lidl as well, have receded"". ",BBC,13/08/2024,"['Grocery price inflation has risen for the first time in more than a year - but this did not stop shoppers splashing out on booze to celebrate a summer of sport, new figures suggest.', 'Wine sales were up 35% on the day of the Olympic opening ceremony - with 4.6 million bottles sold - alongside £10m worth of beer bought on the day of the Euro football final, according to market research firm Kantar.', 'That came despite a 1.8% rise in grocery price inflation in the four weeks to August, 0.2% higher than the prior four weeks.', 'The rate of supermarket price rises had previously fallen for 17 months in a row, Kantar said.', 'It is getting slightly ""easier to go shopping at the supermarket than this time last year"", Fraser McKevitt, Kantar\'s head of retail and consumer insight told the BBC. ""', 'We’ve moved well away from those days of double digit grocery price inflation,"" he said, but said consumers should shop around to get the best value for money.', 'Kantar data suggested products which saw the fastest price rises included vitamin and mineral supplements, fruit juices and chocolate.', 'Meanwhile toilet tissues, bottled cola and dog food saw the slowest price rises.', 'It added that the return to better weather meant barbecue food sales were boosted in the weeks to August.', 'Sales of cough lozenges rose by 28% as people battled Covid-19 and summer colds too, Kantar said.', 'Supermarkets are locked in a fierce competition for customers, evidenced by lots of promotions and discounts being offered at the moment, Mr McKevitt added.', 'Compared with last year, there was also an uptick of 3.8% in the amount people were taking home from supermarkets.', 'The British Retail Consortium (BRC) warned that further inflation could be expected as climate change damages harvests after unusually wet weather in England.', 'Extreme heat in other parts of the world has also destroyed crops which has reduced supply, pushing prices up.', 'Combined with rising geopolitical tensions, further inflationary pressures could be ""lurking just over the horizon,"" said Helen Dickinson of the BRC.', ""Overall inflation in the UK held at the Bank of England's target rate of 2% in June, although economists expect July's data to show a rise when it is released on Wednesday."", 'This is partly because energy prices are not expected to have dropped as sharply this year compared to falls in 2023.', 'The Bank of England key interest rate was this month lowered to 5% from 5.25%, marking the first cut since the start of the pandemic in March 2020.', 'It had been raising the interest rate in a bid to cool inflation, which had been running at record levels in recent years.', ""Kantar's latest data also showed among Britain's best-known supermarkets, Asda was rapidly losing its grip on market share."", ""Its share of the groceries market was down 1.1% compared with last year, while rivals such as Sainsbury's recorded its largest year-on-year gain since July 1997."", ""Asda now has a 12.6% share of the UK grocery market, versus Tesco's 27.6%."", 'It reported a fall in sales of more than 5% in its latest financial results, prompting its chairman Lord Stuart Rose to suggest that co-owner Mohsin Issa should step back from running the firm.', 'He told the Telegraph newspaper he was ""embarrassed"" by the supermarket\'s recent performance.', 'Increasing competition from the discount supermarkets is reportedly eating into Asda\'s successes, but chief financial officer Michael Gleeson said: ""It is important to highlight that switching losses to the discounters, Aldi and Lidl as well, have receded"".']",0.1465551172681565,"We’ve moved well away from those days of double digit grocery price inflation,"" he said, but said consumers should shop around to get the best value for money.","Combined with rising geopolitical tensions, further inflationary pressures could be ""lurking just over the horizon,"" said Helen Dickinson of the BRC.",0.2730800428173758,"Wine sales were up 35% on the day of the Olympic opening ceremony - with 4.6 million bottles sold - alongside £10m worth of beer bought on the day of the Euro football final, according to market research firm Kantar.","Its share of the groceries market was down 1.1% compared with last year, while rivals such as Sainsbury's recorded its largest year-on-year gain since July 1997.",2024-08-13
-"Bank of England turns £78,000 into £900,000 in charity auctions",https://www.bbc.co.uk/news/articles/cn9l3gnvpgzo,2024-08-12T23:01:08.746Z,"Banknotes with a face value of £78,430 have raised more than 11 times that amount for charity following a series of auctions. New £5, £10, £20 and £50 notes featuring King Charles III entered circulation in June. He received a full set of the first issues - each with a serial number ending 000001 - but hundreds of other low serial numbered banknotes went under the hammer. One single £10 note with the serial number HB01 000002 sold for £17,000 during bidding.  During another lot, a sheet of 40 connected £50 notes - with a face value of £2,000 - sold for £26,000. That was a record for any Bank of England auction. The four sales run by auctioneers Spink in London raised £914,127 in total. Collectors seek banknotes which come as close to the 000001 serial number as possible, hence the large amounts raised. When the notes entered circulation in June, the Post Office reported collectors visiting branches which had stocks of the notes during the first day. There was also an early queue outside the Bank of England in London. Sarah John, the Bank's chief cashier - whose signature is on the notes - said she was ""thrilled"" that such such a ""remarkable"" amount was raised. The proceeds will be shared equally between 10 charities chosen by the Bank: It is the first time the monarch has changed on Bank of England notes, because Queen Elizabeth II was the first to routinely appear on Bank of England banknotes from 1960. The monarch does not feature on banknotes in Scotland. Although the use of notes and coins is declining, the number of people mainly using cash for day-to-day spending hit a four-year high during the cost of living crisis, according to banking trade body UK Finance. Post offices also reported handling a record amount of cash in July, with transactions totalling £3.77bn. And HSBC has promised it will not announce any new closures of its bank branches until at least 2026. ",BBC,12/08/2024,"['Banknotes with a face value of £78,430 have raised more than 11 times that amount for charity following a series of auctions.', 'New £5, £10, £20 and £50 notes featuring King Charles III entered circulation in June.', 'He received a full set of the first issues - each with a serial number ending 000001 - but hundreds of other low serial numbered banknotes went under the hammer.', 'One single £10 note with the serial number HB01 000002 sold for £17,000 during bidding.', 'During another lot, a sheet of 40 connected £50 notes - with a face value of £2,000 - sold for £26,000.', 'That was a record for any Bank of England auction.', 'The four sales run by auctioneers Spink in London raised £914,127 in total.', 'Collectors seek banknotes which come as close to the 000001 serial number as possible, hence the large amounts raised.', 'When the notes entered circulation in June, the Post Office reported collectors visiting branches which had stocks of the notes during the first day.', 'There was also an early queue outside the Bank of England in London.', 'Sarah John, the Bank\'s chief cashier - whose signature is on the notes - said she was ""thrilled"" that such such a ""remarkable"" amount was raised.', 'The proceeds will be shared equally between 10 charities chosen by the Bank: It is the first time the monarch has changed on Bank of England notes, because Queen Elizabeth II was the first to routinely appear on Bank of England banknotes from 1960.', 'The monarch does not feature on banknotes in Scotland.', 'Although the use of notes and coins is declining, the number of people mainly using cash for day-to-day spending hit a four-year high during the cost of living crisis, according to banking trade body UK Finance.', 'Post offices also reported handling a record amount of cash in July, with transactions totalling £3.77bn.', 'And HSBC has promised it will not announce any new closures of its bank branches until at least 2026.']",0.1240146338840932,"Sarah John, the Bank's chief cashier - whose signature is on the notes - said she was ""thrilled"" that such such a ""remarkable"" amount was raised.","Although the use of notes and coins is declining, the number of people mainly using cash for day-to-day spending hit a four-year high during the cost of living crisis, according to banking trade body UK Finance.",0.3181734283765157,"Banknotes with a face value of £78,430 have raised more than 11 times that amount for charity following a series of auctions.","Although the use of notes and coins is declining, the number of people mainly using cash for day-to-day spending hit a four-year high during the cost of living crisis, according to banking trade body UK Finance.",2024-08-13
-Electrical 'superhighway' between Scotland and England approved,https://www.bbc.co.uk/news/articles/clynlkjp5m1o,2024-08-13T06:17:08.512Z,"A multi-billion pound subsea cable that can shift vast amounts of renewable electricity between Scotland and England has been given the go-ahead by regulators. SSEN Transmission says the energy transfer project is needed to move energy around the grid on days when the wind doesn’t blow or demand is high. The two 315-mile (507km) cables will run from Peterhead in Aberdeenshire to Drax in North Yorkshire and will initially work alongside a similar link down the west coast. It is part of wider moves to modernise and increase capacity on the energy transmission network for the shift away from fossil fuels to tackle climate change.  Although the link can carry electricity in both direction, the majority is expected to flow out of Scotland. The project has been assessed by Ofgem as costing £3.4bn however SSEN says inflationary pressures mean it will now come in at £4.3bn. The country is already a net-exporter of electricity meaning more leaves Scotland than is imported. But the bi-directional link will also enable electricity to be imported when needed, such as on days of low wind. A new converter station is being built close to Peterhead power station from where high voltage direct current cables will be laid on the seabed. The cables will hit land near Bridlington in East Yorkshire where they will be buried underground to Drax and connected into the national grid. The connection will be large enough to carry enough renewable electricity to power two million homes. The project will be the first of four subsea electricity links planned along the east coast with the eventual capacity capable of powering 7.5 million homes. Approval has been given in just five months under the regulator Ofgem’s fast track process. Energy analyst Sepi Golzari-Munro says the links are vital to modernise the transmission network.  She added: ""We're obviously trying to have cleaner electricity from renewable sources but what this also does, crucially, is improve our energy security and will ultimately bring down bills."" Approval for Eastern Green Link 2 is likely to be quickly followed by Eastern Green Link 1 connecting Torness in East Lothian with Seaham in County Durham. The two initial projects are expected to be followed by connections between Peterhead and Lincolnshire and then between Kinghorn in Fife and Norfolk. They will work alongside the Western Green Link which runs between Hunterston in Ayrshire and the Flintshire Bridge on the border between England and Wales. Opened in 2017, the 240 mile cable has transmitted more than 23,000 GWh of green energy in its first five years. Claire Mack from the industry body Scottish Renewables says it is harnessing abundant natural resources. She said: ""In the same way that we've exported {oil} from the North Sea for the last four decades and beyond, the same thing is the case with renewables."" While ground work in Peterhead is already underway, the offshore cable laying is expected to begin in 2028 with the first transmission of electricity due the following year. Project director Ricky Saez describes Ofgem's decision as a ""major milestone"" on top of approvals being given for onshore work by Aberdeenshire Council. ",BBC,13/08/2024,"['A multi-billion pound subsea cable that can shift vast amounts of renewable electricity between Scotland and England has been given the go-ahead by regulators.', 'SSEN Transmission says the energy transfer project is needed to move energy around the grid on days when the wind doesn’t blow or demand is high.', 'The two 315-mile (507km) cables will run from Peterhead in Aberdeenshire to Drax in North Yorkshire and will initially work alongside a similar link down the west coast.', 'It is part of wider moves to modernise and increase capacity on the energy transmission network for the shift away from fossil fuels to tackle climate change.', 'Although the link can carry electricity in both direction, the majority is expected to flow out of Scotland.', 'The project has been assessed by Ofgem as costing £3.4bn however SSEN says inflationary pressures mean it will now come in at £4.3bn.', 'The country is already a net-exporter of electricity meaning more leaves Scotland than is imported.', 'But the bi-directional link will also enable electricity to be imported when needed, such as on days of low wind.', 'A new converter station is being built close to Peterhead power station from where high voltage direct current cables will be laid on the seabed.', 'The cables will hit land near Bridlington in East Yorkshire where they will be buried underground to Drax and connected into the national grid.', 'The connection will be large enough to carry enough renewable electricity to power two million homes.', 'The project will be the first of four subsea electricity links planned along the east coast with the eventual capacity capable of powering 7.5 million homes.', 'Approval has been given in just five months under the regulator Ofgem’s fast track process.', 'Energy analyst Sepi Golzari-Munro says the links are vital to modernise the transmission network.', 'She added: ""We\'re obviously trying to have cleaner electricity from renewable sources but what this also does, crucially, is improve our energy security and will ultimately bring down bills.""', 'Approval for Eastern Green Link 2 is likely to be quickly followed by Eastern Green Link 1 connecting Torness in East Lothian with Seaham in County Durham.', 'The two initial projects are expected to be followed by connections between Peterhead and Lincolnshire and then between Kinghorn in Fife and Norfolk.', 'They will work alongside the Western Green Link which runs between Hunterston in Ayrshire and the Flintshire Bridge on the border between England and Wales.', 'Opened in 2017, the 240 mile cable has transmitted more than 23,000 GWh of green energy in its first five years.', 'Claire Mack from the industry body Scottish Renewables says it is harnessing abundant natural resources.', 'She said: ""In the same way that we\'ve exported {oil} from the North Sea for the last four decades and beyond, the same thing is the case with renewables.""', 'While ground work in Peterhead is already underway, the offshore cable laying is expected to begin in 2028 with the first transmission of electricity due the following year.', 'Project director Ricky Saez describes Ofgem\'s decision as a ""major milestone"" on top of approvals being given for onshore work by Aberdeenshire Council.']",0.1641059268776035,"She added: ""We're obviously trying to have cleaner electricity from renewable sources but what this also does, crucially, is improve our energy security and will ultimately bring down bills.""","But the bi-directional link will also enable electricity to be imported when needed, such as on days of low wind.",0.6654489934444427,"She added: ""We're obviously trying to have cleaner electricity from renewable sources but what this also does, crucially, is improve our energy security and will ultimately bring down bills.""",The project has been assessed by Ofgem as costing £3.4bn however SSEN says inflationary pressures mean it will now come in at £4.3bn.,2024-08-13
-Hindenburg report: Why India's market regulator Sebi is in the eye of a storm,https://www.bbc.co.uk/news/articles/cx28y2wwqyko,2024-08-13T04:13:04.548Z,"India's stock market has been a hot topic of conversation for the past couple of days, with hashtags around it trending on social media. The reason isn't just investor interest, but has more to do with its regulator. Let's break it down a bit. It all started over the weekend when US-based activist-investor Hindenburg Research posted on X (formerly Twitter) that ""something big"" was coming.  Hours later, it released a report accusing Madhabi Puri Buch - the chief of market regulator Securities and Exchange Board of India (Sebi) - of having links with offshore funds used by the controversial Adani group. Both Ms Buch and the Adanis have denied wrongdoing. Now, Hindenburg had last year accused the Adani group - founded by Indian billionaire Gautam Adani - of decades of ""brazen"" stock manipulation and accounting fraud.  The group - which has 10 publicly traded companies, operating across a wide range of sectors, including commodities trading, airports, utilities, ports and renewable energy - had strongly denied the allegations. But the controversy took billions off its market value - it has since mostly recovered - and Sebi is still investigating the allegations. Hindenburg now say that Ms Buch's links with the funds used by the Adanis have impacted the regulator's investigation.  Ms Buch has denied any conflict of interest and said that the investment was made before she was associated with the regulator. Also, there is no direct evidence so far linking her investment in the funds with Adani Group stocks or Sebi's investigation. The fresh allegations wiped off $2.43bn (£1.9bn) off Adani Group's market value at the end of trading on Monday, though it made a substantial recovery from losses earlier in the day. In its report, Hindenburg referred to earlier articles by Financial Times and the Organized Crime and Corruption Reporting Project that linked obscure offshore funds in Bermuda and Mauritius to Mr Adani's business associates. Hindenburg alleged that Ms Buch and her husband, Dhaval Buch, invested in these sub-funds in 2015. The firm said that weeks before Ms Buch became a whole-time member of Sebi in 2017, her husband wrote to the fund administrator, asking to be made the only person ""authorised to operate the accounts"". The report says Ms Buch used her personal email ID to write to a wealth management firm to seek the redemption of her husband's entire investment in the fund. ""We suspect Sebi’s unwillingness to take meaningful action against suspect offshore shareholders in the Adani Group may stem from Chairperson Madhabi Buch’s complicity in using the exact same funds used by Vinod Adani, brother of Gautam Adani,"" the firm alleged.  Hindenburg also flagged Ms Buch's husband becoming an adviser in 2019 for US investment manager Blackstone, which has invested in Indian real estate investment trusts. Pointing to regulatory changes made by Sebi during Ms Buch's tenure as member and chairperson, they alleged that it directly benefitted firms like Blackstone. Ms Buch and her husband have said in a statement that the investments referred to in the Hindenburg report were made in 2015 when the couple were private citizens in Singapore, ""almost two years before Madhabi joined Sebi, even as a Whole Time Member"". They said their investment was made because of Mr Buch's childhood friendship with the fund's then chief investment officer Anil Ahuja, who also ""had many decades of a strong investing career"". ""As confirmed by Mr Ahuja, the fund did not invest in any bond, equity or derivative of any Adani group company,"" their statement said. The statement added that the market regulator had ""strong institutional mechanisms of disclosure and recusal norms"", which they had followed ""diligently"". It called the Hindenburg report an attack on the ""credibility of Sebi"" and an attempt at ""character assassination of its chairperson"". Regarding the allegation about Mr Buch's role with Blackstone, the couple said the investment firm was part of Ms Buch's ""recusal list maintained with Sebi"". The market regulator said in a statement that it had ""duly investigated"" Hindenburg's allegations against the Adani Group.  It also said that its chairperson had made the required disclosures in ""terms of holdings of securities and their transfers"", and that she had recused herself in matters involving ""potential conflicts of interest"". In a statement released on its website on Sunday, the conglomerate called the allegations ""a recycling of discredited claims that have been thoroughly investigated [and] proven to be baseless"". ""Our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents,"" it said. The group said Anil Ahuja had been a nominee director of its 3i investment fund in Adani Power in 2007-2008 and a director of Adani Enterprises until 2017. ""The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing,"" it added. Hindenburg's earlier report accusing the Adanis of stock manipulation and accounting fraud 18 months back had seen their companies lose almost $150bn off their market value, though it has mostly recovered the losses since then. In January, in a major relief to the group, India's top court rejected pleas for an additional investigation into the allegations. It also gave Sebi three months to complete its investigation - that deadline has long passed, but according to Sebi's latest statement, it has completed 23 inquiries and the last one is ""close to completion"".  In June, Sebi also issued a ""show-cause notice"" to Hindenburg Research, accusing it of violating US securities laws by colluding with an investor who made a short bet against the Adani group ahead of the report's release. Hindenburg has dismissed the allegation. Rahul Gandhi, the leader of opposition in India's parliament, said that the allegations have ""gravely compromised"" the ""integrity"" of Sebi, ""which is entrusted with safeguarding the wealth of small retail investors"". His Congress party has called for a parliamentary inquiry into the accusations and has asked the government to ""eliminate all conflicts of interest in the Sebi investigation of Adani"". Mr Adani is perceived as being close to Prime Minister Narendra Modi and has long faced allegations from opposition politicians that he has benefitted from his political ties, which he denies. Mr Modi's Bharatiya Janata Party (BJP), in turn, has accused the Congress of being ""involved in creating economic anarchy"" and ""hatred against India"".  A top finance ministry official said on Monday that the government had ""nothing to add"" on the issue as both Sebi and Ms Buch had given statements. In its response to Ms Buch's statement, Hindenburg has doubled down on its accusations, saying it raises ""numerous new critical questions"". Sebi, Ms Buch and the Adani Group haven't reacted yet to the latest comments. Opposition politicians are also expected to keep raising the issue - which means we haven't heard the last of it yet. ",BBC,13/08/2024,"[""India's stock market has been a hot topic of conversation for the past couple of days, with hashtags around it trending on social media."", ""The reason isn't just investor interest, but has more to do with its regulator."", ""Let's break it down a bit."", 'It all started over the weekend when US-based activist-investor Hindenburg Research posted on X (formerly Twitter) that ""something big"" was coming.', 'Hours later, it released a report accusing Madhabi Puri Buch - the chief of market regulator Securities and Exchange Board of India (Sebi) - of having links with offshore funds used by the controversial Adani group.', 'Both Ms Buch and the Adanis have denied wrongdoing.', 'Now, Hindenburg had last year accused the Adani group - founded by Indian billionaire Gautam Adani - of decades of ""brazen"" stock manipulation and accounting fraud.', 'The group - which has 10 publicly traded companies, operating across a wide range of sectors, including commodities trading, airports, utilities, ports and renewable energy - had strongly denied the allegations.', 'But the controversy took billions off its market value - it has since mostly recovered - and Sebi is still investigating the allegations.', ""Hindenburg now say that Ms Buch's links with the funds used by the Adanis have impacted the regulator's investigation."", 'Ms Buch has denied any conflict of interest and said that the investment was made before she was associated with the regulator.', ""Also, there is no direct evidence so far linking her investment in the funds with Adani Group stocks or Sebi's investigation."", ""The fresh allegations wiped off $2.43bn (£1.9bn) off Adani Group's market value at the end of trading on Monday, though it made a substantial recovery from losses earlier in the day."", ""In its report, Hindenburg referred to earlier articles by Financial Times and the Organized Crime and Corruption Reporting Project that linked obscure offshore funds in Bermuda and Mauritius to Mr Adani's business associates."", 'Hindenburg alleged that Ms Buch and her husband, Dhaval Buch, invested in these sub-funds in 2015.', 'The firm said that weeks before Ms Buch became a whole-time member of Sebi in 2017, her husband wrote to the fund administrator, asking to be made the only person ""authorised to operate the accounts"".', 'The report says Ms Buch used her personal email ID to write to a wealth management firm to seek the redemption of her husband\'s entire investment in the fund. ""', 'We suspect Sebi’s unwillingness to take meaningful action against suspect offshore shareholders in the Adani Group may stem from Chairperson Madhabi Buch’s complicity in using the exact same funds used by Vinod Adani, brother of Gautam Adani,"" the firm alleged.', ""Hindenburg also flagged Ms Buch's husband becoming an adviser in 2019 for US investment manager Blackstone, which has invested in Indian real estate investment trusts."", ""Pointing to regulatory changes made by Sebi during Ms Buch's tenure as member and chairperson, they alleged that it directly benefitted firms like Blackstone."", 'Ms Buch and her husband have said in a statement that the investments referred to in the Hindenburg report were made in 2015 when the couple were private citizens in Singapore, ""almost two years before Madhabi joined Sebi, even as a Whole Time Member"".', 'They said their investment was made because of Mr Buch\'s childhood friendship with the fund\'s then chief investment officer Anil Ahuja, who also ""had many decades of a strong investing career"". ""', 'As confirmed by Mr Ahuja, the fund did not invest in any bond, equity or derivative of any Adani group company,"" their statement said.', 'The statement added that the market regulator had ""strong institutional mechanisms of disclosure and recusal norms"", which they had followed ""diligently"".', 'It called the Hindenburg report an attack on the ""credibility of Sebi"" and an attempt at ""character assassination of its chairperson"".', 'Regarding the allegation about Mr Buch\'s role with Blackstone, the couple said the investment firm was part of Ms Buch\'s ""recusal list maintained with Sebi"".', 'The market regulator said in a statement that it had ""duly investigated"" Hindenburg\'s allegations against the Adani Group.', 'It also said that its chairperson had made the required disclosures in ""terms of holdings of securities and their transfers"", and that she had recused herself in matters involving ""potential conflicts of interest"".', 'In a statement released on its website on Sunday, the conglomerate called the allegations ""a recycling of discredited claims that have been thoroughly investigated [and] proven to be baseless"". ""', 'Our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents,"" it said.', 'The group said Anil Ahuja had been a nominee director of its 3i investment fund in Adani Power in 2007-2008 and a director of Adani Enterprises until 2017. ""', 'The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing,"" it added.', ""Hindenburg's earlier report accusing the Adanis of stock manipulation and accounting fraud 18 months back had seen their companies lose almost $150bn off their market value, though it has mostly recovered the losses since then."", ""In January, in a major relief to the group, India's top court rejected pleas for an additional investigation into the allegations."", 'It also gave Sebi three months to complete its investigation - that deadline has long passed, but according to Sebi\'s latest statement, it has completed 23 inquiries and the last one is ""close to completion"".', 'In June, Sebi also issued a ""show-cause notice"" to Hindenburg Research, accusing it of violating US securities laws by colluding with an investor who made a short bet against the Adani group ahead of the report\'s release.', 'Hindenburg has dismissed the allegation.', 'Rahul Gandhi, the leader of opposition in India\'s parliament, said that the allegations have ""gravely compromised"" the ""integrity"" of Sebi, ""which is entrusted with safeguarding the wealth of small retail investors"".', 'His Congress party has called for a parliamentary inquiry into the accusations and has asked the government to ""eliminate all conflicts of interest in the Sebi investigation of Adani"".', 'Mr Adani is perceived as being close to Prime Minister Narendra Modi and has long faced allegations from opposition politicians that he has benefitted from his political ties, which he denies.', 'Mr Modi\'s Bharatiya Janata Party (BJP), in turn, has accused the Congress of being ""involved in creating economic anarchy"" and ""hatred against India"".', 'A top finance ministry official said on Monday that the government had ""nothing to add"" on the issue as both Sebi and Ms Buch had given statements.', 'In its response to Ms Buch\'s statement, Hindenburg has doubled down on its accusations, saying it raises ""numerous new critical questions"".', ""Sebi, Ms Buch and the Adani Group haven't reacted yet to the latest comments."", ""Opposition politicians are also expected to keep raising the issue - which means we haven't heard the last of it yet.""]",-0.0199702232200209,"Rahul Gandhi, the leader of opposition in India's parliament, said that the allegations have ""gravely compromised"" the ""integrity"" of Sebi, ""which is entrusted with safeguarding the wealth of small retail investors"".","Hindenburg's earlier report accusing the Adanis of stock manipulation and accounting fraud 18 months back had seen their companies lose almost $150bn off their market value, though it has mostly recovered the losses since then.",-0.2468703256713019,"The fresh allegations wiped off $2.43bn (£1.9bn) off Adani Group's market value at the end of trading on Monday, though it made a substantial recovery from losses earlier in the day.","Rahul Gandhi, the leader of opposition in India's parliament, said that the allegations have ""gravely compromised"" the ""integrity"" of Sebi, ""which is entrusted with safeguarding the wealth of small retail investors"".",2024-08-13
-"Potholes are drivers' biggest bugbear, RAC finds",https://www.bbc.co.uk/news/articles/crrl92rr12ko,2024-08-11T23:01:10.907Z,"Potholes damaging cars is the biggest bugbear among drivers in Britain, a motoring survey suggests. The state of Britain's roads was the main concern for almost six in 10 people in research by the RAC. It topped the list of motoring complaints for the first time - ahead of insurance costs and fuel prices. Pothole damage cost drivers on average £460 - with punctures, wheel damage and broken suspension springs the most commonly reported in the past 12 months, RAC research suggested. Some drivers get so frustrated with the motoring menace they come up with creative ways to capture the size of the problem. Alan from Macclesfield climbed inside the crater and sent the pictures to his local council. “They did finally fill” it, he said.  The Department for Transport said it was helping councils to fix ""up to one million more potholes a year"".  Potholes can prove dangerous and costly, the RAC's research warned. BBC reader Elizabeth Atter said her 89-year-old mother had been knocked out after falling in a pothole in Caversham, near Reading. Ms Atter said her mother also “broke her nose and glasses and was badly shaken up” when she fell five years ago.  Another reader, Richard Underhill from Milford-on-Sea in Hampshire, said his Porsche needed two tyres replaced after he hit a pothole. “A car in front of me at the tyre depot had hit the same pothole,” he said. Claiming for compensation can prove time-consuming and costly. Angela and Chris Hudson, both 64, were driving on the M60 near Middleton in April when their car hit a pothole. “We were driving along at 70mph, we were coming up behind vehicles on the inside lane, we started to pull out, and bang – we hit a pothole,” said Mr Hudson. Repairs to one wheel including a new tyre, a new wheel and wheel alignment, cost £3,000. The Hudsons’ said their claim for compensation against National Highways, the organisation in charge of maintaining the road, was denied. This is due to a rule in the Highways Act which says that if it has taken reasonable steps to ensure the road is safe, it does not have to pay damages to road users. ""They said it wasn’t a safety issue,"" said Mrs Hudson. ""But it is a safety issue. Those holes were really well established when we saw them."" A spokesperson for National Highways said the organisation was ""concerned to learn about the incident involving the Hudsons and have been in correspondence with them"". “We carry out regular carriageway inspections, and any dangerous or safety critical defects are made safe either immediately or within 24 hours. Our inspections at the time found no such defects,"" they added. Richard Broadbent from Cirencester put a claim in to Gloucestershire County Council after the wheel of his Volkswagen Golf was damaged in May last year when his wife was driving his daughter to school. A bent wheel and split tyre cost the family £189.60 to repair. The legal battle lasted more than a year before the out-of-court settlement was agreed, in which the council paid for the damage to the car and Mr Broadbent's legal costs, with no admission of fault. But Mr Broadbent is one of few drivers who bother to stay the course when trying to claim compensation over pothole damage to vehicles. Louise Thomas, an insurance expert at price comparison website Confused.com, told the BBC the majority of drivers end up paying for repairs out of their own pocket because it is quicker and more convenient, adding that claiming on insurance could see future premiums rise. ""What they should do is go to the council. Councils are responsible for maintaining roads, therefore they’re also responsible for paying out any claims for damage to your vehicle,"" she said. According to the RAC, almost three-quarters of drivers said the condition of local roads they use regularly is poorer than a year ago. The motoring group said its research suggested the problem of potholes was worse in rural areas. It said its own data showed there were more than 25,000 pothole-related breakdowns in the 12 months to the end of June.  ""Unfortunately our roads are deteriorating, there's no question about that. This is really unacceptable, given the amount of money that drivers pay in motoring taxation, we estimate that to be around £45bn,"" said Simon Williams from the RAC. The previous Conservative administration had pledged to put an extra £8.3bn towards road maintenance in England over the coming decade. As part of that, £150m in additional funding for last year and this year has already been given to councils. Both the RAC and the Local Government Association (LGA) called for the new Labour government to commit to maintaining those spending plans. Claire Holland from the LGA said councils, who are responsible for local road maintenance, had ""limited resources"" and a backlog of repairs costing some £16.3bn. The Department for Transport said it was supporting local authorities to fix ""up to one million more potholes a year"", but did not say how much money would be allocated. With additional reporting from Bernadette McCague and Emma Haslett. ",BBC,11/08/2024,"['Potholes damaging cars is the biggest bugbear among drivers in Britain, a motoring survey suggests.', ""The state of Britain's roads was the main concern for almost six in 10 people in research by the RAC."", 'It topped the list of motoring complaints for the first time - ahead of insurance costs and fuel prices.', 'Pothole damage cost drivers on average £460 - with punctures, wheel damage and broken suspension springs the most commonly reported in the past 12 months, RAC research suggested.', 'Some drivers get so frustrated with the motoring menace they come up with creative ways to capture the size of the problem.', 'Alan from Macclesfield climbed inside the crater and sent the pictures to his local council. “', 'They did finally fill” it, he said.', 'The Department for Transport said it was helping councils to fix ""up to one million more potholes a year"".', ""Potholes can prove dangerous and costly, the RAC's research warned."", 'BBC reader Elizabeth Atter said her 89-year-old mother had been knocked out after falling in a pothole in Caversham, near Reading.', 'Ms Atter said her mother also “broke her nose and glasses and was badly shaken up” when she fell five years ago.', 'Another reader, Richard Underhill from Milford-on-Sea in Hampshire, said his Porsche needed two tyres replaced after he hit a pothole. “', 'A car in front of me at the tyre depot had hit the same pothole,” he said.', 'Claiming for compensation can prove time-consuming and costly.', 'Angela and Chris Hudson, both 64, were driving on the M60 near Middleton in April when their car hit a pothole. “', 'We were driving along at 70mph, we were coming up behind vehicles on the inside lane, we started to pull out, and bang – we hit a pothole,” said Mr Hudson.', 'Repairs to one wheel including a new tyre, a new wheel and wheel alignment, cost £3,000.', 'The Hudsons’ said their claim for compensation against National Highways, the organisation in charge of maintaining the road, was denied.', 'This is due to a rule in the Highways Act which says that if it has taken reasonable steps to ensure the road is safe, it does not have to pay damages to road users. ""', 'They said it wasn’t a safety issue,"" said Mrs Hudson. ""', 'But it is a safety issue.', 'Those holes were really well established when we saw them.""', 'A spokesperson for National Highways said the organisation was ""concerned to learn about the incident involving the Hudsons and have been in correspondence with them"". “', 'We carry out regular carriageway inspections, and any dangerous or safety critical defects are made safe either immediately or within 24 hours.', 'Our inspections at the time found no such defects,"" they added.', 'Richard Broadbent from Cirencester put a claim in to Gloucestershire County Council after the wheel of his Volkswagen Golf was damaged in May last year when his wife was driving his daughter to school.', 'A bent wheel and split tyre cost the family £189.60 to repair.', ""The legal battle lasted more than a year before the out-of-court settlement was agreed, in which the council paid for the damage to the car and Mr Broadbent's legal costs, with no admission of fault."", 'But Mr Broadbent is one of few drivers who bother to stay the course when trying to claim compensation over pothole damage to vehicles.', 'Louise Thomas, an insurance expert at price comparison website Confused.com, told the BBC the majority of drivers end up paying for repairs out of their own pocket because it is quicker and more convenient, adding that claiming on insurance could see future premiums rise. ""', 'What they should do is go to the council.', 'Councils are responsible for maintaining roads, therefore they’re also responsible for paying out any claims for damage to your vehicle,"" she said.', 'According to the RAC, almost three-quarters of drivers said the condition of local roads they use regularly is poorer than a year ago.', 'The motoring group said its research suggested the problem of potholes was worse in rural areas.', 'It said its own data showed there were more than 25,000 pothole-related breakdowns in the 12 months to the end of June. ""', ""Unfortunately our roads are deteriorating, there's no question about that."", 'This is really unacceptable, given the amount of money that drivers pay in motoring taxation, we estimate that to be around £45bn,"" said Simon Williams from the RAC.', 'The previous Conservative administration had pledged to put an extra £8.3bn towards road maintenance in England over the coming decade.', 'As part of that, £150m in additional funding for last year and this year has already been given to councils.', 'Both the RAC and the Local Government Association (LGA) called for the new Labour government to commit to maintaining those spending plans.', 'Claire Holland from the LGA said councils, who are responsible for local road maintenance, had ""limited resources"" and a backlog of repairs costing some £16.3bn.', 'The Department for Transport said it was supporting local authorities to fix ""up to one million more potholes a year"", but did not say how much money would be allocated.', 'With additional reporting from Bernadette McCague and Emma Haslett.']",-0.1626767442110169,But it is a safety issue.,"Pothole damage cost drivers on average £460 - with punctures, wheel damage and broken suspension springs the most commonly reported in the past 12 months, RAC research suggested.",-0.4817009270191192,"Louise Thomas, an insurance expert at price comparison website Confused.com, told the BBC the majority of drivers end up paying for repairs out of their own pocket because it is quicker and more convenient, adding that claiming on insurance could see future premiums rise. ""","According to the RAC, almost three-quarters of drivers said the condition of local roads they use regularly is poorer than a year ago.",2024-08-13
-Jamie Dimon says he still sees a recession on the horizon,https://www.cnbc.com/2024/08/07/jamie-dimon-still-sees-a-recession-ahead.html,2024-08-07T20:32:48+0000,"JPMorgan Chase CEO Jamie Dimon said Wednesday he still believes that the odds of a ""soft landing"" for the U.S. economy are around 35% to 40%, making recession the most likely scenario in his mind.When CNBC's Leslie Picker asked Dimon if he had changed his view from February that markets were too optimistic on recession risks, he said the odds were ""about the same"" as his earlier call.""There's a lot of uncertainty out there,"" Dimon said. ""I've always pointed to geopolitics, housing, the deficits, the spending, the quantitative tightening, the elections, all these things cause some consternation in markets.""Dimon, leader of the biggest U.S. bank by assets and one of the most respected voices on Wall Street, has warned of an economic ""hurricane"" since 2022. But the economy has held up better than he expected, and Dimon said Wednesday that while credit-card borrower defaults are rising, America is not in a recession right now.Dimon added he is ""a little bit of a skeptic"" that the Federal Reserve can bring inflation down to its 2% target because of future spending on the green economy and military.""There's always a large range of outcomes,"" Dimon said. ""I'm fully optimistic that if we have a mild recession, even a harder one, we would be okay. Of course, I'm very sympathetic to people who lose their jobs. You don't want a hard landing.""",CNBC,07/08/2024,"['JPMorgan Chase CEO Jamie Dimon said Wednesday he still believes that the odds of a ""soft landing"" for the U.S. economy are around 35% to 40%, making recession the most likely scenario in his mind.', 'When CNBC\'s Leslie Picker asked Dimon if he had changed his view from February that markets were too optimistic on recession risks, he said the odds were ""about the same"" as his earlier call.', '""There\'s a lot of uncertainty out there,"" Dimon said. ""', ""I've always pointed to geopolitics, housing, the deficits, the spending, the quantitative tightening, the elections, all these things cause some consternation in markets."", '""Dimon, leader of the biggest U.S. bank by assets and one of the most respected voices on Wall Street, has warned of an economic ""hurricane"" since 2022.', 'But the economy has held up better than he expected, and Dimon said Wednesday that while credit-card borrower defaults are rising, America is not in a recession right now.', 'Dimon added he is ""a little bit of a skeptic"" that the Federal Reserve can bring inflation down to its 2% target because of future spending on the green economy and military.', '""There\'s always a large range of outcomes,"" Dimon said. ""', ""I'm fully optimistic that if we have a mild recession, even a harder one, we would be okay."", ""Of course, I'm very sympathetic to people who lose their jobs."", 'You don\'t want a hard landing.""']",0.0313600794139361,"But the economy has held up better than he expected, and Dimon said Wednesday that while credit-card borrower defaults are rising, America is not in a recession right now.","JPMorgan Chase CEO Jamie Dimon said Wednesday he still believes that the odds of a ""soft landing"" for the U.S. economy are around 35% to 40%, making recession the most likely scenario in his mind.",-0.2108334675431251,"But the economy has held up better than he expected, and Dimon said Wednesday that while credit-card borrower defaults are rising, America is not in a recession right now.","Dimon added he is ""a little bit of a skeptic"" that the Federal Reserve can bring inflation down to its 2% target because of future spending on the green economy and military.",2024-08-12
-Rivian tops Wall Street's second-quarter expectations amid cost cuts,https://www.cnbc.com/2024/08/06/rivian-tops-second-quarter-earnings-expectations-following-cost-cuts.html,2024-08-06T22:43:21+0000,"In this articleRivian Automotive beat Wall Street's top- and bottom-line expectations for the second quarter as the electric vehicle maker continues to take costs out of its business.Here is how the company did, compared to estimates from analysts polled by LSEG:The company's net losses widened during the second quarter to $1.46 billion, or a loss of $1.46 per share, compared with a year earlier of $1.2 billion, or a loss of $1.27 per share.Its adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA was about level from the same period as a year ago at a loss of $860 million.Rivian on Tuesday reaffirmed its 2024 guidance of 57,000 total units of production, a loss of $2.7 billion in adjusted EBITDA and $1.2 billion in capital expenditures. It also said it remains on track for a positive gross profit during the fourth quarter.Through the first six months of the year Rivian produced about 23,600 vehicles, including only 9,162 during the second quarter due to downtime at the company's plant to retool and reduce costs.Rivian said a majority of the vehicles sold during the second quarter were from inventory prior to the production cost cuts, meaning most efficiency gains were not realized during that time.The second-quarter results come more than a month after Rivian held an investor day that focused on cost-cutting efforts, efficiency gains and in-house technologies and software. The event came days after Rivian announced plans for Volkswagen to invest up to $5 billion in the EV startup, starting with an initial investment of $1 billion.Shares of Rivian are off 37% this year amid slower-than-expected demand for EVs as well as Rivian's significant cash burn. The stock closed Tuesday at $14.80, up 1.3%.Rivian, which is still losing thousands of dollars for every vehicle it makes, has been focused on reducing costs. Rivian CEO RJ Scaringe said in June that efficiencies earlier this year in products and manufacturing are expected to lead to 20% material cost reductions in its current vehicles, followed by 45% targeted reductions in its upcoming ""R2"" vehicles, which are projected to begin production in early 2026.Rivian's expenditures through the first half of the year were $537 million, including $283 million during the second quarter.Rivian ended the second quarter with $9.18 billion in total liquidity, including $7.87 billion in cash, cash equivalents and short-term investments.Correction: Rivian's net loss during the second quarter was $1.46 billion. This amount was incorrectly stated in a previous version of the article.",CNBC,06/08/2024,"[""In this articleRivian Automotive beat Wall Street's top- and bottom-line expectations for the second quarter as the electric vehicle maker continues to take costs out of its business."", ""Here is how the company did, compared to estimates from analysts polled by LSEG:The company's net losses widened during the second quarter to $1.46 billion, or a loss of $1.46 per share, compared with a year earlier of $1.2 billion, or a loss of $1.27 per share."", 'Its adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA was about level from the same period as a year ago at a loss of $860 million.', 'Rivian on Tuesday reaffirmed its 2024 guidance of 57,000 total units of production, a loss of $2.7 billion in adjusted EBITDA and $1.2 billion in capital expenditures.', 'It also said it remains on track for a positive gross profit during the fourth quarter.', ""Through the first six months of the year Rivian produced about 23,600 vehicles, including only 9,162 during the second quarter due to downtime at the company's plant to retool and reduce costs."", 'Rivian said a majority of the vehicles sold during the second quarter were from inventory prior to the production cost cuts, meaning most efficiency gains were not realized during that time.', 'The second-quarter results come more than a month after Rivian held an investor day that focused on cost-cutting efforts, efficiency gains and in-house technologies and software.', 'The event came days after Rivian announced plans for Volkswagen to invest up to $5 billion in the EV startup, starting with an initial investment of $1 billion.', ""Shares of Rivian are off 37% this year amid slower-than-expected demand for EVs as well as Rivian's significant cash burn."", 'The stock closed Tuesday at $14.80, up 1.3%.Rivian, which is still losing thousands of dollars for every vehicle it makes, has been focused on reducing costs.', 'Rivian CEO RJ Scaringe said in June that efficiencies earlier this year in products and manufacturing are expected to lead to 20% material cost reductions in its current vehicles, followed by 45% targeted reductions in its upcoming ""R2"" vehicles, which are projected to begin production in early 2026.Rivian\'s expenditures through the first half of the year were $537 million, including $283 million during the second quarter.', 'Rivian ended the second quarter with $9.18 billion in total liquidity, including $7.87 billion in cash, cash equivalents and short-term investments.', ""Correction: Rivian's net loss during the second quarter was $1.46 billion."", 'This amount was incorrectly stated in a previous version of the article.']",0.1287726506264529,"The second-quarter results come more than a month after Rivian held an investor day that focused on cost-cutting efforts, efficiency gains and in-house technologies and software.","Here is how the company did, compared to estimates from analysts polled by LSEG:The company's net losses widened during the second quarter to $1.46 billion, or a loss of $1.46 per share, compared with a year earlier of $1.2 billion, or a loss of $1.27 per share.",0.6038057424805381,"The stock closed Tuesday at $14.80, up 1.3%.Rivian, which is still losing thousands of dollars for every vehicle it makes, has been focused on reducing costs.",Shares of Rivian are off 37% this year amid slower-than-expected demand for EVs as well as Rivian's significant cash burn.,2024-08-12
-Why 'wardrobing' retail fraud soars in the summer,https://www.cnbc.com/2024/08/07/wardrobing-retail-fraud-soars-in-the-summer.html,2024-08-07T19:40:05+0000,"A particular type of retail fraud soars during the summer season.""Wardrobing,"" in which a shopper buys an expensive item, wears it with the tags on, and then returns the product for a refund, picks up as shoppers bolster their closets for summer vacations, according to returns management software company Optoro.""During the summer and cruise season, from July to September, we see wardrobing and overall return rates spike by two-to-three times, with swimwear alone making up between 5% and 15% of returns,"" said Amena Ali, CEO of Optoro. ""This highlights the fine line between habitual returners and fraudsters.""Forty percent of 18-to-29-year-olds wardrobe, according to Optoro data.In a November 2023 Optoro returns survey, 30% of shoppers admitted to buying an item for a specific event, only to return it after the occasion ended.The challenge for retailers is handling the items when they get them back.""For seasonal items like cruisewear and swimwear, quick, yet thorough, inspection and restocking are imperative to retain as much value as possible before the season ends,"" Ali said. ""Time sensitivity is crucial in this fight – ideally, you catch fraud in the moment, or better yet, before it happens.""Ali warned if products linger in the return process, the delay can lead to significant markdowns or the need to send items to secondary retail channels such as stores like TJ Maxx, discounters, or liquidators.Ali told CNBC that when a wardrobed item returns to a store or warehouse, the best course of action depends on its value and condition.""A $10 swim coverup returned in poor condition might not be worth the cost to clean or repair, and would likely instead be routed through recommerce, donations or recycling channels,"" said Ali. ""It's imperative that items clearly worn for a summer vacation and returned don't slip through the cracks to the next customer — protecting brand perception and customer loyalty is paramount.""Scot Case, executive director of the Center for Retail Sustainability at the National Retail Federation, said wardrobing can drive up costs and waste for retailers if the product can no longer be resold. So retailers are taking action.""Some retailers are addressing the issue by reducing the amount of time consumers have to return items, by eliminating free returns or by requiring consumers to return items in-store where an employee can examine the item before a consumer receives a refund,"" said Case.Companies like Best Buy, Gap and American Eagle Outfitters use Optoro's reverse logistics artificial intelligence software to swiftly manage their returns, identify fraud and quickly restock products on store shelves to avoid discounting.""Time is literally money,"" Ali said. ""The more quickly you can turn the product, the less likely you will need to discount it. Having a smart disposition system can recover costs and maximize profitability.Stephen Lamar, CEO of the American Apparel and Footwear Association told CNBC that returns, whether due to wardrobing or other reasons, have become a key focus for retailers and brands, especially in the era of e-commerce.""Supply chain technology, powered by AI, is increasingly being deployed so that consumers can find and enjoy the fashion they want at the right price, the right quality, and the right time,"" Lamar said. ""As companies build and integrate take back programs to repair and resell used items, returns take on a new role, fueling a new circular market.""According to Optoro, 30% of the cost associated with a return is transportation. Strategies such as third-party drop-off locations and box-less, label-less returns are being used to cut down these costs.""AI and software can reduce the number of touches on a returned product by 50%,"" Ali said.Ali said using AI in an end-to-end digitized return system can also help a retailer identify a trusted shopper and get the like-new goods identified and restocked at full price.Optoro data shows approximately 95% of the goods that cannot return to resale go to a secondary channel. Five percent of products head to a landfill or for donation.""We see a wide range of numbers in terms of recovery, between improvement of 5% to 45% in certain categories, depending on the brand, but this is significant money when talking to enterprise retailers,"" said Ali. ""A global shoe manufacturer that was sending a large portion of returned inventory to destroy/recycle, was able to increase their re-commerce to the secondary channels with an improved overall recovery for that segment by 45%."" Optoro customers' top three categories returned were kitchen and dining, men's shoes and women's clothing.Return rates vary both in category and by brand or retailer. Some clients see as high as 40% return rates. Clothing leads the return category at a 25% rate, followed by bags, accessories and shoes at 18%, miscellaneous accessories at 13% and consumer electronics at 12%, according to Statista.The average value of a returned item for Optoro's customers is $85. The highest item value reported as returned in the survey was $200.Correction: This story was updated to correct the spelling of Stephen Lamar's name. A previous version misspelled it.",CNBC,07/08/2024,"['A particular type of retail fraud soars during the summer season.', '""Wardrobing,"" in which a shopper buys an expensive item, wears it with the tags on, and then returns the product for a refund, picks up as shoppers bolster their closets for summer vacations, according to returns management software company Optoro.', '""During the summer and cruise season, from July to September, we see wardrobing and overall return rates spike by two-to-three times, with swimwear alone making up between 5% and 15% of returns,"" said Amena Ali, CEO of Optoro. ""', 'This highlights the fine line between habitual returners and fraudsters.', '""Forty percent of 18-to-29-year-olds wardrobe, according to Optoro data.', 'In a November 2023 Optoro returns survey, 30% of shoppers admitted to buying an item for a specific event, only to return it after the occasion ended.', 'The challenge for retailers is handling the items when they get them back.', '""For seasonal items like cruisewear and swimwear, quick, yet thorough, inspection and restocking are imperative to retain as much value as possible before the season ends,"" Ali said. ""', 'Time sensitivity is crucial in this fight – ideally, you catch fraud in the moment, or better yet, before it happens.', '""Ali warned if products linger in the return process, the delay can lead to significant markdowns or the need to send items to secondary retail channels such as stores like TJ Maxx, discounters, or liquidators.', 'Ali told CNBC that when a wardrobed item returns to a store or warehouse, the best course of action depends on its value and condition.', '""A $10 swim coverup returned in poor condition might not be worth the cost to clean or repair, and would likely instead be routed through recommerce, donations or recycling channels,"" said Ali. ""', ""It's imperative that items clearly worn for a summer vacation and returned don't slip through the cracks to the next customer — protecting brand perception and customer loyalty is paramount."", '""Scot Case, executive director of the Center for Retail Sustainability at the National Retail Federation, said wardrobing can drive up costs and waste for retailers if the product can no longer be resold.', 'So retailers are taking action.', '""Some retailers are addressing the issue by reducing the amount of time consumers have to return items, by eliminating free returns or by requiring consumers to return items in-store where an employee can examine the item before a consumer receives a refund,"" said Case.', ""Companies like Best Buy, Gap and American Eagle Outfitters use Optoro's reverse logistics artificial intelligence software to swiftly manage their returns, identify fraud and quickly restock products on store shelves to avoid discounting."", '""Time is literally money,"" Ali said. ""', 'The more quickly you can turn the product, the less likely you will need to discount it.', 'Having a smart disposition system can recover costs and maximize profitability.', 'Stephen Lamar, CEO of the American Apparel and Footwear Association told CNBC that returns, whether due to wardrobing or other reasons, have become a key focus for retailers and brands, especially in the era of e-commerce.', '""Supply chain technology, powered by AI, is increasingly being deployed so that consumers can find and enjoy the fashion they want at the right price, the right quality, and the right time,"" Lamar said. ""', 'As companies build and integrate take back programs to repair and resell used items, returns take on a new role, fueling a new circular market.', '""According to Optoro, 30% of the cost associated with a return is transportation.', 'Strategies such as third-party drop-off locations and box-less, label-less returns are being used to cut down these costs.', '""AI and software can reduce the number of touches on a returned product by 50%,"" Ali said.', 'Ali said using AI in an end-to-end digitized return system can also help a retailer identify a trusted shopper and get the like-new goods identified and restocked at full price.', 'Optoro data shows approximately 95% of the goods that cannot return to resale go to a secondary channel.', 'Five percent of products head to a landfill or for donation.', '""We see a wide range of numbers in terms of recovery, between improvement of 5% to 45% in certain categories, depending on the brand, but this is significant money when talking to enterprise retailers,"" said Ali. ""', 'A global shoe manufacturer that was sending a large portion of returned inventory to destroy/recycle, was able to increase their re-commerce to the secondary channels with an improved overall recovery for that segment by 45%.""Optoro customers\' top three categories returned were kitchen and dining, men\'s shoes and women\'s clothing.', 'Return rates vary both in category and by brand or retailer.', 'Some clients see as high as 40% return rates.', 'Clothing leads the return category at a 25% rate, followed by bags, accessories and shoes at 18%, miscellaneous accessories at 13% and consumer electronics at 12%, according to Statista.', ""The average value of a returned item for Optoro's customers is $85."", ""The highest item value reported as returned in the survey was $200.Correction: This story was updated to correct the spelling of Stephen Lamar's name."", 'A previous version misspelled it.']",0.1251934768749259,Ali said using AI in an end-to-end digitized return system can also help a retailer identify a trusted shopper and get the like-new goods identified and restocked at full price.,"""Scot Case, executive director of the Center for Retail Sustainability at the National Retail Federation, said wardrobing can drive up costs and waste for retailers if the product can no longer be resold.",0.5223619426999774,"A global shoe manufacturer that was sending a large portion of returned inventory to destroy/recycle, was able to increase their re-commerce to the secondary channels with an improved overall recovery for that segment by 45%.""Optoro customers' top three categories returned were kitchen and dining, men's shoes and women's clothing.","""Ali warned if products linger in the return process, the delay can lead to significant markdowns or the need to send items to secondary retail channels such as stores like TJ Maxx, discounters, or liquidators.",2024-08-12
-Equinox Group-owned gym chain Blink Fitness files for bankruptcy protection,https://www.cnbc.com/2024/08/12/equinox-gym-blink-fitness-bankruptcy.html,2024-08-12T18:46:45+0000,"Blink Fitness, a budget-friendly gym chain owned by luxury fitness company Equinox Group, has filed for Chapter 11 bankruptcy protection.The fitness brand, with more than 100 centers in the U.S., is the latest chain to seek bankruptcy post-pandemic, following companies such as New York Sports Club, 24 Hour Fitness and Gold's Gym.The company plans to sell its business and has listed its assets and liabilities at $100 million and $500 million, respectively. It plans to continue to operate its fitness centers during the sale process, according to a release.""Over the last several months, we have been focused on strengthening Blink's financial foundation and positioning the business for long-term success,"" Guy Harkless, CEO and president of Blink Fitness said in a statement. ""After evaluating our options, the Board and management team determined that using the court-supervised process to optimize the Company's footprint and effectuate a sale of the business is the best path forward.""This is not the first move by Equinox Group to improve the company's finances. Luxury fitness center Equinox, which falls in the group's holdings alongside brands such as SoulCycle and Pure Yoga, completed a $1.8 billion funding round in March, in part to refinance its $1.2 billion of debt.The company, which is not publicly traded, said it saw a 27% revenue increase in 2023 and that it has seen membership levels almost fully return to pre-pandemic levels. Equinox has a current pipeline to open more than two dozen new locations globally.Earlier this year, Equinox also launched a $40,000 annual gym membership aimed at its most affluent member base in an effort to improve its finances as well.This all comes as a CNBC/Generation Lab Youth and Money Poll — which polled 1,034 people ages 18 to 34 in the U.S. in August — showed that roughly one-third of Americans in that age range spend between $1 and $50 a month on exercise and fitness, while 47% report spending ""nothing at all.""Blink offers membership ranging between $17 and $39 per month depending on the location and competes with other budget gym chains such as Planet Fitness, which raised the price of its base membership to $15 per month back in June.Unlike Blink, Planet Fitness reported strong membership growth of 7% year over year in its second quarter to reach a total of 19.7 million members. Planet Fitness shares recently hit a 52-week high, reaching levels not seen since May 2023.",CNBC,12/08/2024,"['Blink Fitness, a budget-friendly gym chain owned by luxury fitness company Equinox Group, has filed for Chapter 11 bankruptcy protection.', ""The fitness brand, with more than 100 centers in the U.S., is the latest chain to seek bankruptcy post-pandemic, following companies such as New York Sports Club, 24 Hour Fitness and Gold's Gym."", 'The company plans to sell its business and has listed its assets and liabilities at $100 million and $500 million, respectively.', 'It plans to continue to operate its fitness centers during the sale process, according to a release.', '""Over the last several months, we have been focused on strengthening Blink\'s financial foundation and positioning the business for long-term success,"" Guy Harkless, CEO and president of Blink Fitness said in a statement. ""', ""After evaluating our options, the Board and management team determined that using the court-supervised process to optimize the Company's footprint and effectuate a sale of the business is the best path forward."", '""This is not the first move by Equinox Group to improve the company\'s finances.', ""Luxury fitness center Equinox, which falls in the group's holdings alongside brands such as SoulCycle and Pure Yoga, completed a $1.8 billion funding round in March, in part to refinance its $1.2 billion of debt."", 'The company, which is not publicly traded, said it saw a 27% revenue increase in 2023 and that it has seen membership levels almost fully return to pre-pandemic levels.', 'Equinox has a current pipeline to open more than two dozen new locations globally.', 'Earlier this year, Equinox also launched a $40,000 annual gym membership aimed at its most affluent member base in an effort to improve its finances as well.', 'This all comes as a CNBC/Generation Lab Youth and Money Poll — which polled 1,034 people ages 18 to 34 in the U.S. in August — showed that roughly one-third of Americans in that age range spend between $1 and $50 a month on exercise and fitness, while 47% report spending ""nothing at all.', '""Blink offers membership ranging between $17 and $39 per month depending on the location and competes with other budget gym chains such as Planet Fitness, which raised the price of its base membership to $15 per month back in June.', 'Unlike Blink, Planet Fitness reported strong membership growth of 7% year over year in its second quarter to reach a total of 19.7 million members.', 'Planet Fitness shares recently hit a 52-week high, reaching levels not seen since May 2023.']",0.4593325616262407,"""Over the last several months, we have been focused on strengthening Blink's financial foundation and positioning the business for long-term success,"" Guy Harkless, CEO and president of Blink Fitness said in a statement. """,,0.999417319893837,"The company, which is not publicly traded, said it saw a 27% revenue increase in 2023 and that it has seen membership levels almost fully return to pre-pandemic levels.",,2024-08-12
-"Warner Bros. Discovery stock falls as it writes down $9.1 billion, misses estimates",https://www.cnbc.com/2024/08/07/warner-bros-discovery-wbd-earnings-q2-2024.html,2024-08-07T21:56:56+0000,"In this articleWarner Bros. Discovery's stock dropped Wednesday after it reported a $9.1 billion write-down on its TV networks and missed analyst estimates on revenue.Here is how Warner Bros. Discovery performed, based on a survey of analysts by LSEG:The company's shares were down roughly 9% in aftermarket trading.Warner Bros. Discovery on Wednesday reported the non-cash goodwill impairment charge, which was triggered by the reevaluation of the book value of the TV networks segment. The book value was higher than the market value as traditional TV networks continue to see customers flee and advertisers are opting to spend on digital and streaming instead.""While I am certainly not dismissive of the magnitude of this impairment, I believe it's equally important to recognize that the flip side of this reflects the value shift across business models,"" said CFO Gunnar Wiedenfels on Wednesday's earnings call, adding that the company is focusing on growth in the studios and streaming units.He said Warner Bros. Discovery's balance sheet carries a significant amount of goodwill stemming from mergers and acquisitions, namely the combination of Warner Bros. and Discovery in 2022.""It's fair to say that even two years ago market valuations and prevailing conditions for legacy media companies were quite different than they are today, and this impairment acknowledges this and better aligns our carrying values with our future outlook,"" CEO David Zaslav said on Wednesday's call.Executives highlighted Warner Bros. Discovery's continued mission of paying down debt, much of which stems from the 2022 merger. During the second quarter the company paid down $1.8 billion in debt. As of June 30, it had $41.4 billion in gross debt and $3.6 billion cash on hand.The company also noted uncertainty surrounding future sports rights renewals, including the NBA. Warner Bros. Discovery sued the NBA in July, looking to forcibly invoke its matching rights on a package of games earmarked for Amazon's Prime Video as part of the league's new media rights deal.Revenue for Warner Bros. Discovery's TV networks — a portfolio that includes TBS, TNT, Discovery and TLC — was down 8% to $5.27 billion during the second quarter, with both distribution and advertising revenue down in the segment.However, the company's streaming business, centered around the platform Max, was a bright spot.The company said Wednesday it added 3.6 million subscribers during the quarter ended June 30, bringing its total number of global streaming customers to 103.3 million.The international expansion lifting subscriber growth, as well as increased ad spending on streaming, is propelling its streaming business toward profitability, executives said Wednesday, with the expectation that it would continue.Zaslav also touted the streaming bundles Warner Bros. Discovery is forming — an entertainment pairing with Disney's Disney+ and Hulu — and a sports bundle with Disney's ESPN and Fox set to launch this fall.Still, direct-to-consumer streaming revenue decreased 5% to $2.57 billion, driven by content revenue dropping 70% due to a lower volume of third-party licensing deals. Yet advertising revenue for streaming was up 99%, the company said, driven by higher domestic engagement on Max, and ad-supported subscriber growth. Global revenue also increased 4% driven by the ad tier.Total revenue for the quarter was down 6% to $9.7 billion. Total adjusted earnings before interest, taxes, depreciation and amortization decreased 15% to $1.8 billion.Correction: This article has been updated to reflect that Warner Bros. Discovery's revenue was $9.7 billion for the quarter.",CNBC,07/08/2024,"[""In this articleWarner Bros. Discovery's stock dropped Wednesday after it reported a $9.1 billion write-down on its TV networks and missed analyst estimates on revenue."", ""Here is how Warner Bros. Discovery performed, based on a survey of analysts by LSEG:The company's shares were down roughly 9% in aftermarket trading."", 'Warner Bros. Discovery on Wednesday reported the non-cash goodwill impairment charge, which was triggered by the reevaluation of the book value of the TV networks segment.', 'The book value was higher than the market value as traditional TV networks continue to see customers flee and advertisers are opting to spend on digital and streaming instead.', '""While I am certainly not dismissive of the magnitude of this impairment, I believe it\'s equally important to recognize that the flip side of this reflects the value shift across business models,"" said CFO Gunnar Wiedenfelson Wednesday\'s earnings call, adding that the company is focusing on growth in the studios and streaming units.', 'He said Warner Bros. Discovery\'s balance sheet carries a significant amount of goodwill stemming from mergers and acquisitions, namely the combination of Warner Bros. and Discovery in 2022.""It\'s fair to say that even two years ago market valuations and prevailing conditions for legacy media companies were quite different than they are today, and this impairment acknowledges this and better aligns our carrying values with our future outlook,"" CEO David Zaslav said on Wednesday\'s call.', ""Executives highlighted Warner Bros. Discovery's continued mission of paying down debt, much of which stems from the 2022 merger."", 'During the second quarter the company paid down $1.8 billion in debt.', 'As of June 30, it had $41.4 billion in gross debt and $3.6 billion cash on hand.', 'The company also noted uncertainty surrounding future sports rights renewals, including the NBA.', ""Warner Bros. Discovery sued the NBA in July, looking to forcibly invoke its matching rights on a package of games earmarked for Amazon's Prime Video as part of the league's new media rights deal."", ""Revenue for Warner Bros. Discovery's TV networks — a portfolio that includes TBS, TNT, Discovery and TLC — was down 8% to $5.27 billion during the second quarter, with both distribution and advertising revenue down in the segment."", ""However, the company's streaming business, centered around the platform Max, was a bright spot."", 'The company said Wednesday it added 3.6 million subscribers during the quarter ended June 30, bringing its total number of global streaming customers to 103.3 million.', 'The international expansion lifting subscriber growth, as well as increased ad spending on streaming, is propelling its streaming business toward profitability, executives said Wednesday, with the expectation that it would continue.', ""Zaslav also touted the streaming bundles Warner Bros. Discovery is forming — an entertainment pairing with Disney's Disney+ and Hulu — and a sports bundle with Disney's ESPN and Fox set to launch this fall."", 'Still, direct-to-consumer streaming revenue decreased 5% to $2.57 billion, driven by content revenue dropping 70% due to a lower volume of third-party licensing deals.', 'Yet advertising revenue for streaming was up 99%, the company said, driven by higher domestic engagement on Max, and ad-supported subscriber growth.', 'Global revenue also increased 4% driven by the ad tier.', 'Total revenue for the quarter was down 6% to $9.7 billion.', 'Total adjusted earnings before interest, taxes, depreciation and amortization decreased 15% to $1.8 billion.', ""Correction: This article has been updated to reflect that Warner Bros. Discovery's revenue was $9.7 billion for the quarter.""]",0.2196307088934674,"He said Warner Bros. Discovery's balance sheet carries a significant amount of goodwill stemming from mergers and acquisitions, namely the combination of Warner Bros. and Discovery in 2022.""It's fair to say that even two years ago market valuations and prevailing conditions for legacy media companies were quite different than they are today, and this impairment acknowledges this and better aligns our carrying values with our future outlook,"" CEO David Zaslav said on Wednesday's call.","Executives highlighted Warner Bros. Discovery's continued mission of paying down debt, much of which stems from the 2022 merger.",0.020770214498043,"Yet advertising revenue for streaming was up 99%, the company said, driven by higher domestic engagement on Max, and ad-supported subscriber growth.",In this articleWarner Bros. Discovery's stock dropped Wednesday after it reported a $9.1 billion write-down on its TV networks and missed analyst estimates on revenue.,2024-08-12
-"CVS slashes profit guidance, will cut $2 billion in expenses as insurance costs climb",https://www.cnbc.com/2024/08/07/cvs-health-cvs-earnings-q2-2024.html,2024-08-07T13:26:10+0000,"In this articleCVS Health on Wednesday slashed its full-year profit outlook again and announced a new plan to cut $2 billion in expenses over several years as higher medical costs squeeze the company and the broader U.S. insurance industry.The cost-cutting plan will streamline the company's operations, increase the use of artificial intelligence and automation and ""rationalize"" its business portfolio, among other efforts, executives said during an earnings call Wednesday.The retail drugstore chain also said Aetna President Brian Kane, the top executive at the CVS-owned insurance unit, will leave the company immediately based on the current performance and outlook for the segment.CVS CEO Karen Lynch will take over management of the business and CFO Thomas Cowhey will also help to oversee it. Katerina Guerraz, CVS Health's chief strategy officer and head of enterprise affairs, will also become the insurance unit's chief operating officer.""We are disappointed by the current performance and outlook for the health-care benefit segment, and I have decided to make leadership changes effective immediately,"" Lynch said on the call. She later added that the company is ""committed to returning health-care benefits to its rightful place, and will drive execution and address the challenges facing this business.""The company expects 2024 adjusted earnings of $6.40 to $6.65 per share, down from previous guidance of at least $7 per share. Analysts surveyed by LSEG were expecting full-year adjusted profit of $6.97 per share. CVS also cut its unadjusted earnings guidance to a range of $4.95 to $5.20 per share, down from at least $5.64 per share. It marks the third consecutive quarter that the company has lowered its 2024 profit guidance. CVS said its new outlook reflects continued pressure on its health insurance segment, which is seeing increased medical costs and the ""unfavorable impact"" of the company's Medicare Advantage star ratings. Those ratings help Medicare patients compare the quality of Medicare health and drug plans. CVS owns health insurer Aetna. The company's insurance division includes plans by Aetna for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision.Medical costs in the second half of the year could be higher than those in the first, which the new guidance reflects, Cowhey said during the call.Cowhey added that if medical costs remain high, the company may be required to take an in-year premium deficiency reserve in its Medicare business for 2024. That is a liability that an insurer may need to cover if future premiums are not enough to pay for anticipated claims and expenses. A potential premium deficiency reserve could ""change the cadence of earnings between third and fourth quarters,"" he said.Insurers such as UnitedHealth Group, Humana and Elevance Health have seen medical costs spike as more Medicare Advantage patients return to hospitals for procedures they delayed during the pandemic, such as joint and hip replacements. Medicare Advantage, a privately run health insurance plan contracted by the federal Medicare program, has long been a driver of growth and profits for the insurance industry. But Wall Street has become more concerned about the runaway costs associated with those plans, which cover more than half of all Medicare beneficiaries. Here's what CVS reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: The company posted net income of $1.77 billion, or $1.41 per share, for the second quarter. That compares with net income of $1.90 billion, or $1.48 per share, for the year-earlier period. Excluding certain items, such as amortization of intangible assets and capital losses, adjusted earnings per share were $1.83 for the quarter.CVS reported sales of $91.23 billion for the quarter, up 2.6% from the same period a year ago due to growth in its pharmacy business and insurance unit. The company noted that sales in its health services segment, which includes its pharmacy benefit manager Caremark, declined during the second quarter. CVS cited price improvements for pharmacy clients and the loss of a large unnamed client.  Caremark negotiates drug discounts with manufacturers on behalf of insurance plans and creates lists of medications — or formularies — that are covered by insurance and reimburses pharmacies for prescriptions.Tyson Foods in January said it had dropped CVS Caremark and instead chose PBM startup Rightway to manage drug benefits for its 140,000 employees starting in 2024. Months earlier, Blue Shield of California, one of the largest insurers in the most populous U.S. state, also dropped Caremark to partner with Amazon Pharmacy and Mark Cuban's Cost Plus Drugs company. Those decisions represent a larger upheaval in the health-care industry, as startups and the government work to increase transparency and lower costs for U.S. patients. CVS' insurance segment generated $32.48 billion in revenue during the quarter, a more than 21% increase from the second quarter of 2023.Sales were in line with analysts' estimate of $32.37 billion for the period, according to StreetAccount. But the division reported adjusted operating income of just $938 million for the second quarter. That is below analysts' expectation of $962 million for the period, StreetAccount said. The insurance unit's medical benefit ratio — a measure of total medical expenses paid relative to premiums collected — increased to 89.6% from 86.2% a year earlier. A lower ratio typically indicates that a company collected more in premiums than it paid out in benefits, resulting in higher profitability.That ratio came in lower than the 90.1% that analysts had expected, according to StreetAccount. CVS' health services segment generated $42.17 billion in revenue for the quarter, down nearly 9% compared with the same quarter in 2023. Those sales were above analysts' estimate of $41.25 billion for the period, according to StreetAccount. The health services division processed 471.2 million pharmacy claims during the quarter, down from 576.6 million during the year-ago period. CVS' pharmacy and consumer wellness division booked $29.84 billion in sales for the first quarter, up more than 3% from the same period a year earlier. That unit dispenses prescriptions in CVS' more than 9,000 retail pharmacies and provides other pharmacy services, such as vaccinations and diagnostic testing. Analysts had expected the division to bring in $30.22 billion in sales, according to StreetAccount.The rise was partly driven by increased prescription volume, CVS said. Pharmacy reimbursement pressure, the launch of new generic drugs and decreased front-store volume, among other factors, weighed on the unit's sales.",CNBC,07/08/2024,"['In this articleCVS Health on Wednesday slashed its full-year profit outlook again and announced a new plan to cut $2 billion in expenses over several years as higher medical costs squeeze the company and the broader U.S. insurance industry.', 'The cost-cutting plan will streamline the company\'s operations, increase the use of artificial intelligence and automation and ""rationalize"" its business portfolio, among other efforts, executives said during an earnings call Wednesday.', 'The retail drugstore chain also said Aetna President Brian Kane, the top executive at the CVS-owned insurance unit, will leave the company immediately based on the current performance and outlook for the segment.', 'CVS CEO Karen Lynch will take over management of the business and CFO Thomas Cowhey will also help to oversee it.', ""Katerina Guerraz, CVS Health's chief strategy officer and head of enterprise affairs, will also become the insurance unit's chief operating officer."", '""We are disappointed by the current performance and outlook for the health-care benefit segment, and I have decided to make leadership changes effective immediately,"" Lynch said on the call.', 'She later added that the company is ""committed to returning health-care benefits to its rightful place, and will drive execution and address the challenges facing this business.', '""The company expects 2024 adjusted earnings of $6.40 to $6.65 per share, down from previous guidance of at least $7 per share.', 'Analysts surveyed by LSEG were expecting full-year adjusted profit of $6.97 per share.', 'CVS also cut its unadjusted earnings guidance to a range of $4.95 to $5.20 per share, down from at least $5.64 per share.', 'It marks the third consecutive quarter that the company has lowered its 2024 profit guidance.', 'CVS said its new outlook reflects continued pressure on its health insurance segment, which is seeing increased medical costs and the ""unfavorable impact"" of the company\'s Medicare Advantage star ratings.', 'Those ratings help Medicare patients compare the quality of Medicare health and drug plans.', 'CVS owns health insurer Aetna.', ""The company's insurance division includes plans by Aetna for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision."", 'Medical costs in the second half of the year could be higher than those in the first, which the new guidance reflects, Cowhey said during the call.', 'Cowhey added that if medical costs remain high, the company may be required to take an in-year premium deficiency reserve in its Medicare business for 2024.', 'That is a liability that an insurer may need to cover if future premiums are not enough to pay for anticipated claims and expenses.', 'A potential premium deficiency reserve could ""change the cadence of earnings between third and fourth quarters,"" he said.', 'Insurers such as UnitedHealth Group, Humana and Elevance Health have seen medical costs spike as more Medicare Advantage patients return to hospitals for procedures they delayed during the pandemic, such as joint and hip replacements.', 'Medicare Advantage, a privately run health insurance plan contracted by the federal Medicare program, has long been a driver of growth and profits for the insurance industry.', 'But Wall Street has become more concerned about the runaway costs associated with those plans, which cover more than half of all Medicare beneficiaries.', ""Here's what CVS reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:The company posted net income of $1.77 billion, or $1.41 per share, for the second quarter."", 'That compares with net income of $1.90 billion, or $1.48 per share, for the year-earlier period.', 'Excluding certain items, such as amortization of intangible assets and capital losses, adjusted earnings per share were $1.83 for the quarter.', 'CVS reported sales of $91.23 billion for the quarter, up 2.6% from the same period a year ago due to growth in its pharmacy business and insurance unit.', 'The company noted that sales in its health services segment, which includes its pharmacy benefit manager Caremark, declined during the second quarter.', 'CVS cited price improvements for pharmacy clients and the loss of a large unnamed client.', 'Caremark negotiates drug discounts with manufacturers on behalf of insurance plans and creates lists of medications — or formularies — that are covered by insurance and reimburses pharmacies for prescriptions.', 'Tyson Foods in January said it had dropped CVS Caremark and instead chose PBM startup Rightway to manage drug benefits for its 140,000 employees starting in 2024.', ""Months earlier, Blue Shield of California, one of the largest insurers in the most populous U.S. state, also dropped Caremark to partner with Amazon Pharmacy and Mark Cuban's Cost Plus Drugs company."", 'Those decisions represent a larger upheaval in the health-care industry, as startups and the government work to increase transparency and lower costs for U.S. patients.', ""CVS' insurance segment generated $32.48 billion in revenue during the quarter, a more than 21% increase from the second quarter of 2023.Sales were in line with analysts' estimate of $32.37 billion for the period, according to StreetAccount."", 'But the division reported adjusted operating income of just $938 million for the second quarter.', ""That is below analysts' expectation of $962 million for the period, StreetAccount said."", ""The insurance unit's medical benefit ratio — a measure of total medical expenses paid relative to premiums collected — increased to 89.6% from 86.2% a year earlier."", 'A lower ratio typically indicates that a company collected more in premiums than it paid out in benefits, resulting in higher profitability.', 'That ratio came in lower than the 90.1% that analysts had expected, according to StreetAccount.', ""CVS' health services segment generated $42.17 billion in revenue for the quarter, down nearly 9% compared with the same quarter in 2023.Those sales were above analysts' estimate of $41.25 billion for the period, according to StreetAccount."", 'The health services division processed 471.2 million pharmacy claims during the quarter, down from 576.6 million during the year-ago period.', ""CVS' pharmacy and consumer wellness division booked $29.84 billion in sales for the first quarter, up more than 3% from the same period a year earlier."", ""That unit dispenses prescriptions in CVS' more than 9,000 retail pharmacies and provides other pharmacy services, such as vaccinations and diagnostic testing."", 'Analysts had expected the division to bring in $30.22 billion in sales, according to StreetAccount.', 'The rise was partly driven by increased prescription volume, CVS said.', ""Pharmacy reimbursement pressure, the launch of new generic drugs and decreased front-store volume, among other factors, weighed on the unit's sales.""]",0.2619896627312385,"The company's insurance division includes plans by Aetna for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision.","That ratio came in lower than the 90.1% that analysts had expected, according to StreetAccount.",-0.0472564473748207,The insurance unit's medical benefit ratio — a measure of total medical expenses paid relative to premiums collected — increased to 89.6% from 86.2% a year earlier.,"CVS' health services segment generated $42.17 billion in revenue for the quarter, down nearly 9% compared with the same quarter in 2023.Those sales were above analysts' estimate of $41.25 billion for the period, according to StreetAccount.",2024-08-12
-"Disney raises streaming prices for Hulu, Disney+ and ESPN+",https://www.cnbc.com/2024/08/06/disney-raises-streaming-prices.html,2024-08-06T17:52:05+0000,"In this articleDisney is raising prices on its streaming platforms.Starting mid-October, most plans for Disney+, Hulu and ESPN+ will cost $1 to $2 more per month, according to a press release Tuesday. The most expensive plans for Hulu, which include live TV, will cost $6 more per month.Disney+ basic and premium will be priced at $9.99 and $15.99, respectively. Hulu with ads will cost $9.99 monthly, while Hulu without adds will cost $18.99 per month. ESPN+, which features ads, will cost $11.99 per month.The price hikes come as Disney continues to push its customers toward bundles to get a bigger bang for their buck.For some time, Disney has offered a bundle of its own services, either Hulu and Disney+, or the two streaming services plus ESPN+. The existing bundle of Disney+ and Hulu, with ads, will also get a price hike this fall, up $1 to $10.99 per month. The same bundle without ads won't see any price increase from the current rate of $19.99 per month.Disney has also partnered with Warner Bros. Discovery to offer a bundle, which will include Disney+, Hulu and Max. In July, the companies announced the bundle would be available for $16.99 with ads, and $29.99 commercial free, noting ""a savings of 38% compared with the price of the services purchased separately.""Disney also aims to entice subscribers with ABC News Live and a playlist featuring preschool content, available to all subscribers starting Sept. 4, according to the release Tuesday. The company plans to introduce four more curated playlists for premium subscribers.""Playlists are the latest example of how we're providing the best value and experience for our subscribers every time they open Disney+,"" Alisa Bowen, president of the streaming platform, said in the news release.Disney reports its fiscal third-quarter earnings before the bell on Wednesday.",CNBC,06/08/2024,"['In this articleDisney is raising prices on its streaming platforms.', 'Starting mid-October, most plans for Disney+, Hulu and ESPN+ will cost $1 to $2 more per month, according to a press release Tuesday.', 'The most expensive plans for Hulu, which include live TV, will cost $6 more per month.', 'Disney+ basic and premium will be priced at $9.99 and $15.99, respectively.', 'Hulu with ads will cost $9.99 monthly, while Hulu without adds will cost $18.99 per month.', 'ESPN+, which features ads, will cost $11.99 per month.', 'The price hikes come as Disney continues to push its customers toward bundles to get a bigger bang for their buck.', 'For some time, Disney has offered a bundle of its own services, either Hulu and Disney+, or the two streaming services plus ESPN+.', 'The existing bundle of Disney+ and Hulu, with ads, will also get a price hike this fall, up $1 to $10.99 per month.', ""The same bundle without ads won't see any price increase from the current rate of $19.99 per month."", 'Disney has also partnered with Warner Bros. Discovery to offer a bundle, which will include Disney+, Hulu and Max.', 'In July, the companies announced the bundle would be available for $16.99 with ads, and $29.99 commercial free, noting ""a savings of 38% compared with the price of the services purchased separately.', '""Disney also aims to entice subscribers with ABC News Live and a playlist featuring preschool content, available to all subscribers starting Sept. 4, according to the release Tuesday.', 'The company plans to introduce four more curated playlists for premium subscribers.', '""Playlists are the latest example of howwe\'re providing the best value and experience for our subscribers every time they open Disney+,"" Alisa Bowen, president of the streaming platform, said in the news release.', 'Disney reports its fiscal third-quarter earnings before the bell on Wednesday.']",0.120858545391123,"""Playlists are the latest example of howwe're providing the best value and experience for our subscribers every time they open Disney+,"" Alisa Bowen, president of the streaming platform, said in the news release.",,0.603803837299347,"The existing bundle of Disney+ and Hulu, with ads, will also get a price hike this fall, up $1 to $10.99 per month.",In this articleDisney is raising prices on its streaming platforms.,2024-08-12
-Cannabis: Drug production booming in UK's empty high streets,https://www.bbc.co.uk/news/articles/c2x0x6ypgneo,2024-08-09T04:51:02.864Z,"Organised-crime groups have been targeting empty shops and pubs in town centres to grow cannabis on an industrial scale, say police bosses. Over the past year, raids have been carried out in dozens of properties, from an old toy shop in Ayr, Scotland, to a former bank in Welshpool, Powys. Vacant restaurants, cafes, nightclubs, bingo halls and office buildings have all been used to grow the drug, according to the National Police Chiefs' Council. In Newport, south Wales, criminals used several floors of a former department store on the main shopping street to grow more than 3,000 cannabis plants. The street value of the cannabis grown in just that one former store was an estimated £2m. Estate agents, electricians and tradespeople have been warned they face prosecution if they help gangs convert the buildings to cannabis farms. Chief Constable Richard Lewis, the National Police Chiefs' Council’s national lead on drugs, said the decline of many high streets in recent years had created an opportunity for criminals. ""Commercial properties are attractive to organised-crime groups for a whole host of reasons,"" he explained. ""Large-scale shops have closed down and therefore the footprint to produce cannabis on a larger scale becomes available."" Mr Lewis said the lack of footfall during the evening meant the cannabis farms could go undetected. ""You don't see large numbers of people in the evening any more... neighbours in residential properties would notice things more readily,"" he said.  Last year there was an intensification of police operations to target cannabis farms, with the issue of 1,000 warrants and nearly 1,000 arrests. Gwent Police has successfully raided several cannabis farms in Newport city centre, the largest of which was the former Wildings department store which closed in 2019. ""It was done over several floors over many levels, and clearly would have taken some time to set up,"" said Sgt Dan Wise. He said he had witnessed a transformation in recent years, as gangs targeted empty retail sites in the city which had one of the UK’s highest vacancy rates in the wake of the Covid pandemic. Last year, analysis from the Welsh Retail Consortium showed that more than one in six shops in Wales is empty. ""Let's be brutally honest, we're talking organised crime groups here and the ability to operate on a much bigger scale and level,"" added Sgt Wise.  Earlier this year, the police worked with Newport City Council to set up a database of buildings which might be vulnerable to use by gangs. According to the National Police Chiefs’ Council, forces are being proactive in shutting down the cannabis farms and that does not just mean going after those who grow cannabis. ""We've also prosecuted landlords of these places who at best may be turning a blind eye to what's happening,"" said Mr Lewis. ""We've seen prosecutions of estate agents, electricians and people who have facilitated this trade. ""Of course, most of our tradespeople in the UK do a great job but there are those small minority people who do undertake these types of activities - and we do prosecute them."" Police operations have now found links between large-scale cannabis production and other offences, such as human trafficking and violent crime. Mr Lewis has urged the public to pass on intelligence to the police if they believe a property is being used to grow drugs. Some of the tell-tale signs are windows being taped-up and bright lights shining in the early hours of the morning. They may also have tents outside, he added: “The properties are too hot in order for people to be there throughout the night."" ",BBC,09/08/2024,"['Organised-crime groups have been targeting empty shops and pubs in town centres to grow cannabis on an industrial scale, say police bosses.', 'Over the past year, raids have been carried out in dozens of properties, from an old toy shop in Ayr, Scotland, to a former bank in Welshpool, Powys.', ""Vacant restaurants, cafes, nightclubs, bingo halls and office buildings have all been used to grow the drug, according to the National Police Chiefs' Council."", 'In Newport, south Wales, criminals used several floors of a former department store on the main shopping street to grow more than 3,000 cannabis plants.', 'The street value of the cannabis grown in just that one former store was an estimated £2m. Estate agents, electricians and tradespeople have been warned they face prosecution if they help gangs convert the buildings to cannabis farms.', 'Chief Constable Richard Lewis, the National Police Chiefs\' Council’s national lead on drugs, said the decline of many high streets in recent years had created an opportunity for criminals. ""', 'Commercial properties are attractive to organised-crime groups for a whole host of reasons,"" he explained. ""', 'Large-scale shops have closed down and therefore the footprint to produce cannabis on a larger scale becomes available.""', 'Mr Lewis said the lack of footfall during the evening meant the cannabis farms could go undetected. ""', 'You don\'t see large numbers of people in the evening any more... neighbours in residential properties would notice things more readily,"" he said.', 'Last year there was an intensification of police operations to target cannabis farms, with the issue of 1,000 warrants and nearly 1,000 arrests.', 'Gwent Police has successfully raided several cannabis farms in Newport city centre, the largest of which was the former Wildings department store which closed in 2019. ""', 'It was done over several floors over many levels, and clearly would have taken some time to set up,"" said Sgt Dan Wise.', 'He said he had witnessed a transformation in recent years, as gangs targeted empty retail sites in the city which had one of the UK’s highest vacancy rates in the wake of the Covid pandemic.', 'Last year, analysis from the Welsh Retail Consortium showed that more than one in six shops in Wales is empty. ""', 'Let\'s be brutally honest, we\'re talking organised crime groups here and the ability to operate on a much bigger scale and level,"" added Sgt Wise.', 'Earlier this year, the police worked with Newport City Council to set up a database of buildings which might be vulnerable to use by gangs.', 'According to the National Police Chiefs’ Council, forces are being proactive in shutting down the cannabis farms and that does not just mean going after those who grow cannabis. ""', 'We\'ve also prosecuted landlords of these places who at best may be turning a blind eye to what\'s happening,"" said Mr Lewis. ""', 'We\'ve seen prosecutions of estate agents, electricians and people who have facilitated this trade. ""', 'Of course, most of our tradespeople in the UK do a great job but there are those small minority people who do undertake these types of activities - and we do prosecute them.""', 'Police operations have now found links between large-scale cannabis production and other offences, such as human trafficking and violent crime.', 'Mr Lewis has urged the public to pass on intelligence to the police if they believe a property is being used to grow drugs.', 'Some of the tell-tale signs are windows being taped-up and bright lights shining in the early hours of the morning.', 'They may also have tents outside, he added: “The properties are too hot in order for people to be there throughout the night.""']",-0.053969164063558,"It was done over several floors over many levels, and clearly would have taken some time to set up,"" said Sgt Dan Wise.","Police operations have now found links between large-scale cannabis production and other offences, such as human trafficking and violent crime.",-0.3078781536647251,"Commercial properties are attractive to organised-crime groups for a whole host of reasons,"" he explained. ""","Chief Constable Richard Lewis, the National Police Chiefs' Council’s national lead on drugs, said the decline of many high streets in recent years had created an opportunity for criminals. """,2024-08-12
-'No tax on tips' becomes campaign issue for Trump and Harris,https://www.bbc.co.uk/news/articles/clyn511dgnjo,2024-08-12T18:32:21.879Z,"In the hotly divided US presidential campaign, a rare area of agreement has emerged: Workers’ tips should not be taxed. Former president Donald Trump, the Republican candidate, was first out of the gate with the proposal, announcing it at a rally in June.  Vice-president Kamala Harris, the Democratic opponent, came out in favour of the plan this weekend, earning her the nickname “Copy Cat Kamala” from the Trump campaign.  It is a proposal intended to win attention for the candidates from Americans who work in service industries – restaurant workers, bartenders, hairdressers, manicurists, taxi drivers and others, who often receive a significant portion of their income in tips.  Both candidates announced their support for the idea in Nevada, a state seen as a toss-up in the election. Restaurants and hotels employ more than 20% of the workforce in the state, which is known for its Las Vegas casinos. Mr Trump said he started to champion the policy after a waitress complained to him about her taxes. Republicans, who have long favoured lower taxes, adopted it as part of their official party platform and several bills are now circulating in Congress, backed by restaurant lobby groups.  Some Democrats also have voiced support - including President Joe Biden, whose press secretary said that he backed the idea a day after Ms Harris endorsed the plan. The discussion comes as electronic payments make tips easier to trace, raising the risk of failing to report or under-reporting such income, an historically common problem. For all the buzz that ending taxes on tips has generated, however, it is a relatively niche issue. Nationally, an estimated 4 million workers regularly receive tips – less than 3% of the overall workforce, according to an analysis by Yale University's Budget Lab. What’s more, a significant share of those workers – about 37% - earn so little that they do not currently pay income taxes to the federal government at all, the analysis found. Under the current law, employees are required to disclose all tips over $20 per month to their employer. The federal government then collects a share via income and payroll taxes, which fund programmes such as Social Security. (States also have their own rules about income tax.) Americans reported $38bn in tip income to the federal government in fiscal year 2018, the most recent year for which there is data.  On average, that amounted to just over $6,000 in income per taxpayer.  For some servers, however, tips can account for more than half of their hourly earnings, according to estimates from the National Employment Law Project. The financial impact is unclear: Some of the proposals in Congress focus exclusively on income tax; others would exempt tips from both income and payroll tax.  The candidates themselves have been vague.  The Tax Foundation estimates that any change would cost at least $107bn over a decade and other estimates are higher. But though eliminating taxes on tips might sound straight-forward politically, some analysts say that does not make it good policy. They argue that it would unfairly shift the tax burden to workers who do not receive tips. It also could encourage tipping to expand to new professions, which could lead to a much bigger financial impact than expected. Others argue that cutting taxes on tips would benefit employers more than workers by distracting from the real issue: that businesses do not have to pay minimum wage to staff who receive tips. ",BBC,12/08/2024,"['In the hotly divided US presidential campaign, a rare area of agreement has emerged: Workers’ tips should not be taxed.', 'Former president Donald Trump, the Republican candidate, was first out of the gate with the proposal, announcing it at a rally in June.', 'Vice-president Kamala Harris, the Democratic opponent, came out in favour of the plan this weekend, earning her the nickname “Copy Cat Kamala” from the Trump campaign.', 'It is a proposal intended to win attention for the candidates from Americans who work in service industries – restaurant workers, bartenders, hairdressers, manicurists, taxi drivers and others, who often receive a significant portion of their income in tips.', 'Both candidates announced their support for the idea in Nevada, a state seen as a toss-up in the election.', 'Restaurants and hotels employ more than 20% of the workforce in the state, which is known for its Las Vegas casinos.', 'Mr Trump said he started to champion the policy after a waitress complained to him about her taxes.', 'Republicans, who have long favoured lower taxes, adopted it as part of their official party platform and several bills are now circulating in Congress, backed by restaurant lobby groups.', 'Some Democrats also have voiced support - including President Joe Biden, whose press secretary said that he backed the idea a day after Ms Harris endorsed the plan.', 'The discussion comes as electronic payments make tips easier to trace, raising the risk of failing to report or under-reporting such income, an historically common problem.', 'For all the buzz that ending taxes on tips has generated, however, it is a relatively niche issue.', ""Nationally, an estimated 4 million workers regularly receive tips – less than 3% of the overall workforce, according to an analysis by Yale University's Budget Lab."", 'What’s more, a significant share of those workers – about 37% - earn so little that they do not currently pay income taxes to the federal government at all, the analysis found.', 'Under the current law, employees are required to disclose all tips over $20 per month to their employer.', 'The federal government then collects a share via income and payroll taxes, which fund programmes such as Social Security. (', 'States also have their own rules about income tax.)', 'Americans reported $38bn in tip income to the federal government in fiscal year 2018, the most recent year for which there is data.', 'On average, that amounted to just over $6,000 in income per taxpayer.', 'For some servers, however, tips can account for more than half of their hourly earnings, according to estimates from the National Employment Law Project.', 'The financial impact is unclear: Some of the proposals in Congress focus exclusively on income tax; others would exempt tips from both income and payroll tax.', 'The candidates themselves have been vague.', 'The Tax Foundation estimates that any change would cost at least $107bn over a decade and other estimates are higher.', 'But though eliminating taxes on tips might sound straight-forward politically, some analysts say that does not make it good policy.', 'They argue that it would unfairly shift the tax burden to workers who do not receive tips.', 'It also could encourage tipping to expand to new professions, which could lead to a much bigger financial impact than expected.', 'Others argue that cutting taxes on tips would benefit employers more than workers by distracting from the real issue: that businesses do not have to pay minimum wage to staff who receive tips.']",0.1262427954685545,"It is a proposal intended to win attention for the candidates from Americans who work in service industries – restaurant workers, bartenders, hairdressers, manicurists, taxi drivers and others, who often receive a significant portion of their income in tips.","The discussion comes as electronic payments make tips easier to trace, raising the risk of failing to report or under-reporting such income, an historically common problem.",0.0234816074371337,"It also could encourage tipping to expand to new professions, which could lead to a much bigger financial impact than expected.",The Tax Foundation estimates that any change would cost at least $107bn over a decade and other estimates are higher.,2024-08-12
-North East Mayor Kim McGuinness plans to tackle child poverty,https://www.bbc.co.uk/news/articles/cm2n07g6k7yo,2024-08-12T05:13:47.350Z,"Free school meals provided ""independently of government"" could help a region tackle child poverty, its mayor has said. Labour's Kim McGuinness is considering a range of strategies in an effort to address the rate of impoverished children across the north-east of England. She told the BBC that breakfast clubs, a mayoral childcare grant and the re-introduction of Surestart-style services could also help, alongside a focus on what she called ""structural issues"". The newly elected North East mayor said: ""We've got a really willing region, everyone wants to tackle this problem."" Ms McGuinness said removing barriers to work and training, along with reducing the area's social housing waiting list, would also contribute in the battle against poverty. The politician said her team had ""not been hanging about"" since she was elected in May. Work in progress included bringing buses back under public control, she said. ""I don't want everyone looking to one part of our region over another,"" she added. ""We are better together as as bloc. ""We've got 2.1m people and our biggest selling point is the pride we have in the region."" Town centres will also be a focus for Ms McGuinness. Newton Aycliffe residents Zoe Wilson and Marlene Symington are among those calling for improvements to their local high street. They said the town had been ""going downhill"" for years, with empty shops, and high rents were driving businesses and shoppers to other areas. ""It's a dead town, literally,"" Ms Wilson said. ""It's easier to stay at home and buy things online, which isn't helping small businesses."" Ms Symington said she had lived in the area for 40 years and had ""watched it go downhill"". Ms McGuinness said a High Streets Commission would work with businesses and residents to consider how best to improve towns like Newton Aycliffe. ""We've seen bigger shops exit our high streets and it shows how unstable they are and now much at the mercy of big brands we have been,"" she said. ""We want to be building from the foundations up, supporting people wanting to start small businesses that are more sustainable and want to work locally."" She said mayoral development corporations, such as the one in place across the Tees Valley, were being explored as an option for town centre improvements.  Follow BBC North East on X (formerly Twitter), Facebook and Instagram. Send your story ideas to northeastandcumbria@bbc.co.uk. ",BBC,12/08/2024,"['Free school meals provided ""independently of government"" could help a region tackle child poverty, its mayor has said.', ""Labour's Kim McGuinness is considering a range of strategies in an effort to address the rate of impoverished children across the north-east of England."", 'She told the BBC that breakfast clubs, a mayoral childcare grant and the re-introduction of Surestart-style services could also help, alongside a focus on what she called ""structural issues"".', 'The newly elected North East mayor said: ""We\'ve got a really willing region, everyone wants to tackle this problem.""', ""Ms McGuinness said removing barriers to work and training, along with reducing the area's social housing waiting list, would also contribute in the battle against poverty."", 'The politician said her team had ""not been hanging about"" since she was elected in May.', 'Work in progress included bringing buses back under public control, she said. ""', 'I don\'t want everyone looking to one part of our region over another,"" she added. ""', 'We are better together as as bloc. ""', 'We\'ve got 2.1m people and our biggest selling point is the pride we have in the region.""', 'Town centres will also be a focus for Ms McGuinness.', 'Newton Aycliffe residents Zoe Wilson and Marlene Symington are among those calling for improvements to their local high street.', 'They said the town had been ""going downhill"" for years, with empty shops, and high rents were driving businesses and shoppers to other areas. ""', 'It\'s a dead town, literally,"" Ms Wilson said. ""', 'It\'s easier to stay at home and buy things online, which isn\'t helping small businesses.""', 'Ms Symington said she had lived in the area for 40 years and had ""watched it go downhill"".', 'Ms McGuinness said a High Streets Commission would work with businesses and residents to consider how best to improve towns like Newton Aycliffe. ""', 'We\'ve seen bigger shops exit our high streets and it shows how unstable they are and now much at the mercy of big brands we have been,"" she said. ""', 'We want to be building from the foundations up, supporting people wanting to start small businesses that are more sustainable and want to work locally.""', 'She said mayoral development corporations, such as the one in place across the Tees Valley, were being explored as an option for town centre improvements.', 'Follow BBC North East on X (formerly Twitter), Facebook and Instagram.', 'Send your story ideas to northeastandcumbria@bbc.co.uk.']",0.1385337849809369,"Ms McGuinness said a High Streets Commission would work with businesses and residents to consider how best to improve towns like Newton Aycliffe. ""","Ms McGuinness said removing barriers to work and training, along with reducing the area's social housing waiting list, would also contribute in the battle against poverty.",0.0974655681186252,"Ms McGuinness said removing barriers to work and training, along with reducing the area's social housing waiting list, would also contribute in the battle against poverty.","They said the town had been ""going downhill"" for years, with empty shops, and high rents were driving businesses and shoppers to other areas. """,2024-08-12
-Raw-dogging on planes: Heroic or just plain stupid?,https://www.bbc.co.uk/news/articles/c5y83kj3wg2o,2024-08-10T23:54:39.939Z,"Last week, Damion Bailey posted on Instagram that he had just achieved his “personal best” – a 13-and-a-half hour flight between Shanghai and Dallas without any in-flight entertainment, films, books or music. “It’s quite tough, honestly,” the 34-year-old from Miami, Florida tells BBC News. But he keeps doing it. Mr Bailey is part of a new travel trend, known as “raw-dogging”, where passengers spend long hours mid-air just staring straight ahead.  The longer you do it, the tougher you have apparently proven yourself to be.  “Just raw-dogged it, 15 hour flight to Melbourne,"" boasts Australian music producer Torren Foot on TikTok, blinking hard as if to stay awake. ""No music, no movies, just flight map."" Some also avoid eating or drinking. A few say they won’t get up at all, even to use the toilet. But health experts warn that more extreme versions of the trend can pose serious risks.  Manchester City footballer Erling Haaland recently joined the trend, posting that he had got through a seven-hour flight with “no phone, no sleep, no water, no food” and had found it ""easy"". Responses on social media questioned if he had really stuck to his own rules (a common question on similar posts from others). Some wondered if he was a robot.  And some simply asked ""why""? Posts about “raw-dogging” have grown steadily over the last year.  Increasing numbers of young men – and it is mostly athletic-looking young men – are posting videos of themselves on board, staring at the in-flight map or the safety instructions card, vowing to use the “power of the mind” to get them through. As for the term “raw-dogging”, it might have carnal origins, but increasingly it is used for anything being done without protection or support. For these men, the appeal seems to be the opportunity to prove their resilience and self-control. Some medical experts warn of the significant health risks of taking long flights without food, water or moving around. “They’re idiots,” says Dr Gill Jenkins, a GP who also works as a medical escort in air ambulance work. “A digital detox might do you some good, but all the rest of it is against medical advice,"" she says. ""The whole thing about the risk of long-haul flying is that you’re at risk of dehydration. ""If you’re not moving you’re at risk of deep vein thrombosis, which is compounded by dehydration. Not going to the toilet, that’s a bit stupid. If you need the loo, you need the loo."" But on the trend as a whole, business psychologist Danielle Haig says she can see why people would want to spend time in quiet reflection, allowing their mind to wander, in our increasingly fast-paced, technology-driven world. “It offers an opportunity to recharge mentally, gain new perspectives,” she says. She thinks the trend signifies “a collective yearning for balance as people seek to reclaim their mental space and foster a deeper connection with their inner selves”. And she reckons that raw-dogging allows young men, in particular, the chance to showcase their ability to handle solitude and discomfort with stoicism.  Mr Bailey says he enjoys the ""challenge"". “The first time I did it was on a shorter flight, out of necessity,"" he says. ""I forgot my headphones, and there wasn’t anything on the entertainment that I wanted to watch.” But he has carried on doing it. “I like the challenge, for sure. I fly so often. Why not challenge myself?” Allowing yourself to be bored for a few hours is actually quite good for us, argues Sandi Mann, academic and author of The Science of Boredom. “It can really improve our relaxation and creativity.” People have to find ways to wean themselves off the constant “highs” they get from modern technology, she says. “We need to reduce our need for novelty and stimulation and whizzy-whizzy bang-bang dopamine, and just take time out to breathe and stare at the clouds - literally, if you're on a flight,” she says. But she acknowledges all the current advice stresses the importance of staying mobile, particularly on longer flights, and also suggests avoiding food and water would pose added health risks. “I think people need to understand this is not ideal for a seven-hour flight,"" says Ms Mann. ""You've got to get the balance right.” Clearly, it is not for everyone. “Sounds like self-inflicted torture with literally no incentive,"" says one social media user. ""Give me my in-flight wi-fi, my sleep mask and let’s throw in some snacks.”  Others doubt whether all of the people posting about their 10-hour flights really have stuck to their self-imposed rules. And some who have tried raw-dogging themselves haven’t come away impressed. ""Big mistake,"" says a user on TikTok called Brenda. ""Pretty sure the only thing that took off was my sanity. “Note to self, won’t be doing that again. Definitely an overrated experience. Not at all enlightening as people make out.” ",BBC,10/08/2024,"['Last week, Damion Bailey posted on Instagram that he had just achieved his “personal best” – a 13-and-a-half hour flight between Shanghai and Dallas without any in-flight entertainment, films, books or music. “', 'It’s quite tough, honestly,” the 34-year-old from Miami, Florida tells BBC News.', 'But he keeps doing it.', 'Mr Bailey is part of a new travel trend, known as “raw-dogging”, where passengers spend long hours mid-air just staring straight ahead.', 'The longer you do it, the tougher you have apparently proven yourself to be. “', 'Just raw-dogged it, 15 hour flight to Melbourne,"" boasts Australian music producer Torren Foot on TikTok, blinking hard as if to stay awake. ""', 'No music, no movies, just flight map.""', 'Some also avoid eating or drinking.', 'A few say they won’t get up at all, even to use the toilet.', 'But health experts warn that more extreme versions of the trend can pose serious risks.', 'Manchester City footballer Erling Haaland recently joined the trend, posting that he had got through a seven-hour flight with “no phone, no sleep, no water, no food” and had found it ""easy"".', 'Responses on social media questioned if he had really stuck to his own rules (a common question on similar posts from others).', 'Some wondered if he was a robot.', 'And some simply asked ""why""?', 'Posts about “raw-dogging” have grown steadily over the last year.', 'Increasing numbers of young men – and it is mostly athletic-looking young men – are posting videos of themselves on board, staring at the in-flight map or the safety instructions card, vowing to use the “power of the mind” to get them through.', 'As for the term “raw-dogging”, it might have carnal origins, but increasingly it is used for anything being done without protection or support.', 'For these men, the appeal seems to be the opportunity to prove their resilience and self-control.', 'Some medical experts warn of the significant health risks of taking long flights without food, water or moving around. “', 'They’re idiots,” says Dr Gill Jenkins, a GP who also works as a medical escort in air ambulance work. “', 'A digital detox might do you some good, but all the rest of it is against medical advice,"" she says. ""', 'The whole thing about the risk of long-haul flying is that you’re at risk of dehydration. ""', 'If you’re not moving you’re at risk of deep vein thrombosis, which is compounded by dehydration.', 'Not going to the toilet, that’s a bit stupid.', 'If you need the loo, you need the loo.""', 'But on the trend as a whole, business psychologist Danielle Haig says she can see why people would want to spend time in quiet reflection, allowing their mind to wander, in our increasingly fast-paced, technology-driven world. “', 'It offers an opportunity to recharge mentally, gain new perspectives,” she says.', 'She thinks the trend signifies “a collective yearning for balance as people seek to reclaim their mental space and foster a deeper connection with their inner selves”.', 'And she reckons that raw-dogging allows young men, in particular, the chance to showcase their ability to handle solitude and discomfort with stoicism.', 'Mr Bailey says he enjoys the ""challenge"". “', 'The first time I did it was on a shorter flight, out of necessity,"" he says. ""', 'I forgot my headphones, and there wasn’t anything on the entertainment that I wanted to watch.”', 'But he has carried on doing it. “', 'I like the challenge, for sure.', 'I fly so often.', 'Why not challenge myself?”', 'Allowing yourself to be bored for a few hours is actually quite good for us, argues Sandi Mann, academic and author of The Science of Boredom. “', 'It can really improve our relaxation and creativity.”', 'People have to find ways to wean themselves off the constant “highs” they get from modern technology, she says. “', ""We need to reduce our need for novelty and stimulation and whizzy-whizzy bang-bang dopamine, and just take time out to breathe and stare at the clouds - literally, if you're on a flight,” she says."", 'But she acknowledges all the current advice stresses the importance of staying mobile, particularly on longer flights, and also suggests avoiding food and water would pose added health risks. “', 'I think people need to understand this is not ideal for a seven-hour flight,"" says Ms Mann. ""', ""You've got to get the balance right.”"", 'Clearly, it is not for everyone. “', 'Sounds like self-inflicted torture with literally no incentive,"" says one social media user. ""', 'Give me my in-flight wi-fi, my sleep mask and let’s throw in some snacks.”', 'Others doubt whether all of the people posting about their 10-hour flights really have stuck to their self-imposed rules.', 'And some who have tried raw-dogging themselves haven’t come away impressed. ""', 'Big mistake,"" says a user on TikTok called Brenda. ""', 'Pretty sure the only thing that took off was my sanity. “', 'Note to self, won’t be doing that again.', 'Definitely an overrated experience.', 'Not at all enlightening as people make out.”']",0.0084975607571422,It can really improve our relaxation and creativity.”,"But she acknowledges all the current advice stresses the importance of staying mobile, particularly on longer flights, and also suggests avoiding food and water would pose added health risks. “",0.106591547236723,Posts about “raw-dogging” have grown steadily over the last year.,Definitely an overrated experience.,2024-08-12
-A week of unrest in the UK - and a week of silence from big tech,https://www.bbc.co.uk/news/articles/c3ej9e4lqp5o,2024-08-09T23:06:27.748Z,"For days, similar scenes have played out across England and parts of Northern Ireland - unrest, communities in fear, a huge police presence, with the flames being fanned by social media. For days, journalists at BBC News have been contacting big tech companies, trying to find out what they are doing about it. Whatever it is, they don't want to talk about it - the messaging app Telegram has been the only firm to issue an on-the-record statement. It is hoped the tide has started to turn on the streets. But if they hoped that by keeping quiet they would avoid further scrutiny, the tech firms may well be wrong. ""I think it is horrendous they are not taking more ownership of what is happening"", says Baroness Martha Lane Fox, one of the leading lights in the UK tech scene. She knows big tech from the inside, having sat on the board of Twitter, as it was then called. ""Generally, they don’t like getting involved in politics - it doesn’t serve them well"", she told the BBC. Given the UK is a relatively small market, in global terms, she's ""not surprised"" by the silence - but says it should not deter the government from acting. ""The lack of accountability and serious regulation that is taking this on is something I think that should alarm all of us"", she says. Very little. Meta - the company behind Facebook, Instagram and WhatsApp - has made no comment at all. TikTok, Snapchat and the messaging app Signal have also remained silent. A well-placed source at Snapchat told BBC News the company remained in close contact with the regulator, Ofcom, and the UK government. Telegram, meanwhile, was in the news after a list purporting to contain the names and address of immigration lawyers was spread online after starting life on the messaging app. The Law Society of England and Wales said it treated the list as a ""very credible threat"" to its members. Telegram did not comment specifically on the list, but did tell the BBC that its moderators were ""actively monitoring the situation and are removing channels and posts containing calls to violence"". Calls to violence were explicitly forbidden by the messaging platform's terms of service, it said. And then there is X. X, formerly Twitter, has not responded to any of our requests for comment.  In relation to the riots, there have been false claims, hate and conspiracy theories on the platform. When Elon Musk bought it in 2022, he reduced its content moderation. A year later, far-right activist Tommy Robinson, real name Stephen Yaxley-Lennon, was reinstated to X after a five-year ban. Last weekend, Robinson was posting inflammatory messages to his followers on X while relaxing in Cyprus. X may have been silent this week, but its owner has not. While commenting about the riots, Mr Musk tweeted “civil war is inevitable” - a post condemned by the spokesperson of the prime minister. Mr Musk then posted ""why aren’t all communities being protected in Britain?”, and  #TwoTierKeir – a hashtag used over accusations of ‘two-tier policing’. Mr Musk also deleted an image he had shared, which promoted a conspiracy theory about the UK building ""detainment camps"" on the Falkland Islands for rioters. ""I think that tech companies are often hesitant to wade into politically charged situations"", Matt Navarra, a social media expert, told BBC News. ""I think they fear alienating portions of their user base or becoming entangled in regulatory battles.""  He said it is a ""strategic calculation"".  ""By remaining silent, they hope the public attention will shift elsewhere, and they can avoid direct responsibility,"" he added. The companies are, he says, prioritising their bottom line over ""public safety and social responsibility"". Adam Leon Smith, Fellow of BCS, The Chartered Institute for IT said the silence was ""incredibly disrespectful"" to the public. Media analyst Hanna Kahlert at Midia Research suggested they did not want to say things in public they could for fear of being held to those comments at a later date. ""They are probably going to be very cautious about how they comment on it, because that's going to define their strategy moving forward - what they are able to do, what their algorithms promote, which for them are activities that brings in ad revenue."" More powers are coming the regulator's way via the Online Safety Act, due to come into force early next year. Ofcom published an open letter to platforms saying they should not wait until then before taking action. But some - including the mayor of London, Sadiq Khan - are already questioning whether that is enough. The prime minister said on Friday that ""we're going to have to look more broadly at social media after this disorder"". Prof Lorna Woods, a professor of internet law at the University of Essex - who helped shape the legislation - told BBC News: ""If the Act were fully in force, it wouldn't catch all the content. So while organising a riot would be caught, some of the dog whistling tactics and disinformation would not be."" According to a poll by YouGov this week, two thirds of the British public want social media firms to be held more to account. Big tech, it seems, has nothing to say. But they could find that others are taking them into a very different future in the UK. ",BBC,09/08/2024,"['For days, similar scenes have played out across England and parts of Northern Ireland - unrest, communities in fear, a huge police presence, with the flames being fanned by social media.', 'For days, journalists at BBC News have been contacting big tech companies, trying to find out what they are doing about it.', ""Whatever it is, they don't want to talk about it - the messaging app Telegram has been the only firm to issue an on-the-record statement."", 'It is hoped the tide has started to turn on the streets.', 'But if they hoped that by keeping quiet they would avoid further scrutiny, the tech firms may well be wrong. ""', 'I think it is horrendous they are not taking more ownership of what is happening"", says Baroness Martha Lane Fox, one of the leading lights in the UK tech scene.', 'She knows big tech from the inside, having sat on the board of Twitter, as it was then called. ""', 'Generally, they don’t like getting involved in politics - it doesn’t serve them well"", she told the BBC.', 'Given the UK is a relatively small market, in global terms, she\'s ""not surprised"" by the silence - but says it should not deter the government from acting. ""', 'The lack of accountability and serious regulation that is taking this on is something I think that should alarm all of us"", she says.', 'Very little.', 'Meta - the company behind Facebook, Instagram and WhatsApp - has made no comment at all.', 'TikTok, Snapchat and the messaging app Signal have also remained silent.', 'A well-placed source at Snapchat told BBC News the company remained in close contact with the regulator, Ofcom, and the UK government.', 'Telegram, meanwhile, was in the news after a list purporting to contain the names and address of immigration lawyers was spread online after starting life on the messaging app.', 'The Law Society of England and Wales said it treated the list as a ""very credible threat"" to its members.', 'Telegram did not comment specifically on the list, but did tell the BBC that its moderators were ""actively monitoring the situation and are removing channels and posts containing calls to violence"".', ""Calls to violence were explicitly forbidden by the messaging platform's terms of service, it said."", 'And then there is X. X, formerly Twitter, has not responded to any of our requests for comment.', 'In relation to the riots, there have been false claims, hate and conspiracy theories on the platform.', 'When Elon Musk bought it in 2022, he reduced its content moderation.', 'A year later, far-right activist Tommy Robinson, real name Stephen Yaxley-Lennon, was reinstated to X after a five-year ban.', 'Last weekend, Robinson was posting inflammatory messages to his followers on X while relaxing in Cyprus.', 'X may have been silent this week, but its owner has not.', 'While commenting about the riots, Mr Musk tweeted “civil war is inevitable” - a post condemned by the spokesperson of the prime minister.', 'Mr Musk then posted ""why aren’t all communities being protected in Britain?”,', 'and #TwoTierKeir – a hashtag used over accusations of ‘two-tier policing’.', 'Mr Musk also deleted an image he had shared, which promoted a conspiracy theory about the UK building ""detainment camps"" on the Falkland Islands for rioters. ""', 'I think that tech companies are often hesitant to wade into politically charged situations"", Matt Navarra, a social media expert, told BBC News. ""', 'I think they fear alienating portions of their user base or becoming entangled in regulatory battles.""', 'He said it is a ""strategic calculation"". ""', 'By remaining silent, they hope the public attention will shift elsewhere, and they can avoid direct responsibility,"" he added.', 'The companies are, he says, prioritising their bottom line over ""public safety and social responsibility"".', 'Adam Leon Smith, Fellow of BCS, The Chartered Institute for IT said the silence was ""incredibly disrespectful"" to the public.', 'Media analyst Hanna Kahlert at Midia Research suggested they did not want to say things in public they could for fear of being held to those comments at a later date. ""', 'They are probably going to be very cautious about how they comment on it, because that\'s going to define their strategy moving forward - what they are able to do, what their algorithms promote, which for them are activities that brings in ad revenue.""', ""More powers are coming the regulator's way via the Online Safety Act, due to come into force early next year."", 'Ofcom published an open letter to platforms saying they should not wait until then before taking action.', 'But some - including the mayor of London, Sadiq Khan - are already questioning whether that is enough.', 'The prime minister said on Friday that ""we\'re going to have to look more broadly at social media after this disorder"".', 'Prof Lorna Woods, a professor of internet law at the University of Essex - who helped shape the legislation - told BBC News: ""If the Act were fully in force, it wouldn\'t catch all the content.', 'So while organising a riot would be caught, some of the dog whistling tactics and disinformation would not be.""', 'According to a poll by YouGov this week, two thirds of the British public want social media firms to be held more to account.', 'Big tech, it seems, has nothing to say.', 'But they could find that others are taking them into a very different future in the UK.']",-0.1167768718957141,"Generally, they don’t like getting involved in politics - it doesn’t serve them well"", she told the BBC.","In relation to the riots, there have been false claims, hate and conspiracy theories on the platform.",-0.8697844876183404,,"The lack of accountability and serious regulation that is taking this on is something I think that should alarm all of us"", she says.",2024-08-12
-"Delta Airlines laces into CrowdStrike, says it lost $500m",https://www.bbc.co.uk/news/articles/c6284e7r7d7o,2024-08-09T02:57:57.920Z,"Delta Airlines has expressed frustration with CrowdStrike in a new letter on Thursday, as the two companies continue to trade jabs after last month's global network failure. The US-based carrier accused the cybersecurity company of ""negligence"", saying it was forced to cancel thousands of flights because and had lost at least $500m (£392m) as a result. CrowdStrike had denied it was solely responsible for Delta's flight disruptions, which it said continued after other carriers came back online. Delta has since been hit by a class-action lawsuit filed on behalf of affected passengers.  The global glitch originated from CrowdStrike on 19 July, after it had sent out a corrupted software update to customers. Microsoft estimated it disabled 8.5 million Windows devices around the world. Delta Airlines’ services were affected for days after, even as other airlines appeared to have recovered. It cancelled around 7,000 flights over five days until 24 July, and is now being investigated by the US Department of Transportation over the disruptions. The airline has since blamed CrowdStrike and Microsoft for the disruptions, and has threatened legal action. Both firms have rejected the claim that they were responsible. Delta's CEO Ed Bastian wrote in a filing with the US Securities and Exchange Commission on Thursday that what happened was ""unacceptable"". ""Our customers and employees deserve better,"" Mr Bastian wrote, adding that the technology meltdown affected 1.3 million of Delta's customers. CrowdStrike said on Sunday that it would defend itself ""aggressively"" should Delta take legal action against it. Microsoft also said it would fight back, and added that its preliminary review shows Delta, unlike its competitors, was operating with an outdated IT infrastructure. In response, David Boies, a lawyer for Delta, wrote in a letter to CrowdStrike on Thursday that ""there is no basis - none - to suggest that Delta was in any way responsible for the faulty software that crashed systems around the world"". He added that Delta Airlines had invested billions of dollars in its technology, and said it struggled to restore operations because of its reliance on Microsoft and CrowdStrike. CrowdStrike accused Delta of pushing ""a misleading narrative"". A lawsuit has also been filed against Delta on behalf of passengers whose flights were cancelled. The legal action stated that ""no other US airline had cancelled one-tenth as many flights"". It also claimed that Delta failed to properly compensate passengers, and that it had asked themto sign waivers releasing Delta of all legal claims. Many airlines rely on Microsoft's Office365 for scheduling. The CrowdStrike failure crashed those systems, meaning firms had to use manual scheduling. CrowdStrike has since been sued by its shareholders, who accused the company of making ""false and misleading"" statements about its software testing. CrowdStrike has denied the allegations. ",BBC,09/08/2024,"[""Delta Airlines has expressed frustration with CrowdStrike in a new letter on Thursday, as the two companies continue to trade jabs after last month's global network failure."", 'The US-based carrier accused the cybersecurity company of ""negligence"", saying it was forced to cancel thousands of flights because and had lost at least $500m (£392m) as a result.', ""CrowdStrike had denied it was solely responsible for Delta's flight disruptions, which it said continued after other carriers came back online."", 'Delta has since been hit by a class-action lawsuit filed on behalf of affected passengers.', 'The global glitch originated from CrowdStrike on 19 July, after it had sent out a corrupted software update to customers.', 'Microsoft estimated it disabled 8.5 million Windows devices around the world.', 'Delta Airlines’ services were affected for days after, even as other airlines appeared to have recovered.', 'It cancelled around 7,000 flights over five days until 24 July, and is now being investigated by the US Department of Transportation over the disruptions.', 'The airline has since blamed CrowdStrike and Microsoft for the disruptions, and has threatened legal action.', 'Both firms have rejected the claim that they were responsible.', 'Delta\'s CEO Ed Bastian wrote in a filing with the US Securities and Exchange Commission on Thursday that what happened was ""unacceptable"". ""', 'Our customers and employees deserve better,"" Mr Bastian wrote, adding that the technology meltdown affected 1.3 million of Delta\'s customers.', 'CrowdStrike said on Sunday that it would defend itself ""aggressively"" should Delta take legal action against it.', 'Microsoft also said it would fight back, and added that its preliminary review shows Delta, unlike its competitors, was operating with an outdated IT infrastructure.', 'In response, David Boies, a lawyer for Delta, wrote in a letter to CrowdStrike on Thursday that ""there is no basis - none - to suggest that Delta was in any way responsible for the faulty software that crashed systems around the world"".', 'He added that Delta Airlines had invested billions of dollars in its technology, and said it struggled to restore operations because of its reliance on Microsoft and CrowdStrike.', 'CrowdStrike accused Delta of pushing ""a misleading narrative"".', 'A lawsuit has also been filed against Delta on behalf of passengers whose flights were cancelled.', 'The legal action stated that ""no other US airline had cancelled one-tenth as many flights"".', 'It also claimed that Delta failed to properly compensate passengers, and that it had asked themto sign waivers releasing Delta of all legal claims.', ""Many airlines rely on Microsoft's Office365 for scheduling."", 'The CrowdStrike failure crashed those systems, meaning firms had to use manual scheduling.', 'CrowdStrike has since been sued by its shareholders, who accused the company of making ""false and misleading"" statements about its software testing.', 'CrowdStrike has denied the allegations.']",-0.3474154049300856,"Our customers and employees deserve better,"" Mr Bastian wrote, adding that the technology meltdown affected 1.3 million of Delta's customers.","The US-based carrier accused the cybersecurity company of ""negligence"", saying it was forced to cancel thousands of flights because and had lost at least $500m (£392m) as a result.",-0.8700766464074453,,"The US-based carrier accused the cybersecurity company of ""negligence"", saying it was forced to cancel thousands of flights because and had lost at least $500m (£392m) as a result.",2024-08-12
-"In a reversal, Disney's media assets are starting to generate more excitement than its parks",https://www.cnbc.com/2024/08/07/disneys-media-assets-parks.html,2024-08-07T16:32:18+0000,"In this articleHere's a surprise: Disney's media business isn't weighing down the company anymore.The primary Disney investor narrative since 2022 has been how streaming losses, combined with a declining traditional pay TV business and a string of box office failures, have been anchoring surging sales and profits at the company's theme parks and resorts. The result has been a company whose shares have fallen about 24% in the past two years, while the S&P 500 has gained 28% in the same period.The company's second-quarter results suggest a shift is happening. Disney's combined streaming businesses — Disney+, Hulu and ESPN+ — turned a quarterly profit for the first time ever, making $47 million. That's a significant improvement from losing $512 million in the same quarter a year ago.Disney's theatrical unit is also on a hot streak. ""Inside Out 2"" became the highest-grossing animated film of all time in recent weeks. ""Deadpool & Wolverine"" has taken in $824 million after two weeks of global release. Disney has become the first studio in 2024 to top $3 billion in worldwide ticket sales.Meanwhile, Disney saw a ""moderation of consumer demand towards the end of [fiscal] Q3 that exceeded our previous expectations"" for its theme parks division. That caused shares to slump about 3% in early trading.Disney Chief Executive Officer Bob Iger said during his company's earnings conference call that he expects the momentum for the media business will only gain steam. That's music to the ears of Wall Street, which wants both growth and profitability.""We feel very bullish about the future of this business,"" Iger said in reference to streaming. ""You can expect that it's going to grow nicely in fiscal 2025.""Iger referenced a planned crackdown on password sharing, which will begin ""in earnest"" in September, as a tool that will help generate new subscribers and added revenue for the company. A similar effort from Netflix has helped the world's largest streamer add new customers during the past year.Disney is also raising prices for its streaming services in mid-October. Most plans for Disney+, Hulu and ESPN+ will cost $1 to $2 more per month.Iger rattled off a list of movie titles that Disney hasn't yet released to emphasize the studio's solid positioning for the rest of 2024 and beyond.""Let me just read to you the movies that we'll be making and releasing in the next almost two years,"" Iger said. ""We have 'Moana,' 'Mufasa,' 'Captain America,' 'Snow White,' 'Thunderbolts,' 'Fantastic Four,' 'Zootopia,' 'Avatar,' 'Avengers,' 'Mandalorian' and 'Toy Story,' just to name a few. When you think about not only the potential of those in box office but the potential of those to drive global streaming value, I think there's a reason to be bullish about where we're headed.""Disney isn't de-emphasizing the parks. The company said last year it plans to invest $60 billion in its theme parks and cruise lines in the next decade. But it's undoubtedly healthier for the company to persuade investors that the media units aren't weighing down the share price.Disney shares dropped Wednesday, likely because investors were focused on the parks. The next step is for shares to rise during a quarterly earnings report because investors are excited about the media units.WATCH: Watch CNBC's full interview with Disney CFO Hugh Johnson after earnings results",CNBC,07/08/2024,"[""In this articleHere's a surprise: Disney's media business isn't weighing down the company anymore."", ""The primary Disney investor narrative since 2022 has been how streaming losses, combined with a declining traditional pay TV business and a string of box office failures, have been anchoring surging sales and profits at the company's theme parks and resorts."", 'The result has been a company whose shares have fallen about 24% in the past two years, while the S&P 500 has gained 28% in the same period.', ""The company's second-quarter results suggest a shift is happening."", ""Disney's combined streaming businesses — Disney+, Hulu and ESPN+ — turned a quarterly profit for the first time ever, making $47 million."", ""That's a significant improvement from losing $512 million in the same quarter a year ago."", 'Disney\'s theatrical unit is also on a hot streak. ""', 'Inside Out 2"" became the highest-grossing animated film of all time in recent weeks. ""', 'Deadpool & Wolverine"" has taken in $824 million after two weeks of global release.', 'Disneyhas become the first studio in 2024 to top $3 billion in worldwide ticket sales.', 'Meanwhile, Disney saw a ""moderation of consumer demand towards the end of [fiscal] Q3 that exceeded our previous expectations"" for its theme parks division.', 'That caused shares to slump about 3% in early trading.', ""Disney Chief Executive Officer Bob Iger said during his company's earnings conference call that he expects the momentum for the media business will only gain steam."", ""That's music to the ears of Wall Street, which wants both growth and profitability."", '""We feel very bullish about the future of this business,"" Iger said in reference to streaming. ""', 'You can expect that it\'s going to grow nicely in fiscal 2025.""Iger referenced a planned crackdown on password sharing, which will begin ""in earnest"" in September, as a tool that will help generate new subscribers and added revenue for the company.', ""A similar effort from Netflix has helped the world's largest streamer add new customers during the past year."", 'Disney is also raising prices for its streaming services in mid-October.', 'Most plans for Disney+, Hulu and ESPN+ will cost $1 to $2 more per month.', ""Iger rattled off a list of movie titles that Disney hasn't yet released to emphasize the studio's solid positioning for the rest of 2024 and beyond."", '""Let me just read to you the movies that we\'ll be making and releasing in the next almost two years,"" Iger said. ""', ""We have 'Moana,' 'Mufasa,' 'Captain America,' 'Snow White,' 'Thunderbolts,' 'Fantastic Four,' 'Zootopia,' 'Avatar,' 'Avengers,' 'Mandalorian' and 'Toy Story,' just to name a few."", ""When you think about not only the potential of those in box office but the potential of those to drive global streaming value, I think there's a reason to be bullish about where we're headed."", '""Disney isn\'t de-emphasizing the parks.', 'The company said last year it plans to invest $60 billion in its theme parks and cruise lines in the next decade.', ""But it's undoubtedly healthier for the company to persuade investors that the media units aren't weighing down the share price."", 'Disney shares dropped Wednesday, likely because investors were focused on the parks.', 'The next step is for shares to rise during a quarterly earnings report because investors are excited about the media units.', ""WATCH: Watch CNBC's full interview with Disney CFO Hugh Johnson after earnings results""]",0.2024380760906215,"You can expect that it's going to grow nicely in fiscal 2025.""Iger referenced a planned crackdown on password sharing, which will begin ""in earnest"" in September, as a tool that will help generate new subscribers and added revenue for the company.","The primary Disney investor narrative since 2022 has been how streaming losses, combined with a declining traditional pay TV business and a string of box office failures, have been anchoring surging sales and profits at the company's theme parks and resorts.",0.5990579068660736,"You can expect that it's going to grow nicely in fiscal 2025.""Iger referenced a planned crackdown on password sharing, which will begin ""in earnest"" in September, as a tool that will help generate new subscribers and added revenue for the company.",That caused shares to slump about 3% in early trading.,2024-08-12
-Disney beats estimates as combined streaming services turn a profit,https://www.cnbc.com/2024/08/07/disney-dis-q3-earnings-report-2024.html,2024-08-07T18:19:21+0000,"In this articleDisney reported its fiscal third-quarter earnings Wednesday, topping analyst estimates as its combined streaming businesses turned a profit earlier than expected.Here is what Disney reported compared with what Wall Street expected, according to LSEG:The company's total segment operating income increased 19% to $4.225 billion compared with the same period last year, led by the positive results for Disney's entertainment unit, particularly streaming. Disney's combined streaming business, which consists of Disney+, Hulu and ESPN+, turned a profit for the first time — and it happened a quarter earlier than the company had expected.Executives on Wednesday's earnings call touted the progress of Disney's streaming business toward profitability, a goal for all media companies as they look to chase customers switching to streaming. CEO Bob Iger also praised the recent successes of the company's film and TV slates as propelling that business forward.The combined streaming business posted an operating profit of $47 million compared with a loss of $512 million in the same quarter last year. However, without ESPN+, the direct-to-consumer streaming unit reported a loss of $19 million.Meanwhile, in May, Disney highlighted a slightly different metric, noting that Disney+ and Hulu together turned a profit, but when combined with ESPN+, the streaming businesses suffered a loss.Disney recently changed how it reports its segments, with ESPN falling under its sports unit, and Disney+ and Hulu being counted as part of the direct-to-consumer entertainment segment.Disney+ Core subscribers — which excludes Disney+ Hotstar in India and other countries in the region — increased by 1% to 118.3 million, despite the company's earlier guidance that it wouldn't add new customers during the fiscal third quarter. Total Hulu subscribers grew 2% to 51.1 million.Revenue for the entertainment segment was up 4% to $10.58 billion, driven largely by subscription revenue growth due to price increases and customer growth for Disney+ Core. Revenue for the traditional TV networks was down 7%.The company announced further streaming price hikes on Tuesday.""We're seeing growth in consumption and the popularity of our offerings, which gives us the pricing leverage we believe we have,"" Iger said on Wednesday's call, noting that Disney hasn't seen customer losses it would ""consider significant"" when it has increased prices in the past.In addition to adding TV and film content to its streaming platforms, Iger said Disney plans to make advancements to technology features on its platforms, as well as add live channels in the upcoming months. Iger also noted Disney's coming crackdown on password sharing, following Netflix's lead in a bid to grow profitability.He said the various bundles that Disney is partaking in — from its own services to teaming up with Warner Bros. Discovery and Fox on other bundles — are an effort to stem subscriber losses.""I feel very bullish about the future of this business,"" Iger said during the call. ""We're not saying much more about it, except you can expect it to grow nicely in fiscal 2025.""Disney's overall revenue increased 4% to $23.155 billion compared with the same period last year.Revenue for ESPN's domestic and international business — excluding Star India revenue — increased by 5%, largely due to a big uptick of 17% in domestic advertising, as well as growth in subscription revenue. The ad market has started to rebound in recent quarters, particularly for digital and streaming. ESPN's operating income was up 4% to $1.09 billion.Disney CFO Hugh Johnston said on the call Wednesday that the ad market is ""really healthy and strong for us,"" namely because of Disney's live sports portfolio and streaming services.""The portfolio is working well,"" Johnston said separately in an interview. ""Yes there was softness in the domestic parks, but the entertainment division's profit tripled in the quarter."" While Disney's entertainment and sports divisions drove earnings, the U.S. theme parks business was impacted by slowing consumer demand and inflation.Executives on Wednesday's earnings call said flat attendance, particularly at U.S. parks, is likely to carry over the new few quarters.""We saw a slight moderation in demand, I certainly wouldn't call it a significant change,"" Johnston said. ""I would just call this a bit of a slowdown that's being more than offset by the entertainment business.""Revenue for the overall experiences unit, which includes domestic and international parks and experiences, as well as consumer products, was up 2% to $8.386 billion. Operating income for U.S. parks was down 6%, while international parks operating income was up 2%. The company attributed the decrease in operating income at the domestic parks to higher costs driven by inflation, as well as increased technology spending and new guest offerings.This carried over from the previous quarter, when the Disneyland Resort in California was under pressure with lower profits, with executives citing similar reasons.Last month Comcast's earnings were weighed down by its Universal theme parks, which the company attributed to increased competition from cruises and international tourism. Despite this, Comcast executives said they remained ""bullish"" on the business, especially with a new theme park opening in 2025.Until recently, theme parks had been a big boost on earnings for these media companies, and in Disney's case a key profit driver. Disney has pledged to spend roughly $60 billion on its theme parks over the next decade.On Wednesday, Johnston said the company wasn't prepared to give long-term guidance on theme parks as it's unclear how quickly the future investments will ""manifest"" for Disney's earnings.""We wouldn't be making capital investments in an accelerated way if we didn't expect to accelerate growth,"" Johnston said on the earnings call.— CNBC's Julia Boorstin contributed to this report.Disclosure: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu.",CNBC,07/08/2024,"['In this articleDisney reported its fiscal third-quarter earnings Wednesday, topping analyst estimates as its combined streaming businesses turned a profit earlier than expected.', ""Here is what Disney reported compared with what Wall Street expected, according to LSEG:The company's total segment operating income increased 19% to $4.225 billion compared with the same period last year, led by the positive results for Disney's entertainment unit, particularly streaming."", ""Disney's combined streaming business, which consists of Disney+, Hulu and ESPN+, turned a profit for the first time — and it happened a quarter earlier than the company had expected."", ""Executives on Wednesday's earnings call touted the progress of Disney's streaming business toward profitability, a goal for all media companies as they look to chase customers switching to streaming."", ""CEO Bob Iger also praised the recent successes of the company's film and TV slates as propelling that business forward."", 'The combined streaming business posted an operating profit of $47 million compared with a loss of $512 million in the same quarter last year.', 'However, without ESPN+, the direct-to-consumer streaming unit reported a loss of $19 million.', 'Meanwhile, in May, Disney highlighted a slightly different metric, noting that Disney+ and Hulu together turned a profit, but when combined with ESPN+, the streaming businesses suffered a loss.', 'Disney recently changed how it reports its segments, with ESPN falling under its sports unit, and Disney+ and Hulu being counted as part of the direct-to-consumer entertainment segment.', ""Disney+ Core subscribers — which excludes Disney+ Hotstar in India and other countries in the region — increased by 1% to 118.3 million, despite the company's earlier guidance that it wouldn't add new customers during the fiscal third quarter."", 'Total Hulu subscribers grew 2% to 51.1 million.', 'Revenue for the entertainment segment was up 4% to $10.58 billion, driven largely by subscription revenue growth due to price increases and customer growth for Disney+ Core.', 'Revenue for the traditional TV networks was down 7%.The company announced further streaming price hikes on Tuesday.', '""We\'re seeing growth in consumption and the popularity of our offerings, which gives us the pricing leverage we believe we have,"" Iger said on Wednesday\'s call, noting that Disney hasn\'t seen customer losses it would ""consider significant"" when it has increased prices in the past.', 'In addition to adding TV and film content to its streaming platforms, Iger said Disney plans to make advancements to technology features on its platforms, as well as add live channels in the upcoming months.', ""Iger also noted Disney's coming crackdown on password sharing, following Netflix's lead in a bid to grow profitability."", 'He said the various bundles that Disney is partaking in — from its own services to teaming up with Warner Bros. Discovery and Fox on other bundles — are an effort to stem subscriber losses.', '""I feel very bullish about the future of this business,"" Iger said during the call. ""', 'We\'re not saying much more about it, except you can expect it to grow nicely in fiscal 2025.""Disney\'s overall revenue increased 4% to $23.155 billion compared with the same period last year.', ""Revenue for ESPN's domestic and international business — excluding Star India revenue — increased by 5%, largely due to a big uptick of 17% in domestic advertising,as well as growth in subscription revenue."", 'The ad market has started to rebound in recent quarters, particularly for digital and streaming.', ""ESPN's operating income was up 4% to $1.09 billion."", 'Disney CFO Hugh Johnston said on the call Wednesday that the ad market is ""really healthy and strong for us,"" namely because of Disney\'s live sports portfolio and streaming services.', '""The portfolio is working well,"" Johnston said separately in an interview. ""', ""Yes there was softness in the domestic parks, but the entertainment division's profit tripled in the quarter."", '""While Disney\'s entertainment and sports divisions drove earnings, the U.S. theme parks business was impacted by slowing consumer demand and inflation.', ""Executives on Wednesday's earnings call said flat attendance, particularly at U.S. parks, is likely to carry over the new few quarters."", '""We saw a slight moderation in demand, I certainly wouldn\'t call it a significant change,"" Johnston said. ""', ""I would just call this a bit of a slowdown that's being more than offset by the entertainment business."", '""Revenue for the overall experiences unit, which includes domestic and international parks and experiences, as well as consumer products, was up 2% to $8.386 billion.', 'Operating income for U.S. parks was down 6%, while international parks operating income was up 2%.', 'The company attributed the decrease in operating income at the domestic parks to higher costs driven by inflation, as well as increased technology spending and new guest offerings.', 'This carried over from the previous quarter, when the Disneyland Resort in California was under pressure with lower profits, with executives citing similar reasons.', ""Last month Comcast's earnings were weighed down by its Universal theme parks, which the company attributed to increased competition from cruises and international tourism."", 'Despite this, Comcast executives said they remained ""bullish"" on the business, especially with a new theme park opening in 2025.Until recently, theme parks had been a big boost on earnings for these media companies, and in Disney\'s case a key profit driver.', 'Disney has pledged to spend roughly $60 billion on its theme parks over the next decade.', 'On Wednesday, Johnston said the company wasn\'t prepared to give long-term guidance on theme parks as it\'s unclear how quickly the future investments will ""manifest"" for Disney\'s earnings.', '""We wouldn\'t be making capital investments in an accelerated way if we didn\'t expect to accelerate growth,"" Johnston said on the earnings call.—', ""CNBC's Julia Boorstin contributed to this report."", 'Disclosure: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu.']",0.275622424280188,"Yes there was softness in the domestic parks, but the entertainment division's profit tripled in the quarter.","Meanwhile, in May, Disney highlighted a slightly different metric, noting that Disney+ and Hulu together turned a profit, but when combined with ESPN+, the streaming businesses suffered a loss.",0.4904404895646231,"Disney+ Core subscribers — which excludes Disney+ Hotstar in India and other countries in the region — increased by 1% to 118.3 million, despite the company's earlier guidance that it wouldn't add new customers during the fiscal third quarter.","Operating income for U.S. parks was down 6%, while international parks operating income was up 2%.",2024-08-12
-From villains to Indiana Jones: Everything we learned at Disney’s parks panel at the 2024 D23 Expo,https://www.cnbc.com/2024/08/10/everything-we-learned-at-disneys-parks-panel-at-the-2024-d23-expo.html,2024-08-11T06:05:53+0000,"The time of villains has come.Disney's classic baddies are getting their own theme park land at the Magic Kingdom in Orlando, Florida.The company first teased the potential for a villainous takeover at the last D23 Expo in 2022 as part of a series of ""blue sky"" projects that it was contemplating, but not sure would come to fruition.While the prospect of exploring what lies beyond Big Thunder Mountain tantalized fans, its lack of tangibility left many wondering what exactly Disney was doing to compete with the upcoming opening of Universal's Epic Universe.The answer came on Saturday night during the company's experience showcase at the Honda Center in Anaheim, California.""As we sit here together at the Honda Center we have Imagineers hard at work,"" Josh D'Amaro said to a roaring crowd. ""Everything we have to share with you is in active development ... This means dirt is moving. This isn't blue sky.""The reveal sent the crowd into a frenzy.Disney's theme parks, which are part of the wider division known as experiences, have long been a top-performing segment for the company, especially at a time of flux for linear television networks and cable advertising revenue slumps. Parks have offered stability in recent quarters as Disney shuffles to adapt its entertainment business to match consumer habits that changed after the pandemic.However in the most recent quarter, Disney's domestic parks in California and Florida saw slower consumer demand and increased inflation. The company expects this flat attendance will carry over the next few quarters.Still, Disney is bullish on its experiences division, which encompasses its theme parks, cruise lines and hotels. The company has pledged to invest $60 billion in experiences over the next 10 years — a key part of its strategy to keep the parks fresh and relevant in a competitive segment.About 70% of that money will go toward new experiences in domestic and international parks, along with cruise lines. The other 30% will go toward technology and infrastructure, including maintenance of existing attractions.On Saturday, Disney fans got a glimpse at where that investment was being placed with the help of some big names.Rita Ora graced the stage to perform a rendition of ""Trust in Me"" from ""The Jungle Book"" to announce the new villains land coming to Magic Kingdom. This new area of the park will include two major attractions as well as shopping and dining.""So be prepared, you poor unfortunate souls,"" D'Amaro teased.Shaboozey rocked the Honda Center with a rendition of ""Life Is a Highway"" as part of the announcement that parts of the Florida-based Frontier Land will be rethemed with elements from the movie ""Cars.""This area will differ from the one at Disney California Adventure, D'Amaro told the audience, and will take place in the wilderness. There will be one e-ticket attraction, a thrilling off-road rally race, and a second ride that is more for families. Construction is slated to begin in early 2025.D'Amaro noted that these expansions at Magic Kingdom are the largest at the park ever.Over at Hollywood Studios, Disney is set to build a land centered on ""Monsters, Inc."" Billy Crystal, the voice of the one-eyed green monster Mike Wazowski, appeared on stage to tease those in attendance about the new area.Crystal sang a rendition of ""If I Didn't Have You"" and received a standing ovation.This land will feature a major attraction that takes guests on a thrilling tour of the Laugh Factory via a suspended coaster. Audiences cheered for the new ride. Construction starts next year, D'Amaro said.Animal Kingdom's Tropical America's land, set to open in 2027, will feature an Indiana Jones attraction set inside a Mayan Temple. Ke Huy Quan appeared on stage with D'Amaro to tease the new ride and reminisce about his first ever acting role in ""Indiana Jones and the Temple of Doom.""""Josh, I have to ask you, will there be any snakes?"" Quan joked.D'Amaro said construction will start in the fall and guests will have to wait to see what the new story of the Orlando-based ride will have in store.As part of the Tropical America's land Disney is creating Pueblo Esperanza, which means village of hope. Here the company is building the Casita Madrigal from ""Encanto"" and will have an attraction centered on the character Antonio who has the magical gift to talk to animals. The Casita has animated the house furniture to give guests a tour of the home and they will venture into Antonio's jungle room.Also part of this area will feature an all new carousel featuring wood carved animals from classic Disney stories.The world of ""Avatar"" will make its way to Disney's California Adventure, D'Amaro shared Saturday. The area will take inspiration from the second film ""The Way of Water"" and feature a new attraction.""For our new destination we are inspired by the second movie 'The Way of Water' as well as the upcoming 'Fire and Ash' as well as future avatar films,"" said Ali Rubinstein, executive global management of creative development at Walt Disney Imagineering, during Saturday's showcase. ""And it will be a scale and a level that is worthy of these epic stories.""This park is also set to open a ""Coco"" attraction that will follow Miguel through the land of the dead. It will utilize state-of-the-art audio animatronics like the ones seen in the recently refurbished Tiana's Bayou Adventure. It also takes inspiration from the iconic Haunted Mansion and Pirates of the Caribbean rides. The company is breaking ground in 2026.Deadpool appeared on stage to poke fun at the parks, including the animatronic dragon that caught fire at Disneyland last year, as well as D'Amaro.The company then revealed that the Avengers Campus land will almost double in size with the addition of two new attractions. The first is called Avengers Infinity Defense which will take guests on an adventure to stop King Thanos from using stolen portal technology. Riders will help defend iconic location like Asgard, Wakanda and New York City.The second attraction is Stark Flight Lab where guests will learn how to fly like a superhero. Construction will start next year.The company also announced that Tiana's Bayou Adventure, the Splash Mountain revamp, will open November 15. The Walt Disney World Resort version of the ride opened in June.Disneyland Paris' Adventure World theme park will be getting a new area based on ""The Lion King"" with a log flume attraction based on the Pride Lands. The previously announced Frozen-themed land is due to open in 2026.Shanghai is getting a new thrill attraction coaster featuring Spider-Man.""This is going to be a high energy thrill coaster,"" said Scott Trowbridge, senior creative executive at Walt Disney Imagineering.Hong Kong's park will also have a Spider-Man thrill attraction added to the Stark Expo area.Tokyo will debut a new nighttime spectacular in September called ""Reach for the Stars."" It features characters from ""Big Hero Six,"" ""Up"" and super heroes from Marvel.Disney's cruise line is getting a major expansion. In addition to the five ships already sailing the world, and the four ships in production, Disney will be adding another four ships to the fleet between 2027 and 2031.D'Amaro brought out All-4-One to sing ""This I Swear"" to announce the four new ships. Disney will soon have 13 different destinations for its cruise ships.""Disney Cruise Line is consistently the top-rated line for families because it offers something for everyone,"" D'Amaro said. ""Expanding our fleet gives more people – in more parts of the world – opportunities for an experience at sea that only Disney can deliver.""Disney also used Saturday's presentation to update fans and shareholders about its $1.5 billion investment in Epic Games.D'Amaro was joined on stage by creative leads from across the company including Jennifer Lee from Walt Disney Animation, Pete Doctor from Pixar, Kevin Feige from Marvel and Dave Filoni from Lucasfilm to share several upcoming collaborations with Epic Games and Fortnite.Disney streamed this segment of the show on Fortnite and more than one million people tuned into that live stream, D'Amaro said.Disney Animation characters will arrive in the game this fall, including Cruella, Hook and Maleficent, Lee teased. Joining them will be Pixar's the Incredibles, including Frozone, ElastaGirl and Mr. Incredible, Doctor added.For Lucasfilm, Filoni said new Star Wars characters are coming next week, including IG-11 and a Grogu back bling. Filoni also teased that he and Jon Favreau are working on a Mandalorian and Grogu story for the Star Wars Smugglers Run ride in Galaxy's Edge.Marvel has been a partner with Epic since 2018 and more is on the way. Feige said many fans discover Marvel characters through Fortnite and then go read the comics and watch Marvel Cinematic Universe content. Coming next week to the game is a new event centered on Doctor Doom. Audiences at D23 saw a tease Saturday night that included a number of new special weapons, including Captain America's shield, and a Peely version of Wolverine.Disclosure: Comcast is the parent company of NBCUniversal and CNBC.",CNBC,11/08/2024,"['The time of villains has come.', ""Disney's classic baddies are getting their own theme park land at the Magic Kingdom in Orlando, Florida."", 'The company first teased the potential for a villainous takeover at the last D23 Expo in 2022 as part of a series of ""blue sky"" projects that it was contemplating, but not sure would come to fruition.', ""While the prospect of exploring what lies beyond Big Thunder Mountain tantalized fans, its lack of tangibility left many wondering what exactly Disney was doing to compete with the upcoming opening of Universal's Epic Universe."", ""The answer came on Saturday night during the company's experience showcase at the Honda Center in Anaheim, California."", '""As we sit here together at the Honda Center we have Imagineers hard at work,"" Josh D\'Amaro said to a roaring crowd. ""', 'Everything we have to share with you is in active development ... This means dirt is moving.', ""This isn't blue sky."", '""The reveal sent the crowd into a frenzy.', ""Disney's theme parks, which are part of the wider division known as experiences, have long been a top-performing segment for the company, especially at a time of flux for linear television networks and cable advertising revenue slumps."", 'Parks have offered stability in recent quarters as Disney shuffles to adapt its entertainment business to match consumer habits that changed after the pandemic.', ""However in the most recent quarter, Disney's domestic parks in California and Florida saw slower consumer demand and increased inflation."", 'The company expects this flat attendance will carry over the next few quarters.', 'Still, Disney is bullish on its experiences division, which encompasses its theme parks, cruise lines and hotels.', 'The company has pledged toinvest $60 billion in experiences over the next 10 years— a key part of its strategy to keep the parks fresh and relevant in a competitive segment.', 'About 70% of that money will go toward new experiences in domestic and international parks, along with cruise lines.', 'The other 30% will go toward technology and infrastructure, including maintenance of existing attractions.', 'On Saturday, Disney fans got a glimpse at where that investment was being placed with the help of some big names.', 'Rita Ora graced the stage to perform a rendition of ""Trust in Me"" from ""The Jungle Book"" to announce the new villains land coming to Magic Kingdom.', 'This new area of the park will include two major attractions as well as shopping and dining.', '""So be prepared, you poor unfortunate souls,"" D\'Amaro teased.', 'Shaboozey rocked the Honda Center with a rendition of ""Life Is a Highway"" as part of the announcement that parts of the Florida-based Frontier Land will be rethemed with elements from the movie ""Cars.', '""This area will differ from the one at Disney California Adventure, D\'Amaro told the audience, and will take place in the wilderness.', 'There will be one e-ticket attraction, a thrilling off-road rally race, and a second ride that is more for families.', ""Construction is slated to begin in early 2025.D'Amaro noted that these expansions at Magic Kingdom are the largest at the park ever."", 'Over at Hollywood Studios, Disney is set to build a land centered on ""Monsters, Inc."" Billy Crystal, the voice of the one-eyed green monster Mike Wazowski, appeared on stage to tease those in attendance about the new area.', 'Crystal sang a rendition of ""If I Didn\'t Have You"" and received a standing ovation.', 'This land will feature a major attraction that takes guests on a thrilling tour of the Laugh Factory via a suspended coaster.', 'Audiences cheered for the new ride.', ""Construction starts next year, D'Amaro said."", ""Animal Kingdom's Tropical America's land, set to open in 2027, will feature an Indiana Jones attraction set inside a Mayan Temple."", 'Ke Huy Quan appeared on stage with D\'Amaro to tease the new ride and reminisce about his first ever acting role in ""Indiana Jones and the Temple of Doom.', '""""Josh, I have to ask you, will there be any snakes?""', 'Quan joked.', ""D'Amaro said construction will start in the fall and guests will have to wait to see what the new story of the Orlando-based ride will have in store."", ""As part of the Tropical America's land Disney is creating Pueblo Esperanza, which means village of hope."", 'Here the company is building the Casita Madrigal from ""Encanto"" and will have an attraction centered on the character Antonio who has the magical gift to talk to animals.', ""The Casita has animated the house furniture to give guests a tour of the home and they will venture into Antonio's jungle room."", 'Also part of this area will feature an all new carousel featuring wood carved animals from classic Disney stories.', 'The world of ""Avatar"" will make its way to Disney\'s California Adventure, D\'Amaro shared Saturday.', 'The area will take inspiration from the second film ""The Way of Water"" and feature a new attraction.', '""For our new destination we are inspired by the second movie \'The Way of Water\' as well as the upcoming \'Fire and Ash\' as well as future avatar films,"" said Ali Rubinstein, executive global management of creative development at Walt Disney Imagineering, during Saturday\'s showcase. ""', 'And it will be a scale and a level that is worthy of these epic stories.', '""This park is also set to open a ""Coco"" attraction that will follow Miguel through the land of the dead.', ""It will utilize state-of-the-art audio animatronics like the ones seen in the recently refurbished Tiana's Bayou Adventure."", 'It also takes inspiration from the iconic Haunted Mansion and Pirates of the Caribbean rides.', ""The company is breaking ground in 2026.Deadpool appeared on stage to poke fun at the parks, including the animatronic dragon that caught fire at Disneyland last year, as well as D'Amaro."", 'The company then revealed that the Avengers Campus land will almost double in size with the addition of two new attractions.', 'The first is called Avengers Infinity Defense which will take guests on an adventure to stop King Thanos from using stolen portal technology.', 'Riders will help defend iconic location like Asgard, Wakanda and New York City.', 'The second attraction is Stark Flight Lab where guests will learn how to fly like a superhero.', 'Construction will start next year.', ""The company also announced that Tiana's Bayou Adventure, the Splash Mountain revamp, will open November 15."", 'The Walt Disney World Resort version of the ride opened in June.', 'Disneyland Paris\' Adventure World theme park will be getting a new area based on ""The Lion King"" with a log flume attraction based on the Pride Lands.', 'The previously announced Frozen-themed land is due to open in 2026.Shanghai is getting a new thrill attraction coaster featuring Spider-Man.', '""This is going to be a high energy thrill coaster,"" said Scott Trowbridge, senior creative executive at Walt Disney Imagineering.', ""Hong Kong's park will also have a Spider-Man thrill attraction added to the Stark Expo area."", 'Tokyo will debut a new nighttime spectacular in September called ""Reach for the Stars.""', 'It features characters from ""Big Hero Six,"" ""Up"" and super heroes from Marvel.', ""Disney's cruise line is getting a major expansion."", 'In addition to the five ships already sailing the world, and the four ships in production, Disney will be adding another four ships to the fleet between 2027 and 2031.D\'Amaro brought out All-4-One to sing ""This I Swear"" to announce the four new ships.', 'Disney will soon have 13 different destinations for its cruise ships.', '""Disney Cruise Line is consistently the top-rated line for families because it offers something for everyone,"" D\'Amaro said. ""', 'Expanding our fleet gives more people –in more parts of the world –opportunities for an experience at sea that only Disney can deliver.', '""Disney also used Saturday\'s presentation to update fans and shareholders about its $1.5 billion investment in Epic Games.', ""D'Amaro was joined on stage by creative leads from across the company including Jennifer Lee from Walt Disney Animation, Pete Doctor from Pixar, Kevin Feige from Marvel and Dave Filoni from Lucasfilm to share several upcoming collaborations with Epic Games and Fortnite."", ""Disney streamed this segment of the show on Fortnite and more than one million people tuned into that live stream, D'Amaro said."", 'Disney Animation characters will arrive in the game this fall, including Cruella, Hook and Maleficent, Lee teased.', ""Joining them will be Pixar's the Incredibles, including Frozone, ElastaGirl and Mr. Incredible, Doctor added."", 'For Lucasfilm, Filoni said new Star Wars characters are coming next week, including IG-11 and a Grogu back bling.', ""Filoni also teased that he and Jon Favreau are working on a Mandalorian and Grogu story for the Star Wars Smugglers Run ride in Galaxy's Edge."", 'Marvel has been a partner with Epic since 2018 and more is on the way.', 'Feige said many fans discover Marvel characters through Fortnite and then go read the comics and watch Marvel Cinematic Universe content.', 'Coming next week to the game is a new event centered on Doctor Doom.', ""Audiences at D23 saw a tease Saturday night that included a number of new special weapons, including Captain America's shield, and a Peely version of Wolverine."", 'Disclosure: Comcast is the parent company of NBCUniversal and CNBC.']",0.1635594782022309,"It features characters from ""Big Hero Six,"" ""Up"" and super heroes from Marvel.",Filoni also teased that he and Jon Favreau are working on a Mandalorian and Grogu story for the Star Wars Smugglers Run ride in Galaxy's Edge.,0.5987875878810882,Parks have offered stability in recent quarters as Disney shuffles to adapt its entertainment business to match consumer habits that changed after the pandemic.,"Disney's theme parks, which are part of the wider division known as experiences, have long been a top-performing segment for the company, especially at a time of flux for linear television networks and cable advertising revenue slumps.",2024-08-12
-"Paramount Global announces it will cut 15% of U.S. workforce, shares rise on second-quarter earnings",https://www.cnbc.com/2024/08/08/paramount-global-para-q2-earnings-report-2024.html,2024-08-08T21:02:30+0000,"In this articleParamount Global is cutting 15% of its U.S. workforce, or about 2,000 jobs, part of a broader cost-cutting plan as it prepares for a merger with Skydance Media.Paramount has identified $500 million in cost savings, which include the head count reductions, as part of $2 billion in synergies related to its transaction with Skydance. The job cuts, which will begin in the coming weeks and largely conclude by year end, will target the company's marketing and communications department and employees who work in finance, legal, technology and other support functions, the company said during its earnings conference call Thursday.Paramount agreed to a merger with Skydance Media last month. That deal includes a 45-day go-shop period — in which a special committee of Paramount's board could find another buyer — that concludes later this month.Meanwhile, earnings surged as the company's streaming division swung to an unexpected profit — the first time Paramount has announced a profitable quarter for its direct-to-consumer business.Shares climbed more than 5% in after-hours trading Thursday.Here's how Paramount performed in the quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Second-quarter revenue dropped 11% and missed analyst estimates as licensing, TV advertising and cable subscription sales dropped.The revenue drop was the largest miss compared to analyst estimates since February 2020, according to LSEG data. Paramount attributed the miss to a decline in TV licensing revenue, which can be difficult for analysts to model given their start and end dates.Paramount+ revenue grew 46% on year-over-year subscriber growth and higher prices. Paramount+ customers decreased 2.8 million from last quarter to 68 million as the company unwound a Korean partnership deal with entertainment company CJ ENM's Tving streaming platform.Paramount's streaming division turned a profit for the quarter of $26 million after losing $424 million a year ago. Analysts had estimated a loss of $265 million this quarter.Paramount reaffirmed it's on track to reach U.S. profitability for Paramount+ in 2025. The streaming service has raised prices and cut content spend.Paramount's quarterly profit is helped by not having an NFL licensing charge for the period, which will kick in later in the year.Shares have slumped 31% so far this year amid declines among cable subscribers and a soft linear TV advertising market.Paramount also took a $6 billion one-time impairment charge associated with the decline in its cable networks. It comes on the heels of a $9.1 billion write-down from peer Warner Bros. Discovery on Wednesday.The company had to take the charge as an adjustment forced by its transaction with Skydance.",CNBC,08/08/2024,"['In this articleParamount Global is cutting 15% of its U.S. workforce, or about 2,000 jobs, part of a broader cost-cutting plan as it prepares for a merger with Skydance Media.', 'Paramount has identified $500 million in cost savings, which include the head count reductions, as part of $2 billion in synergies related to its transaction with Skydance.', ""The job cuts, which will begin in the coming weeks and largely conclude by year end, will target the company's marketing and communications department and employees who work in finance, legal, technology and other support functions, the company said during its earnings conference call Thursday."", 'Paramount agreed to a merger with Skydance Media last month.', ""That deal includes a 45-day go-shop period — in which a special committee of Paramount's board could find another buyer — that concludes later this month."", ""Meanwhile, earnings surged as the company's streaming division swung to an unexpected profit — the first time Paramount has announced a profitable quarter for its direct-to-consumer business."", 'Shares climbed more than 5% in after-hours trading Thursday.', ""Here's how Paramount performed in the quartercompared with what Wall Street was expecting, based on a survey of analysts by LSEG:Second-quarter revenue dropped 11% and missed analyst estimates as licensing, TV advertising and cable subscription sales dropped."", 'The revenue drop was the largest miss compared to analyst estimates since February 2020, according to LSEG data.', 'Paramount attributed the miss to a decline in TV licensing revenue, which can be difficult for analysts to model given their start and end dates.', 'Paramount+ revenue grew 46% on year-over-year subscriber growth and higher prices.', ""Paramount+ customers decreased 2.8 million from last quarter to 68 million as the company unwound a Korean partnership deal with entertainment company CJ ENM's Tving streaming platform."", ""Paramount's streaming division turned a profit for the quarter of $26 million after losing $424 million a year ago."", 'Analysts had estimated a loss of $265 million this quarter.', ""Paramount reaffirmed it's on track to reach U.S. profitability for Paramount+ in 2025."", 'The streaming service has raised prices and cut content spend.', ""Paramount's quarterly profit is helped by not having an NFL licensing charge for the period, which will kick in later in the year."", 'Shares have slumped 31% so far this year amid declines among cable subscribers and a soft linear TV advertising market.', 'Paramount also took a $6 billion one-time impairment charge associated with the decline in its cable networks.', 'It comes on the heels of a $9.1 billion write-down from peer Warner Bros. Discovery on Wednesday.', 'The company had to take the charge as an adjustment forced by its transaction with Skydance.']",0.0647385834462605,"Meanwhile, earnings surged as the company's streaming division swung to an unexpected profit — the first time Paramount has announced a profitable quarter for its direct-to-consumer business.","Paramount attributed the miss to a decline in TV licensing revenue, which can be difficult for analysts to model given their start and end dates.",-0.1612583363757413,Paramount+ revenue grew 46% on year-over-year subscriber growth and higher prices.,"Here's how Paramount performed in the quartercompared with what Wall Street was expecting, based on a survey of analysts by LSEG:Second-quarter revenue dropped 11% and missed analyst estimates as licensing, TV advertising and cable subscription sales dropped.",2024-08-12
-"E.l.f. Beauty sales jump 50% on gains in color cosmetics and skin care, launch of Bronzing Drops serum",https://www.cnbc.com/2024/08/08/elf-beauty-elf-earnings-q1-2025.html,2024-08-08T21:47:27+0000,"In this articleE.l.f. Beauty's growth story is still going.The cosmetics retailer on Thursday blew past quarterly estimates again, posting a 50% gain in sales. The company's sales soared to $324.5 million in its fiscal first quarter, leading it to raise its full-year guidance. That increase follows a staggering 76% jump in the year-ago quarter.CEO Tarang Amin told CNBC the company saw growth across its categories. He added that its Bronzing Drops serum quickly became a best seller on the company's website after its launch during the quarter.Here's how the cosmetics company performed compared with what Wall Street was expecting, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended June 30 was $47.6 million, or 81 cents per share, compared with $53 million, or 93 cents per share, a year earlier.  Sales rose to $324.5 million, up about 50% from $216.3 million a year earlier. Following quarter after quarter of outsized growth, Wall Street has come to expect a lot from E.l.f. Beauty. Though it raised its guidance Thursday, the outlook still fell flat after such a big first-quarter beat. For fiscal 2025, E.l.f. now expects sales of between $1.28 billion and $1.3 billion, compared with its previous outlook of $1.23 billion and $1.25 billion. Analysts had expected sales guidance of $1.3 billion, according to LSEG.The company now anticipates its adjusted net income will be between $198 million and $201 million, compared with a previous outlook of between $187 million and $191 million. E.l.f. expects adjusted earnings per share to be between $3.36 and $3.41, compared with previous guidance of $3.20 to $3.25. Analysts had expected earnings of $3.42 per share, according to LSEG. Shares fell about 6% in extended trading.When it reported fiscal 2024 results in May, E.l.f. disappointed investors with an outlook that came in below expectations. Sentiment later turned around after its finance chief, Mandy Fields, suggested that the company tends to issue conservative guidance. ""Last year, we started our guidance at 22% to 24% range, ended the year at 77%,"" Fields told analysts at the time. ""I'm not saying that we're promising 77% this year for sure. But what I will say is that gives you a little bit of insight into our guidance philosophy."" On Thursday, Amin told CNBC that Fields takes a ""balanced"" approach to guidance and prefers to take things one quarter at a time. ""If you look at our history over the last five years, these 22 quarters, we typically guide lower than where we eventually come out,"" said Amin. ""We never want to get ahead of ourselves, and overall the strategy has worked just great ... we're going to take you through what we're seeing quarter by quarter, and hopefully we continue to kind of beat that."" He added that he isn't concerned about a consumer pullback in the beauty category and remains ""bullish"" on the broader environment.""We are hearing kind of in the macro, 'Hey, is the consumer being choosier?' I'd say if they are, they're choosing E.l.f.,"" said Amin. ""So we're perhaps differently positioned, and if you look over the last 22 quarters, it didn't matter what was happening in the category, whether it was the pandemic, whether it was inflationary pressures ... you name it, we've performed well throughout that, and I think it really comes down to our fundamental business model and how we're different."" E.l.f., a digitally native beauty retailer that was founded in 2004, has gained a newfound relevance among Gen Z and Gen Alpha consumers through marketing that lands with those younger shoppers and meets them where they are on places such as TikTok and Roblox. It's known for creating value versions of prestige favorites, such as its new Bronzing Drops, which customers compare to Drunk Elephant's product Sunshine Drops. The prestige skin care line offers its product for $38, while E.l.f.'s retails for just $12.""These bronzing drops were the No. 1 requested item from our community, and our community comes to us and says, 'Hey, there's a prestige item there. We love them, but E.l.f., help us out. We can't afford 38 bucks for bronzing drops,'"" said Amin. ""So we'll study it. We'll put our own E.l.f. twist on it and we'll introduce ours at $12. Went to No. 1 right away on Elfcosmetics.com.""The company doesn't compare its products to any specific brands and instead lets its fan base fill in the blanks.""Even though we don't make the comparison ourselves, there's like a thousand TikTok videos after we launch this product where people are doing side-by-sides or comparing it,"" said Amin. ""They're like, it's $12 versus the $38 item and actually, I like the E.l.f. one better, the quality's better.'""In July, the company expanded its collaboration with Roblox that enabled users ages 13 and up to buy limited edition products such as its ""e.l.f. UP! Pets Hoodie"" and mainstays such as its lip and SPF products. During the Olympics, it had splashy marketing campaigns with gymnast Gabby Douglas, a three-time gold medalist, and blind swimmer Anastasia ""Tas"" Pagonis. It also collaborated with actress Jameela Jamil on the launch of its new Bronzing Drops. However, all that marketing doesn't come cheap and has weighed on E.l.f.'s bottom line. During the quarter, selling, general and administrative expenses increased by roughly $88.6 million to $180.6 million, representing 56% of net sales. The spike in marketing spending contributed to a 10% drop in E.l.f.'s net income. Amin said the company is spending more on marketing this year than last but that was more a result of timing. He added E.l.f. is working to get marketing spend ""more consistent"" throughout the year as a percentage of sales. ""We continue to invest more in marketing because it's working,"" said Amin. ""Our marketing ROIs are multiples ahead of the category benchmarks, we're growing very strong top line. We're building awareness.""",CNBC,08/08/2024,"['In this articleE.l.f.', ""Beauty's growth story is still going."", 'The cosmetics retailer on Thursday blew past quarterly estimates again, posting a 50% gain in sales.', ""The company's sales soared to $324.5 million in its fiscal first quarter, leading it to raise its full-year guidance."", 'That increase follows a staggering 76% jump in the year-ago quarter.', 'CEO Tarang Amin told CNBC the company saw growth across its categories.', ""He added that its Bronzing Drops serum quickly became a best seller on the company's website after its launch during the quarter."", ""Here's how the cosmetics company performed compared with what Wall Street was expecting, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended June 30 was $47.6 million, or 81 cents per share, compared with $53 million, or 93 cents per share, a year earlier."", 'Sales rose to $324.5 million, up about 50% from $216.3 million a year earlier.', 'Following quarter after quarter of outsized growth, Wall Street has come to expect a lot from E.l.f.', 'Beauty.', 'Though it raised its guidance Thursday, the outlook still fell flat after such a big first-quarter beat.', 'For fiscal 2025, E.l.f.', 'now expects sales of between $1.28 billion and $1.3 billion, compared with its previous outlook of $1.23 billion and $1.25 billion.', 'Analysts had expected sales guidance of $1.3 billion, according to LSEG.The company now anticipates its adjusted net income will be between $198 million and $201 million, compared with a previous outlook of between $187 million and $191 million.', 'E.l.f.', 'expects adjusted earnings per share to be between $3.36 and $3.41, compared with previous guidance of $3.20 to $3.25.', 'Analysts had expected earnings of $3.42 per share, according to LSEG.Shares fell about 6% in extended trading.', 'When it reported fiscal 2024 results in May, E.l.f.', 'disappointed investors with an outlook that came in below expectations.', 'Sentiment later turned around after its finance chief, Mandy Fields, suggested that the company tends to issue conservative guidance.', '""Last year, we started our guidance at 22% to 24% range, ended the year at 77%,"" Fields told analysts at the time. ""', ""I'm not saying that we're promising 77% this year for sure."", 'But what I will say is that gives you a little bit of insight into our guidance philosophy.', '""On Thursday, Amin told CNBC that Fields takes a ""balanced"" approach to guidance and prefers to take things one quarter at a time.', '""If you look at our history over the last five years, these 22 quarters, we typically guide lower than where we eventually come out,"" said Amin. ""', ""We never want to get ahead of ourselves, and overall the strategy has worked just great ... we're going to take you through what we're seeing quarter by quarter, and hopefully we continue to kind of beat that."", '""He added that he isn\'t concerned about a consumer pullback in the beauty category and remains ""bullish"" on the broader environment.', '""We are hearing kind of in the macro, \'Hey, is the consumer being choosier?\'', 'I\'d say if they are, they\'re choosing E.l.f.,""', 'said Amin. ""', ""So we're perhaps differently positioned, and if you look over the last 22 quarters, it didn't matter what was happening in the category, whether it was the pandemic, whether it was inflationary pressures ... you name it, we've performed well throughout that, and I think it really comes down to our fundamental business model and how we're different."", '""E.l.f.,', 'a digitally native beauty retailer that was founded in 2004, has gained a newfound relevance among Gen Z and Gen Alpha consumers through marketing that lands with those younger shoppers and meets them where they are on places such as TikTok and Roblox.', ""It's known for creating value versions of prestige favorites, such as its new Bronzing Drops, which customers compare to Drunk Elephant's product Sunshine Drops."", 'The prestige skin care line offers its product for $38, while E.l.f.', '\'s retails for just $12.""These bronzing drops were the No.', ""1 requested item from our community, and our community comes to us and says, 'Hey, there's a prestige item there."", 'We love them, but E.l.f.,', 'help us out.', 'We can\'t afford 38 bucks for bronzing drops,\'"" said Amin. ""', ""So we'll study it."", ""We'll put our own E.l.f."", ""twist on it and we'll introduce ours at $12."", 'Went to No.', '1 right away on Elfcosmetics.com.', '""The company doesn\'t compare its products to any specific brands and instead lets its fan base fill in the blanks.', '""Even though we don\'t make the comparison ourselves, there\'s like a thousand TikTok videos after we launch this product where people are doing side-by-sides or comparing it,"" said Amin. ""', ""They're like, it's $12 versus the $38 item and actually, I like the E.l.f."", ""one better, the quality's better."", '\'""In July, the company expanded its collaboration with Roblox that enabled users ages 13 and up to buy limited edition products such as its ""e.l.f.', 'UP!', 'Pets Hoodie"" and mainstays such as its lip and SPF products.', 'During the Olympics, it had splashy marketing campaigns with gymnast Gabby Douglas, a three-time gold medalist, and blind swimmer Anastasia ""Tas"" Pagonis.', 'It also collaborated with actress Jameela Jamil on the launch of its new Bronzing Drops.', ""However, all that marketing doesn't come cheap and has weighed on E.l.f."", ""'s bottom line."", 'During the quarter, selling, general and administrative expenses increased by roughly $88.6 million to $180.6 million, representing 56% of net sales.', 'The spike in marketing spending contributed to a 10% drop in E.l.f.', ""'s net income."", 'Amin said the company is spending more on marketing this year than last but that was more a result of timing.', 'He added E.l.f.', 'is working to get marketing spend ""more consistent"" throughout the year as a percentage of sales.', '""We continue to invest more in marketing because it\'s working,"" said Amin. ""', ""Our marketing ROIs are multiples ahead of the category benchmarks, we're growing very strong top line."", 'We\'re building awareness.""']",0.1549607533307832,"We never want to get ahead of ourselves, and overall the strategy has worked just great ... we're going to take you through what we're seeing quarter by quarter, and hopefully we continue to kind of beat that.","Analysts had expected sales guidance of $1.3 billion, according to LSEG.The company now anticipates its adjusted net income will be between $198 million and $201 million, compared with a previous outlook of between $187 million and $191 million.",0.5076765171412764,"Sales rose to $324.5 million, up about 50% from $216.3 million a year earlier.","Though it raised its guidance Thursday, the outlook still fell flat after such a big first-quarter beat.",2024-08-12
-YouTube's former chief Susan Wojcicki dies aged 56,https://www.bbc.co.uk/news/articles/c75nwnvvqr1o,2024-08-10T11:56:06.377Z,"Susan Wojcicki, the former boss of YouTube and one of Google's earliest employees, has died aged 56.  Google's chief executive Sundar Pichai announced that Ms Wojcicki had passed away after two years of living with lung cancer. Mr Pichai, who is also the boss of Google's parent company Alphabet, said on X/Twitter he was ""unbelievably saddened"" and Ms Wojcicki  was ""as core to the history of Google as anyone"". Once described as the ""most important Googler you've never heard of"", Ms Wojcicki was present at the company's beginnings when, in 1998, she rented out her Menlo Park garage to the search engine firm's founders, Sergey Brin and Larry Page.  She was later persuaded to leave her job at chip giant Intel to join Google, becoming the firm's 16th employee.  Ms Wojcicki would go on to lead YouTube, the online video sharing company owned by Google, for nine years until 2023 when she stepped down to focus ""on my family, health and personal projects I'm passionate about"". Ms Wojcicki was one of relatively few women to hold a senior role in the technology industry. She wanted to encourage more girls to go into the field, telling the BBC's Newshour in 2013 that the future was going to be ""increasingly digitally influenced"". ""But then I see there are very few women in the industry,"" she said. ""Overall the tech industry has, on average, probably about 20% women and I also look at the pipeline of girls coming out of technical degrees and it is very small.""  While Ms Wojcicki rose to become the boss of YouTube, her tenure was not without controversy. The platform faced criticism over its handling of online disinformation, including during the Covid pandemic.   In 2022, a number of fact-checking organisations wrote to her accusing YouTube of being ""one of the major conduits of online disinformation and misinformation worldwide"". Ms Wojcicki stepped down a year later to focus on her personal life and health.  Announcing her death ""with profound sadness"", her husband Dennis Troper said: ""My beloved wife of 26 years and mother to our five children left us today after two years of living with non-small-cell lung cancer."" ",BBC,10/08/2024,"[""Susan Wojcicki, the former boss of YouTube and one of Google's earliest employees, has died aged 56."", ""Google's chief executive Sundar Pichai announced that Ms Wojcicki had passed away after two years of living with lung cancer."", 'Mr Pichai, who is also the boss of Google\'s parent company Alphabet, said on X/Twitter he was ""unbelievably saddened"" and Ms Wojcicki was ""as core to the history of Google as anyone"".', 'Once described as the ""most important Googler you\'ve never heard of"", Ms Wojcicki was present at the company\'s beginnings when, in 1998, she rented out her Menlo Park garage to the search engine firm\'s founders, Sergey Brin and Larry Page.', ""She was later persuaded to leave her job at chip giant Intel to join Google, becoming the firm's 16th employee."", 'Ms Wojcicki would go on to lead YouTube, the online video sharing company owned by Google, for nine years until 2023 when she stepped down to focus ""on my family, health and personal projects I\'m passionate about"".', 'Ms Wojcicki was one of relatively few women to hold a senior role in the technology industry.', 'She wanted to encourage more girls to go into the field, telling the BBC\'s Newshour in 2013 that the future was going to be ""increasingly digitally influenced"". ""', 'But then I see there are very few women in the industry,"" she said. ""', 'Overall the tech industry has, on average, probably about 20% women and I also look at the pipeline of girls coming out of technical degrees and it is very small.""', 'While Ms Wojcicki rose to become the boss of YouTube, her tenure was not without controversy.', 'The platform faced criticism over its handling of online disinformation, including during the Covid pandemic.', 'In 2022, a number of fact-checking organisations wrote to her accusing YouTube of being ""one of the major conduits of online disinformation and misinformation worldwide"".', 'Ms Wojcicki stepped down a year later to focus on her personal life and health.', 'Announcing her death ""with profound sadness"", her husband Dennis Troper said: ""My beloved wife of 26 years and mother to our five children left us today after two years of living with non-small-cell lung cancer.""']",-0.1132640416628096,"Ms Wojcicki would go on to lead YouTube, the online video sharing company owned by Google, for nine years until 2023 when she stepped down to focus ""on my family, health and personal projects I'm passionate about"".","Announcing her death ""with profound sadness"", her husband Dennis Troper said: ""My beloved wife of 26 years and mother to our five children left us today after two years of living with non-small-cell lung cancer.""",-0.7161572277545929,,"The platform faced criticism over its handling of online disinformation, including during the Covid pandemic.",2024-08-12
-"Stellantis laying off 2,450 plant workers due to discontinuation of Ram 'Classic' pickup truck",https://www.cnbc.com/2024/08/09/stellantis-layoff-workers-ram-pickup-truck.html,2024-08-10T00:53:05+0000,"In this articleDETROIT — Automaker Stellantis plans to indefinitely lay off up to 2,450 U.S. factory workers later this year as it discontinues production of an older version of its Ram 1500 pickup truck in Michigan.The truck has been largely used as a low-cost pickup to sell to entry-level buyers and fleet customers since the automaker introduced a new generation of the Ram 1500 in 2018. It is produced alongside the Jeep Wagoneer and Grand Wagoneer at the Warren Truck Assembly Plant, located near Detroit.The current Ram 1500, which was recently updated for the 2025 model year, is produced at a nearby plant. Operations at that facility will continue as planned.""With the introduction of the new Ram 1500, production of the Ram 1500 Classic at the Warren [Michigan] Truck Assembly Plant will come to an end later this year,"" the company said in an emailed statement.The discontinuation of the Ram 1500 ""Classic"" vehicle is not unexpected, but the company has not announced a vehicle to replace the truck. That is concerning for local governments, workers and the United Auto Workers union, which represents the plant.Ram CEO Chris Feuell told CNBC last week that the ""Classic"" version of the pickup would be phased out by the end of this year.UAW President Shawn Fain was critical of Stellantis leadership regarding the cuts.""Stellantis CEO Carlos Tavares is a disgrace and an embarrassment to a once-great American company,"" Fain said in an emailed statement Friday night. ""Meanwhile, Tavares jacks up his own pay by 56 percent while laying off thousands of autoworkers. If any autoworker did as piss poor of a job as Stellantis CEO Carlos Tavares, they would be fired.""The layoffs are expected to start as soon as October. The final number of indefinite layoffs at the Warren plant, which currently employs about 3,700 hourly workers, may be lower than the announced numbers. Some employees may be given other jobs or positions at other plants.The layoffs are the latest for Stellantis, which has cut production at several plants amid sales issues and cost-cutting measures.Tavares has been on a cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France's PSA Groupe in January 2021. It is part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros, or $325 billion, by 2030.The automaker last week offered a broad voluntary buyout to U.S. salaried workers in an effort to reduce headcount and costs. Stellantis, which reported disappointing first-half results last month, said if not enough employees participate in the buyout, involuntary terminations could follow.",CNBC,10/08/2024,"['In this articleDETROIT — Automaker Stellantis plans to indefinitely lay off up to 2,450 U.S. factory workers later this year as it discontinues production of an older version of its Ram 1500 pickup truck in Michigan.', 'The truck has been largely used as a low-cost pickup to sell to entry-level buyers and fleet customers since the automaker introduced a new generation of the Ram 1500 in 2018.', 'It is produced alongside the Jeep Wagoneer and Grand Wagoneer at the Warren Truck Assembly Plant, located near Detroit.', 'The current Ram 1500, which was recently updated for the 2025 model year, is produced at a nearby plant.', 'Operations at that facility will continue as planned.', '""With the introduction of the new Ram 1500, production of the Ram 1500 Classic at the Warren [Michigan] Truck Assembly Plant will come to an end later this year,"" the company said in an emailed statement.', 'The discontinuation of the Ram 1500 ""Classic"" vehicle is not unexpected, but the company has not announced a vehicle to replace the truck.', 'That is concerning for local governments, workers and the United Auto Workers union, which represents the plant.', 'Ram CEOChris Feuelltold CNBC last week that the ""Classic"" version of the pickup would be phased out by the end of this year.', 'UAW President Shawn Fain was critical of Stellantis leadership regarding the cuts.', '""Stellantis CEO Carlos Tavares is a disgrace and an embarrassment to a once-great American company,"" Fain said in an emailed statement Friday night. ""', 'Meanwhile, Tavares jacks up his own pay by 56 percent while laying off thousands of autoworkers.', 'If any autoworker did as piss poor of a job as Stellantis CEO Carlos Tavares, they would be fired.', '""The layoffs are expected to start as soon as October.', 'The final number of indefinite layoffs at the Warren plant, which currently employs about 3,700 hourly workers, may be lower than the announced numbers.', 'Some employees may be given other jobs or positions at other plants.', 'The layoffs are the latest for Stellantis, which has cut production at several plants amid sales issues and cost-cutting measures.', ""Tavares has beenon a cost-cutting missionsince the company was formed through a merger between Fiat Chrysler and France's PSA Groupe in January 2021."", 'It is part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros, or $325 billion, by 2030.The automaker last week offereda broad voluntary buyout to U.S. salaried workers in an effort to reduce headcount and costs.', 'Stellantis, which reporteddisappointing first-half results last month, said if not enough employees participate in the buyout, involuntary terminations could follow.']",-0.0621386342571646,"It is part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros, or $325 billion, by 2030.The automaker last week offereda broad voluntary buyout to U.S. salaried workers in an effort to reduce headcount and costs.","If any autoworker did as piss poor of a job as Stellantis CEO Carlos Tavares, they would be fired.",-0.2436445951461792,"It is part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros, or $325 billion, by 2030.The automaker last week offereda broad voluntary buyout to U.S. salaried workers in an effort to reduce headcount and costs.","""Stellantis CEO Carlos Tavares is a disgrace and an embarrassment to a once-great American company,"" Fain said in an emailed statement Friday night. """,2024-08-12
-Clapham: Disabled man still 'stuck' in inaccessible council flat,https://www.bbc.co.uk/news/articles/c1jld6r5dz5o,2024-08-09T05:10:56.459Z,"A disabled man who had to be carried down the side of his flat block after the lift broke has said he is now ""stuck"" in his new council flat too, because it is not accessible. Nathan Rollinson, 33, was rescued by emergency services and then treated in hospital when he fell out of his wheelchair after the lift broke in June. He said Lambeth Council promised to adapt a new flat before he moved in last month but it still had not been done, meaning he cannot open the front or back doors or windows unaided, and cannot use his kitchen. Lambeth Council said it had been ""working hard"" and further adjustments were ""in the process of being carried out"". Mr Rollinson has been a wheelchair user since suffering brain and spinal injuries in a rugby accident last year. He previously told the Local Democracy Reporting Service after he was treated in hospital, he had been staying in a hotel until Lambeth Council could find him a more accessible place to live. He told BBC London the council eventually suggested a flat in a sheltered accommodation scheme Mr Rollinson said is aimed at over-60s, but he still accepted it and moved in on 29 July. However, Mr Rollinson said despite the council acknowledging it ""needed to install an electric door opener"" on his front door and windows this has not happened. He said he currently ""can't get out of the front door - I have to call the scheme manager who is only here Monday to Friday, 9 to 5,"" which meant he was either ""stuck"" or reliant on help from friends outside of these times. Mr Rollinson added London Fire Brigade advised him the front door was ""my only evacuation route"" due to a change in the floor level between the back door and patio outside, so he said he could not escape independently if there was a fire. ""They've passed it on to Lambeth again, who know this, and Lambeth are choosing to say 'oh we'll do it in 12 weeks',"" he said. Mr Rollinson claimed the council was also ""supposed to fully adapt"" the kitchen too but this has not been done, so he ""can't cook"" or use the kitchen. ""If I was to try and use the oven I'd fall into the oven because it's low to the floor and the fridge isn't accessible... the countertops, nothing is accessible,"" he explained. He continued by saying when he moved in there were even problems with his fuse box and key-operated utility meter, which were installed ""eight foot"" away from the floor. When he told Lambeth Council about this, he alleged a staff member replied, ""it's fine, you'll have to just reach for it"" and later suggested staff could top the meter up for him instead. ""I want to be able to be fully independent, which obviously I can't,"" he said.  ""It's horrendous. Even the scheme manager said I shouldn't be here."" Mr Rollinson went on to say while he was previously in hospital doctors ""found a pulmonary embolism which they said was caused by the stress of the last property"", and he suffered ""further spine damage"" after the fall which meant he had not been able to work. ""I didn't want to be doing all this,"" Mr Rollinson said, adding he was ""angry"" with the situation. ""I've had to push since 2022 when I first got injured,"" he said. A Lambeth Council spokesperson said: ""We have been working hard to support our resident on an ongoing basis to meet his needs.  ""We have secured ground floor sheltered accommodation for him to live in which is suitable for wheelchair access. ""The council had the flat assessed by an occupational therapist before he moved in, and again on the day of the move.  ""Any further adjustments needed to make sure all his needs are met are in the process of being carried out."" 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,09/08/2024,"['A disabled man who had to be carried down the side of his flat block after the lift broke has said he is now ""stuck"" in his new council flat too, because it is not accessible.', 'Nathan Rollinson, 33, was rescued by emergency services and then treated in hospital when he fell out of his wheelchair after the lift broke in June.', 'He said Lambeth Council promised to adapt a new flat before he moved in last month but it still had not been done, meaning he cannot open the front or back doors or windows unaided, and cannot use his kitchen.', 'Lambeth Council said it had been ""working hard"" and further adjustments were ""in the process of being carried out"".', 'Mr Rollinson has been a wheelchair user since suffering brain and spinal injuries in a rugby accident last year.', 'He previously told the Local Democracy Reporting Service after he was treated in hospital, he had been staying in a hotel until Lambeth Council could find him a more accessible place to live.', 'He told BBC London the council eventually suggested a flat in a sheltered accommodation scheme Mr Rollinson said is aimed at over-60s, but he still accepted it and moved in on 29 July.', 'However, Mr Rollinson said despite the council acknowledging it ""needed to install an electric door opener"" on his front door and windows this has not happened.', 'He said he currently ""can\'t get out of the front door - I have to call the scheme manager who is only here Monday to Friday, 9 to 5,"" which meant he was either ""stuck"" or reliant on help from friends outside of these times.', 'Mr Rollinson added London Fire Brigade advised him the front door was ""my only evacuation route"" due to a change in the floor level between the back door and patio outside, so he said he could not escape independently if there was a fire. ""', 'They\'ve passed it on to Lambeth again, who know this, and Lambeth are choosing to say \'oh we\'ll do it in 12 weeks\',"" he said.', 'Mr Rollinson claimed the council was also ""supposed to fully adapt"" the kitchen too but this has not been done, so he ""can\'t cook"" or use the kitchen. ""', 'If I was to try and use the oven I\'d fall into the oven because it\'s low to the floor and the fridge isn\'t accessible... the countertops, nothing is accessible,"" he explained.', 'He continued by saying when he moved in there were even problems with his fuse box and key-operated utility meter, which were installed ""eight foot"" away from the floor.', 'When he told Lambeth Council about this, he alleged a staff member replied, ""it\'s fine, you\'ll have to just reach for it"" and later suggested staff could top the meter up for him instead. ""', 'I want to be able to be fully independent, which obviously I can\'t,"" he said. ""', ""It's horrendous."", 'Even the scheme manager said I shouldn\'t be here.""', 'Mr Rollinson went on to say while he was previously in hospital doctors ""found a pulmonary embolism which they said was caused by the stress of the last property"", and he suffered ""further spine damage"" after the fall which meant he had not been able to work. ""', 'I didn\'t want to be doing all this,"" Mr Rollinson said, adding he was ""angry"" with the situation. ""', 'I\'ve had to push since 2022 when I first got injured,"" he said.', 'A Lambeth Council spokesperson said: ""We have been working hard to support our resident on an ongoing basis to meet his needs. ""', 'We have secured ground floor sheltered accommodation for him to live in which is suitable for wheelchair access. ""', 'The council had the flat assessed by an occupational therapist before he moved in, and again on the day of the move. ""', 'Any further adjustments needed to make sure all his needs are met are in the process of being carried out.""', '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']",-0.0824766010797172,"He said he currently ""can't get out of the front door - I have to call the scheme manager who is only here Monday to Friday, 9 to 5,"" which meant he was either ""stuck"" or reliant on help from friends outside of these times.","Mr Rollinson went on to say while he was previously in hospital doctors ""found a pulmonary embolism which they said was caused by the stress of the last property"", and he suffered ""further spine damage"" after the fall which meant he had not been able to work. """,-0.931144678592682,,"A disabled man who had to be carried down the side of his flat block after the lift broke has said he is now ""stuck"" in his new council flat too, because it is not accessible.",2024-08-12
-"Apartments, hockey rinks and Amazon warehouses: Macy's closures will set off a wave of change at shopping malls",https://www.cnbc.com/2024/08/12/macys-store-closures-will-change-malls.html,2024-08-12T17:12:46+0000,"In this articleMacy's decision to close nearly a third of its stores will spark change in malls and communities across the U.S.Some of those transformations may catch shoppers by surprise.The retailer said in late February that it plans to close about 150 of its namesake locations by early 2027. Macy's has not yet revealed which stores it will shutter. When CEO Tony Spring announced the move, he said the stores that Macy's will close account for 25% of the company's gross square footage but less than 10% of its sales.The company plans to invest more in the approximately 350 namesake stores that will remain, and open new locations for its better-performing brands: higher-end department store Bloomingdale's and beauty chain Bluemercury.Yet the closures will be the latest catalyst that pressures malls to evolve to changing consumer tastes. Macy's is shuttering stores as the growth of online shopping and demographic shifts mean some small towns or regions can no longer support a bustling shopping center.Macy's closures will ultimately be a good thing for many malls and customers, said Chris Wimmer, senior director at Fitch Ratings who tracks real estate investment trusts. The department store's exit will accelerate the inevitable demise of ""low quality malls that really don't need to exist anymore,"" Wimmer said. The closures will give the owners of healthier malls a chance to breathe new life and relevance into a shopping center.In those malls, which tend to have better locations and owners with stronger balance sheets, he said owners are ""itching to get their hands on their Macy's"" and free up prime real estate.Macy's owns the majority of its namesake stores. That dates back to when mall owners would give department stores a space to draw shoppers and make money by charging other retailers rent.Macy's closures will also make way for real estate developments that may better match the changing demographics or economy of their surroundings, whether through construction of a medical building, a retirement community or a grocery store.But Wimmer acknowledged some of the closed Macy's may be a tougher sell, and their exit could be the nail in the coffin for a mall that's becoming an eyesore.""If it's in a really bad location where no one wants to spend money to knock it down, then it could rot,"" he said.Macy's is trimming its locations as department stores and malls alike dwindle.Macy's has left many malls already. It has closed more than a third of its namesake stores over the last 10 years. As of early May, the company had 503 Macy's stores, including a small number of other concepts outside malls.Other anchors have downsized or disappeared from malls, including Sears, Lord & Taylor and JCPenney.The number of malls has shrunk as well. Real estate firms typically divide malls into class A and B, which have higher occupancy rates and lower sales density, and class C and D, which have lower occupancy rates and higher sales density.There were 352 shopping malls classified as Class A and B at the end of 2016, according to company reports, S&P Capital IQ and Coresight Research. That fell to 316 malls by the end of 2022.That decline is sharper among Class C and D shopping malls, which fell from 684 malls in 2016 to 287 in 2022, according to the companies' research.Weak U.S. malls have become weaker, and the strong shopping centers have become places where all retailers and consumers want to be, said Anand Kumar, an associate director of research for Coresight. He expects that trend to continue. By 2030, he said, top-tier malls will draw a greater share of total mall spending and more lower-tier malls will either close or be forced to convert more space into non-retail uses.At some distressed malls, Macy's may be the last anchor that remains.Kumar said the U.S. doesn't need as many malls as customers buy more on retailers' websites. He added many of the fastest growing retailers in terms of store count, such as Dollar General, Five Below and T.J. Maxx, want to be in suburban strip centers rather than malls.He said adding more diverse tenants to malls, such as medical buildings, co-working spaces, nail salons and restaurants, can be a smarter move for mall owners to drum up traffic.That's what many mall owners have done and could do with vacant former Macy's locations.Even if a mall wants to fill a Macy's space with a retailer, there are few single tenants that can take up the whole box, said Naveen Jaggi, president of retail advisory services at JLL. The ones that could, such as Nordstrom and Belk, generally aren't opening up huge stores like they did in the past, he said.Macy's stores typically range between 200,000 and 225,000 square feet.If history is a guide, former Macy's stores will likely transform into spaces and spark projects that surprise longtime mallgoers. The closures of mall anchors have cleared the way for new apartment complexes and entertainment wings with restaurants, amusement parks or activities such as laser tag and rock climbing.Since 2012, major mall owner Brookfield Properties has redone more than 100 anchor boxes with capital investments of more than $2 billion.One of the malls it retrofitted after a Macy's closure is Stonestown Galleria. In the San Francisco mall, a former Macy's is now a Whole Foods, movie theater, sporting goods store and health-care facility.At Tysons Galleria in the Washington, D.C. area, Brookfield used the closure of Macy's as an opportunity to tack on a new wing. It opened in 2021 with broader entertainment offerings, including a bowling alley and movie theater; home furnishing stores including RH and Crate & Barrel; new dining options and a showroom for electric vehicle brand Lucid Motors.The projects take money and time, said Adam Tritt, chief development officer for Brookfield Properties' U.S. retail portfolio. As part of the San Francisco conversion, Brookfield had to raise the height of the roof, add more windows and put in a glass storefront.Those projects show that for mall owners, the closure of an anchor such as Macy's can come with a silver lining, Tritt said. It clears the way for more flexible and creative uses that draw more people to the mall.""There's a collective challenge to get people off the couch and out of the house,"" he said.And by turning a big box into smaller retail or dining spaces that can be leased, the mall owner can be nimbler.""We are able to break it down into smaller digestible pieces, so that as trends move and communities evolve we are able to respond more quickly,"" he said.At other malls, the tenants that replace a Macy's could be even more unique.Near Salt Lake City, Utah, a former Macy's will soon become the location of the training and practice facility for the NHL's new addition, the Utah Hockey Club, complete with ice skating rinks and corporate offices.And in some parts of the country, consumers' shift from shopping at malls to shopping on their couches has taken physical form. Amazon opened a huge fulfillment center on the former site of Randall Park Mall. The mall in Northeast Ohio struggled with dwindling occupancy rates and ultimately lost mall anchors, including Dillards, JCPenney and Macy's.And earlier this summer, Amazon opened another fulfillment center in Baton Rouge, Louisiana — also on a former mall site.",CNBC,12/08/2024,"[""In this articleMacy's decision to close nearly a third of its stores will spark change in malls and communities across the U.S.Some of those transformations may catch shoppers by surprise."", 'The retailer said in late February that it plans to close about 150 of its namesake locations by early 2027.', ""Macy's has not yet revealed which stores it will shutter."", ""When CEO Tony Spring announced the move, he said the stores that Macy's will close account for 25% of the company's gross square footage but less than 10% of its sales."", ""The company plans to invest more in the approximately 350 namesake stores that will remain, and open new locations for its better-performing brands: higher-end department store Bloomingdale's and beauty chain Bluemercury."", 'Yet the closures will be the latest catalyst that pressures malls to evolve to changing consumer tastes.', ""Macy's is shuttering stores as the growth of online shopping and demographic shifts mean some small towns or regions can no longer support a bustling shopping center."", ""Macy's closures will ultimately be a good thing for many malls and customers, said Chris Wimmer, senior director at Fitch Ratings who tracks real estate investment trusts."", 'The department store\'s exit will accelerate the inevitable demise of ""low quality malls that really don\'t need to exist anymore,"" Wimmer said.', 'The closures will give the owners of healthier malls a chance to breathe new life and relevance into a shopping center.', 'In those malls, which tend to have better locations and owners with stronger balance sheets, he said owners are ""itching to get their hands on their Macy\'s"" and free up prime real estate.', ""Macy's owns the majority of its namesake stores."", 'That dates back to when mall owners would give department stores a space to draw shoppers and make money by charging other retailers rent.', ""Macy's closures will also make way for real estate developments that may better match the changing demographics or economy of their surroundings, whether through construction of a medical building, a retirement community or a grocery store."", ""But Wimmer acknowledged some of the closed Macy's may be a tougher sell, and their exit could be the nail in the coffin for a mall that's becoming an eyesore."", '""If it\'s in a really bad location where no one wants to spend money to knock it down, then it could rot,"" he said.', ""Macy's is trimming its locations as department stores and malls alike dwindle."", ""Macy's has left many malls already."", 'It has closed more than a third of its namesake stores over the last 10 years.', ""As of early May, the company had 503 Macy's stores, including a small number of other concepts outside malls."", 'Other anchors have downsized or disappeared from malls, including Sears, Lord & Taylor and JCPenney.', 'The number of malls has shrunk as well.', 'Real estate firms typically divide malls into class A and B, which have higher occupancy rates and lower sales density, and class C and D, which have lower occupancy rates and higher sales density.', 'There were 352 shopping malls classified as Class A and B at the end of 2016, according to company reports, S&P Capital IQ and Coresight Research.', ""That fell to 316 malls by the end of 2022.That decline is sharper among Class C and D shopping malls, which fell from 684 malls in 2016 to 287 in 2022, according to the companies' research."", 'Weak U.S. malls have become weaker, and the strong shopping centers have become places where all retailers and consumers want to be, said Anand Kumar, an associate director of researchfor Coresight.', 'He expects that trend to continue.', 'By 2030, he said, top-tier malls will draw a greater share of total mall spending and more lower-tier malls will either close or be forced to convert more space into non-retail uses.', ""At some distressed malls, Macy's may be the last anchor that remains."", ""Kumar said the U.S. doesn't need as many malls as customers buy more on retailers' websites."", 'He added many of the fastest growing retailers in terms of store count, such as Dollar General, Five Below and T.J. Maxx, want to be in suburban strip centers rather than malls.', 'He said adding more diverse tenants to malls, such as medical buildings, co-working spaces, nail salons and restaurants, can be a smarter move for mall owners to drum up traffic.', ""That's what many mall owners have done and could do with vacant former Macy's locations."", ""Even if a mall wants to fill a Macy's space with a retailer, there are few single tenants that can take up the whole box, said Naveen Jaggi, president of retail advisory services at JLL."", ""The ones that could, such as Nordstrom and Belk, generally aren't opening up huge stores like they did in the past, he said."", ""Macy's stores typically range between 200,000 and 225,000 square feet."", ""If history is a guide, former Macy's stores will likely transform into spaces and spark projects that surprise longtime mallgoers."", 'The closures of mall anchors have cleared the way for new apartment complexes and entertainment wings with restaurants, amusement parks or activities such as laser tag and rock climbing.', 'Since 2012, major mall owner Brookfield Properties has redone more than 100 anchor boxes with capital investments of more than $2 billion.', ""One of the malls it retrofitted after a Macy's closure is Stonestown Galleria."", ""In the San Francisco mall, a former Macy's is now a Whole Foods, movie theater, sporting goods store and health-care facility."", ""At Tysons Galleria in the Washington, D.C. area, Brookfield used the closure of Macy's as an opportunity to tack on a new wing."", 'It opened in 2021 with broader entertainment offerings, including a bowling alley and movie theater; home furnishing stores including RH and Crate & Barrel; new dining options and a showroom for electric vehicle brand Lucid Motors.', ""The projects take money and time, said Adam Tritt, chief development officer for Brookfield Properties' U.S. retail portfolio."", 'As part of the San Francisco conversion, Brookfield had to raise the height of the roof, add more windows and put in a glass storefront.', ""Those projects show that for mall owners, the closure of an anchor such as Macy's can come with a silver lining, Tritt said."", 'It clears the way for more flexible and creative uses that draw more people to the mall.', '""There\'s a collective challenge to get people off the couch and out of the house,"" he said.', 'And by turning a big box into smaller retail or dining spaces that can be leased, the mall owner can be nimbler.', '""We are able to break it down into smaller digestible pieces, so that as trends move and communities evolve we are able to respond more quickly,"" he said.', ""At other malls, the tenants that replace a Macy's could be even more unique."", ""Near Salt Lake City, Utah, a former Macy's will soon become the location of the training and practice facility for the NHL's new addition, the Utah Hockey Club, complete with ice skating rinks and corporate offices."", ""And in some parts of the country, consumers' shift from shopping at malls to shopping on their couches has taken physical form."", 'Amazon opened a huge fulfillment center on the former site of Randall Park Mall.', ""The mall in Northeast Ohio struggled with dwindling occupancy rates and ultimately lost mall anchors, including Dillards, JCPenney and Macy's."", 'And earlier this summer, Amazon opened another fulfillment center in Baton Rouge, Louisiana — also on a former mall site.']",0.1106546047521135,"In those malls, which tend to have better locations and owners with stronger balance sheets, he said owners are ""itching to get their hands on their Macy's"" and free up prime real estate.","""If it's in a really bad location where no one wants to spend money to knock it down, then it could rot,"" he said.",0.0770754001357338,"He said adding more diverse tenants to malls, such as medical buildings, co-working spaces, nail salons and restaurants, can be a smarter move for mall owners to drum up traffic.","That fell to 316 malls by the end of 2022.That decline is sharper among Class C and D shopping malls, which fell from 684 malls in 2016 to 287 in 2022, according to the companies' research.",2024-08-12
-The Floor Room: John Lewis-based flooring firm enters administration,https://www.bbc.co.uk/news/articles/cgjv6e0026do,2024-08-11T20:58:15.040Z,"A flooring business which traded out of John Lewis stores has gone into administration and is being wound down, with almost 200 staff losing their jobs. The Floor Room, which sold carpets, laminate and other types of flooring, closed its concessions in 34 John Lewis shops with ""immediate effect"" after administrator's PricewaterhouseCoopers (PwC) were appointed on Friday. The company, which had one of its own stores in London, said it was unable to fulfil any outstanding orders that had been placed. John Lewis told the BBC that, while it did not own the company, it was ""working urgently to understand what this means for The Floor Room’s customers and colleagues"". ""If anyone has an outstanding order with the Floor Room, we are committed to doing everything in our power to help and support them,"" a statement from the retail giant said. The Floor Room traded independently from John Lewis, and was the sister company of Carpetright, which filed for administration last month. PwC said customers were being recommended to contact payment card providers ""about the possibility of obtaining a refund"". Adam Seres, joint administrator at PwC UK, said the Floor Room, which was founded only last year, depended on its sister company Carpetright for much of its operations and support services. He added the company was also affected by a cyber attack on Carpetright in April. Carpetright fell into administration in July, before the brand and some of its stores were rescued in a deal which resulted in 1,500 staff losing their jobs. Mr Seres said the Floor Room's management were unable to secure funding or find a buyer following Carpetright's insolvency, and the company's ""financial position meant it was impossible for the business to continue trading"". ""It is with sincere regret that this outcome has had to result in the redundancies of the majority of employees,"" he added. ""We are committed to helping those affected and will work hard to ensure redundancy claims are processed as quickly as possible."" PwC said some employees at the Floor Room's head office would be retained ""for a short time to support in winding down operations"". ",BBC,11/08/2024,"['A flooring business which traded out of John Lewis stores has gone into administration and is being wound down, with almost 200 staff losing their jobs.', 'The Floor Room, which sold carpets, laminate and other types of flooring, closed its concessions in 34 John Lewis shops with ""immediate effect"" after administrator\'s PricewaterhouseCoopers (PwC) were appointed on Friday.', 'The company, which had one of its own stores in London, said it was unable to fulfil any outstanding orders that had been placed.', 'John Lewis told the BBC that, while it did not own the company, it was ""working urgently to understand what this means for The Floor Room’s customers and colleagues"". ""', 'If anyone has an outstanding order with the Floor Room, we are committed to doing everything in our power to help and support them,"" a statement from the retail giant said.', 'The Floor Room traded independently from John Lewis, and was the sister company of Carpetright, which filed for administration last month.', 'PwC said customers were being recommended to contact payment card providers ""about the possibility of obtaining a refund"".', 'Adam Seres, joint administrator at PwC UK, said the Floor Room, which was founded only last year, depended on its sister company Carpetright for much of its operations and support services.', 'He added the company was also affected by a cyber attack on Carpetright in April.', 'Carpetright fell into administration in July, before the brand and some of its stores were rescued in a deal which resulted in 1,500 staff losing their jobs.', 'Mr Seres said the Floor Room\'s management were unable to secure funding or find a buyer following Carpetright\'s insolvency, and the company\'s ""financial position meant it was impossible for the business to continue trading"". ""', 'It is with sincere regret that this outcome has had to result in the redundancies of the majority of employees,"" he added. ""', 'We are committed to helping those affected and will work hard to ensure redundancy claims are processed as quickly as possible.""', 'PwC said some employees at the Floor Room\'s head office would be retained ""for a short time to support in winding down operations"".']",0.1852576543386204,"If anyone has an outstanding order with the Floor Room, we are committed to doing everything in our power to help and support them,"" a statement from the retail giant said.",He added the company was also affected by a cyber attack on Carpetright in April.,-0.9822054356336594,,"Mr Seres said the Floor Room's management were unable to secure funding or find a buyer following Carpetright's insolvency, and the company's ""financial position meant it was impossible for the business to continue trading"". """,2024-08-12
-Paris 2024: The AI tech aiming to identify future Olympians,https://www.bbc.co.uk/news/articles/cmj2jkppvx3o,2024-08-08T23:02:11.074Z,"Fans at the Olympics are trying out a new AI-powered talent spotting system that hopes to find the gold medallists of the future. Its developers aim to use a portable version of the technology to bring advanced sport science to remote areas around the world. As the alarm sounds, Tacto races frantically to swipe the infra-red sensors in front of him as some of them suddenly flash blue. Not far away his younger brother, Tomo, sprints down a short running track as his motion is tracked by a series of cameras. The seven and four-year-old siblings from Yokohama, Japan, are taking part in a series of AI-powered tests that have been specially set up near the Olympic Stadium in Paris. The aim of the system is to identify the potential gold medallists of the future. Data is gathered from five tests which include activities like running, jumping, and measuring grip strength.  This information is then analysed to assess a person's power, explosiveness, endurance, reaction time, strength and agility. The results are compared with data from professional and Olympic athletes. “We’re using computer vision and historical data, so the average person can compare themselves to elite athletes and see what sport they are most physically aligned to,” says Sarah Vickers, head of Intel’s Olympic and Paralympic Program. After completing the tests, each participant is told which sport they would be most suited to from a list of 10.  Intel says all the data collected from the people taking part is deleted once the process is complete. Aside from technology, it is something the young brothers are having fun doing.  “I enjoyed it,” says Tacto. “I liked the bit where we had to sprint the best.” The AI system that is open to fans at Paris 2024 has a far smaller, more portable counterpart that can be run on most devices which have a basic camera and a little computing power. “With just a mobile phone or a tablet or a PC you have this opportunity to go into places where you couldn’t go before,” says Sarah. This AI technology can assess people’s performance just by analysing video from the camera without the need for physical sensors. The International Olympic Committee recently took the system to Senegal, where it toured around five different villages and assessed more than 1,000 children on their athletic potential. Partnering with Senegal’s National Olympic Committee, and after a follow-up round of more advanced tests, it identified 48 children with “huge potential”, and one with “exceptional potential”. They have been offered places on sports programmes if they want, to see how far they can take their athletic abilities. It is hoped that the system can be rolled out further and used to offer opportunities to people in areas which it would be impossible to reach with bulkier assessment systems. Prof John Brewer, a visiting lecturer at University of Suffolk, who has worked with England’s Football Association on talent identification, says spotting potential at a young age is the “holy grail” of sport. However, he warns that a basic system that can only measure a few attributes would be limited when it comes to technical sports like football or basketball, or ones that require endurance. “If you want to win the marathon or the 10K you have to have that aerobic capacity, that oxygen transport capacity, that no filming will ever show,” he says. Prof Brewer does see the benefits of the system for making initial assessments of potential athletes. “If they are revealing skill and agility which suggests that they are able to have talent in a particular sport then that has to be encouraged,” he says. “And if it is portable and can be taken to areas where they don’t necessarily have access to high-tech assessment methods, then that can only be a good thing.” “But it would only be one part of a much bigger talent identification system.” Back at the Olympic Stadium, young Tacto has his results - he has been identified as a potential sprinter. He is delighted, although he says he currently prefers football and tennis. Two more experienced athletes are Hank and Brock, who both used to compete for their university in the US at inter-collegiate level. This standard can offer world-class facilities and has produced many Olympians. “We’re former athletes and we’re competitive and thought it’d be fun,” says Hank. “This kind of technology wasn’t around when we were swimming 10 to 15 years ago,” Brock adds. And what were their results? “Rugby,” says Hank.  “I got basketball and I’ve literally never played basketball in my life,” replies Brock. “Well, he played with me once and we never allowed him back,” replies Hank. It seems even with AI technology, computers cannot get it right every time. ",BBC,08/08/2024,"['Fans at the Olympics are trying out a new AI-powered talent spotting system that hopes to find the gold medallists of the future.', 'Its developers aim to use a portable version of the technology to bring advanced sport science to remote areas around the world.', 'As the alarm sounds, Tacto races frantically to swipe the infra-red sensors in front of him as some of them suddenly flash blue.', 'Not far away his younger brother, Tomo, sprints down a short running track as his motion is tracked by a series of cameras.', 'The seven and four-year-old siblings from Yokohama, Japan, are taking part in a series of AI-powered tests that have been specially set up near the Olympic Stadium in Paris.', 'The aim of the system is to identify the potential gold medallists of the future.', 'Data is gathered from five tests which include activities like running, jumping, and measuring grip strength.', ""This information is then analysed to assess a person's power, explosiveness, endurance, reaction time, strength and agility."", 'The results are compared with data from professional and Olympic athletes. “', 'We’re using computer vision and historical data, so the average person can compare themselves to elite athletes and see what sport they are most physically aligned to,” says Sarah Vickers, head of Intel’s Olympic and Paralympic Program.', 'After completing the tests, each participant is told which sport they would be most suited to from a list of 10.', 'Intel says all the data collected from the people taking part is deleted once the process is complete.', 'Aside from technology, it is something the young brothers are having fun doing. “', 'I enjoyed it,” says Tacto. “', 'I liked the bit where we had to sprint the best.”', 'The AI system that is open to fans at Paris 2024 has a far smaller, more portable counterpart that can be run on most devices which have a basic camera and a little computing power. “', 'With just a mobile phone or a tablet or a PC you have this opportunity to go into places where you couldn’t go before,” says Sarah.', 'This AI technology can assess people’s performance just by analysing video from the camera without the need for physical sensors.', 'The International Olympic Committee recently took the system to Senegal, where it toured around five different villages and assessed more than 1,000 children on their athletic potential.', 'Partnering with Senegal’s National Olympic Committee, and after a follow-up round of more advanced tests, it identified 48 children with “huge potential”, and one with “exceptional potential”.', 'They have been offered places on sports programmes if they want, to see how far they can take their athletic abilities.', 'It is hoped that the system can be rolled out further and used to offer opportunities to people in areas which it would be impossible to reach with bulkier assessment systems.', 'Prof John Brewer, a visiting lecturer at University of Suffolk, who has worked with England’s Football Association on talent identification, says spotting potential at a young age is the “holy grail” of sport.', 'However, he warns that a basic system that can only measure a few attributes would be limited when it comes to technical sports like football or basketball, or ones that require endurance. “', 'If you want to win the marathon or the 10K you have to have that aerobic capacity, that oxygen transport capacity, that no filming will ever show,” he says.', 'Prof Brewer does see the benefits of the system for making initial assessments of potential athletes. “', 'If they are revealing skill and agility which suggests that they are able to have talent in a particular sport then that has to be encouraged,” he says. “', 'And if it is portable and can be taken to areas where they don’t necessarily have access to high-tech assessment methods, then that can only be a good thing.” “', 'But it would only be one part of a much bigger talent identification system.”', 'Back at the Olympic Stadium, young Tacto has his results - he has been identified as a potential sprinter.', 'He is delighted, although he says he currently prefers football and tennis.', 'Two more experienced athletes are Hank and Brock, who both used to compete for their university in the US at inter-collegiate level.', 'This standard can offer world-class facilities and has produced many Olympians. “', 'We’re former athletes and we’re competitive and thought it’d be fun,” says Hank. “', 'This kind of technology wasn’t around when we were swimming 10 to 15 years ago,” Brock adds.', 'And what were their results? “', 'Rugby,” says Hank. “', 'I got basketball and I’ve literally never played basketball in my life,” replies Brock. “', 'Well, he played with me once and we never allowed him back,” replies Hank.', 'It seems even with AI technology, computers cannot get it right every time.']",0.2606445148837914,I liked the bit where we had to sprint the best.”,"As the alarm sounds, Tacto races frantically to swipe the infra-red sensors in front of him as some of them suddenly flash blue.",0.9130702416102092,Prof Brewer does see the benefits of the system for making initial assessments of potential athletes. “,,2024-08-12
-Big fall in migrant visa applications after rule changes,https://www.bbc.co.uk/news/articles/c77l41z8yn7o,2024-08-09T09:20:41.029Z,"The number of overseas workers, students and their families applying for visas to come to the UK has fallen by a third over the last 12 months. The sharp decline follows rule changes, introduced by the Conservative government, which banned most international students and health and social care workers bringing family to the UK. Provisional figures from the Home Office suggest the number of migrants and their family members applying for the visas fell from around 141,000 in July 2023 to 91,000 last month.  There was a particularly big drop in the numbers applying for health and care worker visas which dropped by 80% to 2,900.  The Home Office said it would ""ensure we train up our homegrown workforce and address the shortage of skills"". A spokesperson for the department said that immigration brought ""many benefits to the UK, but it must be controlled and delivered through a fair system"".  Nadra Ahmed, executive co-chairman of the National Care Association said the sector had started to see some staff return home or move to countries with ""a less hostile environment around immigration"".  Speaking to the BBC's Radio 4 Today programme, she said: ""If we had a domestic workforce willing to work then we wouldn’t need these international recruits."" She added it would ""take a few years"" to build up a domestic workforce and warned that vacancies in the sector could rise to unsustainable levels.  The reduction in international students applying for visas could also hurt universities already facing financial pressures. The Migration Observatory says the decline in student visa applications could partly be down to country specific factors such as the Nigerian currency crisis.  New rules introduced by former Prime Minister Rishi Sunak in a bid to reduce immigration levels down from record highs also appear to have caused a decline in visa applications.  In 2022, legal net migration soared to 764,000, but fell by 10% the following year. The Office for National Statistics says it was ""too early to say if this is the start of a downward trend"".  In 2021, the immigration rules for care workers had been relaxed to ease recruitment problems following Brexit.  Two years later, then-Home Secretary James Cleverly announced that the government would ban care workers from bringing family dependants to the UK, as part of efforts to reduce net migration numbers.  That came after a previously-announced ban on most overseas students bringing dependents with them. Visas issued to student dependants had risen dramatically from around 16,000 in 2019 to 135,000 in 2022.  The government also increased the minimum salary for skilled overseas workers wanting to come to the UK from £26,200 to £38,700.  To qualify as a skilled worker, applicants need to accrue 70 points under the points system introduced in 2020. Points can be gained in different ways including by having a job offer in a sector with shortages or holding a PhD.  The Migration Observatory think tank said the Home Office's most recent data did not demonstrate any ""clear impact"" from the higher salary threshold. The previous government had also proposed raising the salary someone would need to earn to bring family members to the UK from £18,600 to £38,700. Following a backlash it reduced the threshold to £29,000 and said further increases would be introduced at an unspecified date. Last month, Home Secretary Yvette Cooper said the new Labour government would keep the threshold at £29,000 until a review by the Migration Advisory Committee was completed.   ",BBC,09/08/2024,"['The number of overseas workers, students and their families applying for visas to come to the UK has fallen by a third over the last 12 months.', 'The sharp decline follows rule changes, introduced by the Conservative government, which banned most international students and health and social care workers bringing family to the UK.', 'Provisional figures from the Home Office suggest the number of migrants and their family members applying for the visas fell from around 141,000 in July 2023 to 91,000 last month.', 'There was a particularly big drop in the numbers applying for health and care worker visas which dropped by 80% to 2,900.', 'The Home Office said it would ""ensure we train up our homegrown workforce and address the shortage of skills"".', 'A spokesperson for the department said that immigration brought ""many benefits to the UK, but it must be controlled and delivered through a fair system"".', 'Nadra Ahmed, executive co-chairman of the National Care Association said the sector had started to see some staff return home or move to countries with ""a less hostile environment around immigration"".', 'Speaking to the BBC\'s Radio 4 Today programme, she said: ""If we had a domestic workforce willing to work then we wouldn’t need these international recruits.""', 'She added it would ""take a few years"" to build up a domestic workforce and warned that vacancies in the sector could rise to unsustainable levels.', 'The reduction in international students applying for visas could also hurt universities already facing financial pressures.', 'The Migration Observatory says the decline in student visa applications could partly be down to country specific factors such as the Nigerian currency crisis.', 'New rules introduced by former Prime Minister Rishi Sunak in a bid to reduce immigration levels down from record highs also appear to have caused a decline in visa applications.', 'In 2022, legal net migration soared to 764,000, but fell by 10% the following year.', 'The Office for National Statistics says it was ""too early to say if this is the start of a downward trend"".', 'In 2021, the immigration rules for care workers had been relaxed to ease recruitment problems following Brexit.', 'Two years later, then-Home Secretary James Cleverly announced that the government would ban care workers from bringing family dependants to the UK, as part of efforts to reduce net migration numbers.', 'That came after a previously-announced ban on most overseas students bringing dependents with them.', 'Visas issued to student dependants had risen dramatically from around 16,000 in 2019 to 135,000 in 2022.', 'The government also increased the minimum salary for skilled overseas workers wanting to come to the UK from £26,200 to £38,700.', 'To qualify as a skilled worker, applicants need to accrue 70 points under the points system introduced in 2020.', 'Points can be gained in different ways including by having a job offer in a sector with shortages or holding a PhD. The Migration Observatory think tank said the Home Office\'s most recent data did not demonstrate any ""clear impact"" from the higher salary threshold.', 'The previous government had also proposed raising the salary someone would need to earn to bring family members to the UK from £18,600 to £38,700.', 'Following a backlash it reduced the threshold to £29,000 and said further increases would be introduced at an unspecified date.', 'Last month, Home Secretary Yvette Cooper said the new Labour government would keep the threshold at £29,000 until a review by the Migration Advisory Committee was completed.']",0.0383923709234377,"In 2021, the immigration rules for care workers had been relaxed to ease recruitment problems following Brexit.",The reduction in international students applying for visas could also hurt universities already facing financial pressures.,-0.1944760119213777,"Visas issued to student dependants had risen dramatically from around 16,000 in 2019 to 135,000 in 2022.","Provisional figures from the Home Office suggest the number of migrants and their family members applying for the visas fell from around 141,000 in July 2023 to 91,000 last month.",2024-08-12
-Serbia: Thousands join Belgrade protest against lithium mining,https://www.bbc.co.uk/news/articles/cged9qgwrvyo,2024-08-11T02:38:15.524Z,"Thousands of people in Serbia have protested in Belgrade against plans to mine one of Europe's largest deposits of lithium - a crucial raw material for electric car batteries. Activists say the mine would cause irreversible environmental destruction to Serbia's Jadar Valley, where the deposit is located. A licence granted to mining giant Rio Tinto was revoked in 2022 following widespread protests in the country, but the project was restarted last month following a court decision and government U-turn. President Aleksandar Vucic has insisted that strict environmental safety protocols will be put in place. Protesters in the capital chanted ""Rio Tinto get out of Serbia"" and held banners saying ""We do not give Serbia away"" as they marched through the city. Serbia's Interior Ministry estimated that between 24,000 and 27,000 people joined the protest. Environmental activists also took over two of the city's main railway stations - with some lying or sitting on the tracks.  Interior Minister Ivica Dacic said in a statement that organisers were ""warned"" by police that their actions ""were not in accordance with the law"". He vowed charges would be filed against ""all perpetrators"". Activists want legislators to permanently ban the mining of lithium and boron in Serbia, warning of possible dangers to public health and contamination of land and water. They had given the government a deadline of Saturday to implement the ban. Last month, Serbia restored Anglo-Australian mining company Rio Tinto’s licence to extract the mineral in the Jadar Valley in the west of the country. Serbia's government said the previous decision to block the project in 2022 was ""not in line with the constitution and the law"". The EU hailed it as a “historic day for Serbia, as well as for Europe”. Speaking about the revived Rio Tinto project, Green-Left Movement co-leader Biljana Djordjevic said that activists ""fear Serbia will be sacrificed to provide lithium for electric vehicles that pretty much nobody in Serbia can afford"". Carmakers will need ever more lithium for batteries, as the transition to zero-emission vehicles accelerates – and Rio Tinto’s $2.4bn (£1.8bn) Jadar Valley project could provide as much as nine-tenths of Europe’s current lithium needs, and turn the company into one of the world's leading lithium producers. ",BBC,11/08/2024,"[""Thousands of people in Serbia have protested in Belgrade against plans to mine one of Europe's largest deposits of lithium - a crucial raw material for electric car batteries."", ""Activists say the mine would cause irreversible environmental destruction to Serbia's Jadar Valley, where the deposit is located."", 'A licence granted to mining giant Rio Tinto was revoked in 2022 following widespread protests in the country, but the project was restarted last month following a court decision and government U-turn.', 'President Aleksandar Vucic has insisted that strict environmental safety protocols will be put in place.', 'Protesters in the capital chanted ""Rio Tinto get out of Serbia"" and held banners saying ""We do not give Serbia away"" as they marched through the city.', ""Serbia's Interior Ministry estimated that between 24,000 and 27,000 people joined the protest."", ""Environmental activists also took over two of the city's main railway stations - with some lying or sitting on the tracks."", 'Interior Minister Ivica Dacic said in a statement that organisers were ""warned"" by police that their actions ""were not in accordance with the law"".', 'He vowed charges would be filed against ""all perpetrators"".', 'Activists want legislators to permanently ban the mining of lithium and boron in Serbia, warning of possible dangers to public health and contamination of land and water.', 'They had given the government a deadline of Saturday to implement the ban.', 'Last month, Serbia restored Anglo-Australian mining company Rio Tinto’s licence to extract the mineral in the Jadar Valley in the west of the country.', 'Serbia\'s government said the previous decision to block the project in 2022 was ""not in line with the constitution and the law"".', 'The EU hailed it as a “historic day for Serbia, as well as for Europe”.', 'Speaking about the revived Rio Tinto project, Green-Left Movement co-leader Biljana Djordjevic said that activists ""fear Serbia will be sacrificed to provide lithium for electric vehicles that pretty much nobody in Serbia can afford"".', ""Carmakers will need ever more lithium for batteries, as the transition to zero-emission vehicles accelerates – and Rio Tinto’s $2.4bn (£1.8bn) Jadar Valley project could provide as much as nine-tenths of Europe’s current lithium needs, and turn the company into one of the world's leading lithium producers.""]",-0.1970063187098789,"The EU hailed it as a “historic day for Serbia, as well as for Europe”.","Activists want legislators to permanently ban the mining of lithium and boron in Serbia, warning of possible dangers to public health and contamination of land and water.",-0.0686765313148498,"Last month, Serbia restored Anglo-Australian mining company Rio Tinto’s licence to extract the mineral in the Jadar Valley in the west of the country.","Activists say the mine would cause irreversible environmental destruction to Serbia's Jadar Valley, where the deposit is located.",2024-08-12
-Hyderabad: Why Irani cafes in this Indian city are dying out,https://www.bbc.co.uk/news/articles/ckg2rn0kexxo,2024-08-10T23:55:23.072Z,"A lingering fragrance of bun maska (bread and butter), plates loaded with freshly cooked samosas and cups of piping hot and creamy Irani chai. These are some of the sights you would typically find at a Persian-style cafe in India. Popularly known as Irani cafes, these iconic restaurants - with their signature marble-topped tables, old-style clocks, chequered floors and a distinctive menu - have been a part of India's culture for more than 100 years. And their influence has spread beyond India: Dishoom, one of London's most recognisable restaurant chains, was inspired by these cafes. They came up in cities like Mumbai and Pune in the 18th and 19th centuries when there was an influx of Persian immigrants from Iran. There's a third lesser known pocket of the country - the southern city of Hyderabad - where these cafes have been an intrinsic part of the local culture for decades. But despite their many charms and the rich cultural heritage, the cafes of this city - like their counterparts in Pune and Mumbai - are on the verge of dying out, with owners blaming rising prices, competition from fast-food restaurants and changing consumer tastes. Hyderabad has the highest number of Irani cafes after Mumbai even today.  That's because the city was a centre for Iranian trade in the late 19th Century. Persian was widely spoken under the rule of a Muslim Nizam, or prince. The Niloufer café, located in the old quarters of the city, was actually named after the Nizam's daughter-in-law, an Ottoman princess. This was also a period when parts of modern-day Pakistan were still in India, with Iran as its neighbour, making the country easily accessible to Persian traders. Most of the families who moved to Hyderabad - and other Indian cities - came to escape persecution and famine back home. Some came in search of better jobs and business. Their arrival coincided with colonial rule when the British were actively promoting a tea drinking culture in the country. When the Iranians arrived, they brought their own style of making tea giving rise to a distinct Iranian chai culture in the cities. In Iran, people would drink it without milk, consuming it with a sugar cube in the mouth. Indians, however, would add milk and cream to the tea for taste. ""At first, the tea was sold under the name Chai Khana and only Muslims drank it,"" Hyderabad-based historian Mohammed Safiullah says. ""But soon, people from all religions caught on to its distinct flavour."" By the 20th Century, Irani cafes were present in every nook and corner of Hyderabad. The customers would sip on the lip-smacking tea as they would spend hours chatting away at the coffee shops. At some cafes, patrons would also be able to play their favourite songs on a jukebox for a small fee. Historians say these cafes played a crucial role in breaking down social barriers and religious taboos and became an important part of the city's public life. ""Irani cafes in Hyderabad have stood as symbols of secularism,"" historian Paravastu Lokeshwar said. ""The names didn't have any religious connotations. People of all religions and castes patronised them."" Now they are under threat. From an estimated 450 cafes over two decades ago, Hyderabad now has only 125 left, said Jaleel Farooq Rooz, owner of The Grand Hotel, a famous Irani cafe.  Mr Rooz's maternal grandfather came from Iran in 1951 and took over the hotel that was started by 12 Iranians in 1935. ""We used to sell 8,000-9,000 cups a day once. Now we sell just 4,000 cups a day,"" he told the BBC. He cites competition from fast-food chains as one of the reasons. Now one of the most rapidly developing Indian cities, Hyderabad was a quiet little town until the early 1990s. Things changed in the mid-90s, when the city joined the IT boom in India and became a powerhouse of the industry. The transformation was accompanied by a slew of economic reforms in the country, which allowed global fast-food chains and cafes to penetrate the Indian market. Similar to Iranian cafes, these food joints also offered extended seating options, but with far better amenities and more options. Mr Rooz said most Irani cafes operated from rented premises as they required large spaces where patrons could relax and unwind over tea. But rising real estate prices in Hyderabad have forced many owners to move to other work. ""Inflation also took a toll. Tea powder and milk prices have risen three times compared to five years ago,"" he added. Others say the number of Iranian families entering the business has also gone down. ""The current generation is not interested in the café and restaurant business. They prefer other jobs and many migrate to other countries,"" said the owner of popular Farasha Restaurant, Mahmood, who goes by only one name. But despite the challenges, there are still a few in the business who continue to swim against the tide. Syed Mohammed Razak manages the Red Rose Restaurant in Hyderabad. His grandfather migrated from Tehran and established the City Light Hotel in the 1970s. Later, Mr Razak's father started the Red Rose Restaurant. An engineer and graphic designer by profession, Mr Razak admits that ""selling just chai and biscuits"" is neither easy, nor profitable. He has now introduced new dishes to the menu to attract more customers and is using his graphic designing skills to expand business and promote it online. ""I want to continue my family's legacy,"" he said. And it's not just the owners, there are also loyal customers - many of whom have been frequenting these cafes for generations - who say they would always come back for ""another cup of Irani chai"". ""Irani tea is a part of my life, I love the taste and drink it every time I step out,"" said Yanni, who goes by only one name and is a regular at the Grand Hotel. ""There is nothing like it even today."" This article has been corrected on 12 August 2024 to clarify that traditional Irani tea was not made with milk or cream. ",BBC,10/08/2024,"['A lingering fragrance of bun maska (bread and butter), plates loaded with freshly cooked samosas and cups of piping hot and creamy Irani chai.', 'These are some of the sights you would typically find at a Persian-style cafe in India.', ""Popularly known as Irani cafes, these iconic restaurants - with their signature marble-topped tables, old-style clocks, chequered floors and a distinctive menu - have been a part of India's culture for more than 100 years."", ""And their influence has spread beyond India: Dishoom, one of London's most recognisable restaurant chains, was inspired by these cafes."", 'They came up in cities like Mumbai and Pune in the 18th and 19th centuries when there was an influx of Persian immigrants from Iran.', ""There's a third lesser known pocket of the country - the southern city of Hyderabad - where these cafes have been an intrinsic part of the local culture for decades."", 'But despite their many charms and the rich cultural heritage, the cafes of this city - like their counterparts in Pune and Mumbai - are on the verge of dying out, with owners blaming rising prices, competition from fast-food restaurants and changing consumer tastes.', 'Hyderabad has the highest number of Irani cafes after Mumbai even today.', ""That's because the city was a centre for Iranian trade in the late 19th Century."", 'Persian was widely spoken under the rule of a Muslim Nizam, or prince.', ""The Niloufer café, located in the old quarters of the city, was actually named after the Nizam's daughter-in-law, an Ottoman princess."", 'This was also a period when parts of modern-day Pakistan were still in India, with Iran as its neighbour, making the country easily accessible to Persian traders.', 'Most of the families who moved to Hyderabad - and other Indian cities - came to escape persecution and famine back home.', 'Some came in search of better jobs and business.', 'Their arrival coincided with colonial rule when the British were actively promoting a tea drinking culture in the country.', 'When the Iranians arrived, they brought their own style of making tea giving rise to a distinct Iranian chai culture in the cities.', 'In Iran, people would drink it without milk, consuming it with a sugar cube in the mouth.', 'Indians, however, would add milk and cream to the tea for taste. ""', 'At first, the tea was sold under the name Chai Khana and only Muslims drank it,"" Hyderabad-based historian Mohammed Safiullah says. ""', 'But soon, people from all religions caught on to its distinct flavour.""', 'By the 20th Century, Irani cafes were present in every nook and corner of Hyderabad.', 'The customers would sip on the lip-smacking tea as they would spend hours chatting away at the coffee shops.', 'At some cafes, patrons would also be able to play their favourite songs on a jukebox for a small fee.', 'Historians say these cafes played a crucial role in breaking down social barriers and religious taboos and became an important part of the city\'s public life. ""', 'Irani cafes in Hyderabad have stood as symbols of secularism,"" historian Paravastu Lokeshwar said. ""', ""The names didn't have any religious connotations."", 'People of all religions and castes patronised them.""', 'Now they are under threat.', 'From an estimated 450 cafes over two decades ago, Hyderabad now has only 125 left, said Jaleel Farooq Rooz, owner of The Grand Hotel, a famous Irani cafe.', 'Mr Rooz\'s maternal grandfather came from Iran in 1951 and took over the hotel that was started by 12 Iranians in 1935. ""', 'We used to sell 8,000-9,000 cups a day once.', 'Now we sell just 4,000 cups a day,"" he told the BBC.', 'He cites competition from fast-food chains as one of the reasons.', 'Now one of the most rapidly developing Indian cities, Hyderabad was a quiet little town until the early 1990s.', 'Things changed in the mid-90s, when the city joined the IT boom in India and became a powerhouse of the industry.', 'The transformation was accompanied by a slew of economic reforms in the country, which allowed global fast-food chains and cafes to penetrate the Indian market.', 'Similar to Iranian cafes, these food joints also offered extended seating options, but with far better amenities and more options.', 'Mr Rooz said most Irani cafes operated from rented premises as they required large spaces where patrons could relax and unwind over tea.', 'But rising real estate prices in Hyderabad have forced many owners to move to other work. ""', 'Inflation also took a toll.', 'Tea powder and milk prices have risen three times compared to five years ago,"" he added.', 'Others say the number of Iranian families entering the business has also gone down. ""', 'The current generation is not interested in the café and restaurant business.', 'They prefer other jobs and many migrate to other countries,"" said the owner of popular Farasha Restaurant, Mahmood, who goes by only one name.', 'But despite the challenges, there are still a few in the business who continue to swim against the tide.', 'Syed Mohammed Razak manages the Red Rose Restaurant in Hyderabad.', 'His grandfather migrated from Tehran and established the City Light Hotel in the 1970s.', ""Later, Mr Razak's father started the Red Rose Restaurant."", 'An engineer and graphic designer by profession, Mr Razak admits that ""selling just chai and biscuits"" is neither easy, nor profitable.', 'He has now introduced new dishes to the menu to attract more customers and is using his graphic designing skills to expand business and promote it online. ""', 'I want to continue my family\'s legacy,"" he said.', 'And it\'s not just the owners, there are also loyal customers - many of whom have been frequenting these cafes for generations - who say they would always come back for ""another cup of Irani chai"". ""', 'Irani tea is a part of my life, I love the taste and drink it every time I step out,"" said Yanni, who goes by only one name and is a regular at the Grand Hotel. ""', 'There is nothing like it even today.""', 'This article has been corrected on 12 August 2024 to clarify that traditional Irani tea was not made with milk or cream.']",0.1120600486112794,"Irani tea is a part of my life, I love the taste and drink it every time I step out,"" said Yanni, who goes by only one name and is a regular at the Grand Hotel. ""","But rising real estate prices in Hyderabad have forced many owners to move to other work. """,-0.1157229410277472,"He has now introduced new dishes to the menu to attract more customers and is using his graphic designing skills to expand business and promote it online. ""","Others say the number of Iranian families entering the business has also gone down. """,2024-08-12
-"Potholes are drivers' biggest bugbear, RAC finds",https://www.bbc.co.uk/news/articles/crrl92rr12ko,2024-08-11T23:01:10.907Z,"Potholes damaging cars is the biggest bugbear among drivers in Britain, a motoring survey suggests. The state of Britain's roads was the main concern for almost six in 10 people in research by the RAC. It topped the list of motoring complaints for the first time - ahead of insurance costs and fuel prices. Pothole damage cost drivers on average £460 - with punctures, wheel damage and broken suspension springs the most commonly reported in the past 12 months, RAC research suggested. Some drivers get so frustrated with the motoring menace they come up with creative ways to capture the size of the problem. Alan from Macclesfield climbed inside the crater and sent the pictures to his local council. “They did finally fill” it, he said.  The Department for Transport said it was helping councils to fix ""up to one million more potholes a year"".  Potholes can prove dangerous and costly, the RAC's research warned. BBC reader Elizabeth Atter said her 89-year-old mother had been knocked out after falling in a pothole in Caversham, near Reading. Ms Atter said her mother also “broke her nose and glasses and was badly shaken up” when she fell five years ago.  Another reader, Richard Underhill from Milford-on-Sea in Hampshire, said his Porsche needed two tyres replaced after he hit a pothole. “A car in front of me at the tyre depot had hit the same pothole,” he said. Claiming for compensation can prove time-consuming and costly. Angela and Chris Hudson, both 64, were driving on the M60 near Middleton in April when their car hit a pothole. “We were driving along at 70mph, we were coming up behind vehicles on the inside lane, we started to pull out, and bang – we hit a pothole,” said Mr Hudson. Repairs to one wheel including a new tyre, a new wheel and wheel alignment, cost £3,000. The Hudsons’ said their claim for compensation against National Highways, the organisation in charge of maintaining the road, was denied. This is due to a rule in the National Highways Act which says that if it has taken reasonable steps to ensure the road is safe, it does not have to pay damages to road users. “They said it wasn’t a safety issue,” said Mrs Hudson. “But it is a safety issue. Those holes were really well established when we saw them."" Richard Broadbent from Cirencester put a claim in to Gloucestershire County Council after the wheel of his Volkswagen Golf was damaged in May last year when his wife was driving his daughter to school. A bent wheel and split tyre cost the family £189.60 to repair. The legal battle lasted more than a year before the out-of-court settlement was agreed, in which the council paid for the damage to the car and Mr Broadbent's legal costs, with no admission of fault. But Mr Broadbent is one of few drivers who bother to stay the course when trying to claim compensation over pothole damage to vehicles. Louise Thomas, an insurance expert at price comparison website Confused.com, told the BBC the majority of drivers end up paying for repairs out of their own pocket because it is quicker and more convenient, adding that claiming on insurance could see future premiums rise. ""What they should do is go to the council. Councils are responsible for maintaining roads, therefore they’re also responsible for paying out any claims for damage to your vehicle,"" she said. According to the RAC, almost three-quarters of drivers said the condition of local roads they use regularly is poorer than a year ago. The motoring group said its research suggested the problem of potholes was worse in rural areas. It said its own data showed there were more than 25,000 pothole-related breakdowns in the 12 months to the end of June.  ""Unfortunately our roads are deteriorating, there's no question about that. This is really unacceptable, given the amount of money that drivers pay in motoring taxation, we estimate that to be around £45bn,"" said Simon Williams from the RAC. The previous Conservative administration had pledged to put an extra £8.3bn towards road maintenance in England over the coming decade. As part of that, £150m in additional funding for last year and this year has already been given to councils. Both the RAC and the Local Government Association (LGA) called for the new Labour government to commit to maintaining those spending plans. Claire Holland from the LGA said councils, who are responsible for local road maintenance, had ""limited resources"" and a backlog of repairs costing some £16.3bn. The Department for Transport said it was supporting local authorities to fix ""up to one million more potholes a year"", but did not say how much money would be allocated. With additional reporting from Bernadette McCague and Emma Haslett. ",BBC,11/08/2024,"['Potholes damaging cars is the biggest bugbear among drivers in Britain, a motoring survey suggests.', ""The state of Britain's roads was the main concern for almost six in 10 people in research by the RAC."", 'It topped the list of motoring complaints for the first time - ahead of insurance costs and fuel prices.', 'Pothole damage cost drivers on average £460 - with punctures, wheel damage and broken suspension springs the most commonly reported in the past 12 months, RAC research suggested.', 'Some drivers get so frustrated with the motoring menace they come up with creative ways to capture the size of the problem.', 'Alan from Macclesfield climbed inside the crater and sent the pictures to his local council. “', 'They did finally fill” it, he said.', 'The Department for Transport said it was helping councils to fix ""up to one million more potholes a year"".', ""Potholes can prove dangerous and costly, the RAC's research warned."", 'BBC reader Elizabeth Atter said her 89-year-old mother had been knocked out after falling in a pothole in Caversham, near Reading.', 'Ms Atter said her mother also “broke her nose and glasses and was badly shaken up” when she fell five years ago.', 'Another reader, Richard Underhill from Milford-on-Sea in Hampshire, said his Porsche needed two tyres replaced after he hit a pothole. “', 'A car in front of me at the tyre depot had hit the same pothole,” he said.', 'Claiming for compensation can prove time-consuming and costly.', 'Angela and Chris Hudson, both 64, were driving on the M60 near Middleton in April when their car hit a pothole. “', 'We were driving along at 70mph, we were coming up behind vehicles on the inside lane, we started to pull out, and bang – we hit a pothole,” said Mr Hudson.', 'Repairs to one wheel including a new tyre, a new wheel and wheel alignment, cost £3,000.', 'The Hudsons’ said their claim for compensation against National Highways, the organisation in charge of maintaining the road, was denied.', 'This is due to a rule in the National Highways Act which says that if it has taken reasonable steps to ensure the road is safe, it does not have to pay damages to road users. “', 'They said it wasn’t a safety issue,” said Mrs Hudson. “', 'But it is a safety issue.', 'Those holes were really well established when we saw them.""', 'Richard Broadbent from Cirencester put a claim in to Gloucestershire County Council after the wheel of his Volkswagen Golf was damaged in May last year when his wife was driving his daughter to school.', 'A bent wheel and split tyre cost the family £189.60 to repair.', ""The legal battle lasted more than a year before the out-of-court settlement was agreed, in which the council paid for the damage to the car and Mr Broadbent's legal costs, with no admission of fault."", 'But Mr Broadbent is one of few drivers who bother to stay the course when trying to claim compensation over pothole damage to vehicles.', 'Louise Thomas, an insurance expert at price comparison website Confused.com, told the BBC the majority of drivers end up paying for repairs out of their own pocket because it is quicker and more convenient, adding that claiming on insurance could see future premiums rise. ""', 'What they should do is go to the council.', 'Councils are responsible for maintaining roads, therefore they’re also responsible for paying out any claims for damage to your vehicle,"" she said.', 'According to the RAC, almost three-quarters of drivers said the condition of local roads they use regularly is poorer than a year ago.', 'The motoring group said its research suggested the problem of potholes was worse in rural areas.', 'It said its own data showed there were more than 25,000 pothole-related breakdowns in the 12 months to the end of June. ""', ""Unfortunately our roads are deteriorating, there's no question about that."", 'This is really unacceptable, given the amount of money that drivers pay in motoring taxation, we estimate that to be around £45bn,"" said Simon Williams from the RAC.', 'The previous Conservative administration had pledged to put an extra £8.3bn towards road maintenance in England over the coming decade.', 'As part of that, £150m in additional funding for last year and this year has already been given to councils.', 'Both the RAC and the Local Government Association (LGA) called for the new Labour government to commit to maintaining those spending plans.', 'Claire Holland from the LGA said councils, who are responsible for local road maintenance, had ""limited resources"" and a backlog of repairs costing some £16.3bn.', 'The Department for Transport said it was supporting local authorities to fix ""up to one million more potholes a year"", but did not say how much money would be allocated.', 'With additional reporting from Bernadette McCague and Emma Haslett.']",-0.1513944197393894,But it is a safety issue.,"Pothole damage cost drivers on average £460 - with punctures, wheel damage and broken suspension springs the most commonly reported in the past 12 months, RAC research suggested.",-0.4817009270191192,"Louise Thomas, an insurance expert at price comparison website Confused.com, told the BBC the majority of drivers end up paying for repairs out of their own pocket because it is quicker and more convenient, adding that claiming on insurance could see future premiums rise. ""","According to the RAC, almost three-quarters of drivers said the condition of local roads they use regularly is poorer than a year ago.",2024-08-12
-Global stocks bounce back as market jitters ease,https://www.bbc.co.uk/news/articles/c8dpm9n2g6go,2024-08-09T05:06:11.505Z,"The stock index of the UK's biggest publicly-listed companies edged higher on Friday after concerns eased over the state of the US economy.  The FTSE 100, which is made up of the country's biggest businesses including banks, airlines and housebuilders, rose in early trading. It follows stronger trading in the US where stock markets had their best day in almost two years on Thursday. Global financial markets have been spooked in the past seven days over fears that world's biggest economy could be heading for a slowdown. But on Thursday, official data revealed US unemployment claims rose by less than expected. The benchmark S&P 500 index ended the day 2.3% higher. The Dow Jones Industrial Average rose 1.8%, and the Nasdaq jumped 2.9%. In London, the FTSE 100 ticked up 0.7%. Stock markets indexes in Paris and Frankfurt followed a similar path. Stocks in Asia made modest gains, recovering some of the losses after Japanese indexes had their worst day since 1987 earlier in the week. ""The [US] latest jobless claims data, though not normally a major market event, supports the view that recent pessimism may have been overdone,"" said UBS Global Wealth Management. Official figures from the US Labor Department showed first-time claims for unemployment benefits in the US had fallen more than expected to 233,000 last week. But despite the apparent recovery in global markets, analysts warn that trading will likely remain choppy for the time being. ""The market volatility is creating trading opportunities for investors over the short term,"" said Peter McGuire from trading platform XM.com. ""It will be a bumpy ride over the election season and we all await the [US Federal Reserve] policy decision in September."" The Federal Reserve held off cutting interest rates last week - something that typically boosts growth - in contrast to other central banks such as the Bank of England. But, this week's market upheaval stoked further speculation about when - and by how much - the Fed will cut borrowing costs. ""[The] Fed is now likely to cut rates up to 50bps in September which in turn supports expanding valuation for the market,"" said Jun Bei Liu, portfolio manager at Tribeca Investment Partners. ",BBC,09/08/2024,"[""The stock index of the UK's biggest publicly-listed companies edged higher on Friday after concerns eased over the state of the US economy."", ""The FTSE 100, which is made up of the country's biggest businesses including banks, airlines and housebuilders, rose in early trading."", 'It follows stronger trading in the US where stock markets had their best day in almost two years on Thursday.', ""Global financial markets have been spooked in the past seven days over fears that world's biggest economy could be heading for a slowdown."", 'But on Thursday, official data revealed US unemployment claims rose by less than expected.', 'The benchmark S&P 500 index ended the day 2.3% higher.', 'The Dow Jones Industrial Average rose 1.8%, and the Nasdaq jumped 2.9%.', 'In London, the FTSE 100 ticked up 0.7%.', 'Stock markets indexes in Paris and Frankfurt followed a similar path.', 'Stocks in Asia made modest gains, recovering some of the losses after Japanese indexes had their worst day since 1987 earlier in the week. ""', 'The [US] latest jobless claims data, though not normally a major market event, supports the view that recent pessimism may have been overdone,"" said UBS Global Wealth Management.', 'Official figures from the US Labor Department showed first-time claims for unemployment benefits in the US had fallen more than expected to 233,000 last week.', 'But despite the apparent recovery in global markets, analysts warn that trading will likely remain choppy for the time being. ""', 'The market volatility is creating trading opportunities for investors over the short term,"" said Peter McGuire from trading platform XM.com. ""', 'It will be a bumpy ride over the election season and we all await the [US Federal Reserve] policy decision in September.""', 'The Federal Reserve held off cutting interest rates last week - something that typically boosts growth - in contrast to other central banks such as the Bank of England.', 'But, this week\'s market upheaval stoked further speculation about when - and by how much - the Fed will cut borrowing costs. ""[', 'The] Fed is now likely to cut rates up to 50bps in September which in turn supports expanding valuation for the market,"" said Jun Bei Liu, portfolio manager at Tribeca Investment Partners.']",0.0026811641124868,It follows stronger trading in the US where stock markets had their best day in almost two years on Thursday.,"Stocks in Asia made modest gains, recovering some of the losses after Japanese indexes had their worst day since 1987 earlier in the week. """,0.4793482087552547,"In London, the FTSE 100 ticked up 0.7%.","Official figures from the US Labor Department showed first-time claims for unemployment benefits in the US had fallen more than expected to 233,000 last week.",2024-08-12
-Bad weather brings rise in insurance claims,https://www.bbc.co.uk/news/articles/c4glpz587q5o,2024-08-11T23:02:19.420Z,"Storms and heavy rain all contributed to the highest property insurance payouts for at least seven years, insurers say. A total of £1.4bn was paid out to homeowners and businesses between April and the end of June, the Association of British Insurers (ABI) said. This was up 5% on the previous three months, and the highest quarterly figure since comparable records began in 2017. But billpayers have faced sharp rises in premiums and a consumer group said some insurers were still stalling on payouts. Data shows that the late autumn, winter and early spring months brought a deluge of rain to the UK. Total rainfall between October 2023 and March 2024 was the UK's second wettest period on record. The ABI said the continuing adverse weather meant April to June was the fifth consecutive quarter that weather-related claims had been above £100m. Claims for damage to homes from storms, heavy rain and frozen pipes reached £144m, with weather the leading factor for domestic payouts. Other issues including subsidence added to the insurers' total payouts. Providers have faced their own rising costs, when the rate of inflation was high, but billpayers saw the average combined home and contents premium rise by 19% in the second quarter of the year compared with a year earlier. And Sam Richardson, from the consumer group Which?, said insurers still had criticisms to answer. ""Good quality home insurance is increasingly important, yet customers with these products face some of the lowest claims acceptance rates,"" he said.  ""While some home insurers' prices are going up, research has found that some are prolonging customers' ordeals by failing to deal with claims in an appropriate manner. “Some home insurance customers who can't afford to pay for cover in one annual lump sum, and instead pay monthly, are also being hit by huge rates of interest."" Louise Clark, policy adviser at the ABI, said providers were doing all they could to provide ""competitively priced cover"". She also called on the government to take action on tackling the causes and impact of flooding. The average payout for a home insurance claim rose 16% on the first three months of the year to £5,284 in the April to June period. ",BBC,11/08/2024,"['Storms and heavy rain all contributed to the highest property insurance payouts for at least seven years, insurers say.', 'A total of £1.4bn was paid out to homeowners and businesses between April and the end of June, the Association of British Insurers (ABI) said.', 'This was up 5% on the previous three months, and the highest quarterly figure since comparable records began in 2017.', 'But billpayers have faced sharp rises in premiums and a consumer group said some insurers were still stalling on payouts.', 'Data shows that the late autumn, winter and early spring months brought a deluge of rain to the UK.', ""Total rainfall between October 2023 and March 2024 was the UK's second wettest period on record."", 'The ABI said the continuing adverse weather meant April to June was the fifth consecutive quarter that weather-related claims had been above £100m. Claims for damage to homes from storms, heavy rain and frozen pipes reached £144m, with weather the leading factor for domestic payouts.', ""Other issues including subsidence added to the insurers' total payouts."", 'Providers have faced their own rising costs, when the rate of inflation was high, but billpayers saw the average combined home and contents premium rise by 19% in the second quarter of the year compared with a year earlier.', 'And Sam Richardson, from the consumer group Which?,', 'said insurers still had criticisms to answer. ""', 'Good quality home insurance is increasingly important, yet customers with these products face some of the lowest claims acceptance rates,"" he said. ""', ""While some home insurers' prices are going up, research has found that some are prolonging customers' ordeals by failing to deal with claims in an appropriate manner. “"", 'Some home insurance customers who can\'t afford to pay for cover in one annual lump sum, and instead pay monthly, are also being hit by huge rates of interest.""', 'Louise Clark, policy adviser at the ABI, said providers were doing all they could to provide ""competitively priced cover"".', 'She also called on the government to take action on tackling the causes and impact of flooding.', 'The average payout for a home insurance claim rose 16% on the first three months of the year to £5,284 in the April to June period.']",-0.0302500212299857,"Good quality home insurance is increasingly important, yet customers with these products face some of the lowest claims acceptance rates,"" he said. ""","The ABI said the continuing adverse weather meant April to June was the fifth consecutive quarter that weather-related claims had been above £100m. Claims for damage to homes from storms, heavy rain and frozen pipes reached £144m, with weather the leading factor for domestic payouts.",0.143160730600357,"The average payout for a home insurance claim rose 16% on the first three months of the year to £5,284 in the April to June period.",But billpayers have faced sharp rises in premiums and a consumer group said some insurers were still stalling on payouts.,2024-08-12
-Under Armour shares surge 20% after posting 'better than feared' quarterly sales,https://www.cnbc.com/2024/08/08/under-armour-uaa-earnings-q1-2025.html,2024-08-08T20:35:30+0000,"In this articleUnder Armour on Thursday said sales are falling across its business, but the athletic apparel retailer posted better fiscal first-quarter results than feared, sending its stock surging in early trading.The company beat Wall Street's expectations on the top and bottom lines. Its shares closed nearly 20% higher Thursday.Here's how the athletic apparel company did in its fiscal first quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:In the three months ended June 30, Under Armour reported a loss of $305.4 million, or 70 cents per share, compared with a profit of $10 million, or 2 cents per share, a year earlier. Excluding one-time expenses, it reported a profit of $4 million, or 1 cent per share.Sales dropped to $1.18 billion, down about 10% from $1.32 billion a year earlier.In late June, Under Armour agreed to settle a year-sold securities lawsuit for $434 million about three weeks before a trial was slated to begin. In 2017, Under Armour was accused of defrauding shareholders about its revenue growth in a bid to meet Wall Street's forecasts.In a press release, the company said it was not admitting fault or wrongdoing but had agreed to end the case – about seven years after it was filed – because of ""the costs and risks inherent in litigation."" Under Armour said it would pay the settlement using cash from its revolving credit facility.The company now expects to swing to a loss in fiscal 2025. It's forecasting losses per share to be between 53 cents and 56 cents and adjusted earnings per share to be between 19 cents and 22 cents.Under Armour previously expected full-year earnings of 2 cents to 5 cents per share, and adjusted earnings between 18 cents and 21 cents per share.The athletic apparel company is in the midst of a broad restructuring plan as it fights to regain relevance, reverse a sales slump and boost profits. Earlier this year, Under Armour said it would lay off an unknown number of workers, cut back promotions and discounts, and streamline its assortment to be more competitive. It's also looking to take a page out of Nike's playbook and position Under Armour as a premium brand.The restructuring came two months after former Marriott executive Stephanie Linnartz was ousted as Under Armour's CEO and its founder Kevin Plank returned to the helm once again.In a statement Thursday, Plank said the company is ""encouraged by early progress"" in its efforts. While sales still tumbled across Under Armour's business during the quarter, results came in better than expected.In North America, Under Armour's largest market, sales dropped 14% to $709 million, but were higher than the $669.1 million that analysts had expected, according to StreetAccount. Wholesale revenue fell 8% to $681 million, while direct-to-consumer sales declined 12% to $480 million.Sales at stores owned and operated by Under Armour fell 3%, while online sales plunged a staggering 25% — a drop-off the company attributed to ""planned decreases in promotion activities.""Apparel revenue fell 8%, footwear sales dropped 15% and accessories revenue slid 5%.While Under Armour's customers are adjusting to fewer promotions, the slowdown in discounting boosted margins during the quarter. The company's gross margin rose 1.1 percentage points to 47.5%, better than the 46.1% that analysts had expected, according to StreetAccount.As Under Armour looks to get back to growth and position itself as a premium retailer in a crowded athletic apparel space, it's adding fresh talent and expanding into sustainable fashion.On Tuesday, the retailer announced it had acquired sustainable fashion brand Unless Collective and will bring on the brand's founder, former Adidas exec Eric Liedtke, as executive vice president of brand strategy. ""Eric will … be globally accountable for amplifying Under Armour's brand identity and storytelling, its comprehensive strategic planning process, and executing transformational initiatives that accelerate growth for UA while continuing to lead and curate, UNLESS,"" a press release about the acquisition said.""He will report to President & CEO Kevin Plank and oversee UA's brand presence through category marketing, consumer intelligence, creative, marketing operations, loyalty, social media, sports marketing, and all strategy functions,"" the release said.Unless bills itself as ""the world's first all-plant, zero-plastic regenerative fashion brand"" and said it was created to prove that plants could replace plastics in the manufacturing of apparel and footwear. In a research note Thursday, William Blair analysts cautioned that while Under Armour's first-quarter results were ""better than feared,"" it will take time for the brand to get back to growth.""While the goal of resetting the brand to a more premium positioning while narrowing the focus to core fundamentals could prove to be a meaningful catalyst over the longer term, the reality is that this will take time to unfold with the impact of a critical mass of new product not expected until the second half of fiscal 2026,"" the analysts wrote in the note.""Risks include Under Armour's ability to maintain and evolve a strong brand image and product portfolio in an industry with intense competition, historically high turnover rates in senior management, and majority voting control held by CEO Kevin Plank.""Read the full earnings release here.",CNBC,08/08/2024,"['In this articleUnder Armour on Thursday said sales are falling across its business, but the athletic apparel retailer posted better fiscal first-quarter results than feared, sending its stock surging in early trading.', ""The company beat Wall Street's expectations on the top and bottom lines."", 'Its shares closed nearly 20% higher Thursday.', ""Here's how the athletic apparel company did in its fiscal first quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:In the three months ended June 30, Under Armour reported a loss of $305.4 million, or 70 cents per share, compared with a profit of $10 million, or 2 cents per share, a year earlier."", 'Excluding one-time expenses, it reported a profit of $4 million, or 1 cent per share.', 'Sales dropped to $1.18 billion, down about 10% from $1.32 billion a year earlier.', 'In late June, Under Armour agreed to settle a year-sold securities lawsuit for $434 million about three weeks before a trial was slated to begin.', ""In 2017, Under Armour was accused of defrauding shareholders about its revenue growth in a bid to meet Wall Street's forecasts."", 'In a press release, the company said it was not admitting fault or wrongdoing but had agreed to end the case – about seven years after it was filed – because of ""the costs and risks inherent in litigation.', '""Under Armour said it would pay the settlement using cash from its revolving credit facility.', 'The company now expects to swing to a loss in fiscal 2025.', ""It's forecasting losses per share to be between 53 cents and 56 cents and adjusted earnings per share to be between 19 cents and 22 cents."", 'Under Armour previously expected full-year earnings of 2 cents to 5 cents per share, and adjusted earnings between 18 cents and 21 cents per share.', 'The athletic apparel company is in the midst of a broad restructuring plan as it fights to regain relevance, reverse a sales slump and boost profits.', 'Earlier this year, Under Armour said it would lay off an unknown number of workers, cut back promotions and discounts, and streamline its assortment to be more competitive.', ""It's also looking to take a page out of Nike's playbook and position Under Armour as a premium brand."", ""The restructuring came two months after former Marriott executive Stephanie Linnartz was ousted as Under Armour's CEO and its founder Kevin Plank returned to the helm once again."", 'In a statement Thursday, Plank said the company is ""encouraged by early progress"" in its efforts.', ""While sales still tumbled across Under Armour's business during the quarter, results came in better than expected."", ""In North America, Under Armour's largest market, sales dropped 14% to $709 million, but were higher than the $669.1 million that analysts had expected, according to StreetAccount."", 'Wholesale revenue fell 8% to $681 million, while direct-to-consumer sales declined 12% to $480 million.', 'Sales at stores owned and operated by Under Armour fell 3%, while online sales plunged a staggering 25% — a drop-off the company attributed to ""planned decreases in promotion activities.', '""Apparel revenue fell 8%, footwear sales dropped 15% and accessories revenue slid 5%.While Under Armour\'s customers are adjusting to fewer promotions, the slowdown in discounting boosted margins during the quarter.', ""The company's gross margin rose 1.1 percentage points to 47.5%, better than the 46.1% that analysts had expected, according to StreetAccount."", ""As Under Armour looks to get back to growth and position itself as a premium retailer in a crowded athletic apparel space, it's adding fresh talent and expanding into sustainable fashion."", ""On Tuesday, the retailer announced it had acquired sustainable fashion brand Unless Collective and will bring on the brand's founder, former Adidas exec Eric Liedtke, as executive vice president of brand strategy."", '""Eric will … be globally accountable for amplifying Under Armour\'s brand identity and storytelling, its comprehensive strategic planning process, and executing transformational initiatives that accelerate growth for UA while continuing to lead and curate, UNLESS,"" a press release about the acquisition said.', '""He will report to President & CEO Kevin Plank and oversee UA\'s brand presence through category marketing, consumer intelligence, creative, marketing operations, loyalty, social media, sports marketing, and all strategy functions,"" the release said.', 'Unless bills itself as ""the world\'s first all-plant, zero-plastic regenerative fashion brand"" and said it was created to prove that plants could replace plastics in the manufacturing of apparel and footwear.', 'In a research note Thursday, William Blair analysts cautioned that while Under Armour\'s first-quarter results were ""better than feared,"" it will take time for the brand to get back to growth.', '""While the goal of resetting the brand to a more premium positioning while narrowing the focus to core fundamentals could prove to be a meaningful catalyst over the longer term, the reality is that this will take time to unfold with the impact of a critical mass of new product not expected until the second half of fiscal 2026,"" the analysts wrote in the note.', '""Risks include Under Armour\'s ability to maintain and evolve a strong brand image and product portfolio in an industry with intense competition, historically high turnover rates in senior management, and majority voting control held by CEO Kevin Plank.', '""Read the full earnings release here.']",0.2267394677263925,"""He will report to President & CEO Kevin Plank and oversee UA's brand presence through category marketing, consumer intelligence, creative, marketing operations, loyalty, social media, sports marketing, and all strategy functions,"" the release said.",The company now expects to swing to a loss in fiscal 2025.,0.1298292253328406,"The company's gross margin rose 1.1 percentage points to 47.5%, better than the 46.1% that analysts had expected, according to StreetAccount.","In North America, Under Armour's largest market, sales dropped 14% to $709 million, but were higher than the $669.1 million that analysts had expected, according to StreetAccount.",2024-08-12
-Arsenal names Athletic Brewing as official nonalcoholic beer partner,https://www.cnbc.com/2024/08/06/arsenal-fc-athletic-brewing-co-nonalcoholic-beer-partner.html,2024-08-06T19:35:20+0000,"Athletic Brewing Company has scored a partnership with Arsenal, becoming the English soccer team's first official nonalcoholic beer partner.Arsenal will feature Athletic Brewing's Run Wild IPA at Emirates Stadium for both men's and women's matches, and Athletic Brewing will launch a marketing campaign and a series of promotions in return, according to a press release.Run Wild IPA is less than 0.5% alcohol by volume, or ABV.The deal represents an opportunity for America's largest nonalcoholic brewery to expand in the U.K.""Our international footprint is expanding, and alcohol moderation is sweeping the globe, specifically among the next generation of consumers,"" Bill Shufelt, co-founder and CEO of Athletic, said in the release. ""This partnership represents an exciting milestone in our journey to revolutionize the way the world drinks.""Sales of no- and low-alcoholic beer are rising in the U.K., surging 38% on match days this summer, and there are similar trends in the U.S. with off-premise sales of nonalcoholic beer up nearly 30% year to date, according to the release.Arsenal is the latest sports entity to embrace nonalcoholic beer. Guinness 0.0 is the official nonalcoholic beer partner of the Premier League, and Formula 1 promotes Heineken 0.0.""New partners like Athletic are vital in supporting our growth so we can continue to invest in our teams and compete for major trophies,"" Arsenal's Chief Commercial Officer Juliet Slot said in the release.",CNBC,06/08/2024,"[""Athletic Brewing Company has scored a partnership with Arsenal, becoming the English soccer team's first official nonalcoholic beer partner."", ""Arsenal will feature Athletic Brewing's Run Wild IPA at Emirates Stadium for both men's and women's matches, and Athletic Brewing will launch a marketing campaign and a series of promotions in return, according to a press release."", 'Run Wild IPA is less than 0.5% alcohol by volume, or ABV.The deal represents an opportunity for America\'s largest nonalcoholic brewery to expand in the U.K.""Our international footprint is expanding, and alcohol moderation is sweeping the globe, specifically among the next generation of consumers,"" Bill Shufelt, co-founder and CEO of Athletic, said in the release. ""', 'This partnership represents an exciting milestone in our journey to revolutionize the way the world drinks.', '""Sales of no- and low-alcoholic beer are rising in the U.K., surging 38% on match days this summer, and there are similar trends in the U.S. with off-premise sales of nonalcoholic beer up nearly 30% year to date, according to the release.', 'Arsenal is the latest sports entity to embrace nonalcoholic beer.', 'Guinness 0.0 is the official nonalcoholic beer partner of the Premier League, and Formula 1 promotes Heineken 0.0.""New partners like Athletic are vital in supporting our growth so we can continue to invest in our teams and compete for major trophies,"" Arsenal\'s Chief Commercial Officer Juliet Slot said in the release.']",0.2935406522472287,"Guinness 0.0 is the official nonalcoholic beer partner of the Premier League, and Formula 1 promotes Heineken 0.0.""New partners like Athletic are vital in supporting our growth so we can continue to invest in our teams and compete for major trophies,"" Arsenal's Chief Commercial Officer Juliet Slot said in the release.","""Sales of no- and low-alcoholic beer are rising in the U.K., surging 38% on match days this summer, and there are similar trends in the U.S. with off-premise sales of nonalcoholic beer up nearly 30% year to date, according to the release.",0.970122218132019,"""Sales of no- and low-alcoholic beer are rising in the U.K., surging 38% on match days this summer, and there are similar trends in the U.S. with off-premise sales of nonalcoholic beer up nearly 30% year to date, according to the release.",,2024-08-12
-Pressure mounting on Warner Bros. Discovery CEO David Zaslav to deliver value for shareholders,https://www.cnbc.com/2024/08/08/warner-bros-discovery-ceo-david-zaslav-to-deliver-value-for-shareholders.html,2024-08-08T19:02:10+0000,"In this articleWarner Bros. Discovery CEO David Zaslav needs a win. Soon.Since merging Discovery with WarnerMedia in 2022 and immediately slashing billions in costs, Zaslav has struggled to convince shareholders that his company is a worthy investment.Warner Bros. Discovery shares have fallen about 70% since April 8, 2022, the day the merger closed. His tenure has been defined by implementing thousands of layoffs, cutting movies and TV series for tax efficiencies, killing off CNN+ a month after its launch, hiring and firing CNN CEO Chris Licht, getting heckled at Boston University's commencement by students chanting ""pay your writers"" during last year's writers' strike, and suing the NBA after the league chose not to renew media rights with his company following nearly 40 years in business together.Making matters worse for him, Zaslav has long been one of the highest paid CEOs in the country. His 2023 compensation rose 26.5% to almost $50 million. Zaslav's bonus is tied to increasing free cash flow and reducing debt, a mandate driven by John Malone, the media mogul and influential board member who has championed Zaslav, first at Discovery and now at Warner Bros. Discovery, which has a market capitalization of about $17 billion and $37.8 billion in debt.The stock dropped roughly 9% in trading Thursday. The company took a whopping $9.1 billion impairment charge Wednesday given the loss of value in its linear cable networks — which still accounts for more than 100% of the company's adjusted EBITDA. That means the rest of the company lost money.Warner Bros. Discovery blamed ""the continued softness in the U.S. linear advertising market and uncertainty related to affiliate and sports rights renewals, including the NBA"" for the size of the write-down.That's not music to investors' ears.Part of the argument for why Discovery merged with WarnerMedia was that its diversified suite of content would be a ""wonderful partner to advertisers,"" as Zaslav said when the deal was initially announced in 2021.Injecting uncertainty into the company's valuation because of a loss of NBA rights also rings hollow given Zaslav's claim in November 2022 that ""we don't have to have the NBA.""""The write-down signifies that this company clearly overpaid for the linear assets as part of the WarnerMedia merger and, given the growing pressures on the linear ecosystem, it also raises a question on what the future cash flows will be on these assets after the potential of losing the NBA,"" said Robert Fishman, an analyst at research firm MoffettNathanson.Nonetheless, Zaslav projected a message of confidence during the company's earnings conference call Wednesday.""We feel good about where we are,"" Zaslav said. ""We have to look at all and consider all options, but the No. 1 priority is to run this company as effectively as possible.""While the company continues to make progress adding streaming subscribers (gaining 3.6 million in the quarter) and moving closer toward sustained profitability, the decline in linear revenue and associated earnings continues to outweigh the growth in its flagship direct-to-consumer service, Max.Warner Bros. Discovery's failure to gain traction over the past two years suggests it could be a prime target for an activist investor, who could conceivably push for Zaslav's ouster or, at the least, ask for the divestment of assets such as CNN or the gaming division.The company also owns a number of other valuable businesses, including HBO, Warner Bros. studio and DC Comics. LightShed analyst Rich Greenfield has argued it should dramatically scale back its direct-to-consumer aspirations and focus on licensing content to other, larger streamers.While Zaslav openly discussed seeking partnerships and mergers during Wednesday's earnings conference call, finance chief Gunnar Wiedenfels brushed away talk of potentially breaking up the company, citing the benefits of ""one Warner Bros. Discovery.""""Every day I'm seeing evidence everywhere in the business of the benefits of those strategies,"" Wiedenfels said.There are two clear hurdles for a potential activist. The first is Malone's influence over the board. It's possible an activist fund may be scared away from angling for board seats if it thinks Malone's power is so great that any suggestions will be rendered pointless.The second is that Warner Bros. Discovery is arguably already pursuing the correct strategy given the company's enormous debt load compared to its market valuation. If Zaslav is also looking for buyers for Warner Bros. Discovery, an activist's pitch to sell the company may not be additive.Warner Bros. Discovery generated more than $6 billion in free cash flow last year, buoyed by a drastic drop in content spending from the writers' and actors' strikes. That number will drop to about $4 billion this year as Hollywood has gotten back to work, according to MoffettNathanson.Investors will surely want to know how losing the NBA will impact free cash flow in future years, assuming Warner's lawsuit doesn't net the company a package of games. But it's possible that Malone and Zaslav's strategy of focusing on streaming profitability and costs cuts will eventually pay off.Still, it seems clear the pressure on Zaslav to show that he can deliver value is mounting. Looking at its competitors, Disney's media properties appear on the upswing after several years of pain, and Paramount Global has pulled the rip cord and agreed to a merger with Skydance Media.Part of why Zaslav fired CNN's Licht last year is the narrative around him turned too toxic.Now Zaslav in danger of falling into the same trap.— CNBC's Rohan Goswami contributed to this article.WATCH: Tom Rogers on Disney and Warner Bros. Discovery",CNBC,08/08/2024,"['In this articleWarner Bros. Discovery CEO David Zaslav needs a win.', 'Soon.', 'Since merging Discovery with WarnerMedia in 2022 and immediately slashing billions in costs, Zaslav has struggled to convince shareholders that his company is a worthy investment.', 'Warner Bros. Discovery shares have fallen about 70% since April 8, 2022, the day the merger closed.', 'His tenure has been defined by implementing thousands of layoffs, cutting movies and TV series for tax efficiencies, killing off CNN+ a month after its launch, hiring and firing CNN CEO Chris Licht, getting heckled at Boston University\'s commencement by students chanting ""pay your writers"" during last year\'s writers\' strike, and suing the NBA after the league chose not to renew media rights with his company following nearly 40 years in business together.', 'Making matters worse for him, Zaslav has long been one of the highest paid CEOs in the country.', 'His 2023 compensation rose 26.5% to almost $50 million.', ""Zaslav's bonus is tied to increasing free cash flow and reducing debt, a mandate driven by John Malone, the media mogul and influential board member who has championed Zaslav, first at Discovery and now at Warner Bros. Discovery, which has a market capitalization of about $17 billion and $37.8 billion in debt."", 'The stock dropped roughly 9% in trading Thursday.', ""The company took a whopping $9.1 billion impairment charge Wednesday given the loss of value in its linear cable networks — which still accounts for more than 100% of the company's adjusted EBITDA."", 'That means the rest of the company lost money.', 'Warner Bros. Discovery blamed ""the continued softness in the U.S. linear advertising market and uncertainty related to affiliate and sports rights renewals, including the NBA"" for the size of the write-down.', ""That's not music to investors' ears."", 'Part of the argument for why Discovery merged with WarnerMedia was that its diversified suite of content would be a ""wonderful partner to advertisers,"" as Zaslav said when the deal was initially announced in 2021.Injecting uncertainty into the company\'s valuation because of a loss of NBA rights also rings hollow given Zaslav\'s claim in November 2022 that ""we don\'t have to have the NBA.""""The write-down signifies that this company clearly overpaid for the linear assets as part of the WarnerMedia merger and, given the growing pressures on the linear ecosystem, it also raises a question on what the future cash flows will be on these assets after the potential of losing the NBA,"" said Robert Fishman, an analyst at research firm MoffettNathanson.', ""Nonetheless, Zaslav projected a message of confidence during the company's earnings conference call Wednesday."", '""We feel good about where we are,"" Zaslav said. ""', 'We have to look at all and consider all options, but the No.', '1 priority is to run this company as effectively as possible.', '""While the company continues to make progress adding streaming subscribers (gaining 3.6 million in the quarter) and moving closer toward sustained profitability, the decline in linear revenue and associated earnings continues to outweigh the growth in its flagship direct-to-consumer service, Max.', ""Warner Bros. Discovery's failure to gain traction over the past two years suggests it could be a prime target for an activist investor, who could conceivably push for Zaslav's ouster or, at the least, ask for the divestment of assets such as CNN or the gaming division."", 'The company also owns a number of other valuable businesses, including HBO, Warner Bros. studio and DC Comics.', 'LightShed analyst Rich Greenfield has argued it should dramatically scale back its direct-to-consumer aspirations and focus on licensing content to other, larger streamers.', 'While Zaslav openly discussed seeking partnerships and mergers during Wednesday\'s earnings conference call, finance chief Gunnar Wiedenfels brushed away talk of potentially breaking up the company, citing the benefits of ""one Warner Bros. Discovery.', '""""Every day I\'m seeing evidence everywhere in the business of the benefits of those strategies,"" Wiedenfels said.', 'There are two clear hurdles for a potential activist.', ""The first is Malone's influence over the board."", ""It's possible an activist fund may be scared away from angling for board seats if it thinks Malone's power is so great that any suggestions will be rendered pointless."", ""The second is that Warner Bros. Discovery is arguably already pursuing the correct strategy given the company's enormous debt load compared to its market valuation."", ""If Zaslav is also looking for buyers for Warner Bros. Discovery, an activist's pitch to sell the company may not be additive."", ""Warner Bros. Discovery generated more than $6 billion in free cash flow last year, buoyed by a drastic drop in content spending from the writers' and actors' strikes."", 'That number will drop to about $4 billion this year as Hollywood has gotten back to work, according to MoffettNathanson.', ""Investors will surely want to know how losing the NBA will impact free cash flow in future years, assuming Warner's lawsuit doesn't net the company a package of games."", ""But it's possible that Malone and Zaslav's strategy of focusing on streaming profitability and costs cuts will eventually pay off."", 'Still, it seems clear the pressure on Zaslav to show that he can deliver value is mounting.', ""Looking at its competitors, Disney's media properties appear on the upswing after several years of pain, and Paramount Global has pulled the rip cord and agreed to a merger with Skydance Media."", ""Part of why Zaslav fired CNN's Licht last year is the narrative around him turned too toxic."", 'Now Zaslav in danger of falling into the same trap.—', ""CNBC's Rohan Goswami contributed to this article."", 'WATCH: Tom Rogers on Disney and Warner Bros. Discovery']",0.040167159273573,"""While the company continues to make progress adding streaming subscribers (gaining 3.6 million in the quarter) and moving closer toward sustained profitability, the decline in linear revenue and associated earnings continues to outweigh the growth in its flagship direct-to-consumer service, Max.","His tenure has been defined by implementing thousands of layoffs, cutting movies and TV series for tax efficiencies, killing off CNN+ a month after its launch, hiring and firing CNN CEO Chris Licht, getting heckled at Boston University's commencement by students chanting ""pay your writers"" during last year's writers' strike, and suing the NBA after the league chose not to renew media rights with his company following nearly 40 years in business together.",-0.0219590399000379,His 2023 compensation rose 26.5% to almost $50 million.,"Warner Bros. Discovery blamed ""the continued softness in the U.S. linear advertising market and uncertainty related to affiliate and sports rights renewals, including the NBA"" for the size of the write-down.",2024-08-12
-DirecTV is pushing its pay TV bundle — without a satellite dish,https://www.cnbc.com/2024/08/12/directv-is-pushing-its-pay-tv-bundle-without-a-satellite-dish-.html,2024-08-12T17:36:49+0000,"Coach Prime wants consumers to know they can watch DirecTV without a satellite dish. The company best known for providing the traditional TV bundle through satellite dishes posted on the sides of houses and on top of buildings is rolling out the next iteration of its ad campaign, ""For the Birds,"" with NFL star-turned-college football coach Deion Sanders joining the flock.  The focus of the ad campaign: DirecTV is a streaming company, too.As pay TV distributors — both satellite and cable companies — have seen customers flee for streaming, DirecTV is trying to get the message out that a clunky satellite dish is no longer needed for its service. ""We've been selling a streaming product for some time, right? It's not new to us. But many customers didn't know,"" said Vince Torres, chief marketing officer at DirecTV. ""We built this as an alternative. … We know that 80% of people prefer not to put the dish on the side of their house.""Further, the company's research showed 75% of consumers thought a satellite dish was still required for DirecTV even though it's had a streaming option since 2016, Torres said. ""That's a very, very large percentage of prospects.""This research and shape-shifting media landscape led DirecTV to refocus its marketing efforts — even as Torres contends the company is still a satellite TV provider and values those customers.The ad campaign that rolled out earlier this year features pigeons voiced by actors Henry Winkler and Steve Buscemi who look through windows while people are watching DirecTV, wondering how it's possible without a satellite dish on their rooftop. The pigeons lament the loss of the dishes. Winkler's Frank said he ""loved doing my business on those things,"" while Buscemi's Bobby quips, ""them dishes kept the rain off our beaks."" While the changes in media played into his interest in the commercial, Buscemi said in an interview he was sold on perfecting the voice and character of a New York City pigeon.""For me, it was more about the creative part of it,"" Buscemi said. ""I just really thought these characters were very funny.""There's been a roughly 50% increase in prospects coming to DirecTV's website since the launch of the ad campaign, Torres said.Sanders' inclusion comes just before one of the busiest times of the year for U.S. sports: beginning with college football and the NFL, followed by the start of the NBA and the NHL, as well as MLB's postseason.Sanders, once known as ""Prime Time"" in the NFL and now known as ""Coach Prime,"" as the coach of the NCAA's Colorado Buffaloes, dons a cowboy hat and gold chain, essentially playing himself.""We have a long history TOGETHER – dating all the way back to 2011,"" Sanders said in an email interview. ""It was only fitting for us to reunite once again. Coach Prime put his wings back on for DirectTV!""In a 2011 ad campaign, Sanders was an NFL version of Tinker Bell, wearing a DirecTV football jersey under his wings. Sanders had been suspended on strings when filming that commercial, so voicing the pigeon has been a different experience, he said.The industry has shape-shifted since Sanders' last ad campaign with DirecTV, too.Satellite TV providers like DirecTV and EchoStar's Dish were once some of the biggest distributors of the TV bundle. The competition ramped up when cable TV companies began offering broadband.For a while, the solution for satellite companies was then to concentrate on customers in rural areas, where cable broadband was sparsely available, said Craig Moffett, an analyst at MoffettNathanson.But the rivalry between cable and satellite over pay TV subscribers has dissipated since streaming has caused many to ditch the bundle.""All of this is in the context of the cord-cutting phenomenon, and the media companies taking more and more of their best content, including sports, and putting it on streaming platforms, so what's left of the TV package isn't very good to sell,"" Moffett said.The first quarter of this year was the worst ever for traditional pay TV subscriber losses, according to MoffettNathanson, which estimated that total losses topped 2.37 million for the first time ever.Although DirecTV's financials are now private — a result of private equity firm TPG acquiring a 30% stake in DirecTV from AT&T in 2021 — the company has roughly 11 million customers across satellite and streaming, according to people familiar with the matter who spoke on the condition on anonymity due to the private nature of the financials. MoffettNathanson estimates DirecTV added more than 20,000 streaming customers earlier this year.The majority of those customers still have a satellite dish. For DirecTV's streaming options, consumers can use their own device, like a Roku. But the company also provides its own hardware, called a Gemini box.DirecTV offers two streaming options — DirecTV Stream, a contract-free internet TV bundle, and DirecTV via internet, which requires a signed contract and is only available through the Gemini device.Based on Antenna data, DirecTV Stream has the smallest percentage of monthly gross additions when compared with Hulu + Live TV, Philo, Sling TV and YouTube TV — although it often is among the services with the lowest monthly rate of subscriber losses.""The challenge for consumers now is that it's increasingly difficult to find what you want to watch,"" Torres said about the division of content among various TV and streaming services. ""It's our version of the entertainment industry's road rage.""The device allows viewers to switch between streaming apps like Netflix and the DirecTV guide without changing remote controls or inputs or leaving apps.Other pay TV providers also offer similar options, such as Comcast's X1 set top box, as well as the Xumo streaming device, a joint venture between Charter Communications and Comcast.DirecTV also tries to set itself apart with a focus on sports, a main selling point for the company for some time.Until the 2023 NFL season, DirecTV had been the sole provider of the ""Sunday Ticket"" package of games since its inception in 1994. Google's YouTube TV, a competitor to DirecTV's streaming options, is now the owner of the rights to ""Sunday Ticket.""But DirecTV still offers ""Sunday Ticket"" to bars, restaurants and other businesses, many of which rely on the subscription that shows all out-of-market NFL games to draw big crowds.Nonetheless, streaming has also shaken up live sports, the highest-rated TV programming. Amazon's Prime Video and Netflix have exclusive NFL games, while legacy media companies have nabbed exclusive game rights for their growing streaming services.On the residential consumer front, DirecTV is still pushing the idea that it has the most complete live sports package offered by a pay TV and streaming provider. Its streaming offering includes all nationally broadcast games and regional sports networks — a rarity for internet TV bundles.This is where Coach Prime comes into play ahead of football season, Torres said.""He's highly recognizable, he's fun to work with, and he's effective at getting messages out,"" said Torres. ""When you think about this challenge that we face, how do we continue to build on this brand message that we're trying to educate the U.S. population with, who better to join the flock than Coach Prime.""Disclosure: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu.",CNBC,12/08/2024,"['Coach Prime wants consumers to know they can watch DirecTV without a satellite dish.', 'The company best known for providing the traditional TV bundle through satellite dishes posted on the sides of houses and on top of buildings is rolling out the next iteration of its ad campaign, ""For the Birds,"" with NFL star-turned-college football coach Deion Sanders joining the flock.', 'The focus of the ad campaign: DirecTV is a streaming company, too.', 'As pay TV distributors — both satellite and cable companies — have seen customers flee for streaming, DirecTV is trying to get the message out that a clunky satellite dish is no longer needed for its service.', '""We\'ve been selling a streaming product for some time, right?', ""It's not new to us."", 'But many customers didn\'t know,"" said Vince Torres, chief marketing officer at DirecTV. ""', 'We built this as an alternative. …', 'We know that 80% of people prefer not to put the dish on the side of their house.', '""Further, the company\'s research showed 75% of consumers thought a satellite dish was still required for DirecTV even though it\'s had a streaming option since 2016, Torres said. ""', ""That's a very, very large percentage of prospects."", '""This research and shape-shifting media landscape led DirecTV to refocus its marketing efforts — even as Torres contends the company is still a satellite TV provider and values those customers.', ""The ad campaign that rolled out earlier this year features pigeons voiced by actors Henry Winkler and Steve Buscemi who look through windows while people are watching DirecTV, wondering how it's possible without a satellite dish on their rooftop."", 'The pigeons lament the loss of the dishes.', 'Winkler\'s Frank said he ""loved doing my business on those things,"" while Buscemi\'s Bobby quips, ""them dishes kept the rain off our beaks.', '""While the changes in media played into his interest in the commercial, Buscemi said in an interview he was sold on perfecting the voice and character of a New York City pigeon.', '""For me, it was more about the creative part of it,"" Buscemi said. ""', 'I just really thought these characters were very funny.', '""There\'s been a roughly 50% increase in prospects coming to DirecTV\'s website since the launch of the ad campaign, Torres said.', ""Sanders' inclusion comes just before one of the busiest times of the year for U.S. sports: beginning with college football and the NFL, followed by the start of the NBA and the NHL, as well as MLB's postseason."", 'Sanders, once known as ""Prime Time"" in the NFL and now known as ""Coach Prime,"" as the coach of the NCAA\'s Colorado Buffaloes, dons a cowboy hat and gold chain, essentially playing himself.', '""We have a long history TOGETHER – dating all the way back to 2011,"" Sanders said in an email interview. ""', 'It was only fitting for us to reunite once again.', 'Coach Prime put his wings back on for DirectTV!""In a 2011 ad campaign, Sanders was an NFL version of Tinker Bell, wearing a DirecTV football jersey under his wings.', 'Sanders had been suspended on strings when filming that commercial, so voicing the pigeon has been a different experience, he said.', ""The industry has shape-shifted since Sanders' last ad campaign with DirecTV, too."", ""Satellite TV providers like DirecTV and EchoStar's Dish were once some of the biggest distributors of the TV bundle."", 'The competition ramped up when cable TV companies began offering broadband.', 'For a while, the solution for satellite companies was then to concentrate on customers in rural areas, where cable broadband was sparsely available, said Craig Moffett, an analyst at MoffettNathanson.', 'But the rivalry between cable and satellite over pay TV subscribers has dissipated since streaming has caused many to ditch the bundle.', '""All of this is in the context of the cord-cutting phenomenon, and the media companies taking more and more of their best content, including sports, and putting it on streaming platforms, so what\'s left of the TV package isn\'t very good to sell,"" Moffett said.', 'The first quarter of this year was the worst ever for traditional pay TV subscriber losses, according to MoffettNathanson, which estimated that total losses topped 2.37 million for the first time ever.', ""Although DirecTV's financials are now private — a result of private equity firm TPG acquiring a 30% stake in DirecTV from AT&T in 2021 — the company has roughly 11 million customers across satellite and streaming, according to people familiar with the matter who spoke on the condition on anonymity due to the private nature of the financials."", 'MoffettNathanson estimates DirecTV added more than 20,000 streaming customers earlier this year.', 'The majority of those customers still have a satellite dish.', ""For DirecTV's streaming options, consumers can use their own device, like a Roku."", 'But the company also provides its own hardware, called a Gemini box.', 'DirecTV offers two streaming options — DirecTV Stream, a contract-free internet TV bundle, and DirecTV via internet, which requires a signed contract and is only available through the Gemini device.', 'Based on Antenna data, DirecTV Stream has the smallest percentage of monthly gross additions when compared with Hulu + Live TV, Philo, Sling TV and YouTube TV — although it often is among the services with the lowest monthly rate of subscriber losses.', '""The challenge for consumers now is that it\'s increasingly difficult to find what you want to watch,"" Torres said about the division of content among various TV and streaming services. ""', ""It's our version of the entertainment industry's road rage."", '""The device allows viewers to switch between streaming apps like Netflix and the DirecTV guide without changing remote controls or inputs or leaving apps.', ""Other pay TV providers also offer similar options, such as Comcast's X1 set top box, as well as the Xumo streaming device, a joint venture between Charter Communications and Comcast."", 'DirecTV also tries to set itself apart with a focus on sports, a main selling point for the company for some time.', 'Until the 2023 NFL season, DirecTV had been the sole provider of the ""Sunday Ticket"" package of games since its inception in 1994.', 'Google\'s YouTube TV, a competitor to DirecTV\'s streaming options, is now the owner of the rights to ""Sunday Ticket.', '""But DirecTV still offers ""Sunday Ticket"" to bars, restaurants and other businesses, many of which rely on the subscription that shows all out-of-market NFL games to draw big crowds.', 'Nonetheless, streaming has also shaken up live sports, the highest-rated TV programming.', ""Amazon's Prime Video and Netflix have exclusive NFL games, while legacy media companies have nabbed exclusive game rights for their growing streaming services."", 'On the residential consumer front, DirecTV is still pushing the idea that it has the most complete live sports package offered by a pay TV and streaming provider.', 'Its streaming offering includes all nationally broadcast games and regional sports networks — a rarity for internet TV bundles.', 'This is where Coach Prime comes into play ahead of football season, Torres said.', '""He\'s highly recognizable, he\'s fun to work with, and he\'s effective at getting messages out,"" said Torres. ""', ""When you think about this challenge that we face, how do we continue to build on this brand message that we're trying to educate the U.S. population with, who better to join the flock than Coach Prime."", '""Disclosure: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu.']",0.1137303460105048,"""While the changes in media played into his interest in the commercial, Buscemi said in an interview he was sold on perfecting the voice and character of a New York City pigeon.","The first quarter of this year was the worst ever for traditional pay TV subscriber losses, according to MoffettNathanson, which estimated that total losses topped 2.37 million for the first time ever.",0.0904877460919893,"""There's been a roughly 50% increase in prospects coming to DirecTV's website since the launch of the ad campaign, Torres said.","""All of this is in the context of the cord-cutting phenomenon, and the media companies taking more and more of their best content, including sports, and putting it on streaming platforms, so what's left of the TV package isn't very good to sell,"" Moffett said.",2024-08-12
-Three Disney films could top $1 billion this year after box office rut,https://www.cnbc.com/2024/08/08/3-disney-films-could-top-1-billion-at-box-office-this-year.html,2024-08-08T15:28:21+0000,"In this articleAfter years of starts and stops at the box office, Disney appears to have hit a groove in 2024.Its latest Pixar film, ""Inside Out 2,"" is now the highest-grossing animated film of all time, topping $1.5 billion at the global box office. Its first R-rated Marvel Cinematic Universe flick — ""Deadpool & Wolverine"" —broke opening weekend records for an R-rated film and is set to surpass the $1 billion mark before the end of its run.And the box office hits aren't expected to stop there.Over the Thanksgiving holiday, the studio is set to release ""Moana 2,"" the hotly anticipated sequel to 2016's ""Moana."" While the first film generated a little less than $700 million at the global box office, audience fervor for more ""Moana"" content is expected to drive high ticket sales in November. After all, it was the most streamed film of 2023.Disney has already seen success from its animated franchises this year, as ""Inside Out 2"" has generated nearly double the $850 million its predecessor secured in 2015.""The billion-dollar club, while growing ever less exclusive with each passing year, is no less a remarkable achievement for any film to join its ranks, particularly when one studio has the potential to land a trifecta of such hits for film released in the same year,"" said Paul Dergarabedian, senior media analyst at Comscore. ""Such is the enviable position that Disney, after a fallow post-Pandemic period has returned to glory with a vengeance. They are in the midst of phenomenal comeback year for the studio.""A wild card for the studio is December's ""Mufasa: The Lion King,"" a prequel to 2019's ""The Lion King."" While its predecessor generated $1.6 billion at the global box office, more than $1.1 billion of which came from international audiences, it's unclear what appetite moviegoers have for this photorealistically animated sequel.Disney has long been a box office champion, driving significant ticket sales domestically and globally. While its theatrical business is a relatively small part of its overall annual revenues, its a large part of Disney's wider strategy. The company uses its theatrical successes across many of its other departments. Franchises like Star Wars, Marvel, Avatar and Pixar have transcended the big screen to become popular theme park lands and TV shows, and characters from those films appear on merchandise.Disney's recent box office rut came at a time when its theme parks were growing rapidly and generating enough revenue to balance out other pieces of the business that were less successful or still in the process of becoming profitable, like streaming platform Disney+. However, in the most recent quarter, Disney parks and experiences segment felt pressure due to lower consumer demand and inflation.Having its theatrical business return to form is key for Disney because of how it can fuel other areas of the business.Disney churns out more billion-dollar hits than anyone in the business. Of the 53 titles that have achieved this feat at the box office, more than half, or 27, have been under the Disney banner, according to data from Comscore.Two of those films — 2009's ""Avatar"" and 1997's ""Titanic"" — were produced by 21st Century Fox prior to the 2019 merger of the two companies, but are considered part of Disney's collection of billion-dollar features. Additionally, two Marvel Cinematic Universe Spider-Man films that were co-produced by Disney and Sony topped $1 billion. However, those are not included in Disney's haul because they were distributed by Sony.In the year before the pandemic, Disney had seven theatrical releases top $1 billion at the box office. However, theater closures and production shutdowns, coupled with a creative team that was stretched too thin, led to a cinematic slump for the company in recent years.Audiences and critics bemoaned Disney's push for quantity, which sacrificed quality in major franchises. The company was also criticized for allowing some of its content to become too focused on social messages.While ""Avatar: The Way of Water"" became one of the top all-time box-office hits in 2022, and several Marvel features topped $800 million in global ticket sales, Disney also saw some of its lowest animated feature hauls in decades and its lowest-ever MCU release.""Much has been said about a few of Disney's underwhelming box office performances in recent years but it was always a fool's errand to count the studio out for long,"" said Shawn Robbins, founder and owner of Box Office Theory. ""Their leadership made clear and convincing strategic moves to address the commercial struggles of several key releases coming out of the pandemic era ... We're starting to see the early dividends of that pivot back to quality franchise content and a renewed emphasis on the moviegoing experience.""Disney's CEO Bob Iger has addressed the company's theatrical woes on several occasions since returning to the helm of the company in late 2022.He admitted Disney's fall from theatrical grace had a number of causes. He said that during Covid lockdowns, the company conditioned audiences to expect its films on streaming, and that pandemic-related restrictions made it difficult for executives to oversee its increased number of film and television productions. Additionally, he said the company's push to feed Disney+ with new content diluted its quality.Iger promised investors that Disney's creatives would right the ship. And he appears to be making good on that pledge.On Wednesday, he credited ""Inside Out 2"" for the company's outperformance in its content sales and licensing division during the most recent quarter. The company noted that the first ""Inside Out"" drove more than 1.3 million Disney+ sign-ups and generated more than 100 million views globally since the first trailer for ""Inside Out 2"" was released last November.He also touted the company's slate of franchise features coming in the next few years.""Let me just read to you the movies that we'll be making and releasing in the next almost two years,"" Iger said during Wednesday's earning call. ""We have 'Moana,' 'Mufasa,' 'Captain America,' 'Snow White,' 'Thunderbolts*', 'Fantastic 4,' 'Zootopia,' 'Avatar,' 'Avengers,' 'Mandalorian' and 'Toy Story,' just to name a few. And when you think about not only the potential of those in the box office but the potential of those to drive global streaming value, I think there's a reason to be bullish about where we're headed.""2024202520262027Investors are expected to get a bigger glimpse into Disney's theatrical plans during its biannual D23 Expo taking place in Anaheim, California this weekend.""The past speaks for itself, but there's no doubting the importance of Disney's role in the industry's present and future,"" said Robbins. ""If Marvel and Pixar continue their turnarounds, and if the Star Wars franchise can eventually execute a similar rebound under Lucasfilm, it won't be long before the parent studio returns to some familiar box office prowess up and down the calendar each year.""",CNBC,08/08/2024,"['In this articleAfter years of starts and stops at the box office, Disney appears to have hit a groove in 2024.Its latest Pixar film, ""Inside Out 2,"" is now the highest-grossing animated film of all time, topping $1.5 billion at the global box office.', 'Its first R-rated Marvel Cinematic Universe flick — ""Deadpool & Wolverine"" —broke opening weekend records for an R-rated film and is set to surpass the $1 billion mark before the end of its run.', ""And the box office hits aren't expected to stop there."", 'Over the Thanksgiving holiday, the studio is set to release ""Moana 2,"" the hotly anticipated sequel to 2016\'s ""Moana.""', 'While the first film generated a little less than $700 million at the global box office, audience fervor for more ""Moana"" content is expected to drive high ticket sales in November.', 'After all, it was the most streamed film of 2023.Disney has already seen success from its animated franchises this year, as ""Inside Out 2"" has generated nearly double the $850 million its predecessor secured in 2015.""The billion-dollar club, while growing ever less exclusive with each passing year, is no less a remarkable achievement for any film to join its ranks, particularly when one studio has the potential to land a trifecta of such hits for film released in the same year,"" said Paul Dergarabedian, senior media analyst at Comscore. ""', 'Such is the enviable position that Disney, after a fallow post-Pandemic period has returned to glory with a vengeance.', 'They are in the midst of phenomenal comeback year for the studio.', '""A wild card for the studio is December\'s ""Mufasa: The Lion King,"" a prequel to 2019\'s ""The Lion King.""', ""While its predecessor generated $1.6 billion at the global box office, more than $1.1 billion of which came from international audiences, it's unclear what appetite moviegoers have for this photorealistically animated sequel."", 'Disney has long been a box office champion, driving significant ticket sales domestically and globally.', ""While its theatrical business is a relatively small part of its overall annual revenues, its a large part of Disney's wider strategy."", 'The company uses its theatrical successes across many of its other departments.', 'Franchises like Star Wars, Marvel, Avatar and Pixar have transcended the big screen to become popular theme park lands and TV shows, and characters from those films appear on merchandise.', ""Disney's recent box office rut came at a time when its theme parks were growing rapidly and generating enough revenue to balance out other pieces of the business that were less successful or still in the process of becoming profitable, like streaming platform Disney+."", 'However, in the most recent quarter, Disney parks and experiences segment felt pressure due to lower consumer demand and inflation.', 'Having its theatrical business return to form is key for Disney because of how it can fuel other areas of the business.', 'Disney churns out more billion-dollar hits than anyone in the business.', 'Of the 53 titles that have achieved this feat at the box office, more than half, or 27, have been under the Disney banner, according to data from Comscore.', 'Two of those films — 2009\'s ""Avatar"" and 1997\'s ""Titanic"" — were produced by 21st Century Fox prior to the 2019 merger of the two companies, but are considered part of Disney\'s collection of billion-dollar features.', 'Additionally, two Marvel Cinematic Universe Spider-Man films that were co-produced by Disney and Sony topped $1 billion.', ""However, those are not included in Disney's haul because they were distributed by Sony."", 'In the year before the pandemic, Disney had seven theatrical releases top $1 billion at the box office.', 'However, theater closures and production shutdowns, coupled with a creative team that was stretched too thin, led to a cinematic slump for the company in recent years.', ""Audiences and critics bemoaned Disney's push for quantity, which sacrificed quality in major franchises."", 'The company was also criticized for allowing some of its content to become too focused on social messages.', 'While ""Avatar: The Way of Water"" became one of the top all-time box-office hits in 2022, and several Marvel features topped $800 million in global ticket sales, Disney also saw some of its lowest animated feature hauls in decades and its lowest-ever MCU release.', '""Much has been said about a few of Disney\'s underwhelming box office performances in recent years but it was always a fool\'s errand to count the studio out for long,"" said Shawn Robbins, founder and owner of Box OfficeTheory. ""', ""Their leadership made clear and convincing strategic moves to address the commercial struggles of several key releases coming out of the pandemic era ... We're starting to see the early dividends of that pivot back to quality franchise content and a renewed emphasis on the moviegoing experience."", '""Disney\'s CEO Bob Iger has addressed the company\'s theatrical woes on several occasions since returning to the helm of the company in late 2022.He admitted Disney\'s fall from theatrical grace had a number of causes.', 'He said that during Covid lockdowns, the company conditioned audiences to expect its films on streaming, and that pandemic-related restrictions made it difficult for executives to oversee its increased number of film and television productions.', ""Additionally, he said the company's push to feed Disney+ with new content diluted its quality."", ""Iger promised investors that Disney's creatives would right the ship."", 'And he appears to be making good on that pledge.', 'On Wednesday, he credited ""Inside Out 2"" for the company\'s outperformance in its content sales and licensing division during the most recent quarter.', 'The company noted that the first ""Inside Out"" drove more than 1.3 million Disney+ sign-ups and generated more than 100 million views globally since the first trailer for ""Inside Out 2"" was released last November.', ""He also touted the company's slate of franchise features coming in the next few years."", '""Let me just read to you the movies that we\'ll be making and releasing in the next almost two years,"" Iger said during Wednesday\'s earning call. ""', ""We have 'Moana,' 'Mufasa,' 'Captain America,' 'Snow White,' 'Thunderbolts*', 'Fantastic 4,' 'Zootopia,' 'Avatar,' 'Avengers,' 'Mandalorian' and 'Toy Story,' just to name a few."", ""And when you think about not only the potential of those in the box office but the potential of those to drive global streaming value, I think there's a reason to be bullish about where we're headed."", '""2024202520262027Investors are expected to get a bigger glimpse into Disney\'s theatrical plans during its biannual D23 Expo taking place in Anaheim, California this weekend.', '""The past speaks for itself, but there\'s no doubting the importance of Disney\'s role in the industry\'s present and future,"" said Robbins. ""', 'If Marvel and Pixar continue their turnarounds, and if the Star Wars franchise can eventually execute a similar rebound under Lucasfilm, it won\'t be long before the parent studio returns to some familiar box office prowess up and down the calendar each year.""']",0.1224509177184157,"After all, it was the most streamed film of 2023.Disney has already seen success from its animated franchises this year, as ""Inside Out 2"" has generated nearly double the $850 million its predecessor secured in 2015.""The billion-dollar club, while growing ever less exclusive with each passing year, is no less a remarkable achievement for any film to join its ranks, particularly when one studio has the potential to land a trifecta of such hits for film released in the same year,"" said Paul Dergarabedian, senior media analyst at Comscore. ""","However, in the most recent quarter, Disney parks and experiences segment felt pressure due to lower consumer demand and inflation.",0.3442871379852295,"After all, it was the most streamed film of 2023.Disney has already seen success from its animated franchises this year, as ""Inside Out 2"" has generated nearly double the $850 million its predecessor secured in 2015.""The billion-dollar club, while growing ever less exclusive with each passing year, is no less a remarkable achievement for any film to join its ranks, particularly when one studio has the potential to land a trifecta of such hits for film released in the same year,"" said Paul Dergarabedian, senior media analyst at Comscore. ""","While ""Avatar: The Way of Water"" became one of the top all-time box-office hits in 2022, and several Marvel features topped $800 million in global ticket sales, Disney also saw some of its lowest animated feature hauls in decades and its lowest-ever MCU release.",2024-08-12
-Musk interview with Trump shows how they put aside differences,https://www.bbc.co.uk/news/articles/cvgd08np9z1o,2024-08-12T09:11:13.999Z,"It certainly wasn't love at first sight. In fact, not so long ago they didn't like each other very much. ""I don't hate the man,"" Elon Musk tweeted in July 2022, ""but it's time for Trump to hang up his hat & sail into the sunset."" The Tesla and Space X founder's comment was prompted by a profane Donald Trump insult - put simply, calling Mr Musk a liar. Trump accused Mr Musk of lying to him about who he voted for in the last presidential election.  ""Elon is not going to buy Twitter,"" Trump crowed to a rally crowd in Alaska. Mr Musk did, of course, buy Twitter several months later - and he went on to endorse Trump’s Republican arch-rival, Ron DeSantis. The Florida governor even launched his presidential campaign with a glitch-ridden chat on Twitter Spaces. But over the last few months the relationship between Mr Musk and Trump has not just thawed – it has reached a positively warm and steady simmer. On Monday, Trump returned to Twitter/X after a year-long hiatus, hours before he and Mr Musk were due to sit down for what many expect to be a convivial chat streamed on the platform. Both men will be hoping the conversation reaches an audience beyond the hyperactive paid-for users who dominate X discussion these days – and that it will be free of the technical glitches that overshadowed Mr DeSantis's ill-fated campaign. The relationship between the tech tycoon and the Republican nominee has been a while in the making.  Mr Musk, who became a US citizen in 2002, has said that he voted almost exclusively for Democrats for decades.  But he soured on President Biden over issues including unions – Mr Musk is opposed to efforts to organise his car workers – and over a snub. He was not invited to the 2021 White House electric vehicle summit, despite Tesla's status as one of the world's largest EV manufacturers. Under the Biden administration, Mr Musk's companies also faced a number of federal investigations over employment practices, his takeover of Twitter and claims about Tesla's autopilot feature. In November 2023 he told a New York Times interviewer that he would not vote for Mr Biden again, but stopped short of supporting Trump, saying: ""This is definitely a difficult choice here."" Mr Musk lifted the ban on the former president's Twitter account after buying the company. And perhaps more importantly, his tenure has seen him go ever deeper into concerns that dovetail neatly with Trump's campaign: government censorship and persecution, complaints about the media, opposition to immigration, and anger at ""woke"" ideas. ""He craves attention and is a political chameleon,"" said Ryan Broderick, who writes the internet culture newsletter Garbage Day.  Mr Broderick said Mr Musk's online posts shifted dramatically a few years ago. ""He was tweeting neoliberal, happy-go-lucky things, and pride flags and so on, until around 2018, and the change happened pretty drastically after that,"" he said. Since taking over Twitter, Mr Musk increasingly has engaged in political controversies and has spread inflammatory - and sometimes just outright fake - news stories. During recent rioting in the UK, he engaged in a tit-for-tat with Prime Minister Keir Starmer, claiming that ""civil war is inevitable"" and sharing a fake post about ""detainment camps"" on the Falkland Islands. He also bought into Trump’s claims - unsupported by evidence - that election fraud is endemic in the US.  Research by the Center for Countering Digital Hate – an organisation that Mr Musk attempted to sue in a case that was thrown out earlier this year – noted that so far this year Mr Musk has tweeted false or misleading voting claims 50 times. And he regularly interacts with fringe, far-right figures and pro-Trump accounts on his own platform, amplifying their reach.  At the same time, his Silicon Valley connections link him to Trump’s inner circle. Mr Musk was a member of the so-called PayPal mafia - stakeholders who made fortunes when the payment processor was bought for $1.5 billion and who later became prolific investors and corporate founders. PayPal founder Peter Thiel is an influential Republican who later employed JD Vance at his venture capital firm, Mithril Capital Management, then bankrolled his Ohio Senate campaign with a $10m donation. In March, Mr Musk met Trump at his Florida resort. A couple of months later, Mr Musk hosted an ""anti-Biden"" dinner party, where the guests included Mr Thiel and Rupert Murdoch, according to US news reports. Mr Musk has donated money to both Democratic and Republican politicians in the past. But although he insists he is not donating directly to any presidential campaign, he recently co-founded a pro-Trump political action committee, America PAC. Political action committees have the leeway to spend huge sums supporting candidates and causes - although Mr Musk has said reports that he will contribute $45m a month to the PAC are overblown. Nevertheless, his support for Trump was fully ensured just minutes after last month’s assassination attempt on the former president, when he tweeted: ""I fully endorse President Trump and hope for his rapid recovery."" Trump seems to have mended fences with Mr Musk. At a news conference on Thursday he said: ""I respect Elon a lot. He respects me."" ""Elon more than almost anybody I know… he loves this country, he loves the concept of this country, but like me, he says this country is in big trouble, it’s in tremendous danger,"" Trump said. Mr Musk has become a hero to an online cohort of young, mostly male supporters who might align with Trump’s ideas but who are, according to reports, less reliable voters. The Trump campaign appears to be making a play for that segment of the population.  For instance, the former president recently did an interview with ""edgy"" podcaster Adin Ross, who repeatedly was banned from the streaming site Twitch for violating the site's conduct policies.  ""Donald Trump is scrambling because he's looking for a way to invigorate his campaign,"" Mr Broderick said. ""He's a showman and he understands that Elon Musk has similar instincts."" But he questioned whether the pair would get along face-to-face. ""I assume they will talk at and around each other, and it will probably not make much sense,"" he said. ""And maybe somebody will say something crazy."" The BBC contacted X and the Trump campaign for comment. The interview is expected to appear online at 20:00 ET on Monday (01:00 BST) . ",BBC,12/08/2024,"[""It certainly wasn't love at first sight."", 'In fact, not so long ago they didn\'t like each other very much. ""', 'I don\'t hate the man,"" Elon Musk tweeted in July 2022, ""but it\'s time for Trump to hang up his hat & sail into the sunset.""', ""The Tesla and Space X founder's comment was prompted by a profane Donald Trump insult - put simply, calling Mr Musk a liar."", 'Trump accused Mr Musk of lying to him about who he voted for in the last presidential election. ""', 'Elon is not going to buy Twitter,"" Trump crowed to a rally crowd in Alaska.', 'Mr Musk did, of course, buy Twitter several months later - and he went on to endorse Trump’s Republican arch-rival, Ron DeSantis.', 'The Florida governor even launched his presidential campaign with a glitch-ridden chat on Twitter Spaces.', 'But over the last few months the relationship between Mr Musk and Trump has not just thawed – it has reached a positively warm and steady simmer.', 'On Monday, Trump returned to Twitter/X after a year-long hiatus, hours before he and Mr Musk were due to sit down for what many expect to be a convivial chat streamed on the platform.', ""Both men will be hoping the conversation reaches an audience beyond the hyperactive paid-for users who dominate X discussion these days – and that it will be free of the technical glitches that overshadowed Mr DeSantis's ill-fated campaign."", 'The relationship between the tech tycoon and the Republican nominee has been a while in the making.', 'Mr Musk, who became a US citizen in 2002, has said that he voted almost exclusively for Democrats for decades.', 'But he soured on President Biden over issues including unions – Mr Musk is opposed to efforts to organise his car workers – and over a snub.', ""He was not invited to the 2021 White House electric vehicle summit, despite Tesla's status as one of the world's largest EV manufacturers."", ""Under the Biden administration, Mr Musk's companies also faced a number of federal investigations over employment practices, his takeover of Twitter and claims about Tesla's autopilot feature."", 'In November 2023 he told a New York Times interviewer that he would not vote for Mr Biden again, but stopped short of supporting Trump, saying: ""This is definitely a difficult choice here.""', ""Mr Musk lifted the ban on the former president's Twitter account after buying the company."", 'And perhaps more importantly, his tenure has seen him go ever deeper into concerns that dovetail neatly with Trump\'s campaign: government censorship and persecution, complaints about the media, opposition to immigration, and anger at ""woke"" ideas. ""', 'He craves attention and is a political chameleon,"" said Ryan Broderick, who writes the internet culture newsletter Garbage Day.', 'Mr Broderick said Mr Musk\'s online posts shifted dramatically a few years ago. ""', 'He was tweeting neoliberal, happy-go-lucky things, and pride flags and so on, until around 2018, and the change happened pretty drastically after that,"" he said.', 'Since taking over Twitter, Mr Musk increasingly has engaged in political controversies and has spread inflammatory - and sometimes just outright fake - news stories.', 'During recent rioting in the UK, he engaged in a tit-for-tat with Prime Minister Keir Starmer, claiming that ""civil war is inevitable"" and sharing a fake post about ""detainment camps"" on the Falkland Islands.', 'He also bought into Trump’s claims - unsupported by evidence - that election fraud is endemic in the US.', 'Research by the Center for Countering Digital Hate – an organisation that Mr Musk attempted to sue in a case that was thrown out earlier this year – noted that so far this year Mr Musk has tweeted false or misleading voting claims 50 times.', 'And he regularly interacts with fringe, far-right figures and pro-Trump accounts on his own platform, amplifying their reach.', 'At the same time, his Silicon Valley connections link him to Trump’s inner circle.', 'Mr Musk was a member of the so-called PayPal mafia - stakeholders who made fortunes when the payment processor was bought for $1.5 billion and who later became prolific investors and corporate founders.', 'PayPal founder Peter Thiel is an influential Republican who later employed JD Vance at his venture capital firm, Mithril Capital Management, then bankrolled his Ohio Senate campaign with a $10m donation.', 'In March, Mr Musk met Trump at his Florida resort.', 'A couple of months later, Mr Musk hosted an ""anti-Biden"" dinner party, where the guests included Mr Thiel and Rupert Murdoch, according to US news reports.', 'Mr Musk has donated money to both Democratic and Republican politicians in the past.', 'But although he insists he is not donating directly to any presidential campaign, he recently co-founded a pro-Trump political action committee, America PAC.', 'Political action committees have the leeway to spend huge sums supporting candidates and causes - although Mr Musk has said reports that he will contribute $45m a month to the PAC are overblown.', 'Nevertheless, his support for Trump was fully ensured just minutes after last month’s assassination attempt on the former president, when he tweeted: ""I fully endorse President Trump and hope for his rapid recovery.""', 'Trump seems to have mended fences with Mr Musk.', 'At a news conference on Thursday he said: ""I respect Elon a lot.', 'He respects me."" ""', 'Elon more than almost anybody I know… he loves this country, he loves the concept of this country, but like me, he says this country is in big trouble, it’s in tremendous danger,"" Trump said.', 'Mr Musk has become a hero to an online cohort of young, mostly male supporters who might align with Trump’s ideas but who are, according to reports, less reliable voters.', 'The Trump campaign appears to be making a play for that segment of the population.', 'For instance, the former president recently did an interview with ""edgy"" podcaster Adin Ross, who repeatedly was banned from the streaming site Twitch for violating the site\'s conduct policies. ""', 'Donald Trump is scrambling because he\'s looking for a way to invigorate his campaign,"" Mr Broderick said. ""', 'He\'s a showman and he understands that Elon Musk has similar instincts.""', 'But he questioned whether the pair would get along face-to-face. ""', 'I assume they will talk at and around each other, and it will probably not make much sense,"" he said. ""', 'And maybe somebody will say something crazy.""', 'The BBC contacted X and the Trump campaign for comment.', 'The interview is expected to appear online at 20:00 ET on Monday (01:00 BST) .']",0.029643072249664,"He was tweeting neoliberal, happy-go-lucky things, and pride flags and so on, until around 2018, and the change happened pretty drastically after that,"" he said.","The Tesla and Space X founder's comment was prompted by a profane Donald Trump insult - put simply, calling Mr Musk a liar.",0.1849854162761143,But over the last few months the relationship between Mr Musk and Trump has not just thawed – it has reached a positively warm and steady simmer.,But he soured on President Biden over issues including unions – Mr Musk is opposed to efforts to organise his car workers – and over a snub.,2024-08-12
-"Fitness club company Life Time, heavily invested in pickleball, creates its own ball for the booming sport",https://www.cnbc.com/2024/08/09/life-time-creates-its-own-pickleball-as-the-sport-booms.html,2024-08-09T14:55:46+0000,"In this articleTired of playing with pickleballs he found inconsistent in bounce and durability, Life Time's founder and CEO Bahram Akradi decided to take matters into his own hands.On Friday, the upscale fitness and lifestyle company announced it has created what it dubs ""the ultimate pickleball."" Life Time will debut the ball exclusively at the company's clubs later in August.""This was a problem with the sport and it needed to be solved, so we basically stepped in and solved it,"" Akradi said.Akradi has gone all in on the sport that has been America's fastest growing since 2021, and he remains bullish on its potential. It's a key piece of the growth strategy for Life Time, which has seen its stock rise 57% year to date. On Aug. 1, the company raised its full-year guidance following a strong second-quarter performance.Life Time will soon sell the ball at its racquet sports pro shops and online. The company is still determining what the price will be.Life Time's ""athletic country clubs"" boast more than 700 permanent pickleball courts. The company plans to expand that to 1,000 courts by the end of 2025.""Our goal is to provide the right venues for people to play, the right experience, the right consistency,"" Akradi added.Akradi said the company has invested between $50 million and $100 million in pickleball already, and the sport has brought in 6% to 7% of Life Time's membership dues.Life Time also hosts professional tournaments at its clubs for Major League Pickleball and the Professional Pickleball Association. The professional organizations use Vulcan as their ""official ball,"" but Akradi hopes to change that in the future.In May, the company announced Lululemon as its official apparel sponsor for tennis and pickleball.The company has also teamed up with tennis legend Andre Agassi and top-rated pickleball player Ben Johns to grow the sport further.",CNBC,09/08/2024,"[""In this articleTired of playing with pickleballs he found inconsistent in bounce and durability, Life Time's founder and CEO Bahram Akradi decided to take matters into his own hands."", 'On Friday, the upscale fitness and lifestyle company announced it has created what it dubs ""the ultimate pickleball.""', ""Life Time will debut the ball exclusively at the company's clubs later in August."", '""This was a problem with the sport and it needed to be solved, so we basically stepped in and solved it,"" Akradi said.', ""Akradi has gone all in on the sport that has been America's fastest growing since 2021, and he remains bullish on its potential."", ""It's a key piece of the growth strategy for Life Time, which has seen its stock rise 57% year to date."", 'On Aug. 1, the company raised its full-year guidance following a strong second-quarter performance.', 'Life Time will soon sell the ball at its racquet sports pro shops and online.', 'The company is still determining what the price will be.', 'Life Time\'s ""athletic country clubs"" boast more than 700 permanent pickleball courts.', 'The company plans to expand that to 1,000 courts by the end of 2025.""Our goal is to provide the right venues for people to play, the right experience, the right consistency,"" Akradi added.', ""Akradi said the company has invested between $50 million and $100 million in pickleball already, and the sport has brought in 6% to 7% of Life Time's membership dues."", 'Life Time also hosts professional tournaments at its clubs for Major League Pickleball and the Professional Pickleball Association.', 'The professional organizations use Vulcan as their ""official ball,"" but Akradi hopes to change that in the future.', 'In May, the company announced Lululemon as its official apparel sponsor for tennis and pickleball.', 'The company has also teamed up with tennis legend Andre Agassi and top-rated pickleball player Ben Johns to grow the sport further.']",0.2029615615196507,"The company plans to expand that to 1,000 courts by the end of 2025.""Our goal is to provide the right venues for people to play, the right experience, the right consistency,"" Akradi added.",,0.6270225882530213,"It's a key piece of the growth strategy for Life Time, which has seen its stock rise 57% year to date.","In this articleTired of playing with pickleballs he found inconsistent in bounce and durability, Life Time's founder and CEO Bahram Akradi decided to take matters into his own hands.",2024-08-12
-JPMorgan Chase is giving its employees an AI assistant powered by ChatGPT maker OpenAI,https://www.cnbc.com/2024/08/09/jpmorgan-chase-ai-artificial-intelligence-assistant-chatgpt-openai.html,2024-08-09T14:46:26+0000,"JPMorgan Chase has rolled out a generative artificial intelligence assistant to tens of thousands of its employees in recent weeks, the initial phase of a broader plan to inject the technology throughout the sprawling financial giant.The program, called LLM Suite, is already available to more than 60,000 employees, helping them with tasks like writing emails and reports. The software is expected to eventually be as ubiquitous within the bank as the videoconferencing program Zoom, people with knowledge of the plans told CNBC.Rather than developing its own AI models, JPMorgan designed LLM Suite to be a portal that allows users to tap external large language models — the complex programs underpinning generative AI tools — and launched it with ChatGPT maker OpenAI's LLM, said the people.""Ultimately, we'd like to be able to move pretty fluidly across models depending on the use cases,"" Teresa Heitsenrether, JPMorgan's chief data and analytics officer, said in an interview. ""The plan is not to be beholden to any one model provider.""The move by JPMorgan, the largest U.S. bank by assets, shows how quickly generative AI has swept through American corporations since the arrival of ChatGPT in late 2022. Rival bank Morgan Stanley has already released a pair of OpenAI-powered tools for its financial advisors. And consumer tech giant Apple said in June that it was integrating OpenAI models into the operating system of hundreds of millions of its consumer devices, vastly expanding its reach.The technology — hailed by some as the ""Cognitive Revolution"" in which tasks formerly done by knowledge workers will be automated — could be as important as the advent of electricity, the printing press and the internet, JPMorgan CEO Jamie Dimon said in April.It will likely ""augment virtually every job"" at the bank, Dimon said. JPMorgan had about 313,000 employees as of June.The bank is giving employees what is essentially OpenAI's ChatGPT in a JPMorgan-approved wrapper more than a year after it restricted employees from using ChatGPT. That's because JPMorgan didn't want to expose its data to external providers, Heitsenrether said.""Since our data is a key differentiator, we don't want it being used to train the model,"" she said. ""We've implemented it in a way that we can leverage the model while still keeping our data protected.""The bank has introduced LLM Suite broadly across the company, with groups using it in JPMorgan's consumer division, investment bank, and asset and wealth management business, the people said. It can help employees with writing, summarizing lengthy documents, problem solving using Excel, and generating ideas.But getting it on employees' desktops is just the first step, according to Heitsenrether, who was promoted in 2023 to lead the bank's adoption of the red-hot technology.""You have to teach people how to do prompt engineering that is relevant for their domain to show them what it can actually do,"" Heitsenrether said. ""The more people get deep into it and unlock what it's good at and what it's not, the more we're starting to see the ideas really flourishing.""The bank's engineers can also use LLM Suite to incorporate functions from external AI models directly into their programs, she said.JPMorgan has been working on traditional AI and machine learning for more than a decade, but the arrival of ChatGPT forced it to pivot.Traditional, or narrow, AI performs specific tasks involving pattern recognition, like making predictions based on historical data. Generative AI is more advanced, however, and trains models on vast data sets with the goal of pattern creation, which is how human-sounding text or realistic images are formed.The number of uses for generative AI are ""exponentially bigger"" than previous technology because of how flexible LLMs are, Heitsenrether said.The bank is testing many cases for both forms of AI and has already put a few into production.JPMorgan is using generative AI to create marketing content for social media channels, map out itineraries for clients of the travel agency it acquired in 2022 and summarize meetings for financial advisors, she said.The consumer bank uses AI to determine where to place new branches and ATMs by ingesting satellite images and in call centers to help service personnel quickly find answers, Heitsenrether said.In the firm's global-payments business, which moves more than $8 trillion around the world daily, AI helps prevent hundreds of millions of dollars in fraud, she said.But the bank is being more cautious with generative AI that directly touches upon the individual customer because of the risk that a chatbot gives bad information, Heitsenrether said.Ultimately, the generative AI field may develop into ""five or six big foundational models"" that dominate the market, she said.The bank is testing LLMs from U.S. tech giants as well as open source models to onboard to its portal next, said the people, who declined to be identified speaking about the bank's AI strategy.Heitsenrether charted out three stages for the evolution of generative AI at JPMorgan.The first is simply making the models available to workers; the second involves adding proprietary JPMorgan data to help boost employee productivity, which is the stage that has just begun at the company.The third is a larger leap that would unlock far greater productivity gains, which is when generative AI is powerful enough to operate as autonomous agents that perform complex multistep tasks. That would make rank-and-file employees more like managers with AI assistants at their command.The technology will likely empower some workers while displacing others, changing the composition of the industry in ways that are hard to predict.Banking jobs are the most prone to automation of all industries, including technology, health care and retail, according to consulting firm Accenture. AI could boost the sector's profits by $170 billion in just four years, Citigroup analysts said.  People should consider generative AI ""like an assistant that takes away the more mundane things that we would all like to not do, where it can just give you the answer without grinding through the spreadsheets,"" Heitsenrether said.""You can focus on the higher-value work,"" she said.— CNBC's Leslie Picker contributed to this report.",CNBC,09/08/2024,"['JPMorgan Chase has rolled out a generative artificial intelligence assistant to tens of thousands of its employees in recent weeks, the initial phase of a broader plan to inject the technology throughout the sprawling financial giant.', 'The program, called LLM Suite, is already available to more than 60,000 employees, helping them with tasks like writing emails and reports.', ""The software is expected to eventually be as ubiquitous within the bank as the videoconferencing program Zoom, people with knowledge of the plans told CNBC.Rather than developing its own AI models, JPMorgan designed LLM Suite to be a portal that allows users to tap external large language models — the complex programs underpinning generative AI tools — and launched it with ChatGPT maker OpenAI's LLM, said the people."", '""Ultimately, we\'d like to be able to move pretty fluidly across models depending on the use cases,"" Teresa Heitsenrether, JPMorgan\'s chief data and analytics officer, said in an interview. ""', 'The plan is not to be beholden to any one model provider.', '""The move by JPMorgan, the largest U.S. bank by assets, shows how quickly generative AI has swept through American corporations since the arrival of ChatGPT in late 2022.', 'Rival bank Morgan Stanley has already released a pair of OpenAI-powered tools for its financial advisors.', 'And consumer tech giant Apple said in June that it was integrating OpenAI models into the operating system of hundreds of millions of its consumer devices, vastly expanding its reach.', 'The technology — hailed by some as the ""Cognitive Revolution"" in which tasks formerly done by knowledge workers will be automated — could be as important as the advent of electricity, the printing press and the internet, JPMorgan CEO Jamie Dimon said in April.', 'It will likely ""augment virtually every job"" at the bank, Dimon said.', 'JPMorgan had about 313,000 employees as of June.', ""The bank is giving employees what is essentially OpenAI's ChatGPT in a JPMorgan-approved wrapper more than a year after it restricted employees from using ChatGPT."", ""That's because JPMorgan didn't want to expose its data to external providers, Heitsenrether said."", '""Since our data is a key differentiator, we don\'t want it being used to train the model,"" she said. ""', ""We've implemented it in a way that we can leverage the model while still keeping our data protected."", '""The bank has introduced LLM Suite broadly across the company, with groups using it in JPMorgan\'s consumer division, investment bank, and asset and wealth management business, the people said.', 'It can help employees with writing, summarizing lengthy documents, problem solving using Excel, and generating ideas.', ""But getting it on employees' desktops is just the first step, according to Heitsenrether, who was promoted in 2023 to lead the bank's adoption of the red-hot technology."", '""You have to teach people how to do prompt engineering that is relevant for their domain to show them what it can actually do,"" Heitsenrether said. ""', ""The more people get deep into it and unlock what it's good at and what it's not, the more we're starting to see the ideas really flourishing."", '""The bank\'s engineers can also use LLM Suite to incorporate functions from external AI models directly into their programs, she said.', 'JPMorgan has been working on traditional AI and machine learning for more than a decade, but the arrival of ChatGPT forced it to pivot.', 'Traditional, or narrow, AI performs specific tasks involving pattern recognition, like making predictions based on historical data.', 'Generative AI is more advanced, however, and trains models on vast data sets with the goal of pattern creation, which is how human-sounding text or realistic images are formed.', 'The number of uses for generative AI are ""exponentially bigger"" than previous technology because of how flexible LLMs are, Heitsenrether said.', 'The bank is testing many cases for both forms of AI and has already put a few into production.', 'JPMorgan is using generative AI to create marketing content for social media channels, map out itineraries for clients of the travel agency it acquired in 2022 and summarize meetings for financial advisors, she said.', 'The consumer bank uses AI to determine where to place new branches and ATMs by ingesting satellite images and in call centers to help service personnel quickly find answers, Heitsenrether said.', ""In the firm's global-payments business, which moves more than $8 trillion around the world daily, AI helps prevent hundreds of millions of dollars in fraud, she said."", 'But the bank is being more cautious with generative AI that directly touches upon the individual customer because of the risk that a chatbot gives bad information, Heitsenrether said.', 'Ultimately, the generative AI field may develop into ""five or six big foundational models"" that dominate the market, she said.', ""The bank is testing LLMs from U.S. tech giants as well as open source models to onboard to its portal next, said the people, who declined to be identified speaking about the bank's AI strategy."", 'Heitsenrether charted out three stages for the evolution of generative AI at JPMorgan.', 'The first is simply making the models available to workers; the second involves adding proprietary JPMorgan data to help boost employee productivity, which is the stage that has just begun at the company.', 'The third is a larger leap that would unlock far greater productivity gains, which is when generative AI is powerful enough to operate as autonomous agents that perform complex multistep tasks.', 'That would make rank-and-file employees more like managers with AI assistants at their command.', 'The technology will likely empower some workers while displacing others, changing the composition of the industry in ways that are hard to predict.', 'Banking jobs are the most prone to automation of all industries, including technology, health care and retail, according to consulting firm Accenture.', ""AI could boost the sector's profits by $170 billion in just four years, Citigroup analysts said."", 'People should consider generative AI ""like an assistant that takes away the more mundane things that we would all like to not do, where it can just give you the answer without grinding through the spreadsheets,"" Heitsenrether said.', '""You can focus on the higher-value work,"" she said.—', ""CNBC's Leslie Picker contributed to this report.""]",0.233201256930656,"The third is a larger leap that would unlock far greater productivity gains, which is when generative AI is powerful enough to operate as autonomous agents that perform complex multistep tasks.","But the bank is being more cautious with generative AI that directly touches upon the individual customer because of the risk that a chatbot gives bad information, Heitsenrether said.",0.9580057991875542,"The third is a larger leap that would unlock far greater productivity gains, which is when generative AI is powerful enough to operate as autonomous agents that perform complex multistep tasks.",,2024-08-12
-Riot insurance: Goverment urges quick payouts for damage,https://www.bbc.co.uk/news/articles/c79w1rrrg39o,2024-08-11T14:11:20.507Z,"Ministers are urging insurance firms to pay out quickly to businesses damaged by last week's rioting. Business Secretary Jonathan Reynolds told the BBC he had written to the Association of British Insurers (ABI) to make sure companies ""receive the cover that they are entitled to through their insurance policies as swiftly as possible"". Businesses including shops and hotels in Stockport, Liverpool, Hull, Sunderland and Belfast have seen windows or facades smashed in or set on fire by rioters while some have reported looting. The ABI said it would ""work with our members, the government, and other stakeholders, to do everything we can to help customers recover as quickly as possible"". Mr Reynolds said that he had visited Liverpool on Friday where he spoke to some small business owners affected by the violence.  ""They weren’t aware if they were insured or under insured that there was still help available to them,"" he said. So what help is available for businesses and, if you are insured, what does your policy cover? Most commercial insurance policies will cover companies for damage to their premises caused by civil unrest. Direct Line, for example, says it ""includes insurance cover for riot as standard under its business insurance policies"". Most will also include ""interruption to business operations"". This would be, for instance, if police cordoned off an area which stopped shoppers from entering a store, resulting in a loss of income for the firm. Businesses should always check with their insurer as soon as possible to see exactly what is covered under their policy. Owners should also report any damage to the police to get a crime reference number for a claim. If your company is in Northern Ireland, the ABI says: ""Policies will vary but malicious damage may be excluded."" It says compensation can be sought from the Department of Justice (Northern Ireland). Meanwhile, if your vehicle has been vandalised during the riots, ""most comprehensive motor insurance also includes cover for damage to your car"", according to the ABI. Yes, you can - through the Riot Compensation Act (RCA). Mr Reynolds said: ""It covers damage, destruction and theft of stock from things like looting."" You must be able to demonstrate that the damage you are claiming for is because of a riot. If you're not insured or underinsured, the Riot Compensation Act is a good option. The government states that businesses have 42 days to make a claim through the RCA from the date the riot ends.  Even if you are covered - and your insurer decides not to pay out for all or part of your claim - you can apply to the RCA.  You have 42 days to make a claim from the date your insurer tells you that you're not covered. There are a number of things you can claim for. If, for example, you own the building affected by a riot you can claim for damage to the structure. If you are the tenant or occupier, you can seek compensation for damaged or stolen contents. The government also says that owners can claim for damaged or stolen business items stored in a vehicle and underinsured vehicles. Compensation may be in money or repairs carried out by the claims authority's expense. Which brings us to how to claim. The claims authority is the Police and Crime Commissioner for the area where the riot took place. It is different for London details of which can be found here. Businesses should visit the police force's website for contact details. The claim form itself is at the end of this government document here. Even though Mr Reynolds has written to the ABI, asking them to make sure insurers act quickly, the ABI is a trade association, not a regulator and therefore cannot sanction firms for dragging their feet. Nevertheless, the ABI said: ""We will be working with our members to monitor the claims process."" However, if a business is not happy with the speed with which their claim is being dealt with, they can go through their insurance company's complaints process. If that still doesn't work, customers can go to the Financial Ombudsman Service to make a complaint. ",BBC,11/08/2024,"[""Ministers are urging insurance firms to pay out quickly to businesses damaged by last week's rioting."", 'Business Secretary Jonathan Reynolds told the BBC he had written to the Association of British Insurers (ABI) to make sure companies ""receive the cover that they are entitled to through their insurance policies as swiftly as possible"".', 'Businesses including shops and hotels in Stockport, Liverpool, Hull, Sunderland and Belfast have seen windows or facades smashed in or set on fire by rioters while some have reported looting.', 'The ABI said it would ""work with our members, the government, and other stakeholders, to do everything we can to help customers recover as quickly as possible"".', 'Mr Reynolds said that he had visited Liverpool on Friday where he spoke to some small business owners affected by the violence. ""', 'They weren’t aware if they were insured or under insured that there was still help available to them,"" he said.', 'So what help is available for businesses and, if you are insured, what does your policy cover?', 'Most commercial insurance policies will cover companies for damage to their premises caused by civil unrest.', 'Direct Line, for example, says it ""includes insurance cover for riot as standard under its business insurance policies"".', 'Most will also include ""interruption to business operations"".', 'This would be, for instance, if police cordoned off an area which stopped shoppers from entering a store, resulting in a loss of income for the firm.', 'Businesses should always check with their insurer as soon as possible to see exactly what is covered under their policy.', 'Owners should also report any damage to the police to get a crime reference number for a claim.', 'If your company is in Northern Ireland, the ABI says: ""Policies will vary but malicious damage may be excluded.""', 'It says compensation can be sought from the Department of Justice (Northern Ireland).', 'Meanwhile, if your vehicle has been vandalised during the riots, ""most comprehensive motor insurance also includes cover for damage to your car"", according to the ABI.', 'Yes, you can - through the Riot Compensation Act (RCA).', 'Mr Reynolds said: ""It covers damage, destruction and theft of stock from things like looting.""', 'You must be able to demonstrate that the damage you are claiming for is because of a riot.', ""If you're not insured or underinsured, the Riot Compensation Act is a good option."", 'The government states that businesses have 42 days to make a claim through the RCA from the date the riot ends.', 'Even if you are covered - and your insurer decides not to pay out for all or part of your claim - you can apply to the RCA.', ""You have 42 days to make a claim from the date your insurer tells you that you're not covered."", 'There are a number of things you can claim for.', 'If, for example, you own the building affected by a riot you can claim for damage to the structure.', 'If you are the tenant or occupier, you can seek compensation for damaged or stolen contents.', 'The government also says that owners can claim for damaged or stolen business items stored in a vehicle and underinsured vehicles.', ""Compensation may be in money or repairs carried out by the claims authority's expense."", 'Which brings us to how to claim.', 'The claims authority is the Police and Crime Commissioner for the area where the riot took place.', 'It is different for London details of which can be found here.', ""Businesses should visit the police force's website for contact details."", 'The claim form itself is at the end of this government document here.', 'Even though Mr Reynolds has written to the ABI, asking them to make sure insurers act quickly, the ABI is a trade association, not a regulator and therefore cannot sanction firms for dragging their feet.', 'Nevertheless, the ABI said: ""We will be working with our members to monitor the claims process.""', ""However, if a business is not happy with the speed with which their claim is being dealt with, they can go through their insurance company's complaints process."", ""If that still doesn't work, customers can go to the Financial Ombudsman Service to make a complaint.""]",-0.2464145150935355,"Business Secretary Jonathan Reynolds told the BBC he had written to the Association of British Insurers (ABI) to make sure companies ""receive the cover that they are entitled to through their insurance policies as swiftly as possible"".","If your company is in Northern Ireland, the ABI says: ""Policies will vary but malicious damage may be excluded.""",-0.9380768537521362,,"This would be, for instance, if police cordoned off an area which stopped shoppers from entering a store, resulting in a loss of income for the firm.",2024-08-12
-Could Australia become a green hydrogen superpower?,https://www.bbc.co.uk/news/articles/clddqwwyqq5o,2024-08-08T23:04:46.784Z,"“If you remember being a kid and blowing up a balloon or into a milkshake, your cheeks got sore because there is an energy penalty associated with bubble formation.” Paul Barrett, the Dublin-born chief executive of the Australian green energy firm Hysata, is explaining the plan to create the cheapest hydrogen in the world - by eliminating bubbles. The company, based at Port Kembla, an industrial hub south of Sydney, is using a familiar process known as electrolysis, which involves passing electricity through water to split it into hydrogen and oxygen. But Hysata has developed a special material which sits in the water and which it says makes its electrolyser much more efficient than competing products. The company says it can produce a kilo of hydrogen using 20% less electricity than conventional methods. Hydrogen is the most abundant element on the planet and, crucially, when used as a fuel or in industrial processes it does not produce carbon dioxide (CO2). Many see hydrogen as the answer to cutting carbon dioxide emissions, particularly in heavy industry like steelmaking and chemical production. Hydrogen production comes in four varieties - green, grey, blue and black. The green variety is produced with renewable energy, grey comes from splitting methane into carbon dioxide and hydrogen, while blue is made in the same way, but the CO2 by-product is captured and stored. The production of black hydrogen comes from partially burning coal. But if there is to be a transition to green hydrogen then its supply needs to be massively increased. “Ensuring you have the production of green hydrogen close enough to the demand point and being able to regulate the supply of that is probably the biggest challenge,” explains Dr Liam Wagner, an associate professor at Curtin University in Adelaide. “The efficiency of production and the amount of energy required to run these processes is the biggest frontier.” Australia is rich in natural resources and has long been the world’s quarry. It’s an export-driven nation; its coal has helped to power Japan, while its iron ore has underpinned much of China’s growth. Many hope that hydrogen could follow. “The prospects for hydrogen are as a way of exporting energy to countries that can’t produce enough of their own either as hydrogen in a liquid form or as ammonia, which I think is the most likely,” Dr Wagner adds. Hysata hopes to play a part in that. Its device was initially invented by researchers at the University of Wollongong in the state of New South Wales. In a conventional electrolyser, bubbles in the water can be clingy and stick to the electrodes, clogging up the process and leading to energy loss. By using a sponge-like material between the electrodes, Hysata eliminates those troublesome bubbles. “It is not unlike your kitchen sponge in terms of what it does. It is just a lot thinner,” says Mr Barrett. “It’s pretty easy to manufacture at a super low cost,” he adds.  Cost and efficiency have been major hurdles for the hydrogen sector, but Hysata has recently raised US$111m (£87m) in investment to beef up its production. “What we are speaking about is natural hydrogen which is coming directly from the earth,” explains Dr Ema Frery, a research team leader at CSIRO, Australia’s national science agency. “A lot of rocks that are in Australia can produce hydrogen. We have a lot of old granites that are now close to the subsurface and can generate hydrogen through radiogenic processes.” So-called geogenic hydrogen is also known as white or gold hydrogen. Dr Frery, a French-born geoscientist based in Western Australia, is investigating how it might be extracted, stored and used in an economically viable way. “A conventional hydrogen system can consist of a rock capable of generating hydrogen at a given rate, migration pathways and a reservoir where the hydrogen can be stored. “Surface seeps at the top of the reservoir can indicate the presence of a hydrogen system at depth,” she says. “It is happening in other countries. In Mali, people are extracting natural hydrogen from the ground for more than ten years to produce electricity for a local village.” Despite the research work, some doubt that hydrogen will become a big export for Australia. One of those is the Institute for Energy Economics and Financial Analysis (IEEFA), a global research organisation which advocates the use of renewable energy. Exporting hydrogen from Australia would “make no financial sense”, according to Amandine Denis-Ryan, the chief executive of the IEEFA in Australia. “Hydrogen shipping would be prohibitively expensive. It requires extremely low temperatures and large volumes, and involves high losses. Using hydrogen locally makes much more sense.” She hopes that government funding will not be “wasted” on such projects. Like bubbles on electrodes, new technologies and processes invariably hit sticky patches where progress is hindered and doubts amplified, but the architects of hydrogen’s advance are confident it has a key part to play in our energy transition. Bahman Shabani, a professor at RMIT University’s School of Engineering in Melbourne, is working to store surplus renewable energy using an electrolyser, a storage tank and a fuel cell that together act like a battery. “Hydrogen is gaining popularity all around the world. If you look at the investment levels in China, for example, in Japan, in Germany, in Europe in general, in the United States, they are all realising the importance of this area.” ",BBC,08/08/2024,"['“If you remember being a kid and blowing up a balloon or into a milkshake, your cheeks got sore because there is an energy penalty associated with bubble formation.”', 'Paul Barrett, the Dublin-born chief executive of the Australian green energy firm Hysata, is explaining the plan to create the cheapest hydrogen in the world - by eliminating bubbles.', 'The company, based at Port Kembla, an industrial hub south of Sydney, is using a familiar process known as electrolysis, which involves passing electricity through water to split it into hydrogen and oxygen.', 'But Hysata has developed a special material which sits in the water and which it says makes its electrolyser much more efficient than competing products.', 'The company says it can produce a kilo of hydrogen using 20% less electricity than conventional methods.', 'Hydrogen is the most abundant element on the planet and, crucially, when used as a fuel or in industrial processes it does not produce carbon dioxide (CO2).', 'Many see hydrogen as the answer to cutting carbon dioxide emissions, particularly in heavy industry like steelmaking and chemical production.', 'Hydrogen production comes in four varieties - green, grey, blue and black.', 'The green variety is produced with renewable energy, grey comes from splitting methane into carbon dioxide and hydrogen, while blue is made in the same way, but the CO2 by-product is captured and stored.', 'The production of black hydrogen comes from partially burning coal.', 'But if there is to be a transition to green hydrogen then its supply needs to be massively increased. “', 'Ensuring you have the production of green hydrogen close enough to the demand point and being able to regulate the supply of that is probably the biggest challenge,” explains Dr Liam Wagner, an associate professor at Curtin University in Adelaide. “', 'The efficiency of production and the amount of energy required to run these processes is the biggest frontier.”', 'Australia is rich in natural resources and has long been the world’s quarry.', 'It’s an export-driven nation; its coal has helped to power Japan, while its iron ore has underpinned much of China’s growth.', 'Many hope that hydrogen could follow. “', 'The prospects for hydrogen are as a way of exporting energy to countries that can’t produce enough of their own either as hydrogen in a liquid form or as ammonia, which I think is the most likely,” Dr Wagner adds.', 'Hysata hopes to play a part in that.', 'Its device was initially invented by researchers at the University of Wollongong in the state of New South Wales.', 'In a conventional electrolyser, bubbles in the water can be clingy and stick to the electrodes, clogging up the process and leading to energy loss.', 'By using a sponge-like material between the electrodes, Hysata eliminates those troublesome bubbles. “', 'It is not unlike your kitchen sponge in terms of what it does.', 'It is just a lot thinner,” says Mr Barrett. “', 'It’s pretty easy to manufacture at a super low cost,” he adds.', 'Cost and efficiency have been major hurdles for the hydrogen sector, but Hysata has recently raised US$111m (£87m) in investment to beef up its production. “', 'What we are speaking about is natural hydrogen which is coming directly from the earth,” explains Dr Ema Frery, a research team leader at CSIRO, Australia’s national science agency. “', 'A lot of rocks that are in Australia can produce hydrogen.', 'We have a lot of old granites that are now close to the subsurface and can generate hydrogen through radiogenic processes.”', 'So-called geogenic hydrogen is also known as white or gold hydrogen.', 'Dr Frery, a French-born geoscientist based in Western Australia, is investigating how it might be extracted, stored and used in an economically viable way. “', 'A conventional hydrogen system can consist of a rock capable of generating hydrogen at a given rate, migration pathways and a reservoir where the hydrogen can be stored. “', 'Surface seeps at the top of the reservoir can indicate the presence of a hydrogen system at depth,” she says. “', 'It is happening in other countries.', 'In Mali, people are extracting natural hydrogen from the ground for more than ten years to produce electricity for a local village.”', 'Despite the research work, some doubt that hydrogen will become a big export for Australia.', 'One of those is the Institute for Energy Economics and Financial Analysis (IEEFA), a global research organisation which advocates the use of renewable energy.', 'Exporting hydrogen from Australia would “make no financial sense”, according to Amandine Denis-Ryan, the chief executive of the IEEFA in Australia. “', 'Hydrogen shipping would be prohibitively expensive.', 'It requires extremely low temperatures and large volumes, and involves high losses.', 'Using hydrogen locally makes much more sense.”', 'She hopes that government funding will not be “wasted” on such projects.', 'Like bubbles on electrodes, new technologies and processes invariably hit sticky patches where progress is hindered and doubts amplified, but the architects of hydrogen’s advance are confident it has a key part to play in our energy transition.', 'Bahman Shabani, a professor at RMIT University’s School of Engineering in Melbourne, is working to store surplus renewable energy using an electrolyser, a storage tank and a fuel cell that together act like a battery. “', 'Hydrogen is gaining popularity all around the world.', 'If you look at the investment levels in China, for example, in Japan, in Germany, in Europe in general, in the United States, they are all realising the importance of this area.”']",0.2201152593349412,"Like bubbles on electrodes, new technologies and processes invariably hit sticky patches where progress is hindered and doubts amplified, but the architects of hydrogen’s advance are confident it has a key part to play in our energy transition.","It requires extremely low temperatures and large volumes, and involves high losses.",0.3544899384180704,"Cost and efficiency have been major hurdles for the hydrogen sector, but Hysata has recently raised US$111m (£87m) in investment to beef up its production. “","Exporting hydrogen from Australia would “make no financial sense”, according to Amandine Denis-Ryan, the chief executive of the IEEFA in Australia. “",2024-08-12
-Asda to put more staff on checkouts as self-service reaches limit,https://www.bbc.co.uk/news/articles/c3w6q4x99pwo,2024-08-09T09:02:12.001Z,"Asda is going to put more staff on checkouts after admitting it has reached a limit with self-service tills. The supermarket said while self-checkouts work well for customers, it wants to invest additional hours into having manned checkouts. It claimed that the decision was not about shoppers' preference for a human to help them rather than a machine. But other retailers, such as northern supermarket chain Booths, have axed almost all self-service tills.  It said when it took the decision late last year that ""we believe colleagues serving customers delivers a better customer experience"".  Supermarket shoppers have previously told the BBC about their issues with self-service tills. ""I am severely sight impaired - registered blind - so, self service tills are a non-starter,"" Pennie Orger said. ""My guide dog is clever, but not that clever."" The tills can also be an issue for deaf shoppers who can't rely on the self-checkouts verbal instructions. Michael Gleeson, Asda’s chief financial officer, said that a threshold had been reached in terms of how many self-checkouts it feels works well. “I think we have reached a level of self-checkouts and scan and go where we feel that works best for our customers, and we feel we’ve got the balance just about right. “We have invested additional hours in manned checkouts and that’s been within the existing physical infrastructure [of the stores],"" he said. He added that the move was not about more checkouts but about ""more colleagues on checkouts"". Staff will be added to tills over the rest of the year, said Asda, adding that an increased staff presence was not related to shoplifting. Last year, shoplifting in England and Wales hit the highest level for 20 years.   Shoplifting offences recorded by police reached 430,000, according to the Office for National Statistics.  The origin of the self-service checkout began with the invention of the automated teller machine in 1967. A few decades later, the self-service till was invented by David Humble who had been inspired by standing in a long grocery checkout line in south Florida in 1984. The tills became popular in the 1990s and by 2013, there were more than 200,000 in stores around the world. Numbers hit 325,000 by 2021. In UK supermarkets alone, there are about 80,000 self-service tills, according to data from RBR Data Services, up from 53,000 five years ago. ",BBC,09/08/2024,"['Asda is going to put more staff on checkouts after admitting it has reached a limit with self-service tills.', 'The supermarket said while self-checkouts work well for customers, it wants to invest additional hours into having manned checkouts.', ""It claimed that the decision was not about shoppers' preference for a human to help them rather than a machine."", 'But other retailers, such as northern supermarket chain Booths, have axed almost all self-service tills.', 'It said when it took the decision late last year that ""we believe colleagues serving customers delivers a better customer experience"".', 'Supermarket shoppers have previously told the BBC about their issues with self-service tills. ""', 'I am severely sight impaired - registered blind - so, self service tills are a non-starter,"" Pennie Orger said. ""', 'My guide dog is clever, but not that clever.""', ""The tills can also be an issue for deaf shoppers who can't rely on the self-checkouts verbal instructions."", 'Michael Gleeson, Asda’s chief financial officer, said that a threshold had been reached in terms of how many self-checkouts it feels works well. “', 'I think we have reached a level of self-checkouts and scan and go where we feel that works best for our customers, and we feel we’ve got the balance just about right. “', 'We have invested additional hours in manned checkouts and that’s been within the existing physical infrastructure [of the stores],"" he said.', 'He added that the move was not about more checkouts but about ""more colleagues on checkouts"".', 'Staff will be added to tills over the rest of the year, said Asda, adding that an increased staff presence was not related to shoplifting.', 'Last year, shoplifting in England and Wales hit the highest level for 20 years.', 'Shoplifting offences recorded by police reached 430,000, according to the Office for National Statistics.', 'The origin of the self-service checkout began with the invention of the automated teller machine in 1967.', 'A few decades later, the self-service till was invented by David Humble who had been inspired by standing in a long grocery checkout line in south Florida in 1984.', 'The tills became popular in the 1990s and by 2013, there were more than 200,000 in stores around the world.', 'Numbers hit 325,000 by 2021.', 'In UK supermarkets alone, there are about 80,000 self-service tills, according to data from RBR Data Services, up from 53,000 five years ago.']",0.0718069938962723,"I think we have reached a level of self-checkouts and scan and go where we feel that works best for our customers, and we feel we’ve got the balance just about right. “","I am severely sight impaired - registered blind - so, self service tills are a non-starter,"" Pennie Orger said. """,0.4970947578549385,"Last year, shoplifting in England and Wales hit the highest level for 20 years.","But other retailers, such as northern supermarket chain Booths, have axed almost all self-service tills.",2024-08-12
-Statue of first all-British Stephens car proposed for Clevedon,https://www.bbc.co.uk/news/articles/c703w2j4zzwo,2024-08-12T05:21:06.682Z,"A statue commemorating the first entirely British-designed and built motor car is to be installed later this year.  In 1897, engineer Richard Stephens built his prototype model A on a small assembly line in Clevedon.  Car enthusiast Mark Reber, organiser of the Clevedon Cars and Coffee event, came up with the idea for a statue of the first Stephens car which will be on display in the town. ""He was a pioneer in car manufacturing, his competitors at the time were building one-offs when he made a whole fleet,"" he said. Richard Stephens was born in Cwmbran, Monmouthshire, in 1856. Through his work in America, he became acquainted with Thomas Edison, Henry Ford and Ransom Olds, founder of the Oldsmobile car company.  Inspired by their companies, he set up his own car manufacturer when he moved to Clevedon, near Bristol. ""The early models were quite advanced,"" said engineering historian William Fairney, who has written about Stephens' cars. ""They could hit speeds over 40mph, and cruised quite steadily around 30mph. Stephens even invented his own suspension systems. ""His cars had two forward gears, which were belt driven, and one reverse gear: you had to get out and push,"" he added. In the early 1900s, Richard Stephens built the first motorised taxi for an operator in Bath, and a nine-seater bus, all adaptations of his first design.  Stephens also used his cars for day excursions from Clevedon for paying customers, a return journey to Cheddar costing £1.  Today, there are only two surviving cars from the twelve that were manufactured and the company folded in 1916 after competition from other companies.  Mr Reber described Mr Stephens as a local ""renaissance man.""  ""When I learned about the company and nobody at my car meet had heard about the company, I knew I had to do something,"" he said. ""Nobody built cars as good as he did, and there should be a small museum to him in the town. ""It's amazing he took five local Clevedonians and made cars with locally-sourced materials which are still around 127 years later."" The statue will be installed later this year.  Follow BBC Somerset on Facebook and X. Send your story ideas to us on email or via WhatsApp on 0800 313 4630. ",BBC,12/08/2024,"['A statue commemorating the first entirely British-designed and built motor car is to be installed later this year.', 'In 1897, engineer Richard Stephens built his prototype model A on a small assembly line in Clevedon.', 'Car enthusiast Mark Reber, organiser of the Clevedon Cars and Coffee event, came up with the idea for a statue of the first Stephens car which will be on display in the town. ""', 'He was a pioneer in car manufacturing, his competitors at the time were building one-offs when he made a whole fleet,"" he said.', 'Richard Stephens was born in Cwmbran, Monmouthshire, in 1856.', 'Through his work in America, he became acquainted with Thomas Edison, Henry Ford and Ransom Olds, founder of the Oldsmobile car company.', 'Inspired by their companies, he set up his own car manufacturer when he moved to Clevedon, near Bristol. ""', 'The early models were quite advanced,"" said engineering historian William Fairney, who has written about Stephens\' cars. ""', 'They could hit speeds over 40mph, and cruised quite steadily around 30mph.', 'Stephens even invented his own suspension systems. ""', 'His cars had two forward gears, which were belt driven, and one reverse gear: you had to get out and push,"" he added.', 'In the early 1900s, Richard Stephens built the first motorised taxi for an operator in Bath, and a nine-seater bus, all adaptations of his first design.', 'Stephens also used his cars for day excursions from Clevedon for paying customers, a return journey to Cheddar costing £1.', 'Today, there are only two surviving cars from the twelve that were manufactured and the company folded in 1916 after competition from other companies.', 'Mr Reber described Mr Stephens as a local ""renaissance man."" ""', 'When I learned about the company and nobody at my car meet had heard about the company, I knew I had to do something,"" he said. ""', 'Nobody built cars as good as he did, and there should be a small museum to him in the town. ""', 'It\'s amazing he took five local Clevedonians and made cars with locally-sourced materials which are still around 127 years later.""', 'The statue will be installed later this year.', 'Follow BBC Somerset on Facebook and X. Send your story ideas to us on email or via WhatsApp on 0800 313 4630.']",0.1247007722576409,"It's amazing he took five local Clevedonians and made cars with locally-sourced materials which are still around 127 years later.""",,,,,2024-08-12
-Concerns over 'dangerous gases' at closed copper mine,https://www.bbc.co.uk/news/articles/cy9eegzwdl5o,2024-08-11T23:04:01.253Z,"Zorel Morales is worried about 130,000 tonnes of toxic material. The substance in question is partially processed copper ore, and it has been stuck at a closed copper mine in Panama since the end of last year. “The chemical reactions that generate dangerous gases, and a rise in the material’s temperatures, pose environmental risks,” says Mr Morales, who is the head of Panama’s Chamber of Mining. He adds that it “threatens the health and safety of staff” still working at the operation. The substance, called “copper concentrate”, is finely ground copper ore that has been treated to increase its copper content ahead of going on to be exported for smelting into refined copper. In addition to the danger of the release of toxic sulphur dioxide gas, just being exposed to dust particles from the concentrate can damage a person’s respiratory system. And it is toxic to aquatic life. The material has been left at the site of Cobre Panamá, a huge open pit copper mine closed since last December, when the country’s supreme court ruled that a new 20-year concession to operate the facility was unconstitutional.  After the ruling the government quickly forced the mine to shut, leaving just maintenance staff at the facility. The order came after thousands of people took to the nation’s streets last October and November to protest against the mine, which they said was harming the environment. The facility, one of the world’s largest copper mines, employed some 7,000 people, and accounted for 1% of the world’s copper production. It opened in 2019, and is owned by Canadian firm First Quantum Minerals. Listen now - Panama's troubled copper mine Located deep in a tropical rainforest near Panama’s Caribbean Coast, First Quantum has invested $10bn (£7.8bn) in the mine, including new infrastructure like roads, buildings and machinery. The company wants to be able to export the existing concentrate. It has filed two international arbitration claims against Panama, although it says that its preferred route is to open dialogue with the new Panamanian government that came to power in July. The dispute over the concentrate centres on who owns it – the Canadian company or Panama. “We look forward to continuing to work with the new government to address the situation in relation to the mine,” says First Quantum spokesperson Maru Gálvez, in a statement. “In particular, it is important to resolve the status of the copper concentrate that remains at the mine site and which all parties have agreed is an urgent matter.” In response, a government spokesman says they are still assessing the situation and aren’t giving interviews. The new president, José Raúl Mulino, has yet to give a clear message about how he wants to resolve the issue. One of Panama’s former finance ministers, Dulcidio de la Guardia, says he is frustrated by the situation. “Cobre Panamá was the most important foreign investment in the country, second to the Panama Canal,” says Mr la Guardia, who held that cabinet position from 2014 to 2019. “It accounted for 5% of the GDP, which is around $5bn in direct and indirect contributions to the economy.” Michael Camacho is a leader of the Utramipa mining union, and one of 1,400 people still working at Cobre Panamá as part of the maintenance programme. This is costing First Quantum about $15m to $20m a month. Mr Camacho wants to see the government approve a plan for the preservation and safe operation of the mine. “In December more than 6,000 miners were left out of work when operations stopped. I urge the new president, José Raúl Mulino, to listen to the concerns of the communities around the mine who want to go back to work.” But, environmental activist Raisa Banfield, who was involved in the demonstrations that led to the mine’s closure, is adamant that it remaining shut is in the best interests of the country. “The future of Panama isn’t from mining. The future of Panama is its biodiversity.” She thinks the country needs a new kind of business model. “I think we’re re-finding our identity away from big projects like the Panama Canal, and foreign companies taking our resources to satisfy their economic model.” She and other demonstrators got support from climate activist Greta Thunberg and Hollywood actor Leonardo Di Caprio, who both shared a video calling for the “mega mine” to stop its operations. Ms Banfield wants the new government to instead invest in infrastructure for eco-tourism so Panama can flourish like neighbouring Costa Rica. Yet others think the mine’s closure wasn’t just about the environment. Samuel Valdés is a biologist and the owner of the Biodiversity Consultant Group, which was employed by First Quantum to do studies to help minimise the environmental impact of the vast facility. “There’s been a lot of misinformation surrounding the mine,” he says. Mr Valdés argues that some of the opposition to the facility was an extension of suspicions about the former government. “Many people thought the last government was corrupt, and so they started to mistrust the mine’s [perceived close] relationship with it.” He adds that the rivers surrounding the mine are thriving due to copious rainfall and all his reports show that fish, algae and prawns flourish there and are public for anyone to see. However, he accepts that on occasion there have been isolated incidents that affected specific areas. He thinks there are also tensions between different moral viewpoints. “The fight against the mine was from people who live in the cities who have a fixed idea of how people who live in the countryside should be living. Having worked with local people for the last 10 years I can tell you that their lives were much better because of the mine.” It’s estimated that about 40,000 people relied on the mine for their income, when you add firms that provided it with services. Mr Valdés had to make 60 people redundant – many of them scientists - when the facility closed. He says the issue of leftover copper concentrate was caused by the mine having to immediately close down. “The problem here is that the mine was a bit like a busy kitchen that suddenly closed. The food was left out on the sides or in the oven. Processes had been stopped mid-cycle”. Some argue that the mine should be opened again, but only so that it can then be closed down again in a more orderly manner. Mr Valdés, as you’d imagine, wants to see it restart production, and then remain open. All this uncertainty isn’t helping Panama’s reputation as a country for international investment. The ratings agency Fitch stripped Panama of its investment grade credit rating because of the closure of the copper mine undermining economic growth. It remains to be seen if Panama’s new government will both regain investors’ confidence – and permanently reopen the mine.  ",BBC,11/08/2024,"['Zorel Morales is worried about 130,000 tonnes of toxic material.', 'The substance in question is partially processed copper ore, and it has been stuck at a closed copper mine in Panama since the end of last year. “', 'The chemical reactions that generate dangerous gases, and a rise in the material’s temperatures, pose environmental risks,” says Mr Morales, who is the head of Panama’s Chamber of Mining.', 'He adds that it “threatens the health and safety of staff” still working at the operation.', 'The substance, called “copper concentrate”, is finely ground copper ore that has been treated to increase its copper content ahead of going on to be exported for smelting into refined copper.', 'In addition to the danger of the release of toxic sulphur dioxide gas, just being exposed to dust particles from the concentrate can damage a person’s respiratory system.', 'And it is toxic to aquatic life.', 'The material has been left at the site of Cobre Panamá, a huge open pit copper mine closed since last December, when the country’s supreme court ruled that a new 20-year concession to operate the facility was unconstitutional.', 'After the ruling the government quickly forced the mine to shut, leaving just maintenance staff at the facility.', 'The order came after thousands of people took to the nation’s streets last October and November to protest against the mine, which they said was harming the environment.', 'The facility, one of the world’s largest copper mines, employed some 7,000 people, and accounted for 1% of the world’s copper production.', 'It opened in 2019, and is owned by Canadian firm First Quantum Minerals.', ""Listen now - Panama's troubled copper mine Located deep in a tropical rainforest near Panama’s Caribbean Coast, First Quantum has invested $10bn (£7.8bn) in the mine, including new infrastructure like roads, buildings and machinery."", 'The company wants to be able to export the existing concentrate.', 'It has filed two international arbitration claims against Panama, although it says that its preferred route is to open dialogue with the new Panamanian government that came to power in July.', 'The dispute over the concentrate centres on who owns it – the Canadian company or Panama. “', 'We look forward to continuing to work with the new government to address the situation in relation to the mine,” says First Quantum spokesperson Maru Gálvez, in a statement. “', 'In particular, it is important to resolve the status of the copper concentrate that remains at the mine site and which all parties have agreed is an urgent matter.”', 'In response, a government spokesman says they are still assessing the situation and aren’t giving interviews.', 'The new president, José Raúl Mulino, has yet to give a clear message about how he wants to resolve the issue.', 'One of Panama’s former finance ministers, Dulcidio de la Guardia, says he is frustrated by the situation. “', 'Cobre Panamá was the most important foreign investment in the country, second to the Panama Canal,” says Mr la Guardia, who held that cabinet position from 2014 to 2019. “', 'It accounted for 5% of the GDP, which is around $5bn in direct and indirect contributions to the economy.”', 'Michael Camacho is a leader of the Utramipa mining union, and one of 1,400 people still working at Cobre Panamá as part of the maintenance programme.', 'This is costing First Quantum about $15m to $20m a month.', 'Mr Camacho wants to see the government approve a plan for the preservation and safe operation of the mine. “', 'In December more than 6,000 miners were left out of work when operations stopped.', 'I urge the new president, José Raúl Mulino, to listen to the concerns of the communities around the mine who want to go back to work.”', 'But, environmental activist Raisa Banfield, who was involved in the demonstrations that led to the mine’s closure, is adamant that it remaining shut is in the best interests of the country. “', 'The future of Panama isn’t from mining.', 'The future of Panama is its biodiversity.”', 'She thinks the country needs a new kind of business model. “', 'I think we’re re-finding our identity away from big projects like the Panama Canal, and foreign companies taking our resources to satisfy their economic model.”', 'She and other demonstrators got support from climate activist Greta Thunberg and Hollywood actor Leonardo Di Caprio, who both shared a video calling for the “mega mine” to stop its operations.', 'Ms Banfield wants the new government to instead invest in infrastructure for eco-tourism so Panama can flourish like neighbouring Costa Rica.', 'Yet others think the mine’s closure wasn’t just about the environment.', 'Samuel Valdés is a biologist and the owner of the Biodiversity Consultant Group, which was employed by First Quantum to do studies to help minimise the environmental impact of the vast facility. “', 'There’s been a lot of misinformation surrounding the mine,” he says.', 'Mr Valdés argues that some of the opposition to the facility was an extension of suspicions about the former government. “', 'Many people thought the last government was corrupt, and so they started to mistrust the mine’s [perceived close] relationship with it.”', 'He adds that the rivers surrounding the mine are thriving due to copious rainfall and all his reports show that fish, algae and prawns flourish there and are public for anyone to see.', 'However, he accepts that on occasion there have been isolated incidents that affected specific areas.', 'He thinks there are also tensions between different moral viewpoints. “', 'The fight against the mine was from people who live in the cities who have a fixed idea of how people who live in the countryside should be living.', 'Having worked with local people for the last 10 years I can tell you that their lives were much better because of the mine.”', 'It’s estimated that about 40,000 people relied on the mine for their income, when you add firms that provided it with services.', 'Mr Valdés had to make 60 people redundant – many of them scientists - when the facility closed.', 'He says the issue of leftover copper concentrate was caused by the mine having to immediately close down. “', 'The problem here is that the mine was a bit like a busy kitchen that suddenly closed.', 'The food was left out on the sides or in the oven.', 'Processes had been stopped mid-cycle”.', 'Some argue that the mine should be opened again, but only so that it can then be closed down again in a more orderly manner.', 'Mr Valdés, as you’d imagine, wants to see it restart production, and then remain open.', 'All this uncertainty isn’t helping Panama’s reputation as a country for international investment.', 'The ratings agency Fitch stripped Panama of its investment grade credit rating because of the closure of the copper mine undermining economic growth.', 'It remains to be seen if Panama’s new government will both regain investors’ confidence – and permanently reopen the mine.']",0.0271051696656265,"But, environmental activist Raisa Banfield, who was involved in the demonstrations that led to the mine’s closure, is adamant that it remaining shut is in the best interests of the country. “","In addition to the danger of the release of toxic sulphur dioxide gas, just being exposed to dust particles from the concentrate can damage a person’s respiratory system.",-0.4131517627022483,Having worked with local people for the last 10 years I can tell you that their lives were much better because of the mine.”,The ratings agency Fitch stripped Panama of its investment grade credit rating because of the closure of the copper mine undermining economic growth.,2024-08-12
-"Eli Lilly blows past estimates, hikes guidance as Zepbound, Mounjaro sales soar",https://www.cnbc.com/2024/08/08/eli-lilly-lly-earnings-q2-2024.html,2024-08-08T20:15:38+0000,"In this articleEli Lilly on Thursday reported second-quarter earnings and revenue that blew past expectations and hiked its full-year revenue outlook by $3 billion as sales of its blockbuster diabetes drug Mounjaro and weight loss injection Zepbound spike.Shares of Eli Lilly closed more than 9% higher on Thursday.The drugmaker now expects revenue for the year to come in between $45.4 billion and $46.6 billion, an increase of $3 billion at both ends of the range.The company also raised its full-year adjusted earnings to a range of $16.10 to $16.60, up from a previous guidance of $13.50 to $14 per share.Eli Lilly said the guidance increase was primarily driven by the strong performance of Mounjaro and Zepbound and comes in part due to ""improved clarity"" into the company's production expansions and planned launches of Mounjaro outside the U.S. The company said it hit several supply related milestones during the quarter, without providing specific details.Demand has far outstripped supply for incretin drugs such as Zepbound and Mounjaro, which mimic hormones produced in the gut to suppress a person's appetite and regulate their blood sugar. That has forced Eli Lilly and its rival Novo Nordisk to invest heavily to boost manufacturing.But Eli Lilly's supply woes may be starting to ease. On Friday, the Food and Drug Administration's drug database said all doses of Zepbound and Mounjaro are available in the U.S. after extended shortages.Still, the company cautioned that expected increases in demand may result in periodic ""supply tightness"" for certain doses of its incretin drugs. ""We just see unbelievable demand, and we're not even trying that hard to promote this drug,"" Eli Lilly CEO David Ricks told CNBC in an interview. ""What you're seeing is just consumer organic demand here as we've shipped more product, as we bring more supply online in the United States."" Ricks said the company has built six manufacturing plants, some of which are already ramping up, and hired thousands of workers to increase production. Eli Lilly expects incretin drug production in the second half of 2024 to be 50% higher than it was during the same period last year, he noted.  ""We're on that kind of ramp into 2025,"" he said. Ricks added that Eli Lilly is still developing more convenient weight loss pills, which could help the company meet skyrocketing demand.Here's what Eli Lilly reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: The pharmaceutical giant booked net income of $2.97 billion, or $3.28 a share, for the second quarter. That compares with a profit of $1.76 billion, or $1.95 a share, a year earlier. Excluding one-time items associated with the value of intangible assets and other adjustments, Eli Lilly posted earnings of $3.92 per share for the second quarter of 2024.The company posted second-quarter revenue of $11.30 billion, up 36% from the same period a year ago. Eli Lilly said sales were largely driven by higher demand for Mounjaro and Zepbound as production increases improved supply in the U.S.It is Zepbound's second full quarter on the U.S. market after winning approval from regulators in November. The weekly injection raked in $1.24 billion in sales for the period, which is well above the $922.2 million that analysts expected, according to StreetAccount. As of July 1, Zepbound was available on about 86% of the commercial insurance coverage lists in the U.S., Eli Lilly executives said during an earnings call Thursday. That's up from 67% as of April 1, according to a first-quarter earnings presentation.Meanwhile, Mounjaro took in $3.09 billion in revenue for the second quarter, more than triple the sales it booked during the year-earlier period. Analysts expected $2.39 billion in sales, according to StreetAccount.Mounjaro prices were higher in the U.S. during the second quarter, which came in part due to greater access to the drug and decreased use of savings card programs compared with the year-earlier period. But the company said savings cards should have ""minimal effect"" on realized price comparisons in the second half of the year because the $25 monthly coupon for patients who don't have insurance coverage for Mounjaro expired in June. Ricks told CNBC that pricing of Eli Lilly's incretin drugs was ""pretty stable"" during the second quarter. During the call, executives also said the company expects stable pricing sequentially across quarters this year, with no unusual trends.That differs from Novo Nordisk, which reported weaker-than-expected second-quarter sales of its weight loss drug Wegovy and diabetes injection Ozempic on Wednesday in part due to pricing pressure. Revenue from Wegovy was hit by higher-than-expected price concessions to U.S. pharmacy benefit managers, which negotiate drug discounts with manufacturers on behalf of insurers, Novo Nordisk executives said on an earnings call Wednesday.Shares of Eli Lilly are up more than 30% this year after jumping almost 60% in 2023 due to the soaring demand for the company's weight loss and diabetes drugs – and increased investor interest in their potential as treatments for other health conditions. That popularity comes despite their hefty monthly price tags, inconsistent insurance coverage and intermittent supply shortages. With a market cap of more than $730 billion, Eli Lilly is the largest pharmaceutical company based in the U.S.",CNBC,08/08/2024,"['In this articleEli Lilly on Thursday reported second-quarter earnings and revenue that blew past expectations and hiked its full-year revenue outlook by $3 billion as sales of its blockbuster diabetes drug Mounjaro and weight loss injection Zepbound spike.', 'Shares of Eli Lilly closed more than 9% higher on Thursday.', 'The drugmaker now expects revenue for the year to come in between $45.4 billion and $46.6 billion, an increase of $3 billion at both ends of the range.', 'The company also raised its full-year adjusted earnings to a range of $16.10 to $16.60, up from a previous guidance of $13.50 to $14 per share.', 'Eli Lilly said the guidance increase was primarily driven by the strong performance of Mounjaro and Zepbound and comes in part due to ""improved clarity"" into the company\'s production expansions and planned launches of Mounjaro outside the U.S. The company said it hit several supply related milestones during the quarter, without providing specific details.', ""Demand has far outstripped supply for incretin drugs such as Zepbound and Mounjaro, which mimic hormones produced in the gut to suppress a person's appetite and regulate their blood sugar."", 'That has forced Eli Lilly and its rival Novo Nordisk to invest heavily to boost manufacturing.', ""But Eli Lilly's supply woes may be starting to ease."", ""On Friday, the Food and Drug Administration's drug database said all doses of Zepbound and Mounjaro are available in the U.S. after extended shortages."", 'Still, the company cautioned that expected increases in demand may result in periodic ""supply tightness"" for certain doses of its incretin drugs.', '""We just see unbelievable demand, and we\'re not even trying that hard to promote this drug,"" Eli Lilly CEO David Ricks told CNBC in an interview. ""', ""What you're seeing is just consumer organic demand here as we've shipped more product, as we bring more supply online in the United States."", '""Ricks said the company has built six manufacturing plants, some of which are already ramping up, and hired thousands of workers to increase production.', 'Eli Lilly expects incretin drug production in the second half of 2024 to be 50% higher than it was during the same period last year, he noted.', '""We\'re on that kind of ramp into 2025,"" he said.', 'Ricks added that Eli Lilly is still developing more convenient weight loss pills, which could help the company meet skyrocketing demand.', ""Here's what Eli Lilly reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:The pharmaceutical giant booked net income of $2.97 billion, or $3.28a share, for the second quarter."", 'That compares with a profit of $1.76 billion, or $1.95 a share, a year earlier.', 'Excluding one-time items associated with the value of intangible assets and other adjustments, Eli Lilly posted earnings of $3.92 per share for the second quarter of 2024.The company posted second-quarter revenue of $11.30 billion, up 36% from the same period a year ago.', ""Eli Lilly said sales were largely driven by higher demand for Mounjaro and Zepbound as production increases improved supply in the U.S.It is Zepbound's second full quarter on the U.S. market after winning approval from regulators in November."", 'The weekly injection raked in $1.24 billion in sales for the period, which is well above the $922.2 million that analysts expected, according to StreetAccount.', 'As of July 1, Zepbound was available on about 86% of the commercial insurance coverage lists in the U.S., Eli Lilly executives said during an earnings call Thursday.', ""That's up from 67% as of April 1, according to a first-quarter earnings presentation."", 'Meanwhile, Mounjaro took in $3.09 billion in revenue for the second quarter, more than triple the sales it booked during the year-earlier period.', 'Analysts expected $2.39 billion in sales, according to StreetAccount.', 'Mounjaro prices were higher in the U.S. during the second quarter, which came in part due to greater access to the drug and decreased use of savings card programs compared with the year-earlier period.', 'But the company said savings cards should have ""minimal effect"" on realized price comparisons in the second half of the year because the $25 monthly coupon for patients who don\'t have insurance coverage for Mounjaro expired in June.', 'Ricks told CNBC that pricing of Eli Lilly\'s incretin drugs was ""pretty stable"" during the second quarter.', 'During the call, executives also said the company expects stable pricing sequentially across quarters this year, with no unusual trends.', 'That differs from Novo Nordisk, which reported weaker-than-expected second-quarter sales of its weight loss drug Wegovy and diabetes injection Ozempic on Wednesday in part due to pricing pressure.', 'Revenue from Wegovy was hit by higher-than-expected price concessions to U.S. pharmacy benefit managers, which negotiate drug discounts with manufacturers on behalf of insurers, Novo Nordisk executives said on an earnings call Wednesday.', ""Shares of Eli Lilly are up more than 30% this year after jumping almost 60% in 2023 due to the soaring demand for the company's weight loss and diabetes drugs – and increased investor interest in their potential as treatments for other health conditions."", 'That popularity comes despite their hefty monthly price tags, inconsistent insurance coverage and intermittent supply shortages.', 'With a market cap of more than $730 billion, Eli Lilly is the largest pharmaceutical company based in the U.S.']",0.2114114731450852,"Eli Lilly said the guidance increase was primarily driven by the strong performance of Mounjaro and Zepbound and comes in part due to ""improved clarity"" into the company's production expansions and planned launches of Mounjaro outside the U.S. The company said it hit several supply related milestones during the quarter, without providing specific details.","That differs from Novo Nordisk, which reported weaker-than-expected second-quarter sales of its weight loss drug Wegovy and diabetes injection Ozempic on Wednesday in part due to pricing pressure.",0.6343200453396501,"Eli Lilly said the guidance increase was primarily driven by the strong performance of Mounjaro and Zepbound and comes in part due to ""improved clarity"" into the company's production expansions and planned launches of Mounjaro outside the U.S. The company said it hit several supply related milestones during the quarter, without providing specific details.","That differs from Novo Nordisk, which reported weaker-than-expected second-quarter sales of its weight loss drug Wegovy and diabetes injection Ozempic on Wednesday in part due to pricing pressure.",2024-08-12
-"Boeing's new outsider CEO Ortberg takes the helm, this time from the factory floor",https://www.cnbc.com/2024/08/08/new-boeing-ceo-kelly-ortberg.html,2024-08-08T16:13:20+0000,"In this articleAerospace veteran Robert ""Kelly"" Ortberg becomes Boeing's new CEO on Thursday with a singular mission: restoring the reputation of a U.S. manufacturing icon.That enormous goal will involve thousands of daily decisions that will determine whether Boeing can earn back the trust of regulators, airlines and the public; end persistent production defects; deliver aircraft on time and consistently to customers large and small; and stop burning cash.That cash burn is running about $8 billion so far this year and counting. Meanwhile, Boeing shares are down some 37% so far in 2024, as of Wednesday.Ortberg's Day 1 activity is walking the floor of Boeing's factory in Renton, Washington, where it builds its bestselling but problematic 737 Max. He plans to talk with employees and review safety and quality plans, with similar visits ahead at other Boeing plants.""I can't tell you how proud and excited I am to be a member of the Boeing team,"" he said in a note to staff on Thursday. ""While we clearly have a lot of work to do in restoring trust, I'm confident that working together, we will return the company to be the industry leader we all expect.""Analysts and industry insiders are cautiously upbeat, painting the 64-year-old Ortberg — a more than three-decade veteran of the industry who spent years atop commercial and defense supplier Rockwell Collins after working up the ranks there — as a good listener with an engineering background (he has a mechanical engineering degree). Perhaps most importantly, he is a Boeing outsider.""This guy has a fantastic reputation and level of experience in the industry,"" said Richard Aboulafia, managing director at AeroDynamic Advisory. ""He has a reputation for listening and for letting people push back.""Those skills will be key as Boeing tries to stabilize its production and eliminate manufacturing flaws.Boeing's top safety executive for commercial aerospace told a National Transportation Safety Board hearing earlier this week that the company is working on a design fix so the near-catastrophic door plug blowout it faced at the beginning of the year never happens again.The hearing was part of the NTSB's probe of the midair blowout of a door plug from a packed, monthsold Boeing 737 Max 9 as it climbed out of Portland, Oregon. While no one was seriously injured in the accident, it put Boeing back into crisis mode just as it was trying to move on from two fatal crashes of its bestselling 737 Max planes in 2018 and 2019.Worker testimony at the NTSB hearing also showed manufacturing pressure and frequent fixes on planes, putting a spotlight on Boeing's factories.""I will be transparent with you every step of the way, sharing news on progress as well as where we must do things better,"" Ortberg said in the memo. He vowed to share reports to staff, ""giving you timely updates of what I'm seeing and hearing on the ground from our teammates and our stakeholders.""Boeing last month agreed to plead guilty to defrauding the U.S. government during the Max certification, a deal that will require an independent corporate monitor at the company for three years.But Ortberg will have to address issues not only in the commercial jet business, including the delayed certification of new 737 and 777 models, but also in its defense unit.That segment of the business is facing issues with two 747s that will serve as the next Air Force One aircraft but are years behind schedule. Meanwhile, Boeing's misfiring Starliner capsule, which launched in early June, has NASA debating whether to use SpaceX instead to bring astronauts Butch Wilmore and Suni Williams back from the International Space Station.And on Thursday, NASA's Inspector General released an audit of the agency's Space Launch System rocket program, which is being built for moon missions and counts Boeing as a leading contractor. The NASA watchdog slammed Boeing for its ""ineffective quality management and inexperienced workforce, continued cost increases and schedule delays, and the delayed establishment of a cost and schedule baseline.""A decision is also looming over whether to launch a new aircraft as Boeing loses ground to rival Airbus.The first 100 days of Ortberg's time as CEO will be crucial, said Bank of America aerospace analyst Ron Epstein.""The decisions made early in his tenure will have generational impacts on the company,"" he said in a note Monday.Ortberg and his team will need to ensure Boeing's workforce is trained, with thousands of new workers in factories after more experienced staff members took buyouts or were laid off in the pandemic. A union representing some 30,000 Boeing factory workers in Washington state and Oregon is seeking more than 40% raises and, last month, members authorized a strike if a deal isn't reached this September.""The principles of safety and quality should be equally important as the manufacturing rates,"" Jon Holden, local president of the International Association of Machinists and Aerospace Workers, said in a statement last week. ""This potential collaboration with the new CEO could be a prime opportunity for Boeing to prove its dedication to its workforce and acknowledge the exceptional manufacturing capability and capacity of skilled IAM Members on the shop floor.""Last week, alongside another quarterly loss, Boeing announced Ortberg would succeed Dave Calhoun, who had said in March he would step down by year's end.That was part of a larger executive shake-up after the door plug blowout. Calhoun himself took over a Boeing in crisis in early 2020, replacing Dennis Muilenburg, who was ousted for his handling of the two Max crashes.While Boeing is still based in Arlington, Virginia — where it announced it would move its headquarters in 2022 from Chicago — Ortberg will be based in the Seattle area, giving him a close eye on where the majority of Boeing's commercial jetliner production is based.""In speaking with our customers and industry partners leading up to today, I can tell you that without exception, everyone wants us to succeed,"" Otberg said in his Day 1 note to employees. ""In many cases, they NEED us to succeed. This is a great foundation for us to build upon.""Getting off on the right foot with customers and the hundreds of suppliers that are struggling from pandemic-demand whiplash is important for Ortberg and the company. Boeing's relationships with its bread-and-butter customers has suffered recently, and its leadership shake-up came after airline CEOs sought a meeting with the company's board as delays of aircraft piled up in the wake of the door plug blowout.Southwest Airlines is among Boeing's biggest customers and, like other carriers, has scaled back its growth plans, citing delivery delays of new, more fuel-efficient jets from Boeing. The airline's CEO hinted at the big feat Ortberg has ahead of him.""We look forward to working with Kelly Ortberg in his efforts to return Boeing to its place as the leading American aerospace company,"" CEO Bob Jordan said in a written statement. ""A strong Boeing is great for Southwest Airlines and it's great for our industry.""— CNBC's Michael Sheetz contributed to this article.",CNBC,08/08/2024,"['In this articleAerospace veteran Robert ""Kelly"" Ortberg becomes Boeing\'s new CEO on Thursday with a singular mission: restoring the reputation of a U.S. manufacturing icon.', 'That enormous goal will involve thousands of daily decisions that will determine whether Boeing can earn back the trust of regulators, airlines and the public; end persistent production defects; deliver aircraft on time and consistently to customers large and small; and stop burning cash.', 'That cash burn is running about $8 billion so far this year and counting.', 'Meanwhile, Boeing shares are down some 37% so far in 2024, as of Wednesday.', ""Ortberg's Day 1 activity is walking the floor of Boeing's factory in Renton, Washington, where it builds its bestselling but problematic 737 Max."", 'He plans to talk with employees and review safety and quality plans, with similar visits ahead at other Boeing plants.', '""I can\'t tell you how proud and excited I am to be a member of the Boeing team,"" he said in a note to staff on Thursday. ""', ""While we clearly have a lot of work to do in restoring trust, I'm confident that working together, we will return the company to be the industry leader we all expect."", '""Analysts and industry insiders are cautiously upbeat, painting the 64-year-old Ortberg — a more than three-decade veteran of the industry who spent years atop commercial and defense supplier Rockwell Collins after working up the ranks there — as a good listener with an engineering background (he has a mechanical engineering degree).', 'Perhaps most importantly, he is a Boeing outsider.', '""This guy has a fantastic reputation and level of experience in the industry,"" said Richard Aboulafia, managing director at AeroDynamic Advisory. ""', 'He has a reputation for listening and for letting people push back.', '""Those skills will be key as Boeing tries to stabilize its production and eliminate manufacturing flaws.', ""Boeing's top safety executive for commercial aerospace told a National Transportation Safety Board hearing earlier this week that the company is working on a design fix so the near-catastrophic door plug blowout it faced at the beginning of the year never happens again."", ""The hearing was part of the NTSB's probe of the midair blowout of a door plug from a packed, monthsold Boeing 737 Max 9 as it climbed out of Portland, Oregon."", ""While no one was seriously injured in the accident, it put Boeing back into crisis mode just as it was trying to move on from two fatal crashes of its bestselling 737 Max planes in 2018 and 2019.Worker testimony at the NTSB hearing also showed manufacturing pressure and frequent fixes on planes, putting a spotlight on Boeing's factories."", '""I will be transparent with you every step of the way, sharing news on progress as well as where we must do things better,"" Ortberg said in the memo.', 'He vowed to share reports to staff, ""giving you timely updates of what I\'m seeing and hearing on the ground from our teammates and our stakeholders.', '""Boeing last month agreed to plead guilty to defrauding the U.S. government during the Max certification, a deal that will require an independent corporate monitor at the company for three years.', 'But Ortberg will have to address issues not only in the commercial jet business, including the delayed certification of new 737 and 777 models, but also in its defense unit.', 'That segment of the business is facing issues with two 747s that will serve as the next Air Force One aircraft but are years behind schedule.', ""Meanwhile, Boeing's misfiring Starliner capsule, which launched in early June, has NASA debating whether to use SpaceX instead to bring astronauts Butch Wilmore and Suni Williams back from the International Space Station."", ""And on Thursday, NASA's Inspector General released an audit of the agency's Space Launch System rocket program, which is being built for moon missions and counts Boeing as a leading contractor."", 'The NASA watchdog slammed Boeing for its ""ineffective quality management and inexperienced workforce, continued cost increases and schedule delays, and the delayed establishment of a cost and schedule baseline.', '""A decision is also looming over whether to launch a new aircraft as Boeing loses ground to rival Airbus.', ""The first 100 days of Ortberg's time as CEO will be crucial, said Bank of America aerospace analyst Ron Epstein."", '""The decisions made early in his tenure will have generational impacts on the company,"" he said in a note Monday.', ""Ortberg and his team will need to ensure Boeing's workforce is trained, with thousands of new workers in factories after more experienced staff members took buyouts or were laid off in the pandemic."", ""A union representing some 30,000 Boeing factory workers in Washington state and Oregon is seeking more than 40% raises and, last month, members authorized a strike if a deal isn't reached this September."", '""The principles of safety and quality should be equally important as the manufacturing rates,"" Jon Holden, local president of the International Association of Machinists and AerospaceWorkers, said in a statement last week. ""', 'This potential collaboration with the new CEO could be a prime opportunity for Boeing to prove its dedication to its workforce and acknowledge the exceptional manufacturing capability and capacity of skilled IAM Members on the shop floor.', '""Last week, alongside another quarterly loss, Boeing announced Ortberg would succeed Dave Calhoun, who had said in March he would step down by year\'s end.', 'That was part of a larger executive shake-up after the door plug blowout.', 'Calhoun himself took over a Boeing in crisis in early 2020, replacing Dennis Muilenburg, who was ousted for his handling of the two Max crashes.', ""While Boeing is still based in Arlington, Virginia — where it announced it would move its headquarters in 2022 from Chicago — Ortberg will be based in the Seattle area, giving him a close eye on where the majority of Boeing's commercial jetliner production is based."", '""In speaking with our customers and industry partners leading up to today, I can tell you that without exception, everyone wants us to succeed,"" Otberg said in his Day 1 note to employees. ""', 'In many cases, they NEED us to succeed.', 'This is a great foundation for us to build upon.', '""Getting off on the right foot with customers and the hundreds of suppliers that are struggling from pandemic-demand whiplash is important for Ortberg and the company.', ""Boeing's relationships with its bread-and-butter customers has suffered recently, and its leadership shake-up came after airline CEOs sought a meeting with the company's board as delays of aircraft piled up in the wake of the door plug blowout."", ""Southwest Airlines is among Boeing's biggest customers and, like other carriers, has scaled back its growth plans, citing delivery delays of new, more fuel-efficient jets from Boeing."", ""The airline's CEO hinted at the big feat Ortberg has ahead of him."", '""We look forward to working with Kelly Ortberg in his efforts to return Boeing to its place as the leading American aerospace company,"" CEO Bob Jordan said in a written statement. ""', 'A strong Boeing is great for Southwest Airlines and it\'s great for our industry.""—', ""CNBC's Michael Sheetz contributed to this article.""]",0.1498521652368237,"A strong Boeing is great for Southwest Airlines and it's great for our industry.""—","While no one was seriously injured in the accident, it put Boeing back into crisis mode just as it was trying to move on from two fatal crashes of its bestselling 737 Max planes in 2018 and 2019.Worker testimony at the NTSB hearing also showed manufacturing pressure and frequent fixes on planes, putting a spotlight on Boeing's factories.",0.2540590252195085,"A strong Boeing is great for Southwest Airlines and it's great for our industry.""—","Boeing's relationships with its bread-and-butter customers has suffered recently, and its leadership shake-up came after airline CEOs sought a meeting with the company's board as delays of aircraft piled up in the wake of the door plug blowout.",2024-08-12
-"Restaurant Brands revenue tops estimates, fueled by Tim Hortons",https://www.cnbc.com/2024/08/08/restaurant-brands-international-qsr-q2-2024-earnings.html,2024-08-08T15:29:41+0000,"In this articleRestaurant Brands International on Thursday reported quarterly revenue that beat analysts' expectations, fueled by better-than-expected sales at Tim Hortons and the company's international restaurants.""We certainly were planning for better absolute top-line results,"" CEO Josh Kobza told analysts on the company's conference call. ""However, relative to the overall performance of our industry, we've continued to outperform key competitors in some of our largest markets.""Shares of Restaurant Brands rose 3% in morning trading.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Restaurant Brands reported second-quarter net income of $399 million, or 88 cents per share, up from $351 million, or 77 cents per share, a year earlier.Excluding items, the company earned 86 cents per share.Net sales rose 17% to $2.08 billion, boosted by recent acquisitions of Burger King restaurants in the U.S. The company's same-store sales increased 1.9%.Out of Restaurant Brands' four chains, Tim Hortons performed the best, with same-store sales growth of 4.6%. Tims' efforts to attract more afternoon customers, like launching flatbread pizzas, have boosted sales. The chain has also been trying to expand beyond hot coffee by adding more cold coffee drinks and releasing Infusr energy drinks.Popeyes' same-store sales rose 0.5%. Its new boneless wings have been a hit with existing customers, but the chain is hoping to attract new customers to the brand with the menu item and the right advertising strategy.Both Burger King and Firehouse Subs reported same-store sales declines of 0.1% for the quarter.""The absolute sales and traffic results at Burger King were clearly softer than we aspire to, but the business continued to outperform burger [quick-service restaurant] sales and traffic,"" Kobza said.He added that short-term industry pressures are likely masking ""incredible changes"" at Burger King, which is in the middle of a turnaround.Like McDonald's and Wendy's, Burger King has rolled out a $5 value meal in the hopes of bringing back customers who have pulled back on spending. Executives said the discounts are profitable for franchisees, which have agreed to extend the deal into October.Restaurant Brands' international locations saw same-store sales growth of 2.6%. Executives said strong sales in Brazil, Australia and Japan helped offset weakness in China and the Middle East.For the second half of the year, Restaurant Brands is expecting same-store sales growth of roughly 2%.Two days before the quarter ended, Restaurant Brands completed its acquisition of Popeyes China, which will be included in its results next quarter. The company's new Restaurant Holdings segment includes the performance of Popeyes China and the restaurants it acquired from Carrols, which was Burger King's largest U.S. franchisee before Restaurant Brands bought it.",CNBC,08/08/2024,"[""In this articleRestaurant Brands International on Thursday reported quarterlyrevenue that beat analysts' expectations, fueled by better-than-expected sales at Tim Hortons and the company's international restaurants."", '""We certainly were planning for better absolute top-line results,"" CEO Josh Kobza told analysts on the company\'s conference call. ""', ""However, relative to the overall performance of our industry, we've continued to outperform key competitors in some of our largest markets."", '""Shares of Restaurant Brands rose 3% in morning trading.', ""Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Restaurant Brands reported second-quarter net income of $399 million, or 88 cents per share, up from $351 million, or 77 cents per share, a year earlier."", 'Excluding items, the company earned 86 cents per share.', ""Net salesrose17% to $2.08 billion, boosted by recent acquisitions of Burger King restaurants in the U.S. The company's same-store sales increased 1.9%.Out of Restaurant Brands' four chains, Tim Hortons performed the best, with same-store sales growth of 4.6%."", ""Tims' efforts to attract more afternoon customers, like launching flatbread pizzas, have boosted sales."", 'The chain has also been trying to expand beyond hot coffee by adding more cold coffee drinks and releasing Infusr energy drinks.', ""Popeyes' same-store sales rose 0.5%."", 'Its new boneless wings have been a hit with existing customers, but the chain is hoping to attract new customers to the brand with the menu item and the right advertising strategy.', 'Both Burger King and Firehouse Subs reported same-store sales declines of 0.1% for the quarter.', '""The absolute sales and traffic results at Burger King were clearly softer than we aspire to, but the business continued to outperform burger [quick-service restaurant] sales and traffic,"" Kobza said.', 'He added that short-term industry pressures are likely masking ""incredible changes"" at Burger King, which is in the middle of a turnaround.', ""Like McDonald's and Wendy's, Burger King has rolled out a $5 value meal in the hopes of bringing back customers who have pulled back on spending."", 'Executives said the discounts are profitable for franchisees, which have agreed to extend the deal into October.', ""Restaurant Brands' international locations saw same-store sales growth of 2.6%."", 'Executives said strong sales in Brazil, Australia and Japan helped offset weakness in China and the Middle East.', 'For the second half of the year, Restaurant Brands is expecting same-store sales growth of roughly 2%.Two days before the quarter ended, Restaurant Brands completed its acquisition of Popeyes China, which will be included in its results next quarter.', ""The company's new Restaurant Holdings segment includes the performance of Popeyes China and the restaurants it acquired from Carrols, which was Burger King's largest U.S. franchisee before Restaurant Brands bought it.""]",0.3547966802352714,"Net salesrose17% to $2.08 billion, boosted by recent acquisitions of Burger King restaurants in the U.S. The company's same-store sales increased 1.9%.Out of Restaurant Brands' four chains, Tim Hortons performed the best, with same-store sales growth of 4.6%.","He added that short-term industry pressures are likely masking ""incredible changes"" at Burger King, which is in the middle of a turnaround.",0.781443154110628,Popeyes' same-store sales rose 0.5%.,Both Burger King and Firehouse Subs reported same-store sales declines of 0.1% for the quarter.,2024-08-12
-Charles Barkley commits to staying at Warner Bros. Discovery's TNT Sports no matter what happens to NBA,https://www.cnbc.com/2024/08/06/charles-barkley-commits-staying-warner-bros-discoverys-tnt-sports.html,2024-08-06T17:28:59+0000,"In this articleCharles Barkley is not retiring and he is not leaving TNT Sports.The star broadcaster and National Basketball Association Hall of Famer said Tuesday that he plans to stay with Warner Bros. Discovery's TNT Sports even if the company does not emerge with NBA media rights.""I'm looking forward to continuing to work with [TNT Sports] both on the shows we currently have and new ones we develop together in the future,"" Barkley said in a statement. ""This is the only place for me. I have to say … I've been impressed by the leadership team who is fighting hard and have been aggressive in adding new properties to TNT Sports, which I am very excited about. I appreciate them and all of my colleagues for their continued support, and most importantly our fans. I'm going to give my all as we keep them entertained for years to come."" Barkley's future has become hazy given the NBA's potential move away from TNT after next season.Warner Bros. Discovery sued the NBA last month to forcibly invoke the company's matching rights on a package of games earmarked to go to Amazon Prime Video as part of the league's new media rights deal. The NBA rejected Warner Bros. Discovery's match as invalid because the league claimed Amazon's games are for a streaming-only service. While Warner Bros. Discovery would stream the games on Max, it would also air them on TNT.TNT Sports owns the media rights to numerous different sports, including Major League Baseball, the NCAA Men's Basketball Championship, the National Hockey League and the United States Soccer Federation. Beginning next year, the company will add NASCAR, The French Open and more than 65 regular-season Big East basketball games.Warner Bros. Discovery will be the home of some college football playoff games beginning this year. Barkley will play a role in the coverage of some of the events.""It's fantastic to have Charles for this journey as we develop new content ideas and shows for our fans,"" TNT Sports Chairman and CEO Luis Silberwasser said in a statement.Barkley is one of the stars of the popular NBA studio show ""Inside the NBA,"" which debuted after TNT acquired NBA rights during the 1989-90 season. He said in June he planned to retire after next season as a broadcaster.""I ain't going nowhere other than TNT,"" Barkley said on June 14. ""But I have made the decision myself that, no matter what happens, next year is going to be my last year on television.""Barkley seemed to waver on his decision to retire during a recent appearance on ""The Dan Patrick Show"" in late July.""Everything is on the table,"" Barkley said of his future job opportunities.Barkley signed a 10-year deal with TNT Sports in 2022 and is entering his 25th year with the company. In May, Barkley said he had an opt-out clause in the contract in case TNT lost NBA rights. That is incorrect, according to a person with knowledge of the contractual language. Barkley said last month his deal is worth $210 million over 10 years.Barkley's commitment to TNT Sports likely closes the door on recreating ""Inside the NBA"" for another network if Warner Bros. Discovery does not emerge with a package of games as an outcome of its NBA lawsuit.",CNBC,06/08/2024,"['In this articleCharles Barkley is not retiring and he is not leaving TNT Sports.', ""The star broadcaster and National Basketball Association Hall of Famer said Tuesday that he plans to stay with Warner Bros. Discovery's TNT Sports even if the company does not emerge with NBA media rights."", '""I\'m looking forward to continuing to work with [TNT Sports] both on the shows we currently have and new ones we develop together in the future,"" Barkley said in a statement. ""', 'This is the only place for me.', ""I have to say … I've been impressed by the leadership team who is fighting hard and have been aggressive in adding new properties to TNT Sports, which I am very excited about."", 'I appreciate them and all of my colleagues for their continued support, and most importantly our fans.', ""I'm going to give my all as we keep them entertained for years to come."", '""Barkley\'s future has become hazy given the NBA\'s potential move away from TNT after next season.', ""Warner Bros. Discovery sued the NBA last month to forcibly invoke the company's matching rights on a package of games earmarked to go to Amazon Prime Video as part of the league's new media rights deal."", ""The NBA rejected Warner Bros. Discovery's match as invalid because the league claimed Amazon's games are for a streaming-only service."", ""While Warner Bros. Discovery would stream the games on Max, it would also air them on TNT.TNT Sports owns the media rights to numerous different sports, including Major League Baseball, the NCAA Men's Basketball Championship, the National Hockey League and the United States Soccer Federation."", 'Beginning next year, the company will add NASCAR, The French Open and more than 65 regular-season Big East basketball games.', 'Warner Bros. Discovery will be the home of some college football playoff games beginning this year.', 'Barkley will play a role in the coverage of some of the events.', '""It\'s fantastic to have Charles for this journey as we develop new content ideas and shows for our fans,"" TNT Sports Chairman and CEO Luis Silberwasser said in a statement.', 'Barkley is one of the stars of the popular NBA studio show ""Inside the NBA,"" which debuted after TNT acquired NBA rights during the1989-90 season.', 'He said in June he planned to retire after next season as a broadcaster.', '""I ain\'t going nowhere other than TNT,"" Barkley said on June 14. ""', 'But I have made the decision myself that, no matter what happens, next year is going to be my last year on television.', '""Barkley seemed to waver on his decision to retire during a recent appearance on ""The Dan Patrick Show"" in late July.', '""Everything is on the table,"" Barkley said of his future job opportunities.', 'Barkley signed a 10-year deal with TNT Sports in 2022 and is entering his 25th year with the company.', 'In May, Barkley said he had an opt-out clause in the contract in case TNT lost NBA rights.', 'That is incorrect, according to a person with knowledge of the contractual language.', 'Barkley said last month his deal is worth $210 million over 10 years.', 'Barkley\'s commitment to TNT Sports likely closes the door on recreating ""Inside the NBA"" for another network if Warner Bros. Discovery does not emerge with a package of games as an outcome of its NBA lawsuit.']",0.1303929480720549,"I appreciate them and all of my colleagues for their continued support, and most importantly our fans.","But I have made the decision myself that, no matter what happens, next year is going to be my last year on television.",-0.0190130670865376,"I have to say … I've been impressed by the leadership team who is fighting hard and have been aggressive in adding new properties to TNT Sports, which I am very excited about.","""Barkley's future has become hazy given the NBA's potential move away from TNT after next season.",2024-08-12
-"Federal safety hearing over 737 Max blowout puts Boeing, Spirit AeroSystems factories in spotlight",https://www.cnbc.com/2024/08/06/federal-hearing-737-max-9-blowout-boeing-spirit-aerosystems.html,2024-08-07T20:19:01+0000,"In this articleA Boeing safety executive told a federal safety hearing on Tuesday that the company is working on design changes to avoid a repeat of the near catastrophic blowout of a door plug from a practically new 737 Max 9 at the start of the year.The National Transportation Safety Board — the body in charge of aviation accident investigations in the U.S. — released more than 3,000 pages of documents ahead its full two-day hearing about Flight 1282, including interviews with employees at Boeing and its beleaguered fuselage maker Spirit AeroSystems, some of which pointed to rework.""I just want a word of caution here, this is not a PR campaign for Boeing,"" NTSB Chair Jennifer Homendy said. ""This is an investigation on what happened on Jan. 5. Understand?""Bolts that were meant to hold the door in place weren't attached, according to preliminary investigation results. While there were no serious injuries, the accident put the spotlight back on Boeing's safety procedures and a series of manufacturing flaws that required changes at the company's factories, including what led up to the door plug getting removed, but not secured last year.""They are working on some design changes that will allow the door, the plug, to not be closed if there is any issue, until it is firmly secure,"" said Elizabeth Lund, who heads safety for Boeing's commercial airplane unit. The changes would be implemented within the year, Lund said.The blowout plunged Boeing back into crisis mode and prompted a management shakeup, including the appointment of a new CEO, Robert ""Kelly"" Ortberg, an aerospace veteran who previously headed Rockwell Collins. He starts on Thursday.The accident has also delayed deliveries of new planes to customers, further eroding the iconic U.S. manufacturer's relationship with airlines — and with regulators.Outgoing CEO Dave Calhoun has said Boeing is working to stamp out so-called traveled work, where defective components of the plane need to be fixed, out of sequence, before the aircraft are handed over to customers. Boeing is in the process of buying back Spirit AeroSystems, a move the company says will give it a closer eye on quality.""We've been put in uncharted waters to where … we were replacing doors like we were replacing our underwear, forward doors, cargo doors, E/E bay doors,"" said one Boeing worker, whose name was redacted from testimony. ""The planes come in jacked up every day.""",CNBC,07/08/2024,"['In this articleA Boeing safety executive told a federal safety hearing on Tuesday that the company is working on design changes to avoid a repeat of the near catastrophic blowout of a door plug from a practically new 737 Max 9 at the start of the year.', 'The National Transportation Safety Board — the body in charge of aviation accident investigations in the U.S. — released more than 3,000 pages of documents ahead its full two-day hearing about Flight 1282, including interviews with employees at Boeing and its beleaguered fuselage maker Spirit AeroSystems, some of which pointed to rework.', '""I just want a word of caution here, this is not a PR campaign for Boeing,"" NTSB Chair Jennifer Homendy said. ""', 'This is an investigation on what happened on Jan. 5.', 'Understand?""Bolts that were meant to hold the door in place weren\'t attached, according to preliminary investigation results.', ""While there were no serious injuries, the accident put the spotlight back on Boeing's safety procedures and a series of manufacturing flaws that required changes at the company's factories, including what led up to the door plug getting removed, but not secured last year."", '""They are working on some design changes that will allow the door, the plug, to not be closed if there is any issue, until it is firmly secure,"" said Elizabeth Lund, who heads safety for Boeing\'s commercial airplane unit.', 'The changes would be implemented within the year, Lund said.', 'The blowout plunged Boeing back into crisis mode and prompted a management shakeup, including the appointment of a new CEO, Robert ""Kelly"" Ortberg, an aerospace veteran who previously headed Rockwell Collins.', 'He starts on Thursday.', ""The accident has also delayed deliveries of new planes to customers, further eroding the iconic U.S. manufacturer's relationship with airlines — and with regulators."", 'Outgoing CEO Dave Calhoun has said Boeing is working to stamp out so-called traveled work, where defective components of the plane need to be fixed, out of sequence, before the aircraft are handed over to customers.', 'Boeing is in the process of buying back Spirit AeroSystems, a move the company says will give it a closer eye on quality.', '""We\'ve been put in uncharted waters to where … we were replacing doors like we were replacing our underwear, forward doors, cargo doors, E/E bay doors,"" said one Boeing worker, whose name was redacted from testimony. ""', 'The planes come in jacked up every day.""']",-0.0378401591388505,"""They are working on some design changes that will allow the door, the plug, to not be closed if there is any issue, until it is firmly secure,"" said Elizabeth Lund, who heads safety for Boeing's commercial airplane unit.","The blowout plunged Boeing back into crisis mode and prompted a management shakeup, including the appointment of a new CEO, Robert ""Kelly"" Ortberg, an aerospace veteran who previously headed Rockwell Collins.",-0.9949878454208374,,"The accident has also delayed deliveries of new planes to customers, further eroding the iconic U.S. manufacturer's relationship with airlines — and with regulators.",2024-08-12
-Restaurant CEOs’ new favorite word is value as they aim to bring back customers,https://www.cnbc.com/2024/08/11/restaurant-ceos-value-bring-back-customers.html,2024-08-11T15:07:59+0000,"In this articleRestaurant CEOs have become obsessed with the word ""value"" in explaining to investors why their sales lagged this quarter while sharing plans to revive traffic in the coming months.On McDonald's quarterly conference call last month, executives said the word ""value"" nearly 80 times, underscoring the fast-food giant's biggest priority.And McDonald's isn't alone. Other leaders at restaurant companies from Taco Bell owner Yum Brands to pizza chain Papa John's also used the word dozens of times in their latest conference calls.""The word 'value' has received a lot of airtime in the past few months,"" Josh Kobza, the CEO of Burger King parent company Restaurant Brands International, said on Thursday.There's a reason for that emphasis. Prices for food away from home have climbed 27.2% since June 2019, according to the Bureau of Labor Statistics. In response, restaurant traffic has fallen and sales are lagging as consumers spend less money dining out, no longer convinced that it's a good deal.Many chains are hoping to bring back customers through discounts and promotions, like the $5 meal deals found at McDonald's, Burger King and Taco Bell.""In this current economic cycle, consumers have become more deliberate in managing their overall ticket and are showing a preference for brands that are offering compelling value,"" Papa John's finance chief Ravi Thanawala said on the company's call on Thursday.Many restaurant executives acknowledged their chains were falling short.For example, McDonald's CEO Chris Kempczinski said his company's reputation for value has dimmed recently. In the second quarter, the burger giant reported that its U.S. same-store sales declined 0.7% year over year.""There were also factors within our control that contributed to our underperformance, most notably our value execution,"" Kempczinski said on the company's July 29 conference call. ""For 70 years, McDonald's has defined value in our industry, and we are taking meaningful actions across the world to assert our leadership.""McDonald's $5 Meal Deal launched a few days before the end of the second quarter, but the value meal had been attracting low-income consumers and outperforming expectations, executives said. The chain is extending the promotion through August in most markets and working with franchisees on a longer-term discounting strategy.Meanwhile, unlike McDonald's and many other restaurants, Chipotle Mexican Grill reported strong same-store sales growth and increasing traffic for its latest quarter. But the burrito chain is still focusing on value, as it's faced backlash from some customers who allege that the company has been shrinking the size of the portions.While CEO Brian Niccol denied any corporate scheme to make burrito bowls smaller, he did say the chain will reemphasize generous portions with its workers. After all, those sizable portions have helped Chipotle gain its reputation for value.""The good news is that we are already beginning to see our actions positively reflected in our consumer scores and our value proposition remains very strong,"" Niccol said on the company's July 24 call.It isn't just fast-food executives who are concentrating on value.Dine Brands, which owns Applebee's and IHOP, is also seeing low-income consumers pull back their spending, CEO John Peyton told CNBC.Customers who make less than $75,000 annually aren't visiting Dine's restaurants as frequently as they used to, and if they do, they're sticking to the value menu. Both Applebee's and IHOP reported surprise same-store sales declines this quarter.""It's certainly going to be a tough back half of the year, and it's a fight for market share for our increasingly value-driven customer,"" Peyton said.Companies aren't just thinking about offering value for customers — they're also thinking about shareholder value. Restaurant stocks have been under pressure this year as investors grow concerned about the health of the industry. Shares of McDonald's and Restaurant Brands have both fallen 10% year to date, while Starbucks' stock has tumbled 21%. The S&P 500 has risen 11% during that period.Worries about chains' financial health aren't confined to the top line. They're also about profits, particularly as companies lean into discounts. While cheap deals might draw in customers, they can hurt the profitability of restaurants, weighing on earnings and hurting franchisees' financial health.And so-called value wars — where chains try to outdo one another with deals — only intensify those concerns as investors fear a race to the bottom.While such concern hasn't borne any fruit yet, it's still early days. For now, it looks like the conversations about value and discounts are bringing some customers back.For example, Burger King was one of the first chains to unveil a $5 value meal this summer. Its U.S. same-store sales were roughly flat for the quarter, but executives said the deal is attracting customers. Burger King now plans to offer it into October.When its rivals followed suit with their own $5 discount deals, the Restaurant Brands chain didn't see any clear impact to its business.""There are actually some positives to the focus on value across the industry,"" Restaurant Brands' Kobza told CNBC. ""I think it has the ability to improve the value-for-money perception of the category with our guests as more people talk about the incredible value that's offered by our sector. I think that really helps everybody.""",CNBC,11/08/2024,"['In this articleRestaurant CEOs have become obsessed with the word ""value"" in explaining to investors why their sales lagged this quarter while sharing plans to revive traffic in the coming months.', 'On McDonald\'s quarterly conference call last month, executives said the word ""value"" nearly 80 times, underscoring the fast-food giant\'s biggest priority.', ""And McDonald's isn't alone."", ""Other leaders at restaurant companies from Taco Bell owner Yum Brands to pizza chain Papa John's also used the word dozens of times in their latest conference calls."", '""The word \'value\' has received a lot of airtime in the past few months,"" Josh Kobza, the CEO of Burger King parent company Restaurant Brands International, said on Thursday.', ""There's a reason for that emphasis."", 'Prices for food away from home have climbed 27.2% since June 2019, according to the Bureau of Labor Statistics.', ""In response, restaurant traffic has fallen and sales are lagging as consumers spend less money dining out, no longer convinced that it's a good deal."", ""Many chains are hoping to bring back customers through discounts and promotions, like the $5 meal deals found at McDonald's, Burger King and Taco Bell."", '""In this current economic cycle, consumers have become more deliberate in managing their overall ticket and are showing a preference for brands that are offering compelling value,"" Papa John\'s finance chief Ravi Thanawala said on the company\'s call on Thursday.', 'Many restaurant executives acknowledged their chains were falling short.', ""For example, McDonald's CEO Chris Kempczinski said his company's reputation for value has dimmed recently."", 'In the second quarter, the burger giant reported that its U.S. same-store sales declined 0.7% year over year.', '""There were also factors within our control that contributed to our underperformance, most notably our value execution,"" Kempczinski said on the company\'s July 29 conference call. ""', ""For 70 years, McDonald's has defined value in our industry, and we are taking meaningful actions across the world to assert our leadership."", '""McDonald\'s $5 Meal Deal launched a few days before the end of the second quarter, but the value meal had been attracting low-income consumers and outperforming expectations, executives said.', 'The chain is extending the promotion through August in most markets and working with franchisees on a longer-term discounting strategy.', ""Meanwhile, unlike McDonald's and many other restaurants, Chipotle Mexican Grill reported strong same-store sales growth and increasing traffic for its latest quarter."", ""But the burrito chain is still focusing on value, as it's faced backlash from some customers who allege that the company has been shrinking the size of the portions."", 'While CEO Brian Niccol denied any corporate scheme to make burrito bowls smaller, he did say the chain will reemphasize generous portions with its workers.', 'After all, those sizable portions have helped Chipotle gain its reputation for value.', '""The good news is that we are already beginning to see our actions positively reflected in our consumer scores and our value proposition remains very strong,"" Niccol said on the company\'s July 24 call.', ""It isn't just fast-food executives who are concentrating on value."", ""Dine Brands, which owns Applebee's and IHOP, is also seeing low-income consumers pull back their spending, CEO John Peyton told CNBC.Customers who make less than $75,000 annually aren't visiting Dine's restaurants as frequently as they used to, and if they do, they're sticking to the value menu."", ""Both Applebee's and IHOP reported surprise same-store sales declines this quarter."", '""It\'s certainly going to be a tough back half of the year, and it\'s a fight for market share for our increasingly value-driven customer,"" Peyton said.', ""Companies aren't just thinking about offering value for customers — they're also thinking about shareholder value."", 'Restaurant stocks have been under pressure this year as investors grow concerned about the health of the industry.', ""Shares of McDonald's and Restaurant Brands have both fallen 10% year to date, while Starbucks' stock has tumbled 21%."", 'The S&P 500 has risen 11% during that period.', ""Worries about chains' financial health aren't confined to the top line."", ""They're also about profits, particularly as companies lean into discounts."", ""While cheap deals might draw in customers, they can hurt the profitability of restaurants, weighing on earnings and hurting franchisees' financial health."", 'And so-called value wars — where chains try to outdo one another with deals — only intensify those concerns as investors fear a race to the bottom.', ""While such concern hasn't borne any fruit yet, it's still early days."", 'For now, it looks like the conversations about value and discounts are bringing some customers back.', 'For example, Burger King was one of the first chains to unveil a $5 value meal this summer.', 'Its U.S. same-store sales were roughly flat for the quarter, but executives said the deal is attracting customers.', 'Burger King now plans to offer it into October.', ""When its rivals followed suit with their own $5 discount deals, the Restaurant Brands chain didn't see any clear impact to its business."", '""There are actually some positives to the focus on value across the industry,"" Restaurant Brands\' Kobza told CNBC. ""', ""I think it has the ability to improve the value-for-money perception of the category with our guests as more people talk about the incredible value that's offered by our sector."", 'I think that really helps everybody.""']",0.2581083791189451,"""The good news is that we are already beginning to see our actions positively reflected in our consumer scores and our value proposition remains very strong,"" Niccol said on the company's July 24 call.",And so-called value wars — where chains try to outdo one another with deals — only intensify those concerns as investors fear a race to the bottom.,-0.0171826904819857,"Meanwhile, unlike McDonald's and many other restaurants, Chipotle Mexican Grill reported strong same-store sales growth and increasing traffic for its latest quarter.","In the second quarter, the burger giant reported that its U.S. same-store sales declined 0.7% year over year.",2024-08-12
-Delta says chaos after CrowdStrike outage cost it $380 million in revenue,https://www.cnbc.com/2024/08/08/delta-says-chaos-after-crowdstrike-outage-cost-it-380-million-in-revenue.html,2024-08-09T13:06:08+0000,"In this articleDelta Air Lines on Thursday said last month's CrowdStrike outage and subsequent mass flight cancellations cost it some $550 million and reiterated that it is pursuing damages against the company as well as Microsoft.The financial impact includes a $380 million revenue hit in the current quarter ""primarily driven by refunding customers for cancelled flights and providing customer compensation in the form of cash and SkyMiles,"" the Atlanta-based airline said in a securities filing.The incident, in which it canceled some 7,000 flights, also meant a $170 million expense ""associated with the technology-driven outage and subsequent operational recovery,"" the carrier said, adding that its fuel bill will likely be $50 million lower because of the scrubbed flights.Delta struggled more than its competitors to recover from the July 19 outage, which took millions of Windows-based machines offline around the world. The disruptions occurred at the height of the summer travel season, stranding thousands of Delta customers, a rare incident for the carrier that markets itself as a premium carrier that gets top marks for reliability.""An operational disruption of this length and magnitude is unacceptable, and our customers and employees deserve better,"" CEO Ed Bastian said in the filing. ""Since the incident, our people have returned the operation to an industry-leading position that is consistent with the level of performance our customers expect from Delta.""Delta's cancellations in the days after the outage topped its tally for all of 2019. The U.S. Department of Transportation last month said it is investigating Delta's response to the outage and flight cancellations.CrowdStrike responded in a statement on Thursday that Delta ""continues to push a misleading narrative"" and said that the company's chief security officer was in ""direct contact"" with Delta's chief information and security officer ""within hours of the incident, providing information and offering support.""In a letter to CrowdStrike's attorney on Thursday, Delta's lawyer, David Boies, said 1.3 million customers were affected by the outage and that it shut down 37,000 Delta computers.CrowdStrike and Microsoft lawyers earlier this week fired back at Delta, saying they reached out to offer Delta help. Microsoft on Wednesday suggested that Delta hasn't invested enough in its technology compared with rivals.""If CrowdStrike genuinely seeks to avoid a lawsuit by Delta, then it must accept real responsibility for its actions and compensate Delta for the severe damage it caused to Delta's business, reputation, and goodwill,"" Boies said in the letter to CrowdStrike on Thursday.About 60% of Delta's ""mission-critical applications"" and their data depend on Microsoft and CrowdStrike, he said, adding that the disruption ""required significant human intervention by skilled crew specialists to get Delta people and aircraft to the right locations to resume normal, safe operation.""",CNBC,09/08/2024,"[""In this articleDelta Air Lines on Thursday said last month's CrowdStrike outage and subsequent mass flight cancellations cost it some $550 million and reiterated that it is pursuing damages against the company as well as Microsoft."", 'The financial impact includes a $380 million revenue hit in the current quarter ""primarily driven by refunding customers for cancelled flights and providing customer compensation in the form of cash and SkyMiles,"" the Atlanta-based airline said in a securities filing.', 'The incident, in which it canceled some 7,000 flights, also meant a $170 million expense ""associated with the technology-driven outage and subsequent operational recovery,"" the carrier said, adding that its fuel bill will likely be $50 million lower because of the scrubbed flights.', 'Delta struggled more than its competitors to recover from the July 19 outage, which took millions of Windows-based machines offline around the world.', 'The disruptions occurred at the height of the summer travel season, stranding thousands of Delta customers, a rare incident for the carrier that markets itself as a premium carrier that gets top marks for reliability.', '""An operational disruption of this length and magnitude is unacceptable, and our customers and employees deserve better,"" CEO Ed Bastian said in the filing. ""', 'Since the incident, our people have returned the operation to an industry-leading position that is consistent with the level of performance our customers expect from Delta.', '""Delta\'s cancellations in the days after the outage topped its tally for all of 2019.', ""The U.S. Department of Transportation last month said it is investigating Delta's response to the outage and flight cancellations."", 'CrowdStrike responded in a statement on Thursday that Delta ""continues to push a misleading narrative"" and said that the company\'s chief security officer was in ""direct contact"" with Delta\'s chief information and security officer ""within hours of the incident, providing information and offering support.', '""In a letter to CrowdStrike\'s attorney on Thursday, Delta\'s lawyer, David Boies, said 1.3 million customers were affected by the outage and that it shut down 37,000 Delta computers.', 'CrowdStrike and Microsoft lawyers earlier this week fired back at Delta, saying they reached out to offer Delta help.', ""Microsoft on Wednesday suggested that Delta hasn't invested enough in its technology compared with rivals."", '""If CrowdStrike genuinely seeks to avoid a lawsuit by Delta, then it must accept real responsibility for its actions and compensate Delta for the severe damage it caused to Delta\'s business, reputation, and goodwill,"" Boies said in the letter to CrowdStrike on Thursday.', 'About 60% of Delta\'s ""mission-critical applications"" and their data depend on Microsoft and CrowdStrike, he said, adding that the disruption ""required significant human intervention by skilled crew specialists to get Delta people and aircraft to the right locations to resume normal, safe operation.""']",-0.1257412613303549,"CrowdStrike responded in a statement on Thursday that Delta ""continues to push a misleading narrative"" and said that the company's chief security officer was in ""direct contact"" with Delta's chief information and security officer ""within hours of the incident, providing information and offering support.","""If CrowdStrike genuinely seeks to avoid a lawsuit by Delta, then it must accept real responsibility for its actions and compensate Delta for the severe damage it caused to Delta's business, reputation, and goodwill,"" Boies said in the letter to CrowdStrike on Thursday.",-0.3537812287157232,"Since the incident, our people have returned the operation to an industry-leading position that is consistent with the level of performance our customers expect from Delta.","Delta struggled more than its competitors to recover from the July 19 outage, which took millions of Windows-based machines offline around the world.",2024-08-12
-"Bank of England turns £78,000 into £900,000 in charity auctions",https://www.bbc.co.uk/news/articles/cn9l3gnvpgzo,2024-08-12T23:01:08.746Z,"Banknotes with a face value of £78,430 have raised more than 11 times that amount for charity following a series of auctions. New £5, £10, £20 and £50 notes featuring King Charles III entered circulation in June. A full set of the first issues were presented to the monarch, but hundreds of other low serial numbered banknotes have gone under the hammer. One single £10 note with the serial number HB01 000002 sold for £17,000 during bidding.  During another lot, a sheet of 40 connected £50 notes - with a face value of £2,000 - sold for £26,000. That was a record for any Bank of England auction. The four sales run by auctioneers Spink in London raised £914,127 in total. Collectors seek banknotes which come as close to the 00001 serial number as possible, hence the large amounts raised. When the notes entered circulation in June, the Post Office reported collectors visiting branches which had stocks of the notes during the first day. There was also an early queue outside the Bank of England in London. Sarah John, the Bank's chief cashier - whose signature is on the notes - said she was ""thrilled"" that such such a ""remarkable"" amount was raised. The proceeds will be shared equally between 10 charities chosen by the Bank: It is the first time the monarch has changed on Bank of England notes, because Queen Elizabeth II was the first to routinely appear on Bank of England banknotes from 1960. The monarch does not feature on banknotes in Scotland. Although the use of notes and coins is declining, the number of people mainly using cash for day-to-day spending hit a four-year high during the cost of living crisis, according to banking trade body UK Finance. Post offices also reported handling a record amount of cash in July, with transactions totalling £3.77bn. And HSBC has promised it will not announce any new closures of its bank branches until at least 2026. ",BBC,12/08/2024,"['Banknotes with a face value of £78,430 have raised more than 11 times that amount for charity following a series of auctions.', 'New £5, £10, £20 and £50 notes featuring King Charles III entered circulation in June.', 'A full set of the first issues were presented to the monarch, but hundreds of other low serial numbered banknotes have gone under the hammer.', 'One single £10 note with the serial number HB01 000002 sold for £17,000 during bidding.', 'During another lot, a sheet of 40 connected £50 notes - with a face value of £2,000 - sold for £26,000.', 'That was a record for any Bank of England auction.', 'The four sales run by auctioneers Spink in London raised £914,127 in total.', 'Collectors seek banknotes which come as close to the 00001 serial number as possible, hence the large amounts raised.', 'When the notes entered circulation in June, the Post Office reported collectors visiting branches which had stocks of the notes during the first day.', 'There was also an early queue outside the Bank of England in London.', 'Sarah John, the Bank\'s chief cashier - whose signature is on the notes - said she was ""thrilled"" that such such a ""remarkable"" amount was raised.', 'The proceeds will be shared equally between 10 charities chosen by the Bank: It is the first time the monarch has changed on Bank of England notes, because Queen Elizabeth II was the first to routinely appear on Bank of England banknotes from 1960.', 'The monarch does not feature on banknotes in Scotland.', 'Although the use of notes and coins is declining, the number of people mainly using cash for day-to-day spending hit a four-year high during the cost of living crisis, according to banking trade body UK Finance.', 'Post offices also reported handling a record amount of cash in July, with transactions totalling £3.77bn.', 'And HSBC has promised it will not announce any new closures of its bank branches until at least 2026.']",0.1220906262321196,"Sarah John, the Bank's chief cashier - whose signature is on the notes - said she was ""thrilled"" that such such a ""remarkable"" amount was raised.","Although the use of notes and coins is declining, the number of people mainly using cash for day-to-day spending hit a four-year high during the cost of living crisis, according to banking trade body UK Finance.",0.3181734283765157,"Banknotes with a face value of £78,430 have raised more than 11 times that amount for charity following a series of auctions.","Although the use of notes and coins is declining, the number of people mainly using cash for day-to-day spending hit a four-year high during the cost of living crisis, according to banking trade body UK Finance.",2024-08-12